XNCR Stock — Xencor Inc.: Cash, EV, Pipeline

What they do

We use our protein engineering capabilities to design new technologies and XmAb ® drug candidates with improved properties and multi-target mechanisms of action. We advance these candidates into clinical-stage development, where we are conducting Phase 1 and Phase 2 studies for a broad portfolio of programs, to determine which programs to advance into later stages of development and potentially commercialization, which programs we partner to optimize development, and which programs we discontinue.

Source: 10-K FY2025 via SEC EDGAR

Share price

$35.75

Market cap

$2,682.7M

Cash

$237.2M

Enterprise value

$2,540.6M

Balance sheet

Cash	$237.2M
Debt	$95.1M
Net cash	$142.1M
Enterprise value	$2,540.6M
Basic shares	75.0M shares
Fully diluted shares	92.4M shares
Fully diluted market cap	$3,302.8M
Cash per share	$3.16
Quarterly burn	$55.7M
Cash runway	2.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

74.4M

Pre-funded warrants

0.0M

Options

15.0M

RSUs

2.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.7M

FDSO

92.4M

Cap table as of 2026-06-30.

Price history

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Next catalyst

XmAb412 Monoclonal Bispecific Antibody · Jun 12 - Jul 24 in 7 mo · Phase 1 · Not Applicable - Healthy Adult Participants

Recently reported

XmAb819 Phase 1 Mixed · 2026-10-26

Primary: Safety & tolerability (Phase 1 primary endpoint); secondary ORR, DOR and PFS per RECIST 1.1 for XmAb819 (ENPP3 x CD3 bispecific) in advanced clear cell renal cell carcinoma (NCT05433142), dose expansion cohorts — Confirmed ORR of 44.0% (95% CI 24.4, 65.1) at 200 ug/kg in efficacy-evaluable patients (n=25), per investigator assessment at the September 1, 2026 data cutoff (investor presentation furnished as 8-K Exhibit 99.1)

· Best overall response at 200 ug/kg: PR 11 (44.0%), SD 5 (20.0%), PD 9 (36.0%); no CRs reported in the extracted table

· Disease control rate at 200 ug/kg: 64.0% (95% CI 42.5, 82.0)

· A second expansion cohort showed a DCR of 81.8% (95% CI 48.2, 97.7) with median follow-up of 6.0 months (range 1.4, 7.9)

Safety: not disclosed

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jun 12 - Jul 24 in 7 mo	XmAb412 Monoclonal Bispecific Antibody	Phase 1	Not Applicable - Healthy Adult Participants	1H 2027 Est. Apr 1, 2027 · half midpoint
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	XmAb942 Phase 2b XENITH-UC of XmAb942 in moderately to severely active ulcerative colitis	Phase 2b	moderately to severely active ulcerative colitis	2H 2027
Jan 12 - Feb 23 in 14 mo	XmAb541	Phase 1	Ovarian Cancer; Endometrial Cancer; Germ Cell Tumor	—
May 13 - Jun 24 in 18 mo	XmAb942	Phase 2	Ulcerative Colitis (UC)	—
Jul 13 - Aug 24 in 20 mo	Plamotamab	Phase 1	Rheumatoid Arthritis	—
Nov 12 - Dec 24 in 25 mo	XmAb657	Phase 1	Healthy; Idiopathic Inflammatory Myopathies; Systemic Sclerosis	—
Jan 12 - Feb 23 in 27 mo	XmAb541	Phase 1	Ovarian Cancer	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

XmAb819

Phase 1 · Active Modality: bispecific antibody

Aliases ENPP3 x CD3

Target ENPP3, CD3

Indications

Clear cell renal cell carcinoma (Phase 1)
Colorectal cancer, NSCLC, papillary RCC (ENPP3+) (Phase 1)

Catalysts

— third quarter of 2026

Status note First-in-class tumor-targeted T-cell engaging XmAb 2+1 bispecific (two ENPP3-binding domains, one CD3). IV expansion cohorts to support dose selection for planned Phase 3 pivotal in advanced ccRCC; SC dose escalation ongoing; sub-study for ENPP3+ CRC/NSCLC/pRCC began enrollment Q2 2026.

