On November 6, 2024, Xencor, Inc. reported its financial results for the third quarter ended September 30, 2024. The company's total revenue for the quarter was $10.7 million, a decrease from $59.2 million in the same period of 2023.
The net loss attributable to Xencor for Q3 2024 was $45.1 million, or $(0.71) per share, compared to a net loss of $24.3 million, or $(0.40) per share, for Q3 2023. Research and development expenses decreased to $58.2 million from $64.9 million, while general and administrative expenses increased to $14.8 million from $12.5 million.
As of September 30, 2024, cash, cash equivalents, and marketable debt securities totaled $754.3 million, bolstered by $189.2 million in net proceeds from a public offering that closed on September 12, 2024. Xencor reiterated its guidance to fund operations into 2028, expecting to end 2024 with $690 million to $710 million in cash, cash equivalents, and marketable debt securities.
The company provided several clinical updates, including the initiation of a Phase 1 first-in-human study for XmAb942 in healthy volunteers in the fourth quarter of 2024. Xencor also plans to initiate a Phase 1b/2a proof-of-concept study for plamotamab in rheumatoid arthritis in the first half of 2025.
Initial evidence of anti-tumor activity, including RECIST responses, was observed in the Phase 1 study of XmAb819 for clear cell renal cell carcinoma, with tolerability supporting continued dose escalation. For XmAb808, two patients experienced dose-limiting toxicities in the Phase 1 study, leading to back-fill enrollment in a lower dose cohort.
Partner Amgen's xaluritamig, an XmAb T-cell engager, presented Phase 1 results at ESMO Congress in September 2024, showing a median overall survival of 17.7 months and a PSA90 rate of 45.1% in high-dose cohorts. Amgen indicated a Phase 3 study for xaluritamig in post-taxane mCRPC will be initiated in the fourth quarter of 2024.
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