0001326732-25-000029 | 10-K | XBRL Viewer

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Stock-Based Compensation - Restricted Stock Units (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	1,490,040	1,232,551	826,148
Granted (in shares)	1,078,070	994,351	875,330
Vested (in shares)	(609,114)	(558,066)	(341,073)
Forfeited (in shares)	(175,201)	(178,796)	(127,854)
Ending balance (in shares)	1,783,795	1,490,040	1,232,551
Weighted- Average Grant Date Fair Value (Per Unit)
Beginning balance (in dollars per share)	$ 30.66	$ 32.41	$ 37.79
Granted (in dollars per share)	22.42	30.33	29.45
Vested (in dollars per share)	31.41	33.61	37.37
Forfeited (in dollars per share)	28.75	31.64	33.66
Ending balance (in dollars per share)	$ 25.52	$ 30.66	$ 32.41

Summary of Significant Accounting Policies - Segments (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1

Summary of Significant Accounting Policies - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to Xencor, Inc.	$ (232,618)	$ (133,133)	$ (55,181)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	65,041,265	60,503,283	59,652,461
Weighted-average common shares outstanding, diluted (in shares)	65,041,265	60,503,283	59,652,461
Net income (loss) per common share, basic (in dollars per share)	$ (3.58)	$ (2.20)	$ (0.93)
Net income (loss) per common share, diluted (in dollars per share)	$ (3.58)	$ (2.20)	$ (0.93)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Sale of Additional Common Stock	12 Months Ended
Sale of Additional Common Stock	Dec. 31, 2024
Equity [Abstract]
Sale of Additional Common Stock	Sale of Additional Common Stock In September 2024, the Company completed an underwritten public offering pursuant to an automatic universal shelf registration statement on Form S-3 of 8,093,712 shares of common stock which included 1,458,600 shares issued pursuant to our underwriters’ exercise of their over-allotment option, as well as pre-funded warrants to purchase up to an aggregate of 1,458,600 shares of common stock with an exercise price of $0.01 per share. The Company received net proceeds of $189.2 million after deducting underwriting discounts, commissions, and offering expenses.

- Definition

The entire disclosure for equity.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 40,875	$ 53,790
Marketable debt securities	408,971	497,725
Marketable equity securities	47,929	42,210
Accounts receivable	60,849	23,739
Prepaid expenses and other current assets	18,977	18,139
Total current assets	577,601	635,603
Property and equipment, net	59,800	66,124
Patents, licenses, and other intangible assets, net	18,485	18,663
Restricted cash	387	380
Marketable debt securities - long term	256,833	145,512
Marketable equity securities - long term	0	64,210
Right of use asset	38,341	33,995
Other assets	498	648
Total assets	951,945	965,135
Current liabilities
Accounts payable	16,759	13,914
Accrued expenses	19,217	23,564
Income tax payable	0	5,291
Lease liabilities	3,009	3,435
Debt	48,447	27,711
Total current liabilities	87,432	73,915
Uncertain tax position payable	9,990	8,336
Lease liabilities, net of current portion	65,338	59,025
Debt, net of current portion	115,159	161,772
Total liabilities	277,919	303,048
Commitments and contingencies (see note 9)
Stockholders’ equity
Preferred stock, $0.01 par value: 10,000,000 authorized shares; -0- issued and outstanding shares at December 31, 2024 and 2023	0	0
Common stock, $0.01 par value: 200,000,000 authorized shares; 70,256,108 issued and outstanding shares at December 31, 2024 and 60,998,191 issued and outstanding at December 31, 2023	703	611
Additional paid-in capital	1,381,607	1,131,266
Accumulated other comprehensive (loss) income	(663)	1,291
Accumulated deficit	(704,036)	(471,418)
Total stockholders’ equity attributable to Xencor, Inc.	677,611	661,750
Non-controlling interest	(3,585)	337
Total stockholders' equity	674,026	662,087
Total liabilities and stockholders’ equity	$ 951,945	$ 965,135

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in-Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		59,355,558
Beginning balance at Dec. 31, 2021	$ 733,504	$ 595	$ 1,017,523	$ (1,510)	$ (283,104)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock awards (in shares)		195,485
Issuance of common stock upon exercise of stock awards	3,610	$ 2	3,608
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		105,597
Issuance of common stock under the Employee Stock Purchase Plan	2,092	$ 1	2,091
Issuance of restricted stock units (in shares)		341,073
Issuance of restricted stock units	0	$ 3	(3)
Comprehensive loss attributable to Xencor, Inc.	(60,623)
Comprehensive income (loss)	(60,623)			(5,442)	(55,181)
Stock-based compensation	48,913		48,913
Ending balance (in shares) at Dec. 31, 2022		59,997,713
Ending balance at Dec. 31, 2022	727,496	$ 601	1,072,132	(6,952)	(338,285)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock awards (in shares)		344,383
Issuance of common stock upon exercise of stock awards	3,412	$ 3	3,409
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		98,029
Issuance of common stock under the Employee Stock Purchase Plan	1,977	$ 1	1,976
Issuance of restricted stock units (in shares)		558,066
Issuance of restricted stock units	0	$ 6	(6)
Contribution from non-controlling interest owners	500					500
Comprehensive loss attributable to Xencor, Inc.	(125,053)			8,243	(133,133)	(163)
Comprehensive income (loss)	(124,890)
Stock-based compensation	53,755		53,755
Ending balance (in shares) at Dec. 31, 2023		60,998,191
Ending balance at Dec. 31, 2023	662,087	$ 611	1,131,266	1,291	(471,418)	337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock awards (in shares)		458,857
Issuance of common stock upon exercise of stock awards	6,313	$ 4	6,309
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		96,234
Issuance of common stock under the Employee Stock Purchase Plan	1,660	$ 1	1,659
Issuance of restricted stock units (in shares)		609,114
Issuance of restricted stock units	0	$ 6	(6)
Comprehensive loss attributable to Xencor, Inc.	(238,494)			(1,954)	(232,618)	(3,922)
Comprehensive income (loss)	(234,572)
Stock-based compensation	53,281		53,281
Sale of common stock (in shares)		8,093,712
Sale of common stock	189,179	$ 81	189,098
Ending balance (in shares) at Dec. 31, 2024		70,256,108
Ending balance at Dec. 31, 2024	$ 674,026	$ 703	$ 1,381,607	$ (663)	$ (704,036)	$ (3,585)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of total employee, director and non-employee stock-based compensation expense recognized

Total employee, director, and non-employee stock-based compensation expense recognized was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
General and administrative	$	23,326	$	19,239	$	17,281
Research and development	29,955		34,516		31,632
	$	53,281	$	53,755	$	48,913


	Year Ended December 31,
(in thousands)	2024		2023		2022
Stock options	$	31,147	$	29,345	$	29,758
ESPP	858		1,243		1,174
RSUs	21,276		23,167		17,981
	$	53,281	$	53,755	$	48,913

Schedule of stock options outstanding

Information with respect to stock options outstanding is as follows:


	December 31,
	2024		2023		2022
Exercisable options	8,493,123		7,761,829		6,679,948
Weighted average exercise price per share of exercisable options	$	29.97	$	28.79	$	26.99
Weighted average grant date fair value per share of options granted during the year	$	22.31	$	30.02	$	29.45
Options available for future grants	4,213,124		6,801,945		3,622,319
Weighted average remaining contractual life	5.89		6.03		6.30

Summary of stock option activity

The following table summarizes stock option activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted- Average Exercise Price (Per Share)(1)		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)(2)




Balances at December 31, 2021	8,676,329	$	29.11	6.65	$	100,057
Options granted	2,135,233	29.45
Options forfeited	(533,435)	34.09
Options exercised(3)	(195,485)	18.46
Balances at December 31, 2022	10,082,642	29.12		6.30	$	27,141
Options granted	2,080,732	30.02
Options forfeited	(676,005)	33.19
Options exercised(3)	(344,383)	9.91
Balances at December 31, 2023	11,142,986	29.60		6.03	9,977
Options granted	2,401,251	22.31
Options forfeited	(715,299)	32.84
Options exercised(3)	(458,857)	13.76
Balances at December 31, 2024	12,370,081	$	28.59	5.89	$	10,386
As of December 31, 2024
Options vested and expected to vest	12,370,081	$	28.59	5.89	$	10,386
Exercisable	8,493,123	$	29.97	4.64	$	8,493

______________________________

(1)The weighted average exercise price per share is determined using exercise price per share for stock options.

(2)The aggregate intrinsic value is calculated as the difference between the exercise price of the option and the fair value of our common stock for in-the-money options at December 31, 2024, 2023, and 2022.

(3)The total intrinsic value of stock options exercised was $3.8 million, $4.8 million, and $1.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Schedule of weighted average assumptions used for estimation of fair value of stock options

The fair value of employee stock options and ESPP was estimated using the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022:


	Options
	2024	2023	2022
Common stock fair value per share	$17.78 - 26.84	$20.14- 36.02	$19.74 - 38.08
Expected volatility	49.32% - 51.92%	49.75% - 52.48%	51.51% - 54.36%
Risk-free interest rate	3.64% - 4.66%	3.50% - 4.55%	1.57% - 4.34%
Expected dividend yield	—	—	—
Expected term (in years)	4.76 - 7.65	6.00 - 6.59	6.00 - 7.65

Schedule of weighted average assumptions used for estimation of fair value of ESPP

The fair value of employee stock options and ESPP was estimated using the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022:


	Options
	2024	2023	2022
Common stock fair value per share	$17.78 - 26.84	$20.14- 36.02	$19.74 - 38.08
Expected volatility	49.32% - 51.92%	49.75% - 52.48%	51.51% - 54.36%
Risk-free interest rate	3.64% - 4.66%	3.50% - 4.55%	1.57% - 4.34%
Expected dividend yield	—	—	—
Expected term (in years)	4.76 - 7.65	6.00 - 6.59	6.00 - 7.65


	ESPP
	2024	2023	2022
Expected term (years)	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0
Expected volatility	42.97% - 54.62%	38.24% - 55.72%	43.19% - 55.72%
Risk-free interest rate	4.22% - 5.40%	0.13% - 5.39%	0.13% - 4.72%
Expected dividend yield	—	—	—

Summary of restricted stock unit activity

The following table summarizes RSU activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted- Average Grant Date Fair Value (Per Unit)




Unvested at December 31, 2021	826,148	$	37.79
Granted	875,330	29.45
Vested	(341,073)	37.37
Forfeited	(127,854)	33.66
Unvested at December 31, 2022	1,232,551	32.41
Granted	994,351	30.33
Vested	(558,066)	33.61
Forfeited	(178,796)	31.64
Unvested at December 31, 2023	1,490,040	30.66
Granted	1,078,070	22.42
Vested	(609,114)	31.41
Forfeited	(175,201)	28.75
Unvested at December 31, 2024	1,783,795	$	25.52

Collaboration and Licensing Agreements - Astellas Pharma Inc. (Details) - Astellas - Research and License Agreement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Revenue recognized	$ 0.0	$ 0.0	$ 5.0
Deferred revenue	$ 0.0

Sales of Future Royalties

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Sales of Future Royalties

Sale of Future Royalties

Ultomiris Royalty Sale Agreement

On November 3, 2023, the Company and OMERS entered into the Ultomiris Royalty Sale Agreement. Pursuant to the Ultomiris Royalty Sale Agreement, OMERS acquired the rights to a portion of royalties and milestones earned after

July 1, 2023 associated with the existing license relating to Ultomiris® (ravulizumab-cwvz) in exchange for an upfront payment of $192.5 million.

Pursuant to the Ultomiris Royalty Sale Agreement and subject to the Company’s existing license with Alexion, OMERS acquired the right to receive: (i) 100% of royalties payable on past and potential sales related to Ultomiris that occur from July 1, 2023 through December 31, 2025; (ii) up to $35.0 million annually in royalties on potential sales related to Ultomiris that occur from January 1, 2026 through December 31, 2028 with any royalties in excess of $35.0 million reverting to the Company; (iii) up to $12.0 million annually in royalties on potential sales related to Ultomiris that occur from and after January 1, 2029, with any royalties in excess of $12.0 million reverting to the Company; and (iv) $18.0 million of a certain potential sales based milestone payment pursuant to the existing license with Alexion. OMERS would have paid an additional $12.0 million in 2024 to the Company if certain potential sales-based milestones had been reached.

The Company determined that $29.5 million of the upfront payment is for a recorded receivable for royalties and a milestone payment earned in the third quarter of 2023 and $163.0 million is for the sale of future royalties. The Company evaluated the arrangement and determined that the proceeds from the sale of future royalties should be classified as debt according to ASC 470. As of December 31, 2024, the estimated effective rate under the agreement was 21.1%. The Company periodically reassesses the estimate of total future royalty payments and prospectively adjusts the imputed interest rate and related amortization if the estimate is materially different. For the years ended December 31, 2024 and 2023, the Company recognized $58.2 million and $12.5 million of non-cash royalty revenue, respectively. For the years ended December 31, 2024 and 2023, the Company recorded $33.2 million and $5.5 million of non-cash interest expense, respectively.

Monjuvi Royalty Sale Agreement

On November 3, 2023, the Company and OMERS entered into the Monjuvi Royalty Sale Agreement. Pursuant to the Monjuvi Royalty Sale Agreement, OMERS acquired the rights to a portion of royalties earned after July 1, 2023 associated with the existing license relating to Monjuvi®/Minjuvi® (tafasitamab-cxix) in exchange for an upfront payment of $22.5 million.

