Filing Flows › Xencor (XNCR) › Q1 2026
Xencor (XNCR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Xencor (XNCR) reported revenue of $4.5M for the first quarter 2026 (Q1 2026), -86% from a year earlier and -84% from the quarter before.
Xencor, Q1 2026: revenue $4.5M (-86% year over year), net loss $129M, operating cash flow −$67.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5M | -84% | -86% |
| Operating profit | −$77.9M | — | — |
| Net earnings | −$129M | — | — |
| Operating cash flow | −$67.6M | — | — |
What changed
Revenue was $4.5M in Q1 2026, down 86% year over year and down 84% from the previous quarter. Royalties was the largest line at 98% of revenue. Royalties lost $13.8M year over year (down 76%), 49% of the total change.
Operating costs exceeded revenue by $77.9M, an operating margin of -1724.1%. Total costs grew 9% against a revenue fall of 86%. The fastest-growing cost line was Research & development (+10%). The quarter ended with a net loss of $128.9M, wider than the previous quarter's $6.7M loss.
Operating cash flow was −$67.6M. Non-cash charges added back $2.6M of depreciation and amortization and $9.6M of share-based compensation. Working capital and other items added $49.2M. Capital expenditures of $610K exceeded it, leaving free cash flow of −$68.2M.
Questions
What was Xencor's revenue in the first quarter 2026?
Xencor (XNCR) reported revenue of $4.5M for the first quarter 2026 (Q1 2026), -86% from a year earlier and -84% from the quarter before.
Source: Xencor 10-Q on SEC EDGAR.