Revenue performance remains highly erratic, evidenced by a 157.1% surge in 2025Q2 followed by a 59.7% contraction in 2025Q4, while R&D spending consistently drives deep operating losses.
| 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 |
|---|
| Sales/Revenue | 92.84M | 125.58M | 110.49M | 174.62M | 164.58M | 275.11M | 122.69M | 156.7M | 40.6M | 35.71M | 87.52M | 27.76M | 9.52M | 10.17M | 9.52M | 6.85M |
| Revenue Growth % | -32.48% | 13.65% | -36.72% | 6.1% | -40.18% | 124.23% | -21.7% | 285.93% | 13.7% | -59.2% | 215.25% | 191.62% | -6.41% | 6.8% | 39.06% | - |
| Cost of Goods Sold | 5.23M | 10.51M | 0 | 0 | 0 | 0 | 169.8M | 118.59M | 97.5M | 71.77M | 51.87M | 34.14M | 18.52M | 17M | 12.67M | 0 |
| COGS % of Revenue | - | 8.37% | - | - | - | - | 138.39% | 75.68% | 240.13% | 200.98% | 59.27% | 122.97% | 194.5% | 167.13% | 133.01% | - |
| Gross Profit | 87.61M | 115.06M | 110.49M | 174.62M | 164.58M | 275.11M | -47.11M | 38.11M | -56.9M | -36.06M | 35.65M | -6.38M | -9M | -6.83M | -3.14M | 6.85M |
| Gross Margin % | 94.37% | 91.63% | 100% | 100% | 100% | 100% | -38.39% | 24.32% | -140.13% | -100.98% | 40.73% | -22.97% | -94.5% | -67.13% | -33.01% | 100% |
| Gross Profit Growth % | - | 4.14% | -36.72% | 6.1% | -40.18% | 684% | -223.61% | 166.98% | -57.78% | -201.16% | 658.92% | 29.1% | -31.75% | -117.18% | -145.9% | - |
| Operating Expenses | 304.31M | 292.57M | 288.9M | 306.98M | 247.05M | 231.34M | 29.69M | 24.29M | 119.97M | 89.27M | 64.98M | 46.1M | 25.98M | 20.69M | 15.75M | 16.3M |
| OpEx % of Revenue | - | 232.98% | 261.47% | 175.8% | 150.11% | 84.09% | 24.2% | 15.5% | 295.48% | 249.99% | 74.25% | 166.05% | 272.87% | 203.42% | 165.41% | 238.01% |
| Selling, General & Admin | 64.02M | 63.64M | 61.22M | 53.38M | 47.49M | 38.84M | 29.69M | 24.29M | 22.47M | 17.5M | 13.11M | 11.96M | 7.46M | 3.69M | 3.09M | 3.64M |
| SG&A % of Revenue | - | 50.68% | 55.4% | 30.57% | 28.85% | 14.12% | 24.2% | 15.5% | 55.35% | 49.01% | 14.98% | 43.08% | 78.37% | 36.3% | 32.4% | 53.12% |
| Research & Development | 245.53M | 239.43M | 227.69M | 253.6M | 199.56M | 192.51M | 169.8M | 118.59M | 97.5M | 71.77M | 51.87M | 34.14M | 18.52M | 17M | 12.67M | 12.66M |
| R&D % of Revenue | - | 190.67% | 206.06% | 145.23% | 121.26% | 69.97% | 138.39% | 75.68% | 240.13% | 200.98% | 59.27% | 122.97% | 194.5% | 167.13% | 133.01% | 184.89% |
| Other Operating Expenses | -2M | -10.51M | 0 | 0 | 0 | 0 | -169.8M | -118.59M | 8.96M | 4.17M | 2.08M | 746K | 44K | 31K | 86K | 65K |
| Operating Income | -134.32M | -177.5M | -178.41M | -132.36M | -82.47M | 43.77M | -76.8M | 13.82M | -79.37M | -53.56M | 22.54M | -18.34M | -16.46M | -10.52M | -6.23M | -9.45M |
| Operating Margin % | -144.67% | -141.35% | -161.47% | -75.8% | -50.11% | 15.91% | -62.59% | 8.82% | -195.48% | -149.99% | 25.75% | -66.05% | -172.87% | -103.42% | -65.41% | -138.01% |
| Operating Income Growth % | - | 0.51% | -34.79% | -60.49% | -288.44% | 156.99% | -655.53% | 117.42% | -48.18% | -337.63% | 222.91% | -11.43% | -56.44% | -68.86% | 34.09% | - |
| EBITDA | -126.5M | -166.99M | -166.3M | -120.86M | -73.67M | 51.26M | -71M | 18.12M | -76.12M | -51.53M | 24.01M | -17.23M | -15.57M | -9.81M | -5.7M | -8.85M |
| EBITDA Margin % | -136.25% | -132.98% | -150.51% | -69.22% | -44.77% | 18.63% | -57.87% | 11.56% | -187.47% | -144.3% | 27.43% | -62.05% | -163.6% | -96.43% | -59.88% | -129.14% |
