Xencor, Inc. (XNCR) 10-Year Financial Performance & Capital Metrics

XNCR • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

AboutXencor, Inc., a clinical stage biopharmaceutical company, focuses on the discovery and development of engineered monoclonal antibody and cytokine therapeutics to treat patients with cancer and autoimmune diseases. The company provides Sotrovimab that targets the SARS-CoV-2 virus; Ultomiris for the treatment of patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome; and Monjuvi for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma. It develops Plamotamab, a tumor-targeted antibody, which is in Phase I clinical trial to treat non-Hodgkin lymphoma; Vudalimab, a bispecific antibody, which is in Phase II clinical trial to treat metastatic castration-resistant prostate cancer and other solid tumor types; and Tidutamab that is in Phase II clinical trial to treat neuroendocrine tumors. The company is also developing XmAb306, which is in Phase I clinical trial to treat solid tumors; XmAb104 and XmAb841, which are in Phase I clinical trial to treat patients with selected solid tumors; XmAb564 that is in Phase I clinical trial to treat autoimmune diseases; AMG 509, which is in Phase I clinical trial to treat prostate cancer; XmAb819 for patients with renal cell carcinoma; and Novartis XmAb. It develops VIR-3434, which is in Phase II clinical trial for patients with hepatitis B virus infection; VIR-2482 that is in Phase 1/2 clinical trial to trat influenza A; VIR-7832, which is in Phase 1b/2a trial to treat mild-to-moderate COVID-19; and BMS-986414 + BMS-986413 is in Phase 2/3 NIH ACTIV-2 trial in treating COVID-19. The company develops AIMab7195 to reduce blood serum levels of IgE that mediates allergic responses and allergic disease; Obexelimab to treat autoimmune disease; and Xpro1595 to treat patients with Alzheimer's disease, mild cognitive impairment, and depression. It has a license agreement with Caris Life Sciences. Xencor, Inc. was incorporated in 1997 and is headquartered in Monrovia, California.Show more

Revenue $110M -36.7%
EBITDA -$166M -37.6%
Net Income -$233M -74.7%
EPS (Diluted) -3.58 -72.1%
Gross Margin 100%
EBITDA Margin -150.51% -117.4%
Operating Margin -161.47% -113.0%
Net Margin -210.53% -176.1%
ROE -34.64% -81.7%
ROIC -17.11% -23.4%
Debt/Equity 0.34 +176.0%
Interest Coverage -4.87

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 85 (top 15%)
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Sales declining 6.7% over 5 years
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.78%