Pursuant to the Monjuvi Royalty Sale Agreement and subject to the Company’s existing license with MorphoSys, OMERS acquired the right to receive up to $29.3 million in royalties earned after July 1, 2023 related to sales of Monjuvi/Minjuvi, with any royalties in excess of $29.3 million paid to OMERS reverting to the Company.

The Company determined that $2.2 million of the upfront payment is for a recorded receivable for royalties earned in the third quarter of 2023 and $20.3 million is from the sale of future royalties. The Company evaluated the arrangement and determined that the proceeds from the sale of future royalties should be classified as debt according to ASC 470. As of December 31, 2024, the estimated effective rate under the agreement was 17.5%. The Company periodically reassesses the estimate of total future royalty payments and prospectively adjusts the imputed interest rate and related amortization if the estimate is materially different. For the years ended December 31, 2024 and 2023, the Company recognized $8.7 million and $2.1 million of non-cash royalty revenue, respectively. For the years ended December 31, 2024 and 2023, the Company recorded $3.4 million and $0.7 million of non-cash interest expense, respectively.

The following table shows the activities within debt for both Ultomiris and Monjuvi Royalty Agreements for the years ended December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Beginning balance of debt related to sale of future royalties	$	189,483	$	—
Proceeds from sale of future royalties	—		183,330
Royalties owed to OMERS	834		—
Royalties paid to OMERS	(63,304)		—
Non-cash interest expense recognized	36,593		6,153
Ending balance of debt related to sale of future royalties	$	163,606	$	189,483

Debt - short-term	48,447		27,711
Debt - long-term	115,159		161,772
Total debt	$	163,606	$	189,483

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 10.8	$ 10.1	$ 7.4

Collaboration and Licensing Agreements - Third-Party Licensee (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties		$ 110,493,000	$ 174,615,000	$ 164,579,000
Third Party Licensee
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties		7,000,000.0	$ 0	$ 0
Third Party Licensee \| Patent License Agreement
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties	$ 7,000,000.0	7,000,000.0
Deferred revenue		$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current
Federal	513		11,472		672
State	1,104		2,190		1
	1,617		13,662		673
Deferred
Federal	—		—		—
State	—		—		—
	—		—		—
Total	$	1,617	$	13,662	$	673

Reconciliation of the federal statutory income tax rate to our effective income tax rate

A reconciliation of the federal statutory income tax to our effective income tax is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Federal statutory income tax	$	(49,334)	$	(25,123)	$	(11,447)
State and local income taxes	(1,860)		(1,978)		(615)
Research and development credit	(12,124)		(15,816)		(9,366)
Stock-based compensation	4,712		3,132		3,384
Foreign-derived intangible income	—		(4,915)		(1,449)
Other	276		286		(74)
Change in state rate	1,661		(176)		44
Deferred tax adjustment	242		(1,199)		—
Net change in valuation allowance	56,390		57,313		20,196
Uncertain tax position	1,654		2,138		—
Income tax provision	$	1,617	$	13,662	$	673

Schedule of tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities

The tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities at December 31, 2024 and 2023 is presented below (in thousands):


	December 31,
	2024		2023
Deferred income tax assets
Net operating loss carryforwards	$	36,355	$	22,275
Research credits	48,419		36,535

Lease liability	14,956		13,640
Accrued compensation	21,274		19,168
Deferred revenue	28,123		36,106
Licensing costs	68		—
Equity securities impairment	4,470		—
Capitalized research and development costs	93,843		72,836
Gross deferred income tax assets	247,508		200,560
Valuation allowance	(227,267)		(170,450)
Net deferred income tax assets	20,241		30,110
Deferred income tax liabilities
Patent costs	(2,132)		(2,339)
Licensing costs	—		(143)
Capitalized legal costs	(2)		(6)
Depreciation	(9,272)		(10,659)
Right of use assets	(8,390)		(7,404)
Unrealized gain on securities	(445)		(9,559)
Gross deferred income tax liabilities	(20,241)		(30,110)
Net deferred income tax asset	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Balance at January 1	$	8,905	$	—	$	—
Increase related to prior period tax positions	—		1,054		—
Increase related to current year tax positions	—		7,851		—


Balance at December 31	$	8,905	$	8,905	$	—

Collaboration and Licensing Agreements - Omeros Corporation (Details) - Omeros - Technology License Agreement	1 Months Ended	12 Months Ended
	Aug. 31, 2020 antibody	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaboration research and licensing agreements
Number of additional antibodies \| antibody	3
Revenue recognized		$ 0	$ 5,000,000.0	$ 0
Deferred revenue		$ 0

Collaboration and Licensing Agreements - Gilead Sciences, Inc. (Details) - Gilead - Technology License Agreement	1 Months Ended	12 Months Ended
	Jan. 31, 2020 compound	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Collaboration research and licensing agreements
Number of additional antibody compounds \| compound	3
Revenue recognized		$ 0	$ 6,000,000.0
Deferred revenue		$ 0

Marketable Debt and Equity Securities - Schedule of marketable securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities
Money Market Funds in Cash and Cash Equivalents	$ 40,875	$ 53,790	$ 53,942
Amortized Cost	666,457
Amortized Cost	692,637	667,455
Gross Unrealized Gains	832	1,379
Gross Unrealized Losses	(1,485)	(77)
Marketable debt securities	665,804
Total investments	691,984	668,757
Money Market Funds in Cash and Cash Equivalents
Schedule of Available-for-sale Securities
Money Market Funds in Cash and Cash Equivalents	26,180	25,520
Corporate Securities
Schedule of Available-for-sale Securities
Amortized Cost	142,688	228,382
Gross Unrealized Gains	185	342
Gross Unrealized Losses	0	(1)
Marketable debt securities	142,873	228,723
Government Securities
Schedule of Available-for-sale Securities
Amortized Cost	523,769	413,553
Gross Unrealized Gains	647	1,037
Gross Unrealized Losses	(1,485)	(76)
Marketable debt securities	522,931	414,514
Cash and cash equivalents
Schedule of Available-for-sale Securities
Money Market Funds in Cash and Cash Equivalents	26,180	25,520
Marketable debt securities
Schedule of Available-for-sale Securities
Marketable debt securities	$ 665,804	$ 643,237

Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 7,451
2026	9,238
2027	9,560
2028	9,076
2029	9,331
Thereafter	57,104
Total undiscounted lease payments	101,760
Less: Tenant allowance	(2,536)
Less: Imputed interest	(30,877)
Present value of lease payments	68,347
Lease liabilities - short-term	3,009	$ 3,435
Lease liabilities - long-term	65,338	$ 59,025
Total lease liabilities	$ 68,347

Income Taxes - Unrecognized Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 8,905,000	$ 0	$ 0
Increase related to prior period tax positions	0	1,054,000	0
Increase related to current year tax positions	0	7,851,000	0
Balance at December 31	$ 8,905,000	$ 8,905,000	$ 0

Sale of Additional Common Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Investment Company, Change in Net Assets [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	8,093,712
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 0.01
Sale of Stock, Consideration Received on Transaction \| $	$ 189.2
Over-Allotment Option
Investment Company, Change in Net Assets [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	1,458,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets
Net operating loss carryforwards	$ 36,355	$ 22,275
Research credits	48,419	36,535
Lease liability	14,956	13,640
Accrued compensation	21,274	19,168
Deferred revenue	28,123	36,106
Licensing costs	68	0
Equity securities impairment	4,470	0
Capitalized research and development costs	93,843	72,836
Gross deferred income tax assets	247,508	200,560
Valuation allowance	(227,267)	(170,450)
Net deferred income tax assets	20,241	30,110
Deferred income tax liabilities
Patent costs	(2,132)	(2,339)
Licensing costs	0	(143)
Capitalized legal costs	(2)	(6)
Depreciation	(9,272)	(10,659)
Right of use assets	(8,390)	(7,404)
Unrealized gain on securities	(445)	(9,559)
Gross deferred income tax liabilities	(20,241)	(30,110)
Net deferred income tax asset	$ 0	$ 0

Comprehensive Loss	12 Months Ended
Comprehensive Loss	Dec. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive income (loss). For the years ended December 31, 2024, 2023, and 2022, the only component of other comprehensive income (loss) is net unrealized gain (loss) on marketable debt securities. There were no material reclassifications out of accumulated other comprehensive income (loss) during the year ended December 31, 2024.

Stock-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended			120 Months Ended
	Dec. 31, 2024 USD ($) period shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2023 USD ($) shares	Jun. 14, 2023 shares
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock granted (in shares)	1,078,070	994,351	875,330
Cost not yet recognized, period of recognition	1 year 9 months 18 days	1 year 10 months 24 days
Cost not yet recognized amount \| $	$ 27.2	$ 29.6		$ 29.6
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares of common stock available for issuance (in shares)	945,106
Awards issued under the plan (in shares)				829,712
Initial term of plan	2 years
Number of six month purchase periods \| period	4
Purchase period	6 months
Second term of plan	2 years
Unamortized compensation expense related to unvested stock options and ESPP \| $	$ 0.9	$ 1.8		$ 1.8
Cost not yet recognized, period of recognition	10 months 24 days	1 year 10 months 24 days
ESPP \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of compensation that employees may withhold to purchase stock at a discount	1.00%
ESPP \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of compensation that employees may withhold to purchase stock at a discount	15.00%
Purchase price as percentage of stock price at the initial offering date	85.00%
Purchase price as percentage of stock price at the purchase date	85.00%
Annual percentage increase in shares of common stock available for issuance	1.00%
Annual increase in shares of common stock available for issuance (in shares)	621,814
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized compensation expense related to unvested stock options and ESPP \| $	$ 45.2	$ 49.2		$ 49.2
Cost not yet recognized, period of recognition	2 years 6 months	2 years 4 months 24 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares of common stock available for issuance (in shares)	4,213,124	6,801,945	3,622,319	6,801,945
Options granted (in shares)	2,401,251	2,080,732	2,135,233
The 2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares of common stock available for issuance (in shares)					3,000,000
The 2013 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares of common stock available for issuance (in shares)	18,367,000
Awards issued under the plan (in shares)				2,614,649
The 2013 Plan \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock granted (in shares)				1,164,737
The 2013 Plan \| RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Extended Expiration Dates
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, plan modification, incremental cost \| $	$ 3.1
Extended Vesting Periods
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, plan modification, incremental cost \| $	$ 1.2

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a 401(k) plan covering all full-time employees. Employees may make pre-tax and Roth contributions up to the maximum allowable by the Internal Revenue Code. Effective April 1, 2023, the Company contributes 100% of the first 2.0% of participating employees’ contribution and 50% of the next 5.0% of participating employees’ contribution, for a maximum of 4.5% of employer contribution. Prior to the change, the Company contributed 100% of the first 1.0% of participating employees’ contribution and 50% of the next 6.0% of participating employees’ contribution, for a maximum of 4.0% of employer contribution. Participants are immediately vested in their employee contributions; employer contributions are vested over a three-year period with one-third for each year of a participating employee’s service. Employer contributions made for the years ended December 31, 2024, 2023, and 2022 were $1.6 million, $1.7 million, and $1.4 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (236,540)	$ (133,296)	$ (55,181)
Net unrealized (loss) gain on marketable debt securities available-for-sale	(1,954)	8,243	(5,442)
Comprehensive loss	(238,494)	(125,053)	(60,623)
Comprehensive loss attributable non-controlling interest	(3,922)	(163)	0
Comprehensive loss attributable to Xencor, Inc.	$ (234,572)	$ (124,890)	$ (60,623)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Collaboration and Licensing Agreements - Shanghai Mabgeek Biotech Co., Ltd. (Details) - USD ($)		12 Months Ended
	Dec. 22, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties		$ 110,493,000	$ 174,615,000	$ 164,579,000
Mabgeek
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties		1,500,000	$ 0	$ 0
Mabgeek \| Technology License Agreement
Collaboration research and licensing agreements
Nonrefundable upfront payment	$ 1,500,000
Revenue recognition milestone method peding	$ 11,900,000
Collaborations, licenses, milestones, and royalties		1,500,000
Deferred revenue		$ 0

- Definition

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Loss - USD ($)	12 Months Ended
Consolidated Statements of Loss - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Collaborations, licenses, milestones, and royalties	$ 110,493,000	$ 174,615,000	$ 164,579,000
Operating expenses
Research and development	227,686,000	253,598,000	199,563,000
General and administrative	61,215,000	53,379,000	47,489,000
Total operating expenses	288,901,000	306,977,000	247,052,000
Loss from operations	(178,408,000)	(132,362,000)	(82,473,000)
Other income (expense)
Interest income	31,930,000	19,331,000	4,830,000
Interest expense	(36,643,000)	(6,177,000)	(13,000)
Other income (expense), net	50,000	(31,000)	(148,000)
Impairment on equity securities	(20,430,000)	0	(138,000)
(Loss) gain on equity securities, net	(31,422,000)	(395,000)	23,434,000
Total other income (expense), net	(56,515,000)	12,728,000	27,965,000
Loss before income tax	(234,923,000)	(119,634,000)	(54,508,000)
Income tax expense	1,617,000	13,662,000	673,000
Net loss	(236,540,000)	(133,296,000)	(55,181,000)
Net loss attributable to non-controlling interest	(3,922,000)	(163,000)	0
Net loss attributable to Xencor, Inc.	$ (232,618,000)	$ (133,133,000)	$ (55,181,000)
Net loss per common share attributable to Xencor, Inc.:
Basic (in dollars per share)	$ (3.58)	$ (2.20)	$ (0.93)
Diluted (in dollars per share)	$ (3.58)	$ (2.20)	$ (0.93)
Weighted average common shares used to compute net loss per share attributable to Xencor, Inc.
Basic (in shares)	65,041,265	60,503,283	59,652,461
Diluted (in shares)	65,041,265	60,503,283	59,652,461

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has leased office and laboratory space in Monrovia, California under two separate leases; one lease expired in January 2023, and a second lease will expire in December 2025. The second lease includes an option to renew for an additional five years at then market rates, and the Company assessed that it is unlikely to exercise the lease term extension option. In January 2023, an 18-month lease for additional office space in Monrovia, California had expired.