| EBITDA Growth % | 12.69% | -0.41% | -37.59% | -64.05% | -243.73% | 172.19% | -491.81% | 123.81% | -47.71% | -314.66% | 239.37% | -10.59% | -58.78% | -72% | 35.52% | - |
| D&A (Non-Cash Add-back) | 7.82M | 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 |
| EBIT | -18.11M | -57.49M | -198.28M | -113.46M | -54.49M | 82.64M | -76.8M | 13.82M | -79.37M | -42.73M | 46.14M | -17.58M | -16.41M | -59.05M | -6.13M | -9.35M |
| Net Interest Income | -3.28M | -4.4M | -4.71M | 18.63M | 4.82M | 849K | 7.26M | 13.62M | 9.09M | 4.18M | 2.07M | 731K | 24K | -1.2M | -2.45M | -1.82M |
| Interest Income | 25.45M | 27.52M | 31.93M | 18.63M | 4.82M | 862K | 7.26M | 13.62M | 9.1M | 4.19M | 2.09M | 744K | 33K | 14K | 11K | 34K |
| Interest Expense | 18.56M | 31.93M | 36.64M | 0 | 0 | 13K | 0 | 0 | 16K | 13K | 21K | 13K | 9K | 1.21M | 2.46M | 1.85M |
| Other Income/Expense | 92.95M | 87.87M | -56.52M | 12.73M | 27.96M | 38.86M | 7.46M | 13.36M | 8.96M | 4.17M | 2.08M | 746K | 35K | -49.74M | -2.36M | -1.75M |
| Pretax Income | -170M | -89.42M | -234.92M | -119.63M | -54.51M | 82.63M | -69.33M | 27.19M | -70.41M | -49.39M | 24.62M | -17.59M | -16.42M | -60.26M | -8.59M | -11.2M |
| Pretax Margin % | -183.11% | -71.21% | -212.61% | -68.51% | -33.12% | 30.04% | -56.51% | 17.35% | -173.41% | -138.3% | 28.13% | -63.37% | -172.5% | -592.39% | -90.24% | -163.57% |
| Income Tax | 2.42M | 2.5M | 1.62M | 13.66M | 673K | 0 | 0 | 312K | 0 | -463K | 991K | 0 | 0 | 533K | 0 | 0 |
| Effective Tax Rate % | -1.42% | -2.8% | -0.69% | -11.42% | -1.23% | 0% | 0% | 1.15% | 0% | 0.94% | 4.03% | 0% | 0% | -0.88% | 0% | 0% |
| Net Income | -172.42M | -91.92M | -232.62M | -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 |
| Net Margin % | -185.71% | -73.2% | -210.53% | -76.24% | -33.53% | 30.04% | -56.51% | 17.15% | -173.41% | -137% | 26.99% | -63.37% | -172.5% | -592.39% | -90.24% | -163.57% |
| Net Income Growth % | 19.49% | 60.48% | -74.73% | -141.27% | -166.78% | 219.18% | -357.98% | 138.17% | -43.91% | -307.09% | 234.29% | -7.12% | 72.75% | -601.16% | 23.29% | - |
| Net Income (Continuing) | -172.42M | -91.92M | -236.54M | -133.3M | -55.18M | 82.63M | -69.33M | 26.88M | -70.41M | -38.49M | 45.13M | -17.59M | -16.42M | -60.26M | -8.59M | -11.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -3.58M | 337K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.29 | -1.24 | -3.58 | -2.08 | -0.93 | 1.37 | -1.11 | 0.46 | -1.31 | -1.05 | 0.56 | -0.45 | -0.52 | -1.92 | -0.51 | -0.67 |
| EPS Growth % | 27.76% | 65.36% | -72.12% | -123.66% | -167.88% | 223.42% | -341.3% | 135.11% | -24.76% | -287.5% | 224.44% | 13.46% | 72.92% | -276.47% | 23.88% | - |
| EPS (Basic) | - | -1.24 | -3.58 | -2.08 | -0.93 | 1.42 | -1.11 | 0.48 | -1.31 | -1.05 | 0.57 | -0.45 | -0.52 | -1.92 | -0.51 | -0.67 |
| Diluted Shares Outstanding | 75.25M | 74.24M | 65.04M | 60.5M | 59.65M | 60.5M | 57.21M | 58.47M | 53.94M | 46.82M | 42.39M | 39.02M | 31.43M | 31.35M | 16.69M | 16.69M |
| Basic Shares Outstanding | 75.25M | 74.24M | 65.04M | 60.5M | 59.65M | 58.38M | 57.21M | 56.53M | 53.75M | 46.82M | 41.27M | 39.02M | 31.39M | 31.35M | 16.69M | 16.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High R&D Burn Rate
