Thu, Feb 27, 1:07 PM (58 days ago)
Xencor, Inc. (XNCR) reported a net loss of $236.5 million for the fiscal year ended December 31, 2024, compared to a loss of $133.3 million in 2023, primarily due to decreased collaboration and milestone revenues. Total revenues fell to $110.5 million from $174.6 million, with notable declines in milestone payments. Research and development expenses decreased to $227.7 million from $253.6 million, reflecting a reduction in costs associated with terminated programs. The company ended 2024 with $706.7 million in cash and equivalents, sufficient to fund operations into 2028. Xencor's strategic focus includes advancing T-cell engaging bispecific antibodies for cancer and autoimmune diseases, with ongoing clinical trials for XmAb819, XmAb541, and XmAb942. The company has also reacquired rights to plamotamab and is preparing for further development in rheumatoid arthritis. Key risk factors include reliance on third-party manufacturers, potential patent litigation, and the need for significant future financing. Xencor's stock has shown volatility, with shares trading between $15.31 and $27.24 during 2024. The company is addressing material weaknesses in internal controls over financial reporting following a restatement of financials.