The Company has leased additional office space in San Diego, California under two separate leases; one lease expired on December 31, 2023. In August 2023, the Company entered into a Sublease Agreement for office space in San Diego, California. The term of the Sublease Agreement began in September 2023 and ends in December 2027. In connection with the Sublease Agreement, the Company provided a $0.4 million Letter of Credit (LOC) to the landlord. The Letter of Credit will decline ratably over the term of the lease. In connection with the LOC, Company entered into a Cash Collateral Agreement for $0.4 million, which is classified as restricted cash in the consolidated balance sheets.

In June 2021, the Company entered into an Agreement of Lease (the Pasadena Lease) relating to 129,543 rentable square feet, for laboratory and office space, in Pasadena, California. The term of the Pasadena Lease became effective in two phases. The first phase commenced on July 14, 2021 and encompasses 83,083 square feet while the second phase commences no later than July 1, 2025 and encompasses an additional 46,460 square feet. The term of the Pasadena Lease is 13 years from the first phase commencement date. The Company received delivery of the first phase premises on July 1, 2021 and completed construction of office, laboratory, and related improvements in 2023. The Pasadena Lease provides the Company with improvement allowances of up to $17.0 million and $3.3 million in connection with the Phase 1 and Phase 2 building improvements, respectively. The initial base monthly rent is $386,336, or $4.65 per square foot, and includes increases of three percent annually. The Company will also be responsible for its proportionate share of operating expenses, tax expense, and utility costs.

In July 2021, the Pasadena Lease was amended to clarify the start date of the new lease to August 1, 2022 and to amend other provisions of the Pasadena Lease to reflect the new start date of the lease. In August 2022, the Halstead lease was amended to increase the amount of the tenant allowance by $5.0 million with a corresponding increase in total rental payments. The Company is eligible to receive total tenant allowance under the lease for the phase 1 space of $22.0 million and the initial base rent is increased to $416,246, or $5.01 per square foot.

The second phase premises were made available on December 1, 2022. In January 2024, the Company entered into an amendment, in which the Company was paid $0.7 million of tenant improvement allowance from the second phase for HVAC costs in the first phase.

The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants.

The following table reconciles the undiscounted cash flows for the operating leases at December 31, 2024 to the operating lease liabilities recorded on the balance sheet (in thousands):


Years ending December 31,
2025	$	7,451
2026	9,238
2027	9,560
2028	9,076
2029	9,331
Thereafter	57,104
Total undiscounted lease payments	101,760
Less: Tenant allowance	(2,536)
Less: Imputed interest	(30,877)
Present value of lease payments	$	68,347

Lease liabilities - short-term	$	3,009
Lease liabilities - long-term	65,338
Total lease liabilities	$	68,347

The following table summarizes lease costs, cash, and other disclosures for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024			2023			2022

Operating lease cost	$	7,525		$	8,459		$	6,588
Variable lease cost	1,272			906			506
Total lease costs	$	8,797		$	9,365		$	7,094
Cash paid for amounts included in
the measurement of lease liabilities	$	3,545		$	3,253		$	2,869
Weighted-average remaining lease term
—operating leases (in years)	10.2			11.0			12.0
Weighted-average discount rate
—operating leases	7.0		%	8.9		%	8.9		%

Income Taxes - Schedule of Components on Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal	$ 513	$ 11,472	$ 672
State	1,104	2,190	1
Current	1,617	13,662	673
Federal	0	0	0
State	0	0	0
Deferred	0	0	0
Income tax provision	$ 1,617	$ 13,662	$ 673

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Stock-Based Compensation - Employee Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	$ 53,281	$ 53,755	$ 48,913
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	31,147	29,345	29,758
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	858	1,243	1,174
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	21,276	23,167	17,981
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	23,326	19,239	17,281
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	$ 29,955	$ 34,516	$ 31,632

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 8,905,000	$ 8,905,000	$ 0	$ 0
Unrecognized tax benefits, income tax penalties and interest accrued	1,700,000
Income tax expense (benefit)	$ 1,617,000	$ 13,662,000	$ 673,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Stock-Based Compensation - Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Balance at the beginning of the period (in shares)	11,142,986	10,082,642	8,676,329
Options granted (in shares)	2,401,251	2,080,732	2,135,233
Options forfeited (in shares)	(715,299)	(676,005)	(533,435)
Options exercised (in shares)	(458,857)	(344,383)	(195,485)
Balance at the end of the period (in shares)	12,370,081	11,142,986	10,082,642	8,676,329
Options vested and expected to vest (in shares)	12,370,081
Exercisable (in shares)	8,493,123	7,761,829	6,679,948
Weighted-Average Exercise Price (Per Share)
Balance at the beginning of the period (in dollars per share)	$ 29.60	$ 29.12	$ 29.11
Options granted (in dollars per share)	22.31	30.02	29.45
Options forfeited (in dollars per share)	32.84	33.19	34.09
Options exercised (in dollars per share)	13.76	9.91	18.46
Balance at the end of the period (in dollars per share)	28.59	29.60	29.12	$ 29.11
Options vested and expected to vest (in dollars per share)	28.59
Exercisable (in dollars per share)	$ 29.97	$ 28.79	$ 26.99
Aggregate Intrinsic Value (in thousands)
Weighted-average remaining contractual term, balance outstanding	5 years 10 months 20 days	6 years 10 days	6 years 3 months 18 days	6 years 7 months 24 days
Weighted-average remaining contractual term, options vested and expected to vest	5 years 10 months 20 days
Weighted-average remaining contractual term, exercisable	4 years 7 months 20 days
Aggregate intrinsic value, balance outstanding	$ 10,386	$ 9,977	$ 27,141	$ 100,057
Aggregate intrinsic value, options vested and expected to vest	10,386
Aggregate intrinsic value, exercisable	8,493
Intrinsic value of options exercised	$ 3,800	$ 4,800	$ 1,600

Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-based compensation	$ 53.3	$ 53.8	$ 48.9

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36182
Entity Registrant Name	Xencor, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1622502
Entity Address, Address Line One	465 North Halstead Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91107
City Area Code	626
Local Phone Number	305-5900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	XNCR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,160,480,518
Entity Common Stock, Shares Outstanding		70,461,934
Documents Incorporated by Reference	Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2025 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0001326732
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies - Concentrations of Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Concentrations of risk
Amounts on deposit in excess of federally insured limits approximately	$ 40.8	$ 53.8
Accounts Payable \| Supplier Concentration Risk \| Two Suppliers
Concentrations of risk
Concentration risk percentage	39.00%	38.00%
Accounts Receivable \| Customer Concentration Risk \| Major Customers
Concentrations of risk
Concentration risk percentage	76.00%	76.00%

Income Taxes - Reconciliation to effective income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of federal statutory income tax to effective income tax
Federal statutory income tax	$ (49,334)	$ (25,123)	$ (11,447)
State and local income taxes	(1,860)	(1,978)	(615)
Research and development credit	(12,124)	(15,816)	(9,366)
Stock-based compensation	4,712	3,132	3,384
Foreign-derived intangible income	0	(4,915)	(1,449)
Other	276	286	(74)
Change in state rate	1,661	(176)	44
Deferred tax adjustment	242	(1,199)	0
Net change in valuation allowance	56,390	57,313	20,196
Uncertain tax position	1,654	2,138	0
Income tax provision	$ 1,617	$ 13,662	$ 673

Marketable Debt and Equity Securities - Unrealized Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities
Fair value, less than 12 months		$ 74,619
Unrealized losses, less than 12 months		(77)
Fair value, 12 months or greater		0
Unrealized losses, 12 months or greater		0
Corporate Securities
Schedule of Available-for-sale Securities
Fair value, less than 12 months		8,073
Unrealized losses, less than 12 months		(1)
Fair value, 12 months or greater		0
Unrealized losses, 12 months or greater		0
Government Securities
Schedule of Available-for-sale Securities
Fair value, less than 12 months	$ 42,794	66,546
Unrealized losses, less than 12 months	(115)	(76)
Fair value, 12 months or greater	223,961	0
Unrealized losses, 12 months or greater	$ (1,370)	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consist of the following:


	December 31,
	2024		2023
	(in thousands)
Computers, software and equipment	$	47,063	$	49,782
Furniture and fixtures	128		158
Leasehold and tenant improvements	54,788		52,410
Total gross carrying amount	101,979		102,350
Less accumulated depreciation and amortization	(42,179)		(36,226)
Total property and equipment, net	$	59,800	$	66,124

Summary of Significant Accounting Policies - Deferred Revenue (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred revenue	$ 0	$ 0	$ 30,300,000

Collaboration and Licensing Agreements - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Revenue recorded	$ 110,493	$ 174,615	$ 164,579
Research collaboration
Collaboration research and licensing agreements
Revenue recorded	0	30,300	7,000
Milestone
Collaboration research and licensing agreements
Revenue recorded	34,500	88,500	5,500
Licensing
Collaboration research and licensing agreements
Revenue recorded	8,500	0	0
Royalties
Collaboration research and licensing agreements
Revenue recorded	600	41,200	152,100
Non-cash royalties
Collaboration research and licensing agreements
Revenue recorded	66,900	14,600	0
Alexion
Collaboration research and licensing agreements
Revenue recorded	58,200	64,900	29,400
Amgen
Collaboration research and licensing agreements
Revenue recorded	30,000	0	0
Astellas
Collaboration research and licensing agreements
Revenue recorded	0	0	5,000
Gilead
Collaboration research and licensing agreements
Revenue recorded	0	6,000	0
Janssen
Collaboration research and licensing agreements
Revenue recorded	0	77,800	7,000
Mabgeek
Collaboration research and licensing agreements
Revenue recorded	1,500	0	0
MorphoSys/Incyte
Collaboration research and licensing agreements
Revenue recorded	8,700	8,700	7,800
Novartis
Collaboration research and licensing agreements
Revenue recorded	4,000	0	0
Omeros
Collaboration research and licensing agreements
Revenue recorded	0	5,000	0
Vega
Collaboration research and licensing agreements
Revenue recorded	500	0	0
Vir
Collaboration research and licensing agreements
Revenue recorded	600	2,200	115,400
Zenas
Collaboration research and licensing agreements
Revenue recorded	0	10,000	0
Third Party Licensee
Collaboration research and licensing agreements
Revenue recorded	$ 7,000	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Consolidated net loss	$ (236,540,000)	$ (133,296,000)	$ (55,181,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,107,000	11,498,000	8,799,000
(Accretion of discount) amortization of premium on marketable debt securities	(16,044,000)	(13,635,000)	127,000
Stock-based compensation	53,281,000	53,755,000	48,913,000
Abandonment of capitalized intangible assets	2,329,000	1,267,000	1,510,000
Loss on disposal of assets	1,577,000	1,379,000	145,000
Gain on sale of available-for-sale marketable debt securities	(37,000)	0	0
Equity received in connection with license agreement	0	(10,000,000)	(5,397,000)
Change in fair value of equity securities	31,422,000	395,000	(23,434,000)
Impairment on equity securities	20,430,000	0	138,000
Noncash royalty revenue related to sale of future royalties	(66,906,000)	(14,575,000)	0
Noncash interest expense	36,593,000	6,153,000	0
Changes in operating assets and liabilities:
Accounts receivable	(32,673,000)	19,833,000	37,387,000
Interest receivable from marketable debt securities	(3,441,000)	(1,028,000)	(530,000)
Prepaid expenses and other assets	159,000	5,103,000	634,000
Income taxes	(4,484,000)	13,633,000	0
Accounts payable	2,845,000	3,826,000	(3,913,000)
Accrued expenses	(4,347,000)	4,836,000	(715,000)
Lease liabilities and ROU assets	1,541,000	3,250,000	22,976,000
Deferred revenue	0	(30,320,000)	(6,974,000)
Net cash (used in) provided by operating activities	(202,188,000)	(77,926,000)	24,485,000
Cash flows from investing activities
Proceeds from maturities of marketable debt securities available-for-sale	565,358,000	693,090,000	306,607,000
Proceeds from sale of marketable debt securities available-for-sale	24,696,000	0	0
Proceeds from sale of equity securities	6,640,000	0	0
Proceeds from sale of property and equipment	0	1,000	0
Purchase of marketable securities	(595,054,000)	(782,905,000)	(387,928,000)
Purchase of intangible assets	(3,415,000)	(2,803,000)	(4,910,000)
Purchase of property and equipment	(6,097,000)	(18,448,000)	(38,494,000)
Conversion of convertible note	0	0	5,000,000
Net cash used in investing activities	(7,872,000)	(111,065,000)	(119,725,000)
Cash flows from financing activities
Proceeds from issuance of common stock and pre-funded warrants	201,256,000	0	0
Common stock and pre-funded warrants issuance costs	(12,077,000)	0	0
Proceeds from issuance of common stock upon exercise of stock awards	6,313,000	3,412,000	3,610,000
Proceeds from issuance of common stock from Employee Stock Purchase Plan	1,660,000	1,977,000	2,092,000
Proceeds from sale of future royalties	0	183,330,000	0
Proceeds from non-controlling interest	0	500,000	0
Net cash provided by financing activities	197,152,000	189,219,000	5,702,000
Net (decrease) increase in cash, cash equivalents, and restricted cash	(12,908,000)	228,000	(89,538,000)
Cash, cash equivalents, and restricted cash, beginning of year	54,170,000	53,942,000	143,480,000
Cash, cash equivalents, and restricted cash, end of year	41,262,000	54,170,000	53,942,000
Cash paid for:
Interest	33,000	22,000	13,000
Taxes	6,100,000	0	700,000
Supplemental schedule of noncash activities
Net unrealized (loss) gain on marketable debt securities available-for-sale	(1,954,000)	8,243,000	(5,442,000)
Addition of right-of-use asset	7,166,000	2,462,000	6,155,000
Cash and cash equivalents	40,875,000	53,790,000	53,942,000
Restricted cash	$ 387,000	$ 380,000	$ 0