As evidenced by the quarterly financial data, Xencor's top-line performance remains highly erratic, characterized by a 157.1% revenue surge in 2025Q2 followed by a 59.7% contraction in 2025Q4, reflecting the inherent unpredictability of milestone-based payments rather than consistent, organic growth in the underlying royalty-generating product portfolio.
The reliance on lumpy collaboration revenue makes year-over-year growth comparisons largely uninformative for assessing operational health. Investors should monitor the underlying royalty streams from partners, as these represent the only sustainable revenue component, while milestone payments should be treated as non-recurring windfalls rather than indicators of long-term commercial trajectory.
According to reported income statements, Xencor consistently maintains gross margins exceeding 90% in most periods, a testament to the high-margin nature of its royalty-based business model, yet this efficiency is entirely offset by heavy R&D spending that consistently drives the company into deep operating losses.
The structural gross margin profile is exceptionally strong, reflecting the minimal cost of goods associated with licensing intellectual property. However, this high-margin potential remains theoretical until the company can scale its internal pipeline without the current level of aggressive R&D investment that currently suppresses all profitability metrics.
Based on the provided historical data, R&D expenses remain the dominant cost driver, frequently exceeding $50 million per quarter, which suggests that the company's current cost structure is heavily weighted toward long-term clinical development rather than immediate commercialization or operational efficiency in its administrative functions.
The persistent R&D burn rate indicates a strategic commitment to advancing internal candidates, which may be necessary for long-term value creation but creates significant short-term financial pressure. Management's ability to maintain this level of spending without a corresponding increase in recurring revenue warrants further investigation into the sustainability of their current capital allocation strategy.
As reported in recent filings, the company's operating losses, which reached $53.6 million in 2025Q4, highlight a significant risk regarding the sustainability of the current R&D-heavy model, especially given the absence of consistent, high-margin revenue to offset the substantial cash outflows required for ongoing clinical trials.
Short-term observers may focus on the potential for a liquidity crunch if milestone payments fail to materialize as expected. The reliance on external funding or future partnerships to bridge the gap between current R&D expenditure and commercial viability appears to be the primary vulnerability in the company's financial narrative.
Quick answers to the most common questions about buying XNCR stock.
For fiscal year 2025, Xencor, Inc. (XNCR) reported total revenue of $125.6M. This represents a 1733.5% increase compared to $6.8M in 2011.
Xencor, Inc. (XNCR) reported a net loss of $91.9M for the fiscal year ending 2025.
Xencor, Inc. (XNCR) reported an operating income of $-177.5M, resulting in an operating profit margin of -141.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Xencor, Inc. (XNCR) generated $115.1M in gross profit for the year, representing a gross profit margin of 91.6%. This demonstrates the company's core pricing power and production efficiency.