On February 26, 2025, Xencor, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024. Total revenue for the full year 2024 was $110.5 million, a decrease from $174.6 million in 2023.
The net loss attributable to Xencor for the full year 2024 was $232.6 million, or $(3.58) per share, compared to a net loss of $133.1 million, or $(2.20) per share, for 2023. For the fourth quarter, net loss was $45.6 million, or $(0.62) per share, compared to $26.1 million, or $(0.43) per share, in Q4 2023.
Research and development expenses for the full year decreased to $227.7 million from $253.6 million in 2023, primarily due to reduced spending on terminated programs. General and administrative expenses for the full year increased to $61.2 million from $53.4 million.
As of December 31, 2024, cash, cash equivalents, and marketable debt securities totaled $706.7 million. Xencor provided financial guidance, expecting to end 2025 with $535 million to $585 million in cash, cash equivalents, and marketable debt securities, and to have cash to fund operations into 2028.
The company outlined its 2025 priorities, including presenting initial first-in-human healthy volunteer data for XmAb942 in the first half of 2025. Xencor also plans to present data from its Phase 1 dose-escalation study of XmAb819 in clear cell renal cell carcinoma at a major medical meeting in the second half of 2025.
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