XmAb541

Phase 1 · Active Modality: bispecific antibody

Aliases CLDN6 x CD3

Target CLDN6, CD3

Indications

High-grade serous ovarian cancer (Phase 1)
Germ cell tumors (Phase 1)

Catalysts

— year end 2026

Status note XmAb 2+1 bispecific for CLDN6+ tumors. Monotherapy expansion at putative RP3D in HGSOC (TPS>=50) and germ cell tumors; prioritized for combination with XmAb808.

XmAb808

Phase 1 · Active Modality: bispecific antibody

Aliases B7-H3 x CD28

Target B7-H3, CD28

Indications

CLDN6-expressing tumors (Phase 1)

Status note Tumor-selective CD28 co-stimulatory bispecific binding B7-H3; being evaluated in combination with XmAb541 for CLDN6+ tumors including HGSOC.

Plamotamab

Phase 1 · Active Modality: bispecific antibody

Aliases CD20 x CD3

Target CD20, CD3

Indications

Rheumatoid Arthritis (Phase 1)

Status note Phase 1 R&D expense line in primary filing; no indication detail disclosed in excerpts.

Tafasitamab

Approved · Active Modality: antibody

Aliases MOR208, XmAb5574

Target CD19

Partnerships Incyte (exclusive global development/commercialization rights since Feb 2024; XNCR eligible for milestones + royalties)

Indications

Relapsed/refractory DLBCL (with lenalidomide) (Approved)

Status note FDA accepted sBLA Feb 2025 ($12.5M milestone) and approved Jun 2025 ($25M milestone). Incyte dosed two patients in Phase 2 (ITP, AIHA) Dec 2025 ($4M milestone).

Ultomiris

Approved · Active Modality: antibody

Aliases ALXN1210

Target C5 (complement C5)

Partnerships Alexion/AstraZeneca (Xtend technology license; ex-US royalties continue)

Indications

Paroxysmal nocturnal hemoglobinuria (PNH) (Approved)
Atypical hemolytic uremic syndrome (aHUS) (Approved)
Generalized myasthenia gravis (gMG) (Approved)
Neuromyelitis optica spectrum disorder (NMOSD) (Approved)

Status note US royalties ended per July 29, 2026 settlement ($105M total in two $52.5M installments; second due ~July 2027). Alexion had notified in March 2026 that no further US royalties were owed; dispute fully resolved by the settlement. Ex-US royalties continue under the Alexion agreement (Q2 2026 10-Q).

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	vudalimab
Lead indication	Ovarian Cancer
Lead phase	Phase 2
Active trials	8
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06619990	Phase 2	Recruiting	Sponsor	XNCR	—	Ulcerative Colitis (UC)	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT05032040	Phase 2	Active, not recruiting	Sponsor	XNCR	—	Ovarian Cancer; Clear Cell Carcinoma; Endometrial Cancer	—
NCT05433142	Phase 1	Recruiting	Sponsor	XNCR	—	Clear Cell Renal Cell Carcinoma	—
NCT07713485	Phase 1	Recruiting	Sponsor	XNCR	—	Not Applicable - Healthy Adult Participants	1H 2027 Est. Apr 1, 2027 · half midpoint
NCT06276491	Phase 1	Recruiting	Sponsor	XNCR	—	Ovarian Cancer; Endometrial Cancer; Germ Cell Tumor	—
NCT07230353	Phase 1	Recruiting	Sponsor	XNCR	—	Rheumatoid Arthritis	—
NCT07284797	Phase 1	Recruiting	Sponsor	XNCR	—	Healthy; Idiopathic Inflammatory Myopathies; Systemic Sclerosis	—
NCT07593092	Phase 1	Recruiting	Sponsor	XNCR	—	Ovarian Cancer	—
NCT05297903	Phase 2	Active, not recruiting	Collaborator	Abramson Cancer Center at Penn Medicine	—	Biliary Tract Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (8 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 9 active trials for Xencor, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	7,133,720	no change	2.94%	2026-08-14
RTW Investments	6,777,461	no change	0.93%	2026-08-14
RA Capital Management	5,274,274	+377,037	0.74%	2026-08-14
Baker Bros. Advisors	1,102,106	no change	0.09%	2026-08-14
ADAR1 Capital Management	232,560	+138,895	0.18%	2026-08-14
EcoR1 Capital	0	-2,183,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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XNCR — Xencor Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

XNCR — Xencor Inc.