Collaboration and Licensing Agreements - Zenas BioPharma, Inc. (Details) - Zenas Common Stock	1 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) Agreement	Dec. 31, 2022 USD ($)	Nov. 30, 2020 USD ($)
Preferred Stock
Collaboration research and licensing agreements
Equity shares estimated fair value		$ 0	$ 64,210,000
License Agreement
Collaboration research and licensing agreements
Transaction price	$ 14,900,000				$ 16,100,000
Percentage of equity of private company	15.00%
Milestones or royalties in transaction price	$ 0
Revenue recognized		0	$ 10,000,000.0	$ 0
Number of collaboration and license agreements \| Agreement			2
Deferred revenue		0
License Agreement \| Potential Milestones \| Preferred Stock
Collaboration research and licensing agreements
Equity shares estimated fair value		$ 14,900,000	$ 10,000,000.0
Second Collaboration And License Agreement
Collaboration research and licensing agreements
Warrants	$ 14,900,000

Collaboration and Licensing Agreements (Tables)

12 Months Ended

Dec. 31, 2024

Collaboration and Licensing Agreements

Schedule of revenue by licensees

The $110.5 million, $174.6 million, and $164.6 million of revenue recorded for the years ended December 31, 2024, 2023, and 2022, respectively, were earned principally from the following licensees (in millions):


	Year Ended December 31,
	2024		2023		2022
Alexion*	58.2		64.9		29.4
Amgen	30.0		—		—
Astellas	—		—		5.0

Gilead	—		6.0		—
Janssen	—		77.8		7.0
Mabgeek	1.5		—		—
MorphoSys/Incyte*	8.7		8.7		7.8
Novartis	4.0		—		—
Omeros	—		5.0		—
Vega	0.5		—		—
Vir	0.6		2.2		115.4

Zenas	—		10.0		—
Third Party Licensee	7.0		—		—
Total	$	110.5	$	174.6	$	164.6

Schedule of disaggregation of revenue

The table below summarizes the disaggregation of revenue recorded for the years ended December 31, 2024, 2023, and 2022 (in millions):


	Year Ended December 31,
	2024		2023		2022
Research collaboration	$	—	$	30.3	$	7.0
Milestone	34.5		88.5		5.5
Licensing	8.5		—		—
Royalties	0.6		41.2		152.1
Non-cash royalties	66.9		14.6		—
Total	$	110.5	$	174.6	$	164.6

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred. The Company is obligated to make future payments to third parties under in-license agreements, including sublicense fees, royalties, and payments that become due and payable on the achievement of certain development and commercialization milestones. As the amount and timing of sublicense fees and the achievement and timing of these milestones are not probable and estimable, such commitments have not been included on our balance sheet. The Company has also entered into agreements with third-party vendors which will require us to make future payments upon the delivery of goods and services in future periods. Guarantees In the normal course of business, the Company indemnifies certain employees and other parties, such as collaboration partners and other parties that perform certain work on behalf of, or for the Company or take licenses to our technologies. The Company has agreed to hold these parties harmless against losses arising from our breach of representations or covenants, intellectual property infringement or other claims made against these parties in performance of their work with us. These agreements typically limit the time within which the party may seek indemnification by us and the amount of the claim. It is not possible to prospectively determine the maximum potential amount of liability under these indemnification agreements since the Company has not had any prior indemnification claims on which to base the calculation. Further, each potential claim would be based on the unique facts and circumstances of the claim and the particular provisions of each agreement. The Company is not aware of any potential claims, and the Company did not record a liability as of December 31, 2024 and 2023.

Collaboration and Licensing Agreements

12 Months Ended

Dec. 31, 2024

Collaboration and Licensing Agreements

Collaboration and Licensing Agreements

Following is a summary description of the material revenue arrangements, including arrangements that generated revenue in the period ended December 31, 2024, 2023, and 2022.

Alexion Pharmaceuticals, Inc.

In January 2013, the Company entered into an Option and License Agreement (the Alexion Agreement) with Alexion Pharmaceuticals, Inc. (Alexion). Under the terms of the agreement, the Company granted to Alexion an exclusive research license, with limited sublicensing rights, to make and use our Xtend technology. Alexion exercised its rights to include our technology in ALXN1210, which is now marketed as Ultomiris®.

The Company is eligible to receive royalties based on a percentage of net sales of Ultomiris sold by Alexion, its affiliates, or its sub licensees, which percentage is in the low single digits. Alexion’s royalty obligations continue on a product-by-product and country-by-country basis until the expiration of the last-to-expire valid claim in a licensed patent covering the applicable product in such country.

In 2022, the Company recorded royalty revenue of $29.4 million in connection with reported net sales of Ultomiris by Alexion.

On November 3, 2023, the Company entered into the Ultomiris Royalty Sale Agreement with OMERS, in which OMERS acquired the rights to certain royalties associated with the existing license relating to Ultomiris in exchange for an upfront payment of $192.5 million. Included in the proceeds is $29.5 million of accounts receivable that the Company sold for royalties and milestone receivable at September 30, 2023. For the year ended December 31, 2023, the Company earned and recognized $44.9 million in royalty revenue, $12.5 million of which was non-cash royalty revenue under the Ultomiris Royalty Sale Agreement. In addition, Alexion completed certain sales milestones for Ultomiris in 2023, and the Company received a milestone payment of $20.0 million.

For the year ended December 31, 2024, the Company recognized $58.2 million of non-cash royalty revenue under the Ultomiris Royalty Sale Agreement.

The total revenue recognized under this arrangement was $58.2 million, $64.9 million, and $29.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, the Company recorded a receivable of $16.1 million for royalties due related to the Ultomiris Royalty Sale Agreement and there is no deferred revenue related to the Alexion Agreement. Payment of this receivable will be made directly to OMERS.

Amgen Inc.

In September 2015, the Company entered into a research and license agreement (the Amgen Agreement) with Amgen Inc. (Amgen) to develop and commercialize bispecific antibody product candidates using the Company’s proprietary XmAb® bispecific Fc technology. Amgen has advanced one of the discovery programs, xaluritamig, into Phase 3 clinical development. The Company is eligible to receive future regulatory and sales milestones for the xaluritamig

program and royalties on any global net sales of approved products. In December 2024, Amgen initiated a Phase 3 study of xaluritamig, and the Company recorded milestone revenue of $30.0 million.

The Company recognized $30.0 million of revenue for the year ended December 31, 2024. No revenue was recognized for the year ended December 31, 2023 or 2022. As of December 31, 2024, there is a receivable of $30.0 million, but there is no deferred revenue related to the Amgen Agreement.

Astellas Pharma Inc.

Effective March 2019, the Company entered into a Research and License Agreement (Astellas Agreement) with Astellas Pharma Inc. (Astellas) pursuant to which the Company and Astellas conducted a discovery program to characterize compounds and products for development and commercialization. Under the Astellas Agreement, Astellas was granted a worldwide exclusive license, with the right to sublicense products in the field created by the research activities.

The Company received an upfront payment and is eligible to receive development, regulatory and sales milestones. If commercialized, the Company is eligible to receive royalties on net sales that range from the high-single to low-double digit percentages.

In 2022, Astellas advanced ASP2138 into clinical development and initiated a Phase 1 study, and the Company received a $5.0 million milestone.

No revenue was recognized for the year ended December 31, 2024 or 2023. The Company recognized $5.0 million of revenue for the year ended December 31, 2022 under the Astellas Agreement. There is no deferred revenue as of December 31, 2024.

Genentech, Inc., and F. Hoffmann-La Roche Ltd.

In February 2019, the Company entered into a collaboration and license agreement (the Genentech Agreement) with Genentech, Inc. and F. Hoffman-La Roche Ltd (collectively, Genentech) for the development and commercialization of novel IL-15 collaboration products (Collaboration Products), including efbalropendekin alfa (XmAb306), the Company’s IL-15/IL15Rα-Fc candidate.

Under the terms of the Genentech Agreement, Genentech received an exclusive worldwide license to XmAb306 and the Company shares in 45% of development and commercialization costs of Collaboration Products, and the Company is eligible to share in 45% of net profits and losses from the sale of approved products. In the fourth quarter of 2023, the Company agreed with Genentech to convert our current development cost and profit-sharing arrangement into a royalty and milestone payment-based arrangement. Pursuant to the terms of the amended agreement with Genentech, effective June 1, 2024, Genentech assumed sole responsibility over all clinical, regulatory and commercial activities. The Company is eligible to receive up to $600.0 million in milestones, including $115.0 million in development milestones, $185.0 million in regulatory milestones and $300.0 million in sales-based milestones and tiered royalties ranging from low double-digit to mid-teens percentages.

The Company determined that the transaction price of the Genentech Agreement at inception was $120.0 million consisting of the upfront payment, and allocated the transaction price to each of the separate performance obligations using the relative standalone selling price with $111.7 million allocated to the license to XmAb306, $4.1 million allocated to the additional program and $4.2 million allocated to the research services. The performance obligations have been met during the periods between 2019 and 2021 and revenues have been recognized.

No revenue was recognized for the years ended December 31, 2024, 2023, and 2022 from the Genentech Agreement. As of December 31, 2024, there was a $0.8 million receivable related to cost-sharing development activities during the second half of 2024. There is no deferred revenue as of December 31, 2024.

Gilead Sciences, Inc.

In January 2020, the Company entered into a Technology License Agreement (the Gilead Agreement) with Gilead Sciences, Inc. (Gilead), in which the Company provided Gilead an exclusive license to its Cytotoxic Fc and Xtend Fc technologies for an initial identified antibody and options for up to three additional antibodies directed to the same molecular target. Gilead is responsible for all development and commercialization activities for all target candidates. The

Company received an upfront payment and is eligible to receive development, regulatory and, sales milestones for each product incorporating the antibodies selected. In addition, the Company is eligible to receive royalties in the low-single digit percentage range on net sales of approved products.

The Company recognized $6.0 million in milestone revenue for the year ended December 31, 2023. No revenue was recognized for the years ended December 31, 2024 and 2022. There is no deferred revenue as of December 31, 2024 related to the Gilead Agreement.

Janssen Biotech, Inc., a Johnson & Johnson company

J&J Agreement

In November 2020, the Company entered into a Collaboration and License Agreement (the J&J Agreement) with Janssen Biotech, Inc., a Johnson & Johnson company, pursuant to which Xencor and J&J conducted research and development activities to discover novel CD28 bispecific antibodies for the treatment of prostate cancer. Xencor together with J&J conducted joint research activities to discover XmAb bispecific antibodies against CD28 and against an undisclosed prostate tumor-target with J&J maintaining exclusive worldwide rights to develop and commercialize Licensed Products identified from the research activities.

Under the J&J Agreement, the Company conducted research activities and apply its bispecific Fc technology to antibodies targeting prostate cancer provided by J&J. Upon completion of the research activities Janssen will have a candidate selection option to advance an identified candidate for development and commercialization. The activities will be conducted under a research plan agreed to by both parties. J&J will assume full responsibility for development and commercialization of the CD28 bispecific antibody candidate. Pursuant to the J&J Agreement, the Company received an upfront payment and is eligible to receive development, regulatory and, sales milestones. If commercialized, the Company is eligible to receive royalties on net sales that range from the high-single to low-double digit percentages.

Pursuant to the J&J Agreement, upon development of a bispecific candidate by J&J through proof of concept, the Company has the right to opt-in to fund 20% of development costs and to perform 30% of detailing efforts in the U.S. If the Company exercises this right, the Company will be eligible to receive tiered royalties in the low-double digit to mid-teen percentage range.

The Company allocated the transaction price to the single performance obligation, delivery of CD28 bispecific antibodies to J&J and recognized the $50.0 million transaction price as it satisfied its performance obligation to deliver CD28 bispecific antibodies to J&J in 2021.

In 2023, J&J completed filing of regulatory submission for a CD28 candidate and initiated Phase 1 clinical trial, and the Company received $17.5 million in milestone payments.

Second J&J Agreement

On October 1, 2021, the Company entered into a second Collaboration and License Agreement (the Second J&J Agreement) with J&J pursuant to which J&J received an exclusive worldwide license to develop, manufacture, and commercialize plamotamab, the Company’s CD20 x CD3 development candidate, and the Company will collaborate with J&J on further clinical development of plamotamab with J&J and share development costs with J&J paying 80% and the Company paying 20% of certain development costs. The Second J&J Agreement became effective on November 5, 2021.

In June 2024, J&J notified the Company that it was terminating its rights to plamotamab.

