Xencor Inc
XNCRHealthcare|Biotechnology|USA
$15.86
-0.27 (-1.64%)
Tangible Book
$6.86
Financials
Financial Snapshot
Market Cap
$1.18B
Enterprise Value
$269.8M
Revenue (TTM)
$97.4M
Net Income (TTM)
$-172.4M
Cash & Equivalents
—
Net Cash/Share
$3.02
Free Cash Flow (TTM)
$-188.8M
Operating CF (TTM)
$-186.5M
Debt/Equity
0.34
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$46.6M
Monthly Burn
$15.5M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $130.1M | $224.1M | $294.4M | $529.8M | $603.0M | $334.1M | $623.1M | $593.7M | $497.8M | $547.7M | $444.9M | |
| Operating Cash Flow | $95.2M | $-33.6M | $-79.8M | $64.4M | $-5.0M | $-16.9M | $24.5M | $-77.9M | $-202.2M | $-135.1M | $-186.5M | |
| Free Cash Flow | $92.2M | $-40.9M | $-88.9M | $53.3M | $-18.8M | $-32.8M | $-18.9M | $-99.2M | $-211.7M | $-138.3M | $-188.8M | |
| Capital Expenditure | $-3.0M | $-7.3M | $-9.1M | $-11.0M | $-13.8M | $-16.0M | $-43.4M | $-21.3M | $-9.5M | $-3.1M | $-2.3M | |
| Financing Cash Flow | $121.0M | $3.7M | $254.2M | $10.7M | $18.0M | $43.0M | $5.7M | $189.2M | $197.2M | $8.2M | $7.9M |
R&D Spending
R&D (TTM)
$245.5M
R&D Intensity
252.2%
R&D Growth YoY
+2.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.0M | $46.1M | $40.6M | $156.7M | $122.7M | $275.1M | $164.6M | $174.6M | $110.5M | $125.6M | $97.4M | |
| R&D Expense | $51.9M | $71.8M | $97.5M | $118.6M | $169.8M | $192.5M | $199.6M | $253.6M | $227.7M | $239.4M | $245.5M | |
| R&D % of Revenue | 47.6% | 155.5% | 240.1% | 75.7% | 138.4% | 70.0% | 121.3% | 145.2% | 206.1% | 190.7% | 252.2% | |
| SG&A | $13.1M | $17.5M | $22.5M | $24.3M | $29.7M | $38.8M | $47.5M | $53.4M | $61.2M | $63.6M | $64.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.0M | $46.1M | $40.6M | $156.7M | $122.7M | $275.1M | $164.6M | $174.6M | $110.5M | $125.6M | $97.4M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $109.0M | $46.1M | $40.6M | $156.7M | $122.7M | $275.1M | $164.6M | $174.6M | $110.5M | $125.6M | $97.4M | |
| R&D | $51.9M | $71.8M | $97.5M | $118.6M | $169.8M | $192.5M | $199.6M | $253.6M | $227.7M | $239.4M | $245.5M | |
| SG&A | $13.1M | $17.5M | $22.5M | $24.3M | $29.7M | $38.8M | $47.5M | $53.4M | $61.2M | $63.6M | $64.0M | |
| Operating Income | $44.0M | $-43.1M | $-79.4M | $13.8M | $-76.8M | $43.8M | $-82.5M | $-132.4M | $-178.4M | $-177.5M | $-212.2M | |
| Interest Expense | $-21.0K | $-13.0K | $-16.0K | $0.00 | $0.00 | $-13.0K | $-13.0K | $-6.2M | $-36.6M | $-31.9M | $-28.0M | |
| Pretax Income | $46.1M | $-38.9M | $-70.4M | $27.2M | $-69.3M | $82.6M | $-54.5M | $-119.6M | $-234.9M | $-89.6M | $-170.0M | |
| Net Income | $45.1M | $-38.5M | $-70.4M | $26.9M | $-69.3M | $82.6M | $-55.2M | $-133.1M | $-232.6M | $-91.9M | $-172.4M | |
