Xencor Inc (XNCR) FY2025 10-K Annual Report
Xencor Inc (XNCR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Xencor Inc FY2025 10-K Analysis
Business Overview
- • Core business: Clinical-stage biopharma developing engineered XmAb antibody therapeutics targeting cancer and autoimmune diseases with modular bispecific Fc domain technology
- • New product emphasis: XmAb412, a bispecific antibody targeting TL1A and IL23p19 in autoimmune diseases, first-in-human studies planned for 2026
Management Discussion & Analysis
- • Revenue $125.6M in 2025, up $15.1M YoY from $110.5M in 2024, driven by Alexion and Incyte license agreements
- • Operating loss $177.5M in 2025, nearly flat vs $178.4M in 2024, representing an operating margin of -141.3% vs -161.4%
Risk Factors
- • Regulatory risk from FDA approvals with no products yet approved using XmAb platform, uncertain commercial viability of candidates
- • Geopolitical/macro risk from California concentration; wildfires or earthquakes could disrupt operations and third-party supply continuity
Xencor Inc FY2025 Key Financial MetricsXBRL
Revenue
$126M
▲ +13.7% YoY
Net Income
-$92M
▲ +60.5% YoY
Operating Margin
-141.4%
▲ +2012bp YoY
Net Margin
-73.2%
▲ +13733bp YoY
ROE
-14.5%
▲ +1987bp YoY
Total Assets
$875M
▼ -8.0% YoY
EPS (Diluted)
$-1.24
▲ +65.4% YoY
Operating Cash Flow
-$135M
▲ +33.2% YoY
Source: XBRL data from Xencor Inc FY2025 10-K filing on SEC EDGAR. All figures in USD.
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