5Y-6.75%

3Y-26.22%

TTM64.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM34.5%

EPS CAGR

10Y-

5Y-

3Y-

TTM43.37%

ROCE

10Y Avg-9.54%

5Y Avg-10.75%

3Y Avg-15.76%

Latest-20.6%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	27.76M	87.52M	35.71M	40.6M	156.7M	122.69M	275.11M	164.58M	174.62M	110.49M
Revenue Growth %	1.92%	2.15%	-0.59%	0.14%	2.86%	-0.22%	1.24%	-0.4%	0.06%	-0.37%
Cost of Goods Sold+	34.14M	51.87M	71.77M	97.5M	118.59M	169.8M	0	0	0	0
COGS % of Revenue	1.23%	0.59%	2.01%	2.4%	0.76%	1.38%	-	-	-	-
Gross Profit+	-6.38M	35.65M	-36.06M	-56.9M	38.11M	-47.11M	275.11M	164.58M	174.62M	110.49M
Gross Margin %	-0.23%	0.41%	-1.01%	-1.4%	0.24%	-0.38%	1%	1%	1%	1%
Gross Profit Growth %	0.29%	6.59%	-2.01%	-0.58%	1.67%	-2.24%	6.84%	-0.4%	0.06%	-0.37%
Operating Expenses+	46.1M	64.98M	89.27M	119.97M	24.29M	29.69M	231.34M	247.05M	306.98M	288.9M
OpEx % of Revenue	1.66%	0.74%	2.5%	2.95%	0.15%	0.24%	0.84%	1.5%	1.76%	2.61%
Selling, General & Admin	11.96M	13.11M	17.5M	22.47M	24.29M	29.69M	38.84M	47.49M	53.38M	61.22M
SG&A % of Revenue	0.43%	0.15%	0.49%	0.55%	0.15%	0.24%	0.14%	0.29%	0.31%	0.55%
Research & Development	34.14M	51.87M	71.77M	97.5M	118.59M	169.8M	192.51M	199.56M	253.6M	227.69M
R&D % of Revenue	1.23%	0.59%	2.01%	2.4%	0.76%	1.38%	0.7%	1.21%	1.45%	2.06%
Other Operating Expenses	746K	2.08M	4.17M	8.96M	-118.59M	-169.8M	0	0	0	0
Operating Income+	-18.34M	22.54M	-53.56M	-79.37M	13.82M	-76.8M	43.77M	-82.47M	-132.36M	-178.41M
Operating Margin %	-0.66%	0.26%	-1.5%	-1.95%	0.09%	-0.63%	0.16%	-0.5%	-0.76%	-1.61%
Operating Income Growth %	-0.11%	2.23%	-3.38%	-0.48%	1.17%	-6.56%	1.57%	-2.88%	-0.6%	-0.35%
EBITDA+	-17.23M	24.01M	-51.53M	-76.12M	18.12M	-71M	51.26M	-73.67M	-120.86M	-166.3M
EBITDA Margin %	-0.62%	0.27%	-1.44%	-1.87%	0.12%	-0.58%	0.19%	-0.45%	-0.69%	-1.51%
EBITDA Growth %	-0.11%	2.39%	-3.15%	-0.48%	1.24%	-4.92%	1.72%	-2.44%	-0.64%	-0.38%
D&A (Non-Cash Add-back)	1.11M	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M
EBIT	-17.58M	46.14M	-42.73M	-79.37M	13.82M	-76.8M	82.64M	-54.49M	-113.46M	-198.28M
Net Interest Income+	731K	2.07M	4.18M	9.09M	13.62M	7.26M	849K	4.82M	18.63M	-4.71M
Interest Income	744K	2.09M	4.19M	9.1M	13.62M	7.26M	849K	4.82M	18.63M	31.93M
Interest Expense	13K	21K	13K	16K	0	0	0	0	0	36.64M
Other Income/Expense	746K	2.08M	4.17M	8.96M	13.36M	7.46M	38.86M	27.96M	12.73M	-56.52M
Pretax Income+	-17.59M	24.62M	-49.39M	-70.41M	27.19M	-69.33M	82.63M	-54.51M	-119.63M	-234.92M
Pretax Margin %	-0.63%	0.28%	-1.38%	-1.73%	0.17%	-0.57%	0.3%	-0.33%	-0.69%	-2.13%
Income Tax+	0	991K	-463K	0	312K	0	0	673K	13.66M	1.62M
Effective Tax Rate %	1%	0.96%	0.99%	1%	0.99%	1%	1%	1.01%	1.11%	0.99%
Net Income+	-17.59M	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-232.62M
Net Margin %	-0.63%	0.27%	-1.37%	-1.73%	0.17%	-0.57%	0.3%	-0.34%	-0.76%	-2.11%
Net Income Growth %	-0.07%	2.34%	-3.07%	-0.44%	1.38%	-3.58%	2.19%	-1.67%	-1.41%	-0.75%
Net Income (Continuing)	-17.59M	45.13M	-38.49M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.3M	-236.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	337K	-3.58M
EPS (Diluted)+	-0.45	0.56	-1.05	-1.31	0.46	-1.11	1.37	-0.93	-2.08	-3.58
EPS Growth %	0.13%	2.24%	-2.88%	-0.25%	1.35%	-3.41%	2.23%	-1.68%	-1.24%	-0.72%
EPS (Basic)	-0.45	0.57	-1.05	-1.31	0.48	-1.11	1.42	-0.93	-2.08	-3.58
Diluted Shares Outstanding	39.02M	42.39M	46.82M	53.94M	58.47M	57.21M	60.5M	59.65M	60.5M	65.04M
Basic Shares Outstanding	39.02M	41.27M	46.82M	53.75M	56.53M	57.21M	58.38M	59.65M	60.5M	65.04M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	97.67M	141.65M	230.88M	315.73M	558.4M	637.67M	424.37M	675.34M	623.16M	577.6M
Cash & Short-Term Investments	96.43M	130.14M	224.13M	294.36M	527.08M	603M	334.11M	623.06M	593.73M	497.77M
