On May 7, 2025, Xencor, Inc. reported its financial results for the first quarter ended March 31, 2025. Total revenue for the quarter was $32.7 million, a substantial increase from $16.0 million in the same period of 2024.
This revenue growth was primarily driven by $14.5 million in milestone revenue, including $12.5 million from Incyte for FDA acceptance of a supplemental BLA for tafasitamab and $2.0 million from Vir Bio for initiating a Phase 3 study for tobevibart. Royalty revenue also increased to $18.2 million.
The net loss attributable to Xencor for Q1 2025 was $48.4 million, or $(0.66) per share, an improvement from a net loss of $73.4 million, or $(1.20) per share, in Q1 2024. Research and development expenses increased to $58.6 million, driven by higher spending on XmAb819, XmAb541, and XmAb657.
As of March 31, 2025, cash, cash equivalents, and marketable debt securities totaled $693.5 million. Xencor reaffirmed its financial guidance, expecting to end 2025 with $535 million to $585 million in cash and to fund operations into 2028.
The company also highlighted recent program updates, including interim Phase 1 results for XmAb942 supporting a 12-week maintenance dosing interval for its planned Phase 2b XENITH-UC study in ulcerative colitis. Xencor expects to advance an XmAb TL1A x IL23p19 bispecific antibody candidate into Phase 1 in 2026.
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