AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Xencor reported Q2 revenue of $51.2M, up 17% YoY, driven by $27.6M Alexion Ultomiris royalty recognition from settlement of U.S. sales dispute and $10M Zenas milestone.
Biggest Revenue Drivers
Milestones$10.0M-60% YoY
Zenas BLA submission for obexelimab in IgG4-RD triggered $10M milestone; prior year included $25M Incyte regulatory milestones
Biggest Revenue Drivers
Total revenue: $51.2M+17% YoY
Milestones$10.0M-60% YoY
Zenas BLA submission for obexelimab in IgG4-RD triggered $10M milestone; prior year included $25M Incyte regulatory milestones
Largest Expense Items
Research and development$71.9M+17% YoY
Higher external costs for XmAb942, XmAb819, XmAb412, and XmAb541 programs aligned with strategic development priorities
General and administrative$16.4M+8% YoY
Remained relatively consistent with prior year period
Margins: Operating loss was $37.1M (73% of revenue) versus $33.2M in Q2 2025. Other income of $15.1M, primarily unrealized gains on Zenas equity securities, partially offset the operating loss. Gross margin is not reported; the company is pre-commercial.
Watch Items from the Filing
Alexion settlement on July 29, 2026 (after quarter end): Xencor will receive $105M total ($52.5M in Aug 2026, $52.5M one year later), but Alexion has no further royalty obligations on U.S. Ultomiris sales after settlement.
Concentration in Alexion and Incyte: Alexion represented 73% of Q2 revenue ($37.3M), Incyte 8% ($3.9M). Alexion no longer owes U.S. royalties post-settlement; future revenue depends on ex-U.S. sales and new programs.
Cash position declined from $610.8M (Dec 31, 2025) to $486.4M (June 30, 2026) despite $27.6M Alexion settlement revenue recognized; operating burn was $123.3M for six months YTD.
Zenas equity investment loss: Unrealized loss of $33.9M for six months on Zenas common stock (valued at $78.6M at June 30, 2026 vs. $112.5M at Dec 31, 2025), offsetting royalty upside.
Management guidance: Expected to fund operations through 2028 based on current cash, securities, and potential milestones, assuming no major new financing needs arise.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Xencor Inc (XNCR): stock profile, AI score and financials
Xencor Inc (XNCR) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores XNCR at 11.2/100 on a composite quality score built from its SEC filings, placing it at rank #2,862 of 2,925 stocks — the bottom half of the AI-ranked universe. Areas of concern include free cash flow (4.8) and earnings quality (4.9), which score below median versus the broader universe. Shareholder dilution risk is elevated at 5.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Xencor Inc reports quarterly revenue of $51.2M, net income of $-21.7M, an operating margin of -72.4%. Top institutional holders of XNCR by reported 13-F value include BlackRock, PRIMECAP MANAGEMENT, BVF, based on the most recent SEC filings. XNCR trades on the Nasdaq exchange and files with the SEC under CIK 1326732. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate XNCR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Xencor Inc directly from SEC EDGAR.