Cash Only	12.59M	14.53M	16.53M	26.25M	50.31M	163.54M	143.48M	53.94M	53.79M	40.88M
Short-Term Investments	83.84M	115.61M	207.6M	268.12M	476.77M	439.46M	190.63M	569.12M	539.93M	456.9M
Accounts Receivable	44K	8.62M	1.14M	10.19M	24.78M	23.94M	66.38M	29M	11.29M	60.85M
Days Sales Outstanding	0.58	35.93	11.67	91.58	57.71	71.23	88.07	64.31	23.6	201.01
Inventory	-44K	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	2.9M	5.61M	804K	6.55M	0	0	23.28M	18.14M	18.98M
Total Non-Current Assets+	109.23M	286.91M	159.22M	261M	111.84M	65.57M	413.84M	170.92M	329.53M	374.34M
Property, Plant & Equipment	2.31M	3.1M	7.09M	11.81M	25.18M	32.28M	59.97M	93.6M	100.12M	98.14M
Fixed Asset Turnover	12.02x	28.19x	5.04x	3.44x	6.22x	3.80x	4.59x	1.76x	1.74x	1.13x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	9.97M	10.36M	11.15M	11.97M	14.42M	15.98M	16.49M	18.5M	18.66M	18.48M
Long-Term Investments	96.89M	273.34M	139.2M	236.11M	71.53M	17.1M	331.73M	58.21M	209.72M	256.83M
Other Non-Current Assets	63K	103K	265K	311K	713K	212K	653K	613K	1.03M	885K
Total Assets+	206.91M	428.56M	390.1M	576.73M	670.25M	703.24M	838.21M	846.27M	952.69M	951.95M
Asset Turnover	0.13x	0.20x	0.09x	0.07x	0.23x	0.17x	0.33x	0.19x	0.18x	0.12x
Asset Growth %	2.05%	1.07%	-0.09%	0.48%	0.16%	0.05%	0.19%	0.01%	0.13%	-0%
Total Current Liabilities+	43.43M	106.29M	101.34M	53.85M	66.56M	121.06M	70.74M	63.84M	84.71M	87.43M
Accounts Payable	6.4M	3.88M	6.87M	3.8M	10.19M	8.95M	14M	10.09M	13.91M	16.76M
Days Payables Outstanding	68.42	27.3	34.93	14.21	31.36	19.25	-	-	-	-
Short-Term Debt	0	0	0	0	2.17M	0	0	0	6.33M	48.45M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	108K	193K	60.3M	315K	8.99M	0	0	0	0	0
Current Ratio	2.25x	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x
Quick Ratio	2.25x	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.05M	8.32M	6.71M	1.2M	10.49M	9.74M	33.97M	54.93M	198.85M	190.49M
Long-Term Debt	0	0	0	0	0	0	0	0	14.64M	115.16M
Capital Lease Obligations	0	0	0	0	8.56M	9.74M	33.97M	54.93M	59.02M	65.34M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	507K	397K	-4.54M	1.2M	0	0	0	0	0	9.99M
Total Liabilities	44.48M	114.61M	108.06M	55.05M	77.05M	130.8M	104.71M	118.77M	283.56M	277.92M
Total Debt+	0	0	0	0	10.73M	11.63M	33.97M	59.63M	83.43M	231.95M
Net Debt	-12.59M	-14.53M	-16.53M	-26.25M	-39.58M	-151.92M	-109.51M	5.69M	29.64M	191.08M
Debt / Equity	-	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x
Debt / EBITDA	-	-	-	-	0.59x	-	0.66x	-	-	-
Net Debt / EBITDA	-	-0.61x	-	-	-2.18x	-	-2.14x	-	-	-
Interest Coverage	-1410.62x	1073.33x	-4120.15x	-4960.63x	-	-	-	-	-	-4.87x
Total Equity+	162.43M	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	669.13M	674.03M
Equity Growth %	1.74%	0.93%	-0.1%	0.85%	0.14%	-0.03%	0.28%	-0.01%	-0.08%	0.01%
Book Value per Share	4.16	7.41	6.02	9.67	10.15	10.01	12.12	12.20	11.06	10.36
Total Shareholders' Equity	162.43M	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	668.8M	677.61M
Common Stock	405K	466K	470K	563K	569K	580K	595K	601K	611K	703K
Retained Earnings	-261.58M	-237.96M	-287.29M	-323.28M	-296.4M	-365.74M	-283.1M	-338.29M	-464.37M	-704.04M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-516K	-1.44M	-1.81M	-971K	1.16M	74K	-1.51M	-6.95M	1.29M	-663K
Minority Interest	0	0	0	0	0	0	0	0	337K	-3.58M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	26.67M	94.62M	-33.68M	-79.76M	64.37M	-5M	-16.85M	24.48M	-77.93M	-202.19M
Operating CF Margin %	0.96%	1.08%	-0.94%	-1.96%	0.41%	-0.04%	-0.06%	0.15%	-0.45%	-1.83%
Operating CF Growth %	2.25%	2.55%	-1.36%	-1.37%	1.81%	-1.08%	-2.37%	2.45%	-4.18%	-1.59%
Net Income	-17.59M	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-236.54M
