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Mar 31, 2024
Xencor Q4 2024 Earnings Report
Xencor reported its financial results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Xencor's total revenue for Q4 2024 was $52.8 million, a slight increase from $51.0 million in Q4 2023. The company reported a net loss of $46.2 million for the quarter, compared to a net loss of $26.3 million in the same period last year. The diluted EPS for Q4 2024 was -$0.62.
Total revenue for Q4 2024 increased to $52.8 million from $51.0 million in Q4 2023, primarily driven by milestone revenue from Amgen and Novartis, and non-cash royalty revenue.
Net loss attributable to Xencor, Inc. for Q4 2024 was $45.552 million, a significant increase from $26.147 million in Q4 2023.
Research and development (R&D) expenses decreased to $51.056 million in Q4 2024 from $63.046 million in Q4 2023, reflecting decreased spending on terminated programs.
General and administrative (G&A) expenses remained relatively stable at $14.916 million in Q4 2024 compared to $15.272 million in Q4 2023.
Forward Guidance
Xencor expects to end 2025 with cash, cash equivalents, and marketable debt securities between $535 million and $585 million, which is projected to fund research and development programs and operations into 2028.
Positive Outlook
- Anticipates presenting initial first-in-human healthy volunteer data for XmAb942 in the first half of 2025.
- Plans to present data from the Phase 1 dose-escalation study of XmAb819 in the second half of 2025.
- Plans to initiate a Phase 2 study for XmAb942 in participants with ulcerative colitis in the second half of 2025.
- Plans to initiate a Phase 1b/2a proof-of-concept study for plamotamab in rheumatoid arthritis in the first half of 2025.
- Anticipates selecting a lead candidate for TL1A x IL23 Program in 2025 and initiating first-in-human studies during 2026.
Challenges Ahead
- Paused further development of vudalimab to prioritize other pipeline programs.
- Does not plan to initiate expansion cohorts for XmAb808 in combination with pembrolizumab.
Historical Earnings Impact
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