Filing Flows › Xencor (XNCR) › Q1 2025
Xencor (XNCR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Xencor (XNCR) reported revenue of $32.7M for the first quarter 2025 (Q1 2025), +105% from a year earlier and -38% from the quarter before. Operating margin was -131.9%, net loss $48.6M (148.6% of revenue).
Xencor, Q1 2025: revenue $32.7M (+105% year over year), operating margin -131.9%, net loss $48.6M, operating cash flow −$16.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.7M | -38% | +105% |
| Operating profit | −$43.2M | — | — |
| Net earnings | −$48.6M | — | — |
| Operating cash flow | −$16.2M | — | — |
What changed
Revenue was $32.7M in Q1 2025, up 105% year over year and down 38% from the previous quarter. Royalties was the largest line at 56% of revenue. Milestone added $14.0M year over year (up 2800%), 84% of the total change.
Operating costs exceeded revenue by $43.2M, an operating margin of -131.9%. Total costs grew 7% against revenue growth of 105%. The fastest-growing cost line was General & admin (+26%). The quarter ended with a net loss of $48.6M, wider than the previous quarter's $46.2M loss. Minority interests bore $214K of it: to shareholders the quarter was a loss of $48.4M.
Operating cash flow was −$16.2M. Non-cash charges added back $2.7M of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items added $17.5M. Capital expenditures of $1.4M exceeded it, leaving free cash flow of −$17.7M.
Questions
What was Xencor's revenue in the first quarter 2025?
Xencor (XNCR) reported revenue of $32.7M for the first quarter 2025 (Q1 2025), +105% from a year earlier and -38% from the quarter before.
Was Xencor profitable in the first quarter 2025?
Operating loss was $43.2M (-131.9% of revenue) and net loss $48.6M.
Source: Xencor 10-Q on SEC EDGAR.