Depreciation & Amortization	1.11M	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M
Stock-Based Compensation	4.87M	7.85M	13.65M	20.55M	31.85M	31.62M	36.98M	48.91M	0	53.28M
Deferred Taxes	0	65K	0	0	0	0	-18.97M	0	0	0
Other Non-Cash Items	1.38M	2.32M	3.32M	21K	-4.09M	-21.26M	-22.38M	-26.91M	24.58M	9.36M
Working Capital Changes	36.9M	59.29M	-3.76M	-33.17M	5.44M	48.18M	-102.6M	48.87M	19.13M	-40.4M
Change in Receivables	2.92M	-8.57M	7.47M	-9.04M	-11M	-185K	-54.94M	36.86M	19.83M	-32.67M
Change in Inventory	-541K	828K	-5.64M	-1.36M	0	0	1.4M	0	0	0
Change in Payables	4.71M	-2.52M	2.99M	-3.07M	6.39M	-1.24M	5.05M	-3.91M	3.83M	2.85M
Cash from Investing+	-185.11M	-213.65M	31.95M	-164.77M	-50.97M	100.19M	-46.25M	-119.72M	-110.56M	-7.87M
Capital Expenditures	-3.67M	-3.01M	-7.28M	-9.15M	-7.35M	-10.54M	-15.98M	-38.49M	-21.25M	-6.1M
CapEx % of Revenue	0.13%	0.03%	0.2%	0.23%	0.05%	0.09%	0.06%	0.23%	0.12%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.75M	-920K	33.92M	2.02M	-3.69M	-3.23M	-3.16M	90K	0	-3.38M
Cash from Financing+	116.38M	120.97M	3.73M	254.24M	10.66M	18.04M	43.04M	5.7M	188.72M	197.15M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.53M	-5.57M	3.73M	-6M	10.66M	18.04M	14.12M	5.7M	183.33M	-4.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	22.99M	91.61M	-40.96M	-88.9M	53.34M	-18.77M	-32.83M	-18.92M	-96.37M	-208.28M
FCF Margin %	0.83%	1.05%	-1.15%	-2.19%	0.34%	-0.15%	-0.12%	-0.11%	-0.55%	-1.89%
FCF Growth %	1.97%	2.98%	-1.45%	-1.17%	1.6%	-1.35%	-0.75%	0.42%	-4.09%	-1.16%
FCF per Share	0.59	2.16	-0.87	-1.65	0.91	-0.33	-0.54	-0.32	-1.59	-3.20
FCF Conversion (FCF/Net Income)	-1.52x	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x
Interest Paid	13K	21K	13K	16K	11K	15K	0	13K	0	33K
Taxes Paid	1K	936K	969K	233K	400K	0	0	700K	0	6.1M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.87%	9.92%	-16.42%	-17.52%	4.82%	-11.9%	12.65%	-7.55%	-19.06%	-34.64%
Return on Invested Capital (ROIC)	-17.81%	7.53%	-14.22%	-15.65%	1.98%	-11.83%	6.29%	-9.12%	-13.87%	-17.11%
Gross Margin	-22.97%	40.73%	-100.98%	-140.13%	24.32%	-38.39%	100%	100%	100%	100%
Net Margin	-63.37%	26.99%	-137%	-173.41%	17.15%	-56.51%	30.04%	-33.53%	-76.24%	-210.53%
Debt / Equity	-	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x
Interest Coverage	-1410.62x	1073.33x	-4120.15x	-4960.63x	-	-	-	-	-	-4.87x
FCF Conversion	-1.52x	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x
Revenue Growth	191.62%	215.25%	-59.2%	13.7%	285.93%	-21.7%	124.23%	-40.18%	6.1%	-36.72%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Milestone	-	-	-	20.5M	23.2M	50.2M	21M	5.5M	88.5M	34.5M
Milestone Growth	-	-	-	-	13.17%	116.38%	-58.17%	-73.81%	1509.09%	-61.02%
License	-	-	-	-	112.2M	50.2M	-	-	-	8.5M
License Growth	-	-	-	-	-	-55.26%	-	-	-	-
Royalty	-	-	-	-	5M	17.8M	-	152.1M	49.5M	600K
Royalty Growth	-	-	-	-	-	256.00%	-	-	-67.46%	-98.79%
Research collaboration	-	-	-	-	-	-	93M	7M	30.3M	-
Research collaboration Growth	-	-	-	-	-	-	-	-92.47%	332.86%	-
Licensing	-	-	-	-	-	-	80.8M	-	-	-
Licensing Growth	-	-	-	-	-	-	-	-	-	-
Royalties	-	-	-	-	-	-	80.3M	-	-	-
Royalties Growth	-	-	-	-	-	-	-	-	-	-
Collaboration	-	-	-	20.1M	16.3M	4.5M	-	-	-	-
Collaboration Growth	-	-	-	-	-18.91%	-72.39%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U	22.4M	84.8M	19.7M	40.6M	142.7M	64.1M	-	-	-	-
U Growth	-	278.57%	-76.77%	106.09%	251.48%	-55.08%	-	-	-	-
Non United States	5.4M	2.7M	16M	-	14M	58.6M	-	-	-	-
Non United States Growth	-	-50.00%	492.59%	-	-	318.57%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Xencor, Inc. (XNCR) reported $167.4M in revenue for fiscal year 2024. This represents a 2344% increase from $6.8M in 2011.

