Liquidity is under severe pressure with cash reserves plummeting to $14.2 million in 2026Q1, reflecting a persistent free cash flow deficit that often exceeds $50 million per quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -186.53M | -135.12M | -202.19M | -77.93M | 24.48M | -16.85M | -5M | 64.37M | -79.76M | -33.68M | 94.62M | 26.67M | -21.35M | -5.45M | -11.05M | -1.08M |
| Operating CF Margin % | - | -107.6% | -182.99% | -44.63% | 14.88% | -6.13% | -4.08% | 41.08% | -196.43% | -94.32% | 108.11% | 96.05% | -224.28% | -53.61% | -116.04% | -15.84% |
| Operating CF Growth % | -282.43% | 33.17% | -159.46% | -418.26% | 245.29% | -236.79% | -107.77% | 180.71% | -136.78% | -135.6% | 254.82% | 224.89% | -291.55% | 50.66% | -918.62% | - |
| Net Income | -172.42M | -91.92M | -236.54M | -133.13M | -55.18M | 82.63M | -69.33M | 26.88M | -70.41M | -48.92M | 23.63M | -17.59M | -16.42M | -60.26M | -8.59M | -11.2M |
| Depreciation & Amortization | 10.39M | 10.51M | 12.11M | 11.5M | 8.8M | 7.49M | 5.79M | 4.3M | 3.25M | 2.03M | 1.47M | 1.11M | 882K | 711K | 527K | 607K |
| Stock-Based Compensation | 31.01M | 43.23M | 53.28M | 0 | 48.91M | 36.98M | 31.62M | 31.85M | 20.55M | 13.65M | 7.85M | 4.87M | 1.86M | 198K | 29K | -57K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -18.97M | 0 | 0 | 0 | 0 | 65K | 0 | 0 | 189K | 302K | 1.1M |
| Other Non-Cash Items | -166.89M | -144.38M | 9.36M | 24.58M | -26.91M | -22.38M | -21.26M | -4.09M | 21K | 3.32M | 2.32M | 1.38M | 507K | 49.77M | 1.7M | 1.85M |
| Working Capital Changes | 19.25M | 47.45M | -40.4M | 19.13M | 48.87M | -102.6M | 48.18M | 5.44M | -33.17M | -3.76M | 59.29M | 36.9M | -8.18M | 3.94M | -5.02M | 6.62M |
| Change in Receivables | 11.13M | 28.73M | -32.67M | 19.83M | 36.86M | -54.94M | -185K | -11M | -9.04M | 7.47M | -8.57M | 2.92M | -2.91M | 293K | -325K | -29K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | -1.36M | -5.64M | 828K | -541K | 786K | 224K | 370K | 130K |
| Change in Payables | -6.26M | -3.95M | 2.85M | 3.83M | -3.91M | 5.05M | -1.24M | 6.39M | -3.07M | 2.99M | -2.52M | 4.71M | -943K | 1.32M | -522K | -239K |
| Cash from Investing | 152.99M | 139.99M | -7.87M | -110.56M | -119.72M | -46.25M | 100.19M | -50.97M | -164.77M | 31.95M | -213.65M | -185.11M | -2.28M | -1.28M | -1.16M | -1.29M |
| Capital Expenditures | -2.32M | -3.15M | -6.1M | -21.25M | -38.49M | -15.98M | -10.54M | -7.35M | -9.15M | -7.28M | -3.01M | -3.67M | -2.29M | -1.29M | -1.26M | -1.42M |
| CapEx % of Revenue | 2.49% | 2.51% | 5.52% | 12.17% | 23.39% | 5.81% | 8.59% | 4.69% | 22.53% | 20.38% | 3.44% | 13.24% | 24% | 12.72% | 13.21% | 20.72% |
| Acquisitions | 1.73M | 0 | 0 | 501K | 0 | -2.66M | 0 | 0 | -1.93M | -33.92M | 920K | -1.75M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 13.07M | 14.39M | -3.38M | 0 | 90K | -3.16M | -3.23M | -3.69M | 2.02M | 33.92M | -920K | 1.75M | 2K | 16K | 97K | 133K |
| Cash from Financing | 7.93M | 8.23M | 197.15M | 188.72M | 5.7M | 43.04M | 18.04M | 10.66M | 254.24M | 3.73M | 120.97M | 116.38M | 308K | 82.39M | -12K | -11K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8K | -10K | -12K | -11K |
| Equity Issued (Net) | 7.93M | 9.96M | 201.26M | 5.39M | 0 | 28.92M | 0 | 0 | 260.25M | 0 | 126.55M | 122.91M | 0 | 90.52M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -1.73M | -4.1M | 183.33M | 5.7M | 14.12M | 18.04M | 10.66M | -6M | 3.73M | -5.57M | -6.53M | 316K | -8.11M | 0 | 0 |
| Net Change in Cash | -25.5M | 13.1M | -12.91M | -152K | -89.54M | -20.06M | 113.23M | 24.07M | 9.72M | 2M | 1.94M | -42.06M | -23.33M | 75.66M | -12.22M | -2.38M |
| Free Cash Flow | -188.84M | -138.27M | -208.28M | -96.37M | -18.92M | -32.83M | -18.77M | 53.34M | -88.9M | -40.96M | 91.61M | 22.99M | -23.64M | -6.75M | -12.31M | -2.5M |
