Xencor
Licenses Fc-engineered antibody technology to partners while advancing a wholly-owned bispecific pipeline.
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Profile
An antibody-engineering platform built on Caltech protein-engineering research licenses Fc-domain and bispecific antibody technology to large pharmaceutical partners for upfront payments, milestones, and royalties, while a wholly-owned pipeline of bispecific antibody candidates advances across oncology and autoimmune disease; revenue still depends on partner-marketed therapies rather than its own product sales.
Protein-engineering methods developed at Caltech underpin an antibody platform, XmAb, used to re-shape the Fc region and build bispecific antibody formats. Engineered antibodies and technology are licensed to large pharmaceutical partners for upfront payments, milestones, and royalties, while a wholly-owned pipeline advances in parallel.
Several bispecific antibody candidates are in clinical testing across solid-tumor oncology and autoimmune or inflammatory disease, alongside partner-advanced programs on licensed technology. Two antibody therapies from the platform are already marketed by partners.
Revenue comes from license and royalty income tied to those partner-marketed therapies rather than from its own product sales, exposing results to partner performance and a dispute over royalty terms on one product. Reserves from upfront payments and royalty-stream sales fund the internal pipeline.
Founded in 1997 out of Caltech-based research and based in Southern California, it has been listed since 2013.
Company facts
Key statistics
Year to date +74.5% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $42 | $44 | |
| Aug 6, 2026 | RBC Capital | Reiterate | Outperform | $18 | $20 | |
| Jul 7, 2026 | Truist Financial | Target | $29 | $27 | ||
| Mar 24, 2026 | JP Morgan | Downgrade | Overweight | Neutral | ||
| Dec 17, 2025 | Barclays | Reiterate | Overweight | $23 | $26 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.80 | −$0.29 | +63.8% | $18.9M | $51.2M | +171.2% | +0.81% |
| May 6, 2026Q1 FY26 | −$0.65 | −$1.71 | −163.1% | $27.9M | $4.5M | −83.8% | −5.38% |
| Feb 25, 2026Q4 FY25 | −$0.64 | −$0.09 | +85.9% | $30.0M | $28.2M | −5.8% | +13.11% |
| Nov 5, 2025Q3 FY25 | −$0.72 | −$0.08 | +88.9% | $30.0M | $21.0M | −29.9% | −2.57% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $32.7M | $43.6M | $21.0M | $28.2M | $4.5M | $51.2M | |
| Gross profit | $30.0M | $41.0M | −$33.4M | $25.7M | $1.9M | $51.2M | |
| Operating income | −$43.2M | −$33.2M | −$47.5M | −$53.6M | −$77.9M | −$37.1M | |
| Net income | −$48.4M | −$30.8M | −$6.0M | −$6.7M | −$128.9M | −$21.7M | |
| Diluted EPS | −$0.66 | −$0.41 | −$0.08 | −$0.09 | −$1.71 | −$0.29 | |
| Gross margin | 91.8% | 93.9% | -158.9% | 90.9% | 43.2% | 100.0% | |
| Operating margin | -131.9% | -76.1% | -226.3% | -189.9% | -1,724.1% | -72.4% |
Fiscal years (4-quarter sums)FY21 $275.1M · FY22 $164.6M · FY23 $174.6M · FY24 $120.8M · FY25 $125.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $456.5M · Total debt $65.2M · Total assets $725.0M · Shareholders' equity $503.2M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 74.14M · Float 54.42M · 73.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 13.65M | 18.41% | 13F | Aug 7, 2026 |
| Primecap Management Co/CA/ | 10.18M | 13.73% | 13F | Aug 14, 2026 |
| BVF Inc/IL | 7.13M | 9.62% | 13F | Aug 14, 2026 |
| RTW Investments, LP | 6.78M | 9.14% | 13F | Aug 14, 2026 |
| Ra Capital Management, L.P. | 5.27M | 7.11% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 18, 2026 | Ellen Feigal | director | −6,843 | $13.06 |
| Jun 15, 2026 | Alan Bruce Montgomery | director | −5,064 | $12.31 |
| Jun 15, 2026 | Richard J. Ranieri | director | −5,474 | $12.31 |
| Jun 15, 2026 | Kurt A. Gustafson | director | −5,474 | $12.31 |
| Jun 15, 2026 | Kevin Charles Gorman | director | −7,527 | $12.31 |
Peers
- Amgen
Head-to-head bispecific T-cell engager oncology franchise; also a licensee
- Johnson & Johnson
Approved multiple myeloma bispecifics compete in TCE oncology; also a licensee
- Merck
Phase 3 anti-TL1A rival in ulcerative colitis and Crohn's, via Prometheus deal
- Pfizer
Approved BCMAxCD3 bispecific in multiple myeloma competes in TCE oncology
- Genmab (ADR)
DuoBody bispecific-antibody platform peer, deepened via 2025 Merus acquisition
- Sanofi (ADR)
Phase 3 anti-TL1A rival duvakitug, with Teva, in ulcerative colitis and Crohn's
- MacroGenics
DART bispecific-antibody platform peer with an overlapping licensing model
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Xencor | $26.05 | +0.07% | $1.93B | — | — | 18.4 | +17.5% |
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Pfizer | $27.95 | −0.04% | $159.36B | 36.9 | 10.0 | 2.5 | +2.6% |
| Genmab (ADR) | $33.25 | +0.09% | $20.40B | 26.2 | 25.9 | 2.1 | +24.9% |
| Sanofi (ADR) | $44.83 | +0.02% | $107.62B | 78.9 | — | 1.9 | +11.2% |
| MacroGenics | $4.10 | −0.97% | $262.5M | — | — | 1.6 | +47.6% |
| Median | 34.0 | 18.4 | 2.5 | +9.7% |