Xencor, Inc. (XNCR) saw revenue decline by 36.7% over the past year.

Xencor, Inc. (XNCR) reported a net loss of $138.7M for fiscal year 2024.

Dividend & Returns

Xencor, Inc. (XNCR) has a return on equity (ROE) of -34.6%. Negative ROE indicates the company is unprofitable.

Xencor, Inc. (XNCR) had negative free cash flow of $143.7M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Xencor, Inc. (XNCR) 10-Year Financial Performance & Capital Metrics

XNCR • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

Revenue $110M -36.7%
EBITDA -$166M -37.6%
Net Income -$233M -74.7%
EPS (Diluted) -3.58 -72.1%
Gross Margin 100%
EBITDA Margin -150.51% -117.4%
Operating Margin -161.47% -113.0%
Net Margin -210.53% -176.1%
ROE -34.64% -81.7%
ROIC -17.11% -23.4%
Debt/Equity 0.34 +176.0%
Interest Coverage -4.87

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 85 (top 15%)
✓Trading at only 1.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Sales declining 6.7% over 5 years
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y27.78%

5Y-6.75%

3Y-26.22%

TTM64.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM34.5%

EPS CAGR

10Y-

5Y-

3Y-

TTM43.37%

ROCE

10Y Avg-9.54%

5Y Avg-10.75%

3Y Avg-15.76%

Latest-20.6%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	27.76M	87.52M	35.71M	40.6M	156.7M	122.69M	275.11M	164.58M	174.62M	110.49M
Revenue Growth %	1.92%	2.15%	-0.59%	0.14%	2.86%	-0.22%	1.24%	-0.4%	0.06%	-0.37%
Cost of Goods Sold+	34.14M	51.87M	71.77M	97.5M	118.59M	169.8M	0	0	0	0
COGS % of Revenue	1.23%	0.59%	2.01%	2.4%	0.76%	1.38%	-	-	-	-
Gross Profit+	-6.38M	35.65M	-36.06M	-56.9M	38.11M	-47.11M	275.11M	164.58M	174.62M	110.49M
Gross Margin %	-0.23%	0.41%	-1.01%	-1.4%	0.24%	-0.38%	1%	1%	1%	1%
Gross Profit Growth %	0.29%	6.59%	-2.01%	-0.58%	1.67%	-2.24%	6.84%	-0.4%	0.06%	-0.37%
Operating Expenses+	46.1M	64.98M	89.27M	119.97M	24.29M	29.69M	231.34M	247.05M	306.98M	288.9M
OpEx % of Revenue	1.66%	0.74%	2.5%	2.95%	0.15%	0.24%	0.84%	1.5%	1.76%	2.61%
Selling, General & Admin	11.96M	13.11M	17.5M	22.47M	24.29M	29.69M	38.84M	47.49M	53.38M	61.22M
SG&A % of Revenue	0.43%	0.15%	0.49%	0.55%	0.15%	0.24%	0.14%	0.29%	0.31%	0.55%
Research & Development	34.14M	51.87M	71.77M	97.5M	118.59M	169.8M	192.51M	199.56M	253.6M	227.69M
R&D % of Revenue	1.23%	0.59%	2.01%	2.4%	0.76%	1.38%	0.7%	1.21%	1.45%	2.06%
Other Operating Expenses	746K	2.08M	4.17M	8.96M	-118.59M	-169.8M	0	0	0	0
Operating Income+	-18.34M	22.54M	-53.56M	-79.37M	13.82M	-76.8M	43.77M	-82.47M	-132.36M	-178.41M
Operating Margin %	-0.66%	0.26%	-1.5%	-1.95%	0.09%	-0.63%	0.16%	-0.5%	-0.76%	-1.61%
Operating Income Growth %	-0.11%	2.23%	-3.38%	-0.48%	1.17%	-6.56%	1.57%	-2.88%	-0.6%	-0.35%
EBITDA+	-17.23M	24.01M	-51.53M	-76.12M	18.12M	-71M	51.26M	-73.67M	-120.86M	-166.3M
EBITDA Margin %	-0.62%	0.27%	-1.44%	-1.87%	0.12%	-0.58%	0.19%	-0.45%	-0.69%	-1.51%
EBITDA Growth %	-0.11%	2.39%	-3.15%	-0.48%	1.24%	-4.92%	1.72%	-2.44%	-0.64%	-0.38%
D&A (Non-Cash Add-back)	1.11M	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M
EBIT	-17.58M	46.14M	-42.73M	-79.37M	13.82M	-76.8M	82.64M	-54.49M	-113.46M	-198.28M
