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Dec 31, 2023
Xencor Q4 2023 Earnings Report
Xencor reported its financial results for Q4 2023, focusing on advancing XmAb® T cell engagers and vudalimab, with encouraging clinical data from the Phase 2 study of vudalimab monotherapy for patients with high-risk mCRPC.
Key Takeaways
Xencor reported Q4 2023 financial results, highlighting progress in clinical development with XmAb T cell engagers and vudalimab. The company's financial position was strengthened by royalty monetization and milestone payments, exceeding $325 million in proceeds. Early clinical data for vudalimab monotherapy in high-risk mCRPC patients showed promising results.
Focused on advancing high-potential XmAb CD3 and CD28 T-cell engagers for solid tumor treatment and evaluating vudalimab in mCRPC and front-line NSCLC.
Significantly strengthened balance sheet with over $325 million in proceeds from royalty monetization and partner payments in 2023.
Early data from the Phase 2 study of vudalimab monotherapy in high-risk mCRPC showed a 33% objective response rate and PSA reductions of more than 90% in 25% of evaluable patients.
J&J advanced JNJ-9401 (PSMA x CD28) and JNJ-1493 (CD20 x CD28) into Phase 1 clinical development, triggering $20 million in development milestones for Xencor.
Forward Guidance
Xencor expects to end 2024 with between $475 million and $525 million in cash, cash equivalents and marketable debt securities, and to have cash to fund research and development programs and operations into 2027.
Positive Outlook
- Continue enrollment and provide a data update and decision whether to advance vudalimab as a monotherapy for patients with mCRPC in the first half of 2025.
- Continue enrollment and provide a data update and decision whether to advance vudalimab in combination with chemotherapy for patients with mCRPC in the first half of 2025.
- Continue to enroll the Phase 1b part of a study of vudalimab in front-line metastatic NSCLC.
- Advance the ongoing Phase 1 dose-escalation study toward target dose levels for XmAb819 (ENPP3 x CD3).
- Advance the ongoing Phase 1 dose-escalation study toward target dose levels for XmAb808 (B7-H3 x CD28).
Challenges Ahead
- Conclude studies of XmAb564 and XmAb662, complete internal data packages, and pause further development of both programs until after assessments of future data from competitor programs in this class and safety and biomarker data from Xencor’s studies.
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