| FCF Margin % | -203.4% | -110.11% | -188.51% | -55.19% | -11.5% | -11.93% | -15.3% | 34.04% | -218.96% | -114.7% | 104.67% | 82.81% | -248.28% | -66.33% | -129.25% | -36.56% |
| FCF Growth % | -7.87% | 33.62% | -116.12% | -409.4% | 42.38% | -74.91% | -135.2% | 159.99% | -117.04% | -144.71% | 298.45% | 197.27% | -250.32% | 45.19% | -391.61% | - |
| FCF per Share | -2.51 | -1.86 | -3.20 | -1.59 | -0.32 | -0.54 | -0.33 | 0.91 | -1.65 | -0.87 | 2.16 | 0.59 | -0.75 | -0.22 | -0.74 | -0.15 |
| FCF Conversion (FCF/Net Income) | 1.10x | 1.47x | 0.87x | 0.59x | -0.44x | -0.20x | 0.07x | 2.40x | 1.13x | 0.69x | 4.00x | -1.52x | 1.30x | 0.09x | 1.29x | 0.10x |
| Interest Paid | 2K | 0 | 33K | 0 | 13K | 0 | 15K | 11K | 16K | 13K | 21K | 13K | 9K | 0 | 0 | 0 |
| Taxes Paid | 359K | 0 | 6.1M | 0 | 700K | 0 | 0 | 400K | 233K | 969K | 936K | 1K | 1K | 0 | 0 | 0 |
Unsustainable Cash Burn Rate
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.33 to 7.77, suggesting that reported earnings are poor proxies for the actual cash-generating capacity of the underlying XmAb platform business.
The extreme volatility in the OCF/NI ratio indicates that non-cash items and working capital fluctuations dominate the cash flow statement, obscuring the true economic cost of operations. Investors should monitor this divergence, as it suggests that accounting profitability—or lack thereof—is secondary to the timing of milestone-driven cash inflows.
As reported in financial statements, Xencor’s free cash flow trajectory remains deeply negative, with quarterly outflows frequently exceeding $50 million, highlighting a structural reliance on external financing to sustain the company's aggressive R&D pipeline and clinical trial commitments throughout the observed ten-quarter period.
The consistent failure to generate positive free cash flow, outside of isolated anomalies, underscores the capital-intensive nature of the current clinical-stage strategy. This trend suggests that the company remains in a high-risk phase where cash preservation is secondary to the pursuit of long-term therapeutic validation.
Based on Xencor's reported figures, working capital changes have been a significant source of quarterly cash flow variance, with swings as large as $53.2 million in 2023Q4, reflecting the lumpy nature of milestone payments and the inherent unpredictability of managing cash cycles in a partnership-heavy model.
The reliance on large, irregular working capital inflows to offset operating losses suggests a fragile liquidity position that is highly sensitive to partner payment schedules. This volatility warrants further investigation into the predictability of future milestone receipts, as the current model appears to lack a stable, recurring cash buffer.
Data from recent filings reveals that stock-based compensation (SBC) has reached as high as $17.2 million in a single quarter, effectively masking the true magnitude of the company's operating expenses and providing a non-cash cushion that artificially improves the appearance of the cash flow statement.
By excluding SBC from cash burn calculations, the company may be understating the true economic cost of its human capital, which is a critical component of its R&D-heavy business model. Analysts should adjust for these non-cash charges to better understand the actual cash requirements needed to sustain operations.
Quick answers to the most common questions about buying XNCR stock.
Xencor, Inc. (XNCR) generated $-135.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xencor, Inc. (XNCR) reported negative free cash flow of $138.3M in 2025, indicating capital requirements exceeded cash from operations.
Xencor, Inc. (XNCR) spent $3.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.