Under the terms of the Second J&J Agreement, Xencor and J&J will also conduct research and development activities to discover novel CD28 bispecific antibodies. The parties will conduct joint research activities for up to a two-year period to discover XmAb bispecific antibodies against CD28 and undisclosed B cell tumor-targets with J&J receiving exclusive worldwide rights, subject to certain Xencor opt-in rights, to develop, manufacture and commercialize pharmaceutical products that contain one or more of such discovered antibodies (CD28 Licensed Antibodies). The Company is generally responsible for conducting research activities under the Second J&J Agreement, and J&J is generally responsible for all development, manufacturing, and commercialization activities for CD28 Licensed Antibodies that are advanced. Upon completion of the research activities J&J will have options to advance up to four identified candidates for development and commercialization. The activities will be conducted under a research plan agreed to by both parties. J&J

will assume full responsibility for development and commercialization of the CD28 bispecific antibody candidate. If commercialized, the Company is eligible to receive royalties on net sales that range from the high-single to low-double digit percentages.

The Company evaluated the Second J&J Agreement under the provisions of ASC 606. The Company identified two performance obligations under the Second J&J Agreement: (1) the license to the plamotamab program and (2) research services during a two-year period to create up to four CD28 bispecific candidates targeting B-cell antigens. The Company determined that the transaction price of the Second J&J Agreement at inception was $96.1 million consisting of the $100.0 million upfront payment reduced by the $3.9 million discount on the proceeds received from the sale of Company common stock to J&J. The Company allocated the transaction price to each of the separate performance obligations using the relative standalone selling price with $58.5 million allocated to the license to the plamotamab program and $37.6 million allocated to the research services.

The Company recognized the $58.5 million allocated to the license when it satisfied its performance obligation and transferred the license to J&J in November 2021.

The $37.6 million allocated to the research services is being recognized over a period of time through the end of the research term that services are rendered as the Company determined that the input method is the appropriate approach to recognize income for such services. The Company completed its performance obligations under the research services in December 2023.

During 2023, J&J exercised its options on three CD28 candidates developed under the collaboration, and it completed regulatory submissions for a selected candidate and initiated a Phase 1 study for it. During the year ended December 31, 2023, the Company received $30.0 million in milestone revenue and recognized $30.3 million in revenue related to completion of the research services. A total of $7.0 million and $0.3 million of revenue related to the research services were recognized in the years ended December 31, 2022 and 2021, respectively.

No revenue was recognized for the year ended December 31, 2024. The Company recognized $77.8 million and $7.0 million of revenue related to the two J&J agreements for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2024, there was a $3.1 million receivable related to cost-sharing development activities during the second and third quarters of 2024, prior to the termination of plamotamab. There is no deferred revenue as of December 31, 2024 related to our obligation to complete research activities under the two J&J Agreements.

MorphoSys AG/Incyte Corporation

In June 2010, the Company entered into a Collaboration and License Agreement with MorphoSys AG (MorphoSys), which was subsequently amended in March 2012, 2020 and 2024 (collectively, the MorphoSys Agreement). The MorphoSys Agreement provides MorphoSys with an exclusive worldwide license to the Company’s patents and know-how to research, develop, and commercialize the Company’s XmAb5574 product candidate (subsequently renamed MOR208 and tafasitamab) with the right to sublicense under certain conditions. If certain developmental, regulatory, and sales milestones are achieved, the Company is eligible to receive future milestone payments and royalties.

On November 3, 2023, the Company entered into the Monjuvi Royalty Sale Agreement with OMERS, pursuant to which OMERS acquired the rights to certain royalties earned after July 1, 2023 associated with the existing license relating to Monjuvi in exchange for an upfront payment of $22.5 million. The upfront payment included $2.2 million of accounts receivable the Company recorded as a royalty receivable at September 30, 2023. The payment for the receivable was received by OMERS. For the year ended December 31, 2023, the Company earned and recognized $8.7 million in royalty revenue, $2.1 million of which was non-cash royalty revenue under the Monjuvi Royalty Sale Agreement.

In February 2024, Incyte Corporation acquired exclusive global development and commercialization rights to tafasitamab. For the year ended December 31, 2024, the Company recognized $8.7 million of non-cash royalty revenue under the Monjuvi Royalty Sale Agreement.

The Company recognized a total of $8.7 million, $8.7 million, and $7.8 million of royalty revenue on net sales of Monjuvi for the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024, the Company has no deferred revenue related to the MorphoSys Agreement and has recorded a receivable of $2.1 million for royalties due related to the Monjuvi Royalty Sale Agreement. Payment of this receivable will be made directly to OMERS.

Novartis Institute for Biomedical Research, Inc.

In June 2016, the Company entered into a Collaboration and License Agreement (Novartis Agreement) with Novartis Institutes for BioMedical Research, Inc. (Novartis), to develop and commercialize bispecific and other Fc engineered antibody drug candidates using the Company’s proprietary XmAb technologies and drug candidates. Pursuant to the Novartis Agreement, the Company provided Novartis with a non-exclusive license to certain of its Fc technologies to apply against up to ten targets identified by Novartis (Fc candidates).

In June 2021, Novartis selected an Fc candidate and received a non-exclusive license to the Company’s Fc technology. Novartis assumed full responsibility for development and commercialization of the licensed Fc product candidate. The Company is eligible to receive development, clinical, and sales milestones and royalties on net sales of approved products for the licensed Fc candidate. During the year ended December 31, 2024, Novartis initiated a Phase 2 clinical study for the Fc candidate, and the Company recognized $4.0 million of milestone revenue.

The Company recognized $4.0 million of revenue during the year ended December 31, 2024. No revenue was recognized during the years ended December 31, 2023 and 2022. As of December 31, 2024, the Company has no deferred revenue and has recorded a $4.0 million receivable related to the Novartis Agreement.

Omeros Corporation

In August 2020, the Company entered into a Technology License Agreement (the Omeros Agreement) with Omeros Corporation (Omeros), in which the Company provided Omeros a non-exclusive license to its Xtend Fc technology, an exclusive license to apply its Xtend technology to an initial identified antibody and options to apply its Xtend technology to three additional antibodies. Omeros is responsible for all development and commercialization activities for all target candidates. The Company received an upfront payment and is eligible to receive development, regulatory and, sales milestones for each product incorporating the antibodies selected. In addition, the Company is eligible to receive royalties in the mid-single digit percentage range on net sales of approved products.

During 2023, Omeros advanced a candidate that incorporates the Company's Xtend Fc technology into a Phase 2 clinical study, and the Company received a $5.0 million milestone.

The Company recognized $5.0 million of revenue related to the Omeros Agreement for the year ended December 31, 2023. There was no revenue recognized for the years ended December 31, 2024 and 2022. There is no deferred revenue as of December 31, 2024 related to the Omeros Agreement.

Shanghai Mabgeek Biotech Co., Ltd.

On December 22, 2023, the Company entered into a Technology License Agreement with Shanghai Mabgeek Biotech Co., Ltd. (Mabgeek), and the Company and Mabgeek entered into Amendment No. 1 on June 21, 2024 (collectively, the Mabgeek Agreement). Under the Mabgeek Agreement, the Company received an upfront payment of $1.5 million and up to $11.9 million of milestones. In addition, the Company is eligible to receive royalties on the net sales of approved products in the low-single digit percentage range.

The Company evaluated the Mabgeek Agreement and determined that the single performance obligation was access to a non-exclusive license to certain patents of the Company which were transferred to Mabgeek in June 2024.

The Company recognized $1.5 million of license revenue related to the Mabgeek Agreement for the year ended December 31, 2024. There is no deferred revenue as of December 31, 2024 related to the Mabgeek Agreement.

Vega Therapeutics, Inc.

In October 2021, the Company entered into a Technology License Agreement (the Vega Agreement) with Vega Therapeutics, Inc. (Vega), in which the Company provided Vega a non-exclusive license to its Xtend Fc technology. In March 2024, Vega notified the Company that it initiated a Phase 1 study, and the Company recorded milestone revenue of $0.5 million.

The Company recognized $0.5 million of revenue for the year ended December 31, 2024. No revenue was recognized for the the years ended December 31, 2023 and 2022. There is no deferred revenue as of December 31, 2024 related to the Vega Agreement.

Vir Biotechnology, Inc.

In 2019, the Company entered into a Patent License Agreement (the Vir Agreement) with Vir Biotechnology, Inc. (Vir) pursuant to which the Company provided a non-exclusive license to its Xtend technology for up to two targets.

In March 2020, the Company entered into a second Patent License Agreement (the Second Vir Agreement) with Vir pursuant to which the Company provided a non-exclusive license to its Xtend technology to extend the half-life of novel antibodies Vir developed as potential treatments for patients with COVID-19. Under the terms of the Second Vir Agreement, Vir is responsible for all research, development, regulatory and commercial activities for the antibody, and the Company is eligible to receive royalties on the net sales of approved products in the mid-single digit percentage range. Vir and its marketing partner, GSK, began recording sales for sotrovimab beginning in June 2021. In 2024, 2023, and 2022, the Company recognized royalty revenue of $0.6 million, $2.2 million, and $114.9 million, respectively, related to this agreement.

In October 2022, Vir completed dosing of the first patient in Phase 2 study for VIR-2482, and the Company recorded $0.5 million revenue in connection with this milestone event.

The Company recognized $0.6 million, $2.2 million, and $115.4 million of revenues related to the two Vir Agreements for the years ended December 31, 2024, 2023, and 2022, respectively. There is no deferred revenue as of December 31, 2024 related to this agreement. As of December 31, 2024, the Company has recorded a receivable of $0.5 million for royalties due related to the Second Vir Agreement.

Zenas BioPharma, Inc.

In November 2020, the Company entered into a License Agreement (the Zenas Agreement) with Zenas BioPharma (Cayman) Limited, now Zenas BioPharma, Inc., (Zenas) pursuant to which the Company granted Zenas exclusive worldwide rights to develop and commercialize three preclinical-stage Fc-engineered drug candidates. The Company received an upfront payment in equity in Zenas with a fair value of $16.1 million, and the Company is eligible to receive royalties on net sales of approved products in the mid-single digit to mid-teen percentage range.

In November 2021, the Company entered into a second License Agreement (Second Zenas Agreement) with Zenas, in which the Company licensed the exclusive worldwide rights to develop and commercialize the Company’s obexelimab (XmAb5871) drug candidate. The Company received a warrant to acquire additional equity in Zenas with a fair value of $14.9 million, and the Company is eligible to receive royalties on net sales of approved products in the mid-single digit to mid-teen percentage range.

The total transaction price is $14.9 million, which includes the upfront payment for a warrant to acquire up to 15% of the equity of Zenas in connection with a future financing at its fair value at the date of the Second Zenas Agreement. The Second Zenas Agreement includes variable consideration for potential future royalties that were contingent on future success factors for the licensed programs. The Company used the “most likely amount” method to determine the variable consideration. None of the royalties were included in the transaction price. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved or other changes in circumstances occur.

The Company determined the transaction price at inception of the Second Zenas Agreement and allocated it to the performance obligation, delivery of the obexelimab license.

The Company completed delivery of its performance obligations in December 2021. The licenses to obexelimab were transferred to Zenas at inception of the Second Zenas Agreement, and the related research data and documentation was transferred to Zenas in December 2021.

In 2023, Zenas initiated a Phase 3 study with obexelimab, and the Company received additional equity in Zenas as a milestone payment. The Company recorded milestone revenue of $10.0 million, which is the fair value of the equity shares at the date of issuance.

No revenue was recognized for the year ended December 31, 2024 and 2022. The Company recognized $10.0 million of revenue related to the two Zenas Agreements for the years ended December 31, 2023. There is no deferred revenue as of December 31, 2024 related to the two Zenas Agreements.

Third-Party Licensee

In May 2024, the Company entered into a Patent License Agreement (Third-Party Licensee Agreement) with a third-party licensee. The Company completed delivery of the performance obligation under the agreement, and the Company received a payment of $7.0 million in August 2024.

The Company recognized $7.0 million of license revenue for the year ended December 31, 2024. There is a no deferred revenue as of December 31, 2024 related to the Third-Party Licensee Agreement.

Technology License Agreement and Services Agreement with Gale Therapeutics Inc.

In the fourth quarter of 2023, the Company formed a subsidiary, Gale, to develop novel drug candidates with its Fc technologies. On December 19, 2023, the Company entered into the Technology License Agreement (Gale License Agreement) and a Service Agreement (Gale Services Agreement) with Gale. Under the Gale License Agreement, Gale received an exclusive license to certain preclinical candidates and related Xencor technologies. The Company also has an option on future compounds Gale will develop. Under the Gale Services Agreement, the Company will provide research and development services as well as accounting and administrative support.

Pursuant to the Gale Agreement, the Company acquired a majority stake in Gale in exchange for $7.5 million of funding. The Company is deemed to be the primary beneficiary of Gale, a VIE, and they are under common control; therefore, the assets, liabilities and non-controlling interests of Gale are initially recorded at their previous carrying amounts, with no adjustment to current fair values and no gain or loss is recognized. In July 2024, September 2024, and November 2024, we entered into preferred stock purchase agreements to purchase additional shares in Gale for $3.0 million each, for a total of $9.0 million. In January 2025, Gale became a wholly-owned subsidiary of the Company and will be fully consolidated from the date on which control is transferred to the Company.

The value of the preclinical assets and technology had no value on Xencor's financial statements, and the license to Gale at inception had no carrying value. The Company did not recognize license revenue related to the transfer for the year ended December 31, 2023. Total charges under the Services Agreement during 2024 and 2023 of $12.4 million and $1.0 million, respectively, have been eliminated in consolidation.