Net Interest Income+	731K	2.07M	4.18M	9.09M	13.62M	7.26M	849K	4.82M	18.63M	-4.71M
Interest Income	744K	2.09M	4.19M	9.1M	13.62M	7.26M	849K	4.82M	18.63M	31.93M
Interest Expense	13K	21K	13K	16K	0	0	0	0	0	36.64M
Other Income/Expense	746K	2.08M	4.17M	8.96M	13.36M	7.46M	38.86M	27.96M	12.73M	-56.52M
Pretax Income+	-17.59M	24.62M	-49.39M	-70.41M	27.19M	-69.33M	82.63M	-54.51M	-119.63M	-234.92M
Pretax Margin %	-0.63%	0.28%	-1.38%	-1.73%	0.17%	-0.57%	0.3%	-0.33%	-0.69%	-2.13%
Income Tax+	0	991K	-463K	0	312K	0	0	673K	13.66M	1.62M
Effective Tax Rate %	1%	0.96%	0.99%	1%	0.99%	1%	1%	1.01%	1.11%	0.99%
Net Income+	-17.59M	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-232.62M
Net Margin %	-0.63%	0.27%	-1.37%	-1.73%	0.17%	-0.57%	0.3%	-0.34%	-0.76%	-2.11%
Net Income Growth %	-0.07%	2.34%	-3.07%	-0.44%	1.38%	-3.58%	2.19%	-1.67%	-1.41%	-0.75%
Net Income (Continuing)	-17.59M	45.13M	-38.49M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.3M	-236.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	337K	-3.58M
EPS (Diluted)+	-0.45	0.56	-1.05	-1.31	0.46	-1.11	1.37	-0.93	-2.08	-3.58
EPS Growth %	0.13%	2.24%	-2.88%	-0.25%	1.35%	-3.41%	2.23%	-1.68%	-1.24%	-0.72%
EPS (Basic)	-0.45	0.57	-1.05	-1.31	0.48	-1.11	1.42	-0.93	-2.08	-3.58
Diluted Shares Outstanding	39.02M	42.39M	46.82M	53.94M	58.47M	57.21M	60.5M	59.65M	60.5M	65.04M
Basic Shares Outstanding	39.02M	41.27M	46.82M	53.75M	56.53M	57.21M	58.38M	59.65M	60.5M	65.04M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	97.67M	141.65M	230.88M	315.73M	558.4M	637.67M	424.37M	675.34M	623.16M	577.6M
Cash & Short-Term Investments	96.43M	130.14M	224.13M	294.36M	527.08M	603M	334.11M	623.06M	593.73M	497.77M
Cash Only	12.59M	14.53M	16.53M	26.25M	50.31M	163.54M	143.48M	53.94M	53.79M	40.88M
Short-Term Investments	83.84M	115.61M	207.6M	268.12M	476.77M	439.46M	190.63M	569.12M	539.93M	456.9M
Accounts Receivable	44K	8.62M	1.14M	10.19M	24.78M	23.94M	66.38M	29M	11.29M	60.85M
Days Sales Outstanding	0.58	35.93	11.67	91.58	57.71	71.23	88.07	64.31	23.6	201.01
Inventory	-44K	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	2.9M	5.61M	804K	6.55M	0	0	23.28M	18.14M	18.98M
Total Non-Current Assets+	109.23M	286.91M	159.22M	261M	111.84M	65.57M	413.84M	170.92M	329.53M	374.34M
Property, Plant & Equipment	2.31M	3.1M	7.09M	11.81M	25.18M	32.28M	59.97M	93.6M	100.12M	98.14M
Fixed Asset Turnover	12.02x	28.19x	5.04x	3.44x	6.22x	3.80x	4.59x	1.76x	1.74x	1.13x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	9.97M	10.36M	11.15M	11.97M	14.42M	15.98M	16.49M	18.5M	18.66M	18.48M
Long-Term Investments	96.89M	273.34M	139.2M	236.11M	71.53M	17.1M	331.73M	58.21M	209.72M	256.83M
Other Non-Current Assets	63K	103K	265K	311K	713K	212K	653K	613K	1.03M	885K
Total Assets+	206.91M	428.56M	390.1M	576.73M	670.25M	703.24M	838.21M	846.27M	952.69M	951.95M
Asset Turnover	0.13x	0.20x	0.09x	0.07x	0.23x	0.17x	0.33x	0.19x	0.18x	0.12x
Asset Growth %	2.05%	1.07%	-0.09%	0.48%	0.16%	0.05%	0.19%	0.01%	0.13%	-0%
Total Current Liabilities+	43.43M	106.29M	101.34M	53.85M	66.56M	121.06M	70.74M	63.84M	84.71M	87.43M
Accounts Payable	6.4M	3.88M	6.87M	3.8M	10.19M	8.95M	14M	10.09M	13.91M	16.76M
