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Sep 30, 2023
Xencor Q3 2023 Earnings Report
Announced measures to strengthen balance sheet and maximize focus on promising programs. Sold a portion of Ultomiris® and Monjuvi® royalties, generating $215 million upfront.
Key Takeaways
Xencor reported third-quarter financial results, highlighting a $215 million upfront payment from a royalty transaction with OMERS Life Sciences. The company is focusing on targeted T cell-engaging bispecifics and has made pipeline decisions to extend its cash runway into 2027.
Received $215 million through royalty transaction with OMERS Life Sciences for portions of Ultomiris® and Monjuvi® royalties.
Stopped internal development of XmAb104 due to emerging data from Phase 1 expansion cohorts not meeting efficacy criteria.
Exercised right under the Genentech agreement to convert co-development of efbalropendekin alfa into a milestone and royalty arrangement without cost-sharing.
Plans to submit an investigational new drug (IND) application for XmAb541 by year end.
Forward Guidance
Xencor expects to have cash to fund research and development programs and operations into 2027. The Company expects to end 2023 with between $615 million and $665 million in cash, cash equivalents and marketable debt securities.
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