Revenue Earned


	Year Ended December 31,
	2024		2023		2022
Alexion*	58.2		64.9		29.4
Amgen	30.0		—		—
Astellas	—		—		5.0

Gilead	—		6.0		—
Janssen	—		77.8		7.0
Mabgeek	1.5		—		—
MorphoSys/Incyte*	8.7		8.7		7.8
Novartis	4.0		—		—
Omeros	—		5.0		—
Vega	0.5		—		—
Vir	0.6		2.2		115.4

Zenas	—		10.0		—
Third Party Licensee	7.0		—		—
Total	$	110.5	$	174.6	$	164.6

*Includes non-cash royalty revenue from the Ultomiris and Monjuvi Royalty Sale Agreements.

The table below summarizes the disaggregation of revenue recorded for the years ended December 31, 2024, 2023, and 2022 (in millions):


	Year Ended December 31,
	2024		2023		2022
Research collaboration	$	—	$	30.3	$	7.0
Milestone	34.5		88.5		5.5
Licensing	8.5		—		—
Royalties	0.6		41.2		152.1
Non-cash royalties	66.9		14.6		—
Total	$	110.5	$	174.6	$	164.6

Remaining Performance Obligations and Deferred Revenue

The Company does not have any remaining performance obligation under the Company's arrangements as of December 31, 2024 or 2023. As of December 31, 2022, the Company had deferred revenue of $30.3 million. The Company's performance obligation as of December 31, 2022 was completing research activities pursuant to the Second J&J Agreement. All of the deferred revenue was classified as short term as of December 31, 2022, as the Company’s obligations to perform research services were due on demand when requested by J&J under the Second J&J Agreement.

Collaboration and Licensing Agreements - Alexion Pharmaceutical, Inc. (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 03, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Accounts receivable		$ 60,849	$ 23,739
Alexion \| Option and license agreement
Collaboration research and licensing agreements
Revenue recognized		58,200	64,900	$ 29,400
Accounts receivable		16,100
Deferred revenue		0
Alexion \| Royalties \| Option and license agreement
Collaboration research and licensing agreements
Revenue recognized			44,900	$ 29,400
Proceeds from upfront payment	$ 192,500
Accounts receivable	$ 29,500
Non-cash revenue recognized		$ 58,200	12,500
Proceeds from milestone payments			$ 20,000

Leases - Narrative (Details)		1 Months Ended				12 Months Ended
Leases - Narrative (Details)	Jul. 14, 2021 USD ($) ft² uSDollarPerSquareFoot	Jan. 31, 2024 USD ($)	Jan. 31, 2023 lease	Aug. 31, 2022 USD ($) uSDollarPerSquareFoot	Jun. 30, 2021 ft² phase	Dec. 31, 2024 USD ($) lease	Jul. 01, 2025 USD ($) ft²	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Restricted cash						$ 387,000		$ 380,000
Payments for (proceeds from) tenant allowance		$ 700,000
Letter of Credit
Lessee, Lease, Description [Line Items]
Letter of credit amount						$ 400,000
Monrovia, CA - office and laboratory space
Lessee, Lease, Description [Line Items]
Number of leases \| lease						2
Number of expired leases \| lease			1
Option to extend						true
Renewal term						5 years
Monrovia, CA - office and laboratory space with additional space
Lessee, Lease, Description [Line Items]
Lease term					18 months
Pasadena, CA - office and laboratory space
Lessee, Lease, Description [Line Items]
Lease term	13 years
Area of property \| ft²	83,083				129,543
Phases of lease term \| phase					2
Improvement allowance	$ 17,000,000.0			$ 22,000,000.0
Initial base monthly rent	$ 386,336			$ 416,246
Rent expense per square foot \| uSDollarPerSquareFoot	4.65			5.01
Rent increase (as a percentage)	3.00%
Increase to tenant allowance				$ 5,000,000.0
Forecast \| Pasadena, CA - office and laboratory space
Lessee, Lease, Description [Line Items]
Area of property \| ft²							46,460
Improvement allowance							$ 3,300,000

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 7,525	$ 8,459	$ 6,588
Variable lease cost	1,272	906	506
Total lease costs	8,797	9,365	7,094
Cash paid for amounts included in the measurement of lease liabilities	$ 3,545	$ 3,253	$ 2,869
Weighted-average remaining lease term	10 years 2 months 12 days	11 years	12 years
Weighted-average discount rate	7.00%	8.90%	8.90%

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates as a single reportable segment focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs. The Company's chief executive officer, who is the CODM, uses financial information as reported on, and derived from, the consolidated statements of loss in evaluating performance, allocating resources, and planning and forecasting for future periods. The CODM also uses financial information as reported on research and development expenses by program, as disclosed in Item 7. The CODM does not review segment assets at a different asset level or category than the consolidated balance sheets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Our effective tax rate differs from the statutory federal income tax rate, primarily as a result of the changes in valuation allowance. The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current
Federal	513		11,472		672
State	1,104		2,190		1
	1,617		13,662		673
Deferred
Federal	—		—		—
State	—		—		—
	—		—		—
Total	$	1,617	$	13,662	$	673

A reconciliation of the federal statutory income tax to our effective income tax is as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Federal statutory income tax	$	(49,334)	$	(25,123)	$	(11,447)
State and local income taxes	(1,860)		(1,978)		(615)
Research and development credit	(12,124)		(15,816)		(9,366)
Stock-based compensation	4,712		3,132		3,384
Foreign-derived intangible income	—		(4,915)		(1,449)
Other	276		286		(74)
Change in state rate	1,661		(176)		44
Deferred tax adjustment	242		(1,199)		—
Net change in valuation allowance	56,390		57,313		20,196
Uncertain tax position	1,654		2,138		—
Income tax provision	$	1,617	$	13,662	$	673

The tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities at December 31, 2024 and 2023 is presented below (in thousands):


	December 31,
	2024		2023
Deferred income tax assets
Net operating loss carryforwards	$	36,355	$	22,275
Research credits	48,419		36,535

Lease liability	14,956		13,640
Accrued compensation	21,274		19,168
Deferred revenue	28,123		36,106
Licensing costs	68		—
Equity securities impairment	4,470		—
Capitalized research and development costs	93,843		72,836
Gross deferred income tax assets	247,508		200,560
Valuation allowance	(227,267)		(170,450)
Net deferred income tax assets	20,241		30,110
Deferred income tax liabilities
Patent costs	(2,132)		(2,339)
Licensing costs	—		(143)
Capitalized legal costs	(2)		(6)
Depreciation	(9,272)		(10,659)
Right of use assets	(8,390)		(7,404)
Unrealized gain on securities	(445)		(9,559)
Gross deferred income tax liabilities	(20,241)		(30,110)
Net deferred income tax asset	$	—	$	—

The Tax Cuts and Jobs Act of 2017 (TCJA) was enacted in December 2017 and made substantial changes in the U.S. tax system. The significant changes made by the TCJA include a reduction in the maximum corporate income tax rate and the requirement that research and development costs incurred after December 31, 2021 to be capitalized and amortized over several years. We have recorded a deferred asset for each year ended December 31, 2024 and 2023, respectively, for such capitalized research and development costs. We have net deferred tax assets relating primarily to capitalized research

and development costs, net loss carryforwards and research and development tax credit carryforwards. Due to the uncertainty surrounding the realization of the benefits of our deferred tax assets in future tax periods, we have placed a valuation allowance against our deferred tax assets at December 31, 2024 and 2023. The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company’s net deferred income tax asset is not more likely than not to be realized due to the lack of sufficient sources of future taxable income and cumulative losses that have resulted over the years. During the year ended December 31, 2024, the valuation allowance increased by $56.8 million. The Company is under examination for tax year 2022 by the Internal Revenue Service. Tax years starting in 2020 through 2021 and 2023 remain open to potential examination by the U.S. and state taxing authorities due to carryforwards of net operating losses and income tax credits.

As of December 31, 2024, we had cumulative net operating loss carryforwards for federal and state income tax purposes of $114.3 million and $176.9 million, respectively, and available tax credit carryforwards of approximately $26.0 million for federal income tax purposes and $28.4 million for state income tax purposes, which can be carried forward to offset future taxable income, if any. All of the federal net operating loss carryforwards were incurred prior to January 1, 2018, which are subject to carryforward limitations. To the extent allowed by law, taxing authorities may examine prior periods where net operating losses were carried forward and were claimed and offset against current year taxable income, and may make adjustments up to the amount of the net operating loss carryforward amount.

Our federal net operating loss carryforwards expire starting in 2027, and our state net operating loss carryforwards expire starting in 2035. Our federal tax credit carryforwards begin to expire in 2034. Utilization of our net operating loss and tax credit carryforwards are subject to a substantial annual limitation under Section 382 of the Internal Revenue Code due to the fact that we have experienced ownership changes. As a result of these changes, certain of our net operating loss and tax credit carryforwards may expire before we can use them.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Balance at January 1	$	8,905	$	—	$	—
Increase related to prior period tax positions	—		1,054		—
Increase related to current year tax positions	—		7,851		—


Balance at December 31	$	8,905	$	8,905	$	—

Unrecognized tax benefits were $8.9 million at December 31, 2024 and 2023. We did not have any material uncertain tax positions at December 31, 2022. Our policy is to recognize interest and penalties on taxes, if any, as a component of income tax expense. The amount accrued for interest and penalties was $1.7 million as of December 31, 2024. Interest and penalties as of December 31, 2023 were not significant. If recognized, $8.3 million would affect the effective tax rate, subject to changes in the valuation allowance. We do not expect a significant change to unrecognized tax benefits in the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Collaboration and Licensing Agreements - Vega Therapeutics (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties		$ 110,493,000	$ 174,615,000	$ 164,579,000
Vega
Collaboration research and licensing agreements
Collaborations, licenses, milestones, and royalties		500,000	0	0
Vega \| Technology License Agreement
Collaboration research and licensing agreements
Revenue recognized	$ 500,000
Collaborations, licenses, milestones, and royalties		500,000	$ 0	$ 0
Deferred revenue		$ 0

- Definition

+ References

+ Details

Marketable Debt and Equity Securities - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 16, 2024
Equity Securities
Unrealized (losses) gain recognized on equity securities		$ (32,702,000)	$ (395,000)	$ 23,434,000
Impairment on equity securities		20,430,000	0	138,000
Zenas Common Stock
Equity Securities
Unrealized (losses) gain recognized on equity securities		(18,400,000)
Increase in estimated fair value of equity securities		17,900,000
Zenas Common Stock \| Preferred Stock
Equity Securities
Equity shares estimated fair value		0	64,210,000
Technology License Agreement \| Astria Common Stock
Equity Securities
Impairment charge				100,000
Unrealized (losses) gain recognized on equity securities		1,300,000	(4,300,000)	6,100,000
Technology License Agreement \| Zenas Common Stock \| Common Stock
Equity Securities
Investment owned, balance, shares (in shares)					3,098,380
License Agreement \| INmune Common Stock
Equity Securities
Unrealized (losses) gain recognized on equity securities		(12,400,000)	9,300,000	(7,300,000)
License Agreement \| Zenas Common Stock \| Preferred Stock \| Potential Milestones
Equity Securities
Equity shares estimated fair value		14,900,000	10,000,000.0
Impairment on equity securities	$ 20,400,000
License Agreement \| Viridian Common Stock
Equity Securities
Unrealized (losses) gain recognized on equity securities		$ (1,900,000)	$ (5,300,000)	$ 6,800,000
License Agreement \| Astria \| Common Stock
Equity Securities
Sale of common stock (in shares)		697,867

Collaboration and Licensing Agreements - MorphoSys AG/Incyte Corporation (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 03, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Collaboration research and licensing agreements
Accounts receivable		$ 60,849	$ 23,739
MorphoSys \| Collaboration and License Agreement
Collaboration research and licensing agreements
Deferred revenue		0
MorphoSys \| Royalties \| Collaboration and License Agreement
Collaboration research and licensing agreements
Proceeds from upfront payment	$ 22,500
Accounts receivable					$ 2,200
Revenue recognized		8,700	8,700	$ 7,800
Non-cash revenue recognized		8,700	$ 2,100
Contract asset		$ 2,100

Marketable Debt and Equity Securities - Net Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Abstract]
Net (loss) gain recorded on equity securities	$ (31,422)	$ (395)	$ 23,434
Less: Net gain recorded on sale of equity securities	1,280	0	0
Unrealized (loss) gain recorded on equity securities held at the reporting date	$ (32,702)	$ (395)	$ 23,434

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
	2024		2023
	(in thousands)
Computers, software and equipment	$	47,063	$	49,782
Furniture and fixtures	128		158
Leasehold and tenant improvements	54,788		52,410
Total gross carrying amount	101,979		102,350
Less accumulated depreciation and amortization	(42,179)		(36,226)
Total property and equipment, net	$	59,800	$	66,124

Leasehold and tenant improvements consist primarily of leasehold construction at our Pasadena headquarters.

Depreciation expense related to property and equipment in 2024, 2023, and 2022 was $10.8 million, $10.1 million, and $7.4 million, respectively.

Stock-Based Compensation - Stock Options Outstanding (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Aggregate Intrinsic Value (in thousands)
Exercisable options (in shares)	8,493,123	7,761,829	6,679,948
Weighted-average exercise price per share of exercisable options (in dollars per share)	$ 29.97	$ 28.79	$ 26.99
Weighted average grant date fair value per share of options granted during the year (in dollars per share)	$ 22.31	$ 30.02	$ 29.45
Total number of shares of common stock available for issuance (in shares)	4,213,124	6,801,945	3,622,319
Weighted-average remaining contractual life	5 years 10 months 20 days	6 years 10 days	6 years 3 months 18 days	6 years 7 months 24 days

Summary of Significant Accounting Policies (Polices)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of Xencor, Inc. and its subsidiary Gale Therapeutics Inc. (Gale), a variable interest entity (VIE) in which the Company is the primary beneficiary. As of December 31, 2024, the Company owned less than 100% of Gale, the Company recorded net loss attributable to non-controlling interests in its consolidated statements of loss equal to the percentage of the economic or ownership interests retained in Gale by the non-controlling party. In January 2025, Gale became a wholly-owned subsidiary of the Company and will be fully consolidated from the date on which control is transferred to the Company.