| EPS (Diluted) | 1.07 | -0.82 | -1.31 | 0.46 | -1.21 | 1.37 | -0.93 | -2.20 | -3.58 | -1.24 | -2.29 | |
| EBITDA | $47.6M | $-41.1M | $-76.1M | $18.1M | $-71.0M | $90.1M | $-45.7M | $-102.0M | $-186.2M | $-47.2M | $-131.7M | |
| Shares Out. (M) | 42.39 | 46.82 | 53.94 | 58.47 | 57.21 | 60.49 | 59.65 | 60.50 | 65.04 | 74.24 | 75.25 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.5M | $16.5M | $26.2M | $50.3M | $163.5M | $143.5M | $53.9M | $53.8M | $40.9M | $54.1M | $14.2M | |
| Marketable Securities | $115.6M | $207.6M | $268.1M | $479.5M | $439.5M | $190.6M | $569.1M | $539.9M | $456.9M | $493.7M | $430.8M | |
| Total Current Assets | $141.7M | $230.9M | $315.7M | $558.4M | $637.7M | $424.4M | $675.3M | $635.6M | $577.6M | $599.8M | $482.9M | |
| Total Assets | $428.6M | $390.2M | $576.7M | $670.3M | $703.2M | $838.2M | $846.3M | $965.1M | $951.9M | $875.5M | $736.8M | |
| Total Current Liabilities | $106.3M | $72.7M | $53.9M | $66.6M | $121.1M | $70.7M | $63.8M | $73.9M | $87.4M | $95.9M | $73.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $161.8M | $115.2M | $76.5M | $82.1M | |
| Total Liabilities | $114.6M | $73.7M | $55.1M | $77.0M | $130.8M | $104.7M | $118.8M | $303.0M | $277.9M | $239.9M | $221.2M | |
| Stockholders' Equity | $314.0M | $316.5M | $521.7M | $593.2M | $572.4M | $733.5M | $727.5M | $661.8M | $677.6M | $635.6M | $515.6M | |
| Retained Earnings | $-238.0M | $-252.9M | $-323.3M | $-296.4M | $-365.7M | $-283.1M | $-338.3M | $-471.4M | $-704.0M | $-796.0M | $-924.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $95.2M | $-33.6M | $-79.8M | $64.4M | $-5.0M | $-16.9M | $24.5M | $-77.9M | $-202.2M | $-135.1M | $-186.5M | |
| Capital Expenditure | $-3.0M | $-7.3M | $-9.1M | $-11.0M | $-13.8M | $-16.0M | $-43.4M | $-21.3M | $-9.5M | $-3.1M | $-2.3M | |
| Free Cash Flow | $92.2M | $-40.9M | $-88.9M | $53.3M | $-18.8M | $-32.8M | $-18.9M | $-99.2M | $-211.7M | $-138.3M | $-188.8M | |
| Investing Cash Flow | $-214.3M | $31.9M | $-164.8M | $-51.0M | $100.2M | $-46.2M | $-119.7M | $-111.1M | $-7.9M | $140.0M | $153.0M | |
| Financing Cash Flow | $121.0M | $3.7M | $254.2M | $10.7M | $18.0M | $43.0M | $5.7M | $189.2M | $197.2M | $8.2M | $7.9M | |
| Issuance of Stock | $126.5M | $0.00 | $260.2M | $0.00 | $0.00 | $28.9M | $0.00 | $0.00 | $201.3M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $7.8M | $13.7M | $20.5M | $31.9M | $31.6M | $37.0M | $48.9M | $53.8M | $53.3M | $43.2M | $40.6M | |
| Net Change in Cash | $1.9M | $2.0M | $9.7M | $24.1M | $113.2M | $-20.1M | $-89.5M | $228.0K | $-12.9M | $13.1M | $-25.6M |
Dilution Tracker
Shares outstanding grew 24.4% over 5 years — significant dilution
Shares Outstanding
75M
5-Year Share Growth
+24.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 42.39 | 46.82 | 53.94 | 58.47 | 57.21 | 60.49 | 59.65 | 60.50 | 65.04 | 74.24 | 75.25 | |
