Filing Flows › Xencor (XNCR) › Q2 2025
Xencor (XNCR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Xencor (XNCR) reported revenue of $43.6M for the second quarter 2025 (Q2 2025), +82% from a year earlier and +33% from the quarter before. Operating margin was -76.1%, net loss $30.8M (70.7% of revenue).
Xencor, Q2 2025: revenue $43.6M (+82% year over year), operating margin -76.1%, net loss $30.8M, operating cash flow −$36.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $43.6M | +33% | +82% |
| Operating profit | −$33.2M | — | — |
| Net earnings | −$30.8M | — | — |
| Operating cash flow | −$36.4M | — | — |
What changed
Revenue was $43.6M in Q2 2025, up 82% year over year and up 33% from the previous quarter. Milestone was the largest line at 57% of revenue. Royalties added $3.2M year over year (up 21%), 16% of the total change.
Operating costs exceeded revenue by $33.2M, an operating margin of -76.1%. Total costs fell 3% while revenue rose 82%. The quarter ended with a net loss of $30.8M, narrower than the previous quarter's $48.6M loss.
Operating cash flow was −$36.4M. Non-cash charges added back $2.7M of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items used $18.9M. Capital expenditures of $383K exceeded it, leaving free cash flow of −$36.8M.
Questions
What was Xencor's revenue in the second quarter 2025?
Xencor (XNCR) reported revenue of $43.6M for the second quarter 2025 (Q2 2025), +82% from a year earlier and +33% from the quarter before.
Was Xencor profitable in the second quarter 2025?
Operating loss was $33.2M (-76.1% of revenue) and net loss $30.8M.
Source: Xencor 10-Q on SEC EDGAR.