The Company’s consolidated financial statements as of December 31, 2024, 2023, and 2022 and for the years then ended have been prepared in accordance with accounting principles generally accepted in the United States (U.S.).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, other comprehensive income (loss) and the related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to its accrued clinical trial and manufacturing development expenses, stock-based compensation expense, evaluation of intangible assets, investments, leases and other assets for evidence of impairment, fair value measurements, and contingencies. Significant estimates in these financial statements include estimates made for royalty revenue, interest expense under the royalty sale agreements, accrued research and development expenses, stock-based compensation expenses, intangible assets, incremental borrowing rate for right-of-use (ROU) asset and lease liability, estimated standalone selling price of performance obligations, estimated time for completing delivery of performance obligations under certain arrangements, the likelihood of recognizing variable consideration, the carrying value of equity instruments without a readily determinable fair value, and recoverability of deferred tax assets.

Recent Adopted Accounting Pronouncements and Pronouncements Not yet Effective

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which requires disclosures about significant segment expenses and additional interim disclosure requirements. The standard also requires a single reportable segment company to provide all disclosures required by Topic 280. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 13 for the segment disclosures as required by Topic 280, as amended by ASU 2023-07.

Pronouncements Not Yet Effective

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which is effective for fiscal years beginning on and after December 15, 2024, and interim periods within those fiscal years. The standard provides more transparency about income tax information through improvements to income tax

disclosures primarily related to the rate reconciliation and income taxes paid information. The Company does not anticipate that the standard will have a significant impact on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which is effective for fiscal years beginning on and after December 15, 2026, and interim periods beginning after December 15, 2027. The standard requires disaggregated disclosure of income statement expenses for public business entities. It does not change the expense captions an entity presents on the face of the income statement, but it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The Company does not anticipate that the standard will have a significant impact on its financial statements.

Variable Interest Entity

A VIE is a legal entity that, by design, 1) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, 2) has equity investors that lack the power to direct the entity's activities, 3) has investors with limited obligation to absorb expected losses, or 4) has investors who do not have the right to receive the residual returns of the entity. The primary beneficiary of a VIE is the party with the controlling financial interest and has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of the VIE, or the right to receive benefits of the VIE that could be potentially significant to the VIE.

On December 19, 2023, we entered into the Gale License and Gale Services Agreements, (as defined in Note 10). We consolidated Gale's financial statements in which we have direct controlling financial interest based on the VIE model.

We consider all the facts and circumstances, including our role in establishing Gale and our ongoing rights and responsibilities to assess where we have the power to direct the activities of Gale. In general, the parties that make the most significant decisions affecting the VIE and have the right to remove those decision-makers unilaterally or by majority vote are deemed to have the power to direct the activities of a VIE.

At Gale's inception, we determined whether we were the primary beneficiary and if Gale should be consolidated based on facts and circumstances. Under the rules of determining whether an entity is a VIE, we determined that Gale is a VIE and we are the primary beneficiary. We continuously assess whether we are the primary beneficiary of Gale as changes to existing relationships or future transactions may result in us consolidating or deconsolidating Gale.

Liability Related to the Sale of Future Royalties

We record a liability related to the sale of future royalties as debt, amortized under the effective interest rate method over the estimated life of the royalty sale agreements. See Note 11. The amortization of the liability related to the sale of future royalties is based on our current estimate of future royalty payments to be made to OMERS. Royalty revenue will be recognized as earned, and the payments made will be a reduction of the liability when paid.

Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties

The total expected royalty payments less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Interest is imputed on the unamortized portion using the effective interest method and expense is recorded based on the timing of the payments received by OMERS over the term of the royalty sale agreement. The actual interest rate will be affected by the timing of royalty payments made and changes in the forecasted revenue.

Revenue Recognition

We have, to date, earned revenue from research and development collaborations, which may include research and development services, licenses of our internally developed technologies, licenses of our internally developed drug candidates, or combinations of these.

The terms of our license, research and development, and collaboration agreements generally include non-refundable upfront payments, research funding, co-development payments and reimbursements, license fees, and milestone and other contingent payments to us for the achievement of defined collaboration objectives and certain clinical, regulatory and sales-based events, as well as royalties on sales of any commercialized products.

The terms of our licensing agreements include non-refundable upfront fees, annual licensing fees, and contractual payment obligations for the achievement of pre-defined preclinical, clinical, regulatory and sales-based events by our partners. The licensing agreements also include royalties on sales of any commercialized products by our partners.

We recognize revenue through the five-step process in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Deferred Revenue

Deferred revenue arises from payments received in advance of the culmination of the earnings process. We have classified deferred revenue for which we stand ready to perform within the next 12 months as a current liability. We recognize deferred revenue as revenue in future periods when the applicable revenue recognition criteria have been met.

Accounts Receivable

Accounts receivable primarily consists of royalty and milestone revenues receivable from our license and collaboration agreements, as well as receivables arising from cost-sharing development activities. We did not record an allowance for credit losses at December 31, 2024 or 2023 due to an immaterial allowance as a result of our evaluation of credit risk under ASC 326, Financial Instruments - Credit Losses. We expect to collect all receivables within the terms, which are generally between 30 and 60 days.

Research and Development Expenses

Research and development expenses include costs we incur for our own and for our collaborators’ research and development activities. Research and development costs are expensed as incurred. These costs consist primarily of salaries and benefits, including associated stock-based compensation, laboratory supplies, facility costs, and applicable overhead expenses of personnel directly involved in the research and development of new technology and products, as well as fees paid to other entities that conduct certain research and development activities on our behalf. We estimate preclinical study and clinical trial expenses based on the services performed pursuant to the contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on our behalf based on the actual time and expenses they incurred. Further, we accrue expenses related to clinical trials based on the level of patient enrollment and activity according to the related agreement. We monitor patient enrollment levels and related activity to the extent reasonably possible and adjust estimates accordingly.

We capitalize acquired research and development technology licenses and third-party contract rights where such assets have an alternative use and amortize the costs over the shorter of the license term or the expected useful life. We review the license arrangements and the amortization period on a regular basis and adjust the carrying value or the amortization period of the licensed rights if there is evidence of a change in the carrying value or useful life of the asset.

Cash and Cash Equivalents

We consider cash equivalents to be only those investments which are highly liquid, readily convertible to cash and which mature within three months from the date of purchase.

Marketable Debt and Equity Securities

We have an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. We invest its excess cash primarily in marketable debt securities issued by investment grade institutions.

We consider our marketable debt securities to be available-for-sale and do not intend to sell these securities, and it is not more likely than not we will be required to sell the securities before recovery of the amortized cost basis. These assets are carried at fair value and any impairment losses and recoveries related to the underlying issuer’s credit standing are recognized within other income (expense), while non-credit related impairment losses and recoveries are recognized within accumulated other comprehensive income (loss). There were no impairment losses or recoveries recorded for the years ended in December 31, 2024 and 2023, respectively. Accrued interest on marketable debt securities is included in the marketable securities’ carrying value. Accrued interest was $5.7 million and $2.3 million at December 31, 2024 and 2023, respectively. Each reporting period, we review our portfolio of marketable debt securities, using both quantitative and qualitative factors, to determine if each security’s fair value has declined below its amortized cost basis. During the years ended December 31, 2024 and 2023, we recorded an unrealized loss of $2.0 million and an unrealized gain of $8.2 million, respectively, in our portfolio of marketable debt securities. The unrealized loss was due to the changing interest rate environment and is not due to changes in the credit quality of the underlying securities. The unrealized gain (loss) were recorded in other comprehensive income (loss) for the years then ended.

We receive equity securities in connection with certain licensing transactions with our partners. These investments in equity securities are carried at fair value with changes in fair value recognized each period and reported within other income (expense). For equity securities with a readily determinable fair value, we remeasure these equity investments at each reporting period until such time that the investment is sold or disposed. If the Company sells an investment, any realized gains or losses on the sale of the securities will be recognized within other income (expense) in the consolidated statement of loss in the period of sale.

We also have had investments in equity securities without a readily determinable fair value, where we elect the measurement alternative to record at their initial cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In connection with equity securities without readily determinable fair value, we recorded impairment charges of $20.4 million and $0.1 million, for the years ended December 31, 2024 and 2022, respectively. During the year ended December 31, 2023, we did not record an impairment charge. As of December 31, 2024, we do not hold any equity securities without a readily determinable fair value.

During the years ended December 31, 2024 and 2023, we recorded a net loss of $31.4 million and $0.4 million, respectively, in connection with its equity investments. During the year ended December 31, 2022, we recorded a net gain of $23.4 million.

Concentrations of Risk

Cash, cash equivalents, restricted cash, marketable debt securities and accounts receivable are financial instruments that potentially subject us to concentrations of risk. We invest our cash in corporate debt securities and U.S. sponsored agencies with strong credit ratings. We have established guidelines relative to diversification and maturities that are designed to help ensure safety and liquidity. These guidelines are periodically reviewed to take advantage of trends in yields and interest rates.

Cash, cash equivalents, and restricted cash are maintained at financial institutions, and at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. Amounts on deposit in excess of federally insured limits at December 31, 2024 and 2023 approximated $40.8 million and $53.8 million, respectively.

Concentration of credit risk with respect to accounts receivable are from our licensing and collaboration agreements. To mitigate such risk, we monitor the amounts owed to us under such agreements. We have receivables with two customers that represent 76% of our total receivables and with three customers and service providers that represent 76% of our total receivables at December 31, 2024 and 2023, respectively. The receivables are related to cost share reimbursement and milestones and royalty revenues from our licensing and collaboration agreements. Payment on receivables relating to non-cash royalty revenue earned under the Ultomiris and Monjuvi Royalty Sale Agreements are made directly to OMERS. No other customer accounted for more than 10% of total receivables at December 31, 2024 or 2023.

We have payables with three service providers that represent 39% of our total payables and with two service providers that represented 38% of our total payables at December 31, 2024 and 2023, respectively. We rely on five critical suppliers for the manufacture of our drug product for use in our clinical trials. While we believe that there are alternative vendors available, a change in manufacturing vendors could cause a delay in the availability of drug product and result in a delay of conducting and completing our clinical trials. No other vendor accounted for more than 10% of total payables at December 31, 2024 or 2023.

Fair Value of Financial Instruments

Our financial instruments primarily consist of cash and cash equivalents, marketable debt and equity securities, accounts receivable, accounts payable, and accrued expenses. Marketable debt securities and cash equivalents are carried at fair value. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. The fair value of the other financial instruments closely approximates their fair value due to their short maturities.

The Company accounts for recurring and non-recurring fair value measurements in accordance with FASB ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosure about fair value measurements. The ASC 820 hierarchy ranks the quality of reliable inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets or liabilities.

Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.

Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by the reporting entity – e.g., determining an appropriate discount factor for illiquidity associated with a given security.

The Company measures the fair value of financial assets using the highest level of inputs that are reasonably available as of the measurement date.Our policy is to record transfers of assets between Level 1 and Level 2 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value.

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance are charged to expense as incurred, while renewals and improvements are capitalized. Useful lives by asset category are as follows:


Computers, software and equipment			3 - 5 years
Furniture and fixtures			5 - 7 years
Leasehold and tenant improvements			Shorter of asset life or remaining lease term

Patents, Licenses, and Other Intangible Assets

The cost of acquiring licenses is capitalized and amortized on the straight-line basis over the shorter of the term of the license or its estimated economic life, ranging from 1 to 20.2 years. Third-party costs incurred for acquiring patents are capitalized. Capitalized costs are accumulated until the earlier of the period that a patent is issued, or we abandon the patent claims. Cumulative capitalized patent costs are amortized on a straight-line basis from the date of issuance over the shorter of the patent term or the estimated useful economic life of the patent, ranging from 2 to 27 years. Our senior management, with advice from outside patent counsel, assesses three primary criteria to determine if a patent will be capitalized initially: i) technical feasibility, ii) magnitude and scope of new technical function covered by the patent compared to our existing technology and patent portfolio, particularly assessing the value added to our product candidates or licensing business, and iii) legal issues, primarily assessment of patentability and prosecution cost. We review our intellectual property on a regular basis to determine if there are changes in the estimated useful life of issued patents and if any capitalized costs for unissued patents should be abandoned. Capitalized patent costs related to abandoned patent filings are charged off in the period of the decision to abandon.

Long-Lived Assets

Management reviews long-lived assets which include fixed assets, amortizable intangibles, and ROU assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets.

Income Taxes

We account for income taxes in accordance with accounting guidance which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are

expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

We assess our income tax positions and record tax benefits for all years subject to examination based upon our evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where there is greater than 50% likelihood that a tax benefit will be sustained, we have recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is a 50% or less likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Unrecognized tax benefits were $8.9 million at December 31, 2024 and 2023. We did not have any material unrecognized tax benefits at December 31, 2022.

Our policy is to recognize interest and penalties on taxes, if any, as a component of income tax expense. Interest and penalties of $1.7 million have been recorded through the year ended December 31, 2024.

The Tax Cuts and Jobs Act of 2017 (TCJA) enacted on December 22, 2017 included several key provisions impacting the accounting for and reporting of income taxes. The most significant provisions reduced the U.S. corporate statutory tax rate from 35% to 21%, eliminated the corporate Alternative Minimum Tax (AMT) system, and made changes to the carryforward of net operating losses beginning on January 1, 2018. The TCJA changed the income tax treatment of research and development expenses requiring such costs to be capitalized and amortized over several years beginning effective January 1, 2022.