| YoY Change % | — | 10.4% | 15.2% | 8.4% | -2.1% | 5.7% | -1.4% | 1.4% | 7.5% | 14.1% | 1.4% | |
| Stock Issuance | $126.5M | $0.00 | $260.2M | $0.00 | $0.00 | $28.9M | $0.00 | $0.00 | $201.3M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $7.8M | $13.7M | $20.5M | $31.9M | $31.6M | $37.0M | $48.9M | $53.8M | $53.3M | $43.2M | $40.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 40.4% | -93.4% | -195.5% | 8.8% | -62.6% | 15.9% | -50.1% | -75.8% | -161.5% | -141.3% | -217.9% | |
| Net Margin % | 41.4% | -83.4% | -173.4% | 17.2% | -56.5% | 30.0% | -33.5% | -76.2% | -210.5% | -73.2% | -177.1% | |
| EBITDA Margin % | 43.7% | -89.0% | -187.5% | 11.6% | -57.9% | 32.8% | -27.8% | -58.4% | -168.5% | -37.6% | -135.2% | |
| FCF Margin % | 84.6% | -88.6% | -219.0% | 34.0% | -15.3% | -11.9% | -11.5% | -56.8% | -191.6% | -110.1% | -194.0% | |
| ROE % | 18.9% | -12.2% | -16.8% | 4.8% | -11.9% | 12.7% | -7.6% | -19.2% | -34.7% | -14.0% | -28.4% | |
| ROA % | 14.2% | -9.4% | -14.6% | 4.3% | -10.1% | 10.7% | -6.6% | -14.7% | -24.3% | -10.1% | -20.2% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 53.35 / 95.62
Industry Med.27.51
P/S12.13
Historical3.56 / 11.68 / 74.22
Industry Med.9.49
P/B2.28
Historical0.83 / 3.01 / 5.58
Industry Med.2.93
EV/EBITDA-6.88
Historical-55.15 / -7.49 / 93.15
Industry Med.13.02
EV/Revenue9.31
Historical1.10 / 8.87 / 79.53
Industry Med.8.59
P/FCF—
Historical7.69 / 23.03 / 107.09
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$6.86
Net Current Assets
$3.530
Median P/S Value
$14.83
Net-Net Working Capital
$3.14
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 24.60 | At Loss | At Loss | 74.76 | At Loss | 29.28 | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 10.23 | 22.23 | 48.02 | 12.83 | 20.34 | 8.82 | 9.44 | 7.36 | 13.53 | 9.05 | 12.13 | |
| PB Ratio | 3.90 | 3.26 | 3.90 | 3.30 | 4.41 | 3.25 | 2.15 | 1.96 | 2.38 | 1.73 | 2.28 | |
| EV/EBITDA | 23.01 | -19.62 | -22.87 | 79.34 | -27.23 | 23.09 | -21.86 | -9.35 | -7.22 | -15.69 | -6.88 | |
| EV/Revenue | 10.05 | 17.47 | 42.87 | 9.18 | 15.76 | 7.57 | 6.07 | 5.46 | 12.17 | 5.90 | 9.31 |
Analyst Estimates & Quality
Altman Z-Score
1.59
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
-3.83
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $77.89M | $120.35M | $140.67M |
| Net Income | $-298.27M | $-265.36M | $-296.25M |
| EPS | -3.83 | -3.16 | -3.18 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -1.84 | -1.27 | 0.00 |
| Operating CF | $-138.45M | $-95.56M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovering and developing engineered antibody therapeutics to treat patients with cancer and | $125.6M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $125.6M |