Days Payables Outstanding	68.42	27.3	34.93	14.21	31.36	19.25	-	-	-	-
Short-Term Debt	0	0	0	0	2.17M	0	0	0	6.33M	48.45M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	108K	193K	60.3M	315K	8.99M	0	0	0	0	0
Current Ratio	2.25x	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x
Quick Ratio	2.25x	1.33x	2.28x	5.86x	8.39x	5.27x	6.00x	10.58x	7.36x	6.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.05M	8.32M	6.71M	1.2M	10.49M	9.74M	33.97M	54.93M	198.85M	190.49M
Long-Term Debt	0	0	0	0	0	0	0	0	14.64M	115.16M
Capital Lease Obligations	0	0	0	0	8.56M	9.74M	33.97M	54.93M	59.02M	65.34M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	507K	397K	-4.54M	1.2M	0	0	0	0	0	9.99M
Total Liabilities	44.48M	114.61M	108.06M	55.05M	77.05M	130.8M	104.71M	118.77M	283.56M	277.92M
Total Debt+	0	0	0	0	10.73M	11.63M	33.97M	59.63M	83.43M	231.95M
Net Debt	-12.59M	-14.53M	-16.53M	-26.25M	-39.58M	-151.92M	-109.51M	5.69M	29.64M	191.08M
Debt / Equity	-	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x
Debt / EBITDA	-	-	-	-	0.59x	-	0.66x	-	-	-
Net Debt / EBITDA	-	-0.61x	-	-	-2.18x	-	-2.14x	-	-	-
Interest Coverage	-1410.62x	1073.33x	-4120.15x	-4960.63x	-	-	-	-	-	-4.87x
Total Equity+	162.43M	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	669.13M	674.03M
Equity Growth %	1.74%	0.93%	-0.1%	0.85%	0.14%	-0.03%	0.28%	-0.01%	-0.08%	0.01%
Book Value per Share	4.16	7.41	6.02	9.67	10.15	10.01	12.12	12.20	11.06	10.36
Total Shareholders' Equity	162.43M	313.95M	282.05M	521.68M	593.2M	572.44M	733.5M	727.5M	668.8M	677.61M
Common Stock	405K	466K	470K	563K	569K	580K	595K	601K	611K	703K
Retained Earnings	-261.58M	-237.96M	-287.29M	-323.28M	-296.4M	-365.74M	-283.1M	-338.29M	-464.37M	-704.04M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-516K	-1.44M	-1.81M	-971K	1.16M	74K	-1.51M	-6.95M	1.29M	-663K
Minority Interest	0	0	0	0	0	0	0	0	337K	-3.58M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	26.67M	94.62M	-33.68M	-79.76M	64.37M	-5M	-16.85M	24.48M	-77.93M	-202.19M
Operating CF Margin %	0.96%	1.08%	-0.94%	-1.96%	0.41%	-0.04%	-0.06%	0.15%	-0.45%	-1.83%
Operating CF Growth %	2.25%	2.55%	-1.36%	-1.37%	1.81%	-1.08%	-2.37%	2.45%	-4.18%	-1.59%
Net Income	-17.59M	23.63M	-48.92M	-70.41M	26.88M	-69.33M	82.63M	-55.18M	-133.13M	-236.54M
Depreciation & Amortization	1.11M	1.47M	2.03M	3.25M	4.3M	5.79M	7.49M	8.8M	11.5M	12.11M
Stock-Based Compensation	4.87M	7.85M	13.65M	20.55M	31.85M	31.62M	36.98M	48.91M	0	53.28M
Deferred Taxes	0	65K	0	0	0	0	-18.97M	0	0	0
Other Non-Cash Items	1.38M	2.32M	3.32M	21K	-4.09M	-21.26M	-22.38M	-26.91M	24.58M	9.36M
Working Capital Changes	36.9M	59.29M	-3.76M	-33.17M	5.44M	48.18M	-102.6M	48.87M	19.13M	-40.4M
Change in Receivables	2.92M	-8.57M	7.47M	-9.04M	-11M	-185K	-54.94M	36.86M	19.83M	-32.67M
Change in Inventory	-541K	828K	-5.64M	-1.36M	0	0	1.4M	0	0	0
Change in Payables	4.71M	-2.52M	2.99M	-3.07M	6.39M	-1.24M	5.05M	-3.91M	3.83M	2.85M
Cash from Investing+	-185.11M	-213.65M	31.95M	-164.77M	-50.97M	100.19M	-46.25M	-119.72M	-110.56M	-7.87M
Capital Expenditures	-3.67M	-3.01M	-7.28M	-9.15M	-7.35M	-10.54M	-15.98M	-38.49M	-21.25M	-6.1M
CapEx % of Revenue	0.13%	0.03%	0.2%	0.23%	0.05%	0.09%	0.06%	0.23%	0.12%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.75M	-920K	33.92M	2.02M	-3.69M	-3.23M	-3.16M	90K	0	-3.38M
Cash from Financing+	116.38M	120.97M	3.73M	254.24M	10.66M	18.04M	43.04M	5.7M	188.72M	197.15M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.53M	-5.57M	3.73M	-6M	10.66M	18.04M	14.12M	5.7M	183.33M	-4.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	22.99M	91.61M	-40.96M	-88.9M	53.34M	-18.77M	-32.83M	-18.92M	-96.37M	-208.28M
FCF Margin %	0.83%	1.05%	-1.15%	-2.19%	0.34%	-0.15%	-0.12%	-0.11%	-0.55%	-1.89%
FCF Growth %	1.97%	2.98%	-1.45%	-1.17%	1.6%	-1.35%	-0.75%	0.42%	-4.09%	-1.16%
FCF per Share	0.59	2.16	-0.87	-1.65	0.91	-0.33	-0.54	-0.32	-1.59	-3.20
FCF Conversion (FCF/Net Income)	-1.52x	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x
Interest Paid	13K	21K	13K	16K	11K	15K	0	13K	0	33K
Taxes Paid	1K	936K	969K	233K	400K	0	0	700K	0	6.1M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.87%	9.92%	-16.42%	-17.52%	4.82%	-11.9%	12.65%	-7.55%	-19.06%	-34.64%
Return on Invested Capital (ROIC)	-17.81%	7.53%	-14.22%	-15.65%	1.98%	-11.83%	6.29%	-9.12%	-13.87%	-17.11%
Gross Margin	-22.97%	40.73%	-100.98%	-140.13%	24.32%	-38.39%	100%	100%	100%	100%
Net Margin	-63.37%	26.99%	-137%	-173.41%	17.15%	-56.51%	30.04%	-33.53%	-76.24%	-210.53%
Debt / Equity	-	-	-	-	0.02x	0.02x	0.05x	0.08x	0.12x	0.34x
Interest Coverage	-1410.62x	1073.33x	-4120.15x	-4960.63x	-	-	-	-	-	-4.87x
FCF Conversion	-1.52x	4.00x	0.69x	1.13x	2.40x	0.07x	-0.20x	-0.44x	0.59x	0.87x
Revenue Growth	191.62%	215.25%	-59.2%	13.7%	285.93%	-21.7%	124.23%	-40.18%	6.1%	-36.72%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Milestone	-	-	-	20.5M	23.2M	50.2M	21M	5.5M	88.5M	34.5M
Milestone Growth	-	-	-	-	13.17%	116.38%	-58.17%	-73.81%	1509.09%	-61.02%
License	-	-	-	-	112.2M	50.2M	-	-	-	8.5M
License Growth	-	-	-	-	-	-55.26%	-	-	-	-
Royalty	-	-	-	-	5M	17.8M	-	152.1M	49.5M	600K
Royalty Growth	-	-	-	-	-	256.00%	-	-	-67.46%	-98.79%
Research collaboration	-	-	-	-	-	-	93M	7M	30.3M	-
Research collaboration Growth	-	-	-	-	-	-	-	-92.47%	332.86%	-
Licensing	-	-	-	-	-	-	80.8M	-	-	-
Licensing Growth	-	-	-	-	-	-	-	-	-	-
Royalties	-	-	-	-	-	-	80.3M	-	-	-
Royalties Growth	-	-	-	-	-	-	-	-	-	-
Collaboration	-	-	-	20.1M	16.3M	4.5M	-	-	-	-
Collaboration Growth	-	-	-	-	-18.91%	-72.39%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U	22.4M	84.8M	19.7M	40.6M	142.7M	64.1M	-	-	-	-
U Growth	-	278.57%	-76.77%	106.09%	251.48%	-55.08%	-	-	-	-
Non United States	5.4M	2.7M	16M	-	14M	58.6M	-	-	-	-
Non United States Growth	-	-50.00%	492.59%	-	-	318.57%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Xencor, Inc. (XNCR) reported $167.4M in revenue for fiscal year 2024. This represents a 2344% increase from $6.8M in 2011.

Xencor, Inc. (XNCR) saw revenue decline by 36.7% over the past year.

Xencor, Inc. (XNCR) reported a net loss of $138.7M for fiscal year 2024.

Dividend & Returns

Xencor, Inc. (XNCR) has a return on equity (ROE) of -34.6%. Negative ROE indicates the company is unprofitable.

Xencor, Inc. (XNCR) had negative free cash flow of $143.7M in fiscal year 2024, likely due to heavy capital investments.