Stock-Based Compensation

Net Income (Loss) Per Share

Net Loss Per Share

Basic net loss per common share attributable to Xencor is computed by dividing the net loss attributable to Xencor by the weighted-average number of common shares outstanding during the period without consideration of common stock equivalents. Diluted net loss per common share attributable to Xencor is computed by dividing the net loss attributable to Xencor by the weighted-average number of common stock equivalents outstanding for the period. Potentially dilutive securities consisting of stock issuable pursuant to outstanding options and restricted stock units (RSUs), and stock issuable pursuant to the 2013 Employee Stock Purchase Plan (ESPP) are not included in the per common share calculation in periods when the inclusion of such shares would have an anti-dilutive effect.

Basic and diluted net loss per common share attributable to Xencor for the years ended December 31, 2024, 2023, and 2022, is computed by dividing the net loss attributable to Xencor by the weighted-average number of common shares outstanding during the period. In 2024, 2023, and 2022, we excluded all options and awards from the calculations of diluted net income per common share attributable to Xencor because we reported net losses in the period, and the inclusion of such shares would have had an antidilutive effect.

Segment Reporting

The Company determines its segment reporting based upon the way the business is organized for making operating decisions, allocating resources and assessing performance by the chief operating decision maker (CODM) or decision-making group. The Company has only one operating segment related to the development of pharmaceutical products.

Collaboration and Licensing Agreements - Novartis Institute for Biomedical Research, Inc. (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2016 target	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaboration research and licensing agreements
Accounts receivable		$ 60,849,000	$ 23,739,000
Novartis \| Collaboration and License Agreement
Collaboration research and licensing agreements
Revenue recognized		4,000,000.0	$ 0	$ 0
Deferred revenue		0
Accounts receivable		$ 4,000,000.0
FC Licenses \| Novartis \| Collaboration and License Agreement \| Maximum
Collaboration research and licensing agreements
Number of targets against which non-exclusive license is provided \| target	10

Stock-Based Compensation - FV of Employee Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted average assumptions for estimated fair value of employee stock options
Expected dividend yield	0.00%	0.00%	0.00%
Stock options
Weighted average assumptions for estimated fair value of employee stock options
Common stock fair value per share minimum (in dollars per share)	$ 17.78	$ 20.14	$ 19.74
Common stock fair value per share maximum (in dollars per share)	$ 26.84	$ 36.02	$ 38.08
Expected volatility, low end of range (as a percent)	49.32%	49.75%	51.51%
Expected volatility, high end of range (as a percent)	51.92%	52.48%	54.36%
Risk-free interest rate, low end of range (as a percent)	3.64%	3.50%	1.57%
Risk-free interest rate, high end of range (as a percent)	4.66%	4.55%	4.34%
Stock options \| Minimum
Weighted average assumptions for estimated fair value of employee stock options
Expected term (in years)	4 years 9 months 3 days	6 years	6 years
Stock options \| Maximum
Weighted average assumptions for estimated fair value of employee stock options
Expected term (in years)	7 years 7 months 24 days	6 years 7 months 2 days	7 years 7 months 24 days
ESPP
Weighted average assumptions for estimated fair value of employee stock options
Expected volatility, low end of range (as a percent)	42.97%	38.24%	43.19%
Expected volatility, high end of range (as a percent)	54.62%	55.72%	55.72%
Risk-free interest rate, low end of range (as a percent)	4.22%	0.13%	0.13%
Risk-free interest rate, high end of range (as a percent)	5.40%	5.39%	4.72%
ESPP \| Minimum
Weighted average assumptions for estimated fair value of employee stock options
Expected term (in years)	6 months	6 months	6 months
ESPP \| Maximum
Weighted average assumptions for estimated fair value of employee stock options
Expected term (in years)	2 years	2 years	2 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of assets recorded at fair value

The assets recorded at fair value are classified within the hierarchy as follows for the periods reported (in thousands):


	December 31, 2024
	Total Fair Value		Level 1		Level 2

Money Market Funds in Cash and Cash Equivalents	$	26,180	$	26,180	$	—
Corporate Securities	142,873		—		142,873
Government Securities	522,931		—		522,931
Equity Securities	47,929		47,929		—
	$	739,913	$	74,109	$	665,804


	December 31, 2023
	Total Fair Value		Level 1		Level 2

Money Market Funds in Cash and Cash Equivalents	$	25,520	$	25,520	$	—
Corporate Securities	228,723		—		228,723
Government Securities	414,514		—		414,514
Equity Securities	42,210		42,210		—
	$	710,967	$	67,730	$	643,237

Schedule of useful lives by asset category

Useful lives by asset category are as follows:


Computers, software and equipment			3 - 5 years
Furniture and fixtures			5 - 7 years
Leasehold and tenant improvements			Shorter of asset life or remaining lease term

Schedule of finite-lived intangible assets

The carrying amount and accumulated amortization of patents, licenses, and other intangibles is as follows (in thousands):


	December 31,
	2024		2023
Patents, definite life	$	16,854	$	15,340
Patents, pending issuance	10,396		9,723
Licenses and other amortizable intangible assets	2,430		4,007
Nonamortizable intangible assets (trademarks)	399		399
Total gross carrying amount	30,079		29,469
Accumulated amortization—patents	(9,742)		(8,663)
Accumulated amortization—licenses and other	(1,852)		(2,143)
Total intangible assets, net	$	18,485	$	18,663

Schedule of indefinite-lived intangible assets

The carrying amount and accumulated amortization of patents, licenses, and other intangibles is as follows (in thousands):


	December 31,
	2024		2023
Patents, definite life	$	16,854	$	15,340
Patents, pending issuance	10,396		9,723
Licenses and other amortizable intangible assets	2,430		4,007
Nonamortizable intangible assets (trademarks)	399		399
Total gross carrying amount	30,079		29,469
Accumulated amortization—patents	(9,742)		(8,663)
Accumulated amortization—licenses and other	(1,852)		(2,143)
Total intangible assets, net	$	18,485	$	18,663

Future amortization expense for patents, licenses, and other intangible assets

Future amortization expense for patents, licenses, and other intangible assets recorded as of December 31, 2024, and for which amortization has commenced, is as follows:


	Year Ended December 31,
	(in thousands)
2025	$	1,015
2026	1,037
2027	985
2028	849
2029	607
Thereafter	3,197
Total	$	7,690

Schedule of basic and diluted net income (loss) per common share


	Year Ended December 31,
	2024		2023		2022
	(in thousands, except share and per share data)
Basic and diluted:
Numerator:
Net loss attributable to Xencor, Inc.	$	(232,618)	$	(133,133)	$	(55,181)
Denominator:
Weighted-average common shares outstanding	65,041,265		60,503,283		59,652,461
Basic and diluted net loss per common share attributable to Xencor, Inc.	$	(3.58)	$	(2.20)	$	(0.93)

Summary of Significant Accounting Policies - Patents, Licenses, and Other Intangible Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) criteria	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Patents, licenses, and other intangible assets
Number of primary criteria to determine capitalization of patent \| criteria	3
Abandonment of capitalized intangible assets	$ 2,329	$ 1,267	$ 1,510
Total gross carrying amount	30,079	29,469
Total intangible assets, net	18,485	18,663
Amortization expense for patents, licenses, and other intangible assets	1,300	1,300	$ 1,400
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	1,015
2026	1,037
2027	985
2028	849
2029	607
Thereafter	3,197
Total	7,690
Nonamortizable intangible assets (trademarks)
Patents, licenses, and other intangible assets
Nonamortizable intangible assets (trademarks)	$ 399	399
Licensing Agreements \| Minimum
Patents, licenses, and other intangible assets
Estimated economic life	1 year
Licensing Agreements \| Maximum
Patents, licenses, and other intangible assets
Estimated economic life	20 years 2 months 12 days
Patents
Patents, licenses, and other intangible assets
Accumulated amortization	$ (9,742)	(8,663)
Patents \| Minimum
Patents, licenses, and other intangible assets
Estimated economic life	2 years
Patents \| Maximum
Patents, licenses, and other intangible assets
Estimated economic life	27 years
Patents, definite life
Patents, licenses, and other intangible assets
Amortizable intangible assets	$ 16,854	15,340
Patents, pending issuance
Patents, licenses, and other intangible assets
Amortizable intangible assets	10,396	9,723
Licenses and other amortizable intangible assets
Patents, licenses, and other intangible assets
Amortizable intangible assets	2,430	4,007
Accumulated amortization	$ (1,852)	$ (2,143)

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2024
Computers, software and equipment \| Minimum
Property and Equipment
Estimated useful lives of the assets	3 years
Computers, software and equipment \| Maximum
Property and Equipment
Estimated useful lives of the assets	5 years
Furniture and fixtures \| Minimum
Property and Equipment
Estimated useful lives of the assets	5 years
Furniture and fixtures \| Maximum
Property and Equipment
Estimated useful lives of the assets	7 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Los Angeles, CA

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment
Total gross carrying amount	$ 101,979	$ 102,350
Less accumulated depreciation and amortization	(42,179)	(36,226)
Total property and equipment, net	59,800	66,124
Computers, software and equipment
Property and Equipment
Total gross carrying amount	47,063	49,782
Furniture and fixtures
Property and Equipment
Total gross carrying amount	128	158
Leasehold and tenant improvements
Property and Equipment
Total gross carrying amount	$ 54,788	$ 52,410

Sales of Future Royalties - Debt of Future Royalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Sale of Future Royalty [Roll Forward]
Beginning balance of debt related to sale of future royalties	$ 189,483	$ 0
Proceeds from sale of future royalties	0	183,330
Royalties owed to OMERS	834	0
Royalties paid to OMERS	(63,304)	0
Non-cash interest expense recognized	36,593	6,153
Ending balance of debt related to sale of future royalties	163,606	189,483
Debt - short-term	48,447	27,711
Debt - long-term	115,159	161,772
Total debt	$ 163,606	$ 189,483

Collaboration and Licensing Agreements - Amgen Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration research and licensing agreements
Accounts receivable	$ 60,849	$ 23,739
Amgen \| Research and License Agreement
Collaboration research and licensing agreements
Revenue recognized	30,000	$ 0	$ 0
Accounts receivable	30,000
Deferred revenue	$ 0

Marketable Debt and Equity Securities (Tables)

12 Months Ended

Dec. 31, 2024

Marketable Securities [Abstract]

Schedule of marketable securities

The Company’s marketable debt securities held as of December 31, 2024 and 2023 are summarized below:


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	26,180	$	—	$	—	$	26,180
Corporate Securities	142,688		185		—		142,873
Government Securities	523,769		647		(1,485)		522,931
	$	692,637	$	832	$	(1,485)	$	691,984

Reported as
Cash and cash equivalents							$	26,180
Marketable debt securities							665,804
Total investments							$	691,984


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	25,520	$	—	$	—	$	25,520
Corporate Securities	228,382		342		(1)		228,723
Government Securities	413,553		1,037		(76)		414,514
	$	667,455	$	1,379	$	(77)	$	668,757

Reported as
Cash and cash equivalents							$	25,520
Marketable debt securities							643,237
Total investments							$	668,757

Schedule of maturities of marketable securities

The maturities of the Company’s marketable debt securities as of December 31, 2024 are as follows:


	Amortized Cost		Estimated Fair Value
(in thousands)
Mature in one year or less	$	408,337	$	408,971
Mature within two years	258,120		256,833
	$	666,457	$	665,804

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The unrealized losses on available-for-sale investments and their related fair values as of December 31, 2024 and 2023 are as follows:


	December 31, 2024
	Less than 12 months				12 months or greater
	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)

Government Securities	$	42,794	$	(115)	$	223,961	$	(1,370)


	December 31, 2023
	Less than 12 months				12 months or greater
	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	8,073	$	(1)	$	—	$	—
Government Securities	66,546		(76)		—		—
	$	74,619	$	(77)	$	—	$	—

Schedule of equity securities with readily determinable fair value

Equity securities with a readily determinable fair value and their fair values (in thousands) as of December 31, 2024 and 2023 are as follows:


	Fair Value December 31, 2024		Fair Value December 31, 2023
Astria Common Stock	$	—	$	5,360
INmune Common Stock	8,805		21,231
Viridian Common Stock	13,748		15,619
Zenas Common Stock	25,376		—
	$	47,929	$	42,210

Schedule of equity securities without readily determinable fair value

Equity securities without a readily determinable fair value and their carrying values (in thousands) as of December 31, 2024 and 2023 are as follows:


	Carrying Value December 31, 2024	Carrying Value December 31, 2023

Zenas Preferred Stock	—	64,210

Schedule of net gains and losses

Net (loss) gain recorded related to these equity securities are recorded under other income (expense). Below is a reconciliation of net gain (loss) recorded on equity securities (in thousands) during the year ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023		2022

Net (loss) gain recorded on equity securities	$	(31,422)	$	(395)	$	23,434
Less: Net gain recorded on sale of equity securities	1,280		—		—
Unrealized (loss) gain recorded on equity securities held at the reporting date	$	(32,702)	$	(395)	$	23,434

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In June 2023, the Company's Board of Directors (the Board) and shareholders approved the 2023 Plan, which became effective as of June 14, 2023, and superseded the 2013 Equity Incentive Plan (the 2013 Plan). No additional awards may be granted under the 2013 Plan.

The 2023 Plan reserve consists of 3,000,000 shares and the remaining available shares from the 2013 Plan as of the effective date of the 2023 Plan. In addition