On August 6, 2025, Xencor, Inc. reported its financial results for the second quarter ended June 30, 2025. Total revenue for the quarter was $43.6 million, an increase from $23.9 million in the same period of 2024.
This revenue growth was primarily driven by milestone revenue from Incyte and non-cash royalty revenue from Alexion and Incyte. The net loss attributable to Xencor for Q2 2025 was $30.8 million, or $(0.41) per share, a significant improvement from a net loss of $67.3 million, or $(1.09) per share, in Q2 2024.
Research and development expenses for the quarter were $61.7 million, reflecting increased spending on XmAb819, XmAb541, and XmAb657. General and administrative expenses decreased to $15.1 million due to lower stock compensation expense.
As of June 30, 2025, cash, cash equivalents, and marketable debt securities totaled $663.8 million. Xencor updated its financial guidance, expecting to end 2025 with $555 million to $585 million in cash and to fund operations into 2028.
The company announced the initiation of the Phase 2b XENITH-UC study of XmAb942 for ulcerative colitis and regulatory authorization to proceed with the proof-of-concept study of plamotamab in rheumatoid arthritis in June 2025. Xencor also remains on-track to start a proof-of-concept study of XmAb657 in the second half of 2025 and to present preliminary safety and efficacy data from XmAb819 later this year.
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