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Xencor (XNCR) guidance and outlook
Xencor's 10-Q filed Nov 4, 2026 makes 19 forward-looking statements.
Guidance and outlook
Forward-looking statements, 10-Q filed Nov 4, 2026
- We plan to present additional results from the 400 mcg/kg IV cohort in the first half of 2027.
- We plan to present results from dose escalation of subcutaneous administration in the first half of 2027.
- In the first half of 2027, we plan to engage with the FDA regarding a potential accelerated approval pathway for XmAb819 in subsets of patients with advanced ccRCC who have exhausted standard-of-care treatment options.
- Subject to regulatory feedback, by the end of 2027, we also plan to initiate a global randomized Phase 3 study evaluating XmAb819 against tivozanib in patients with advanced ccRCC previously treated with one PD-(L)1 inhibitor and at least one VEGFR TKI.
- We initiated a first-in-human study of XmAb412 in the third quarter of 2026 and plan to present initial data from the study in the first half of 2027.
- Based on clinical outcomes from a prior Phase 1 study in hematologic cancers, significant B-cell depletion, and the emergent biology supportive of B-cell targeted T-cell engagers for the treatment of patients with autoimmune diseases, we are evaluating plamotamab in a Phase 1b study for patients with rheumatoid arthritis (RA) who have progressed through prior standard of care treatment.
- We are conducting a first-in-human, Phase 1 study to evaluate XmAb657 in healthy volunteers and patients with IIM, SSc and Sjögren’s disease, and we plan to provide an update on progress achieved in the Phase 1 study of XmAb657 in the second half of 2026.
- For partnerships for our drug candidates, we aim to retain a major economic interest in the form of keeping major geographic commercial rights; profit-sharing; co-development options; and the right to conduct studies with drug candidates developed in the collaboration.
- On March 4, 2026, Alexion informed us that it had taken the position that it did not owe additional royalties for U.S. sales of Ultomiris and did not intend to make future payments for sales in the U.S. under the parties’ agreement.
- In the first quarter of 2026, we evaluated the effect of Alexion’s notice, including the variable consideration constraint and the sales‑ and usage‑based royalty guidance applicable to licenses of intellectual property.
- Vir Bio: In 2019, we entered into the Vir Bio Agreement with Vir Bio, granting a non-exclusive license to our Xtend technology for up to two targets, including tobevibart.
- Research and development activities have required significant capital investment since our inception and are expected to continue to require significant cash expenditure as our pipeline continues to expand.
Xencor's latest quarter
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
Questions
What does Xencor expect?
We plan to present additional results from the 400 mcg/kg IV cohort in the first half of 2027. We plan to present results from dose escalation of subcutaneous administration in the first half of 2027. In the first half of 2027, we plan to engage with the FDA regarding a potential accelerated approval pathway for XmAb819 in subsets of patients with advanced ccRCC who have exhausted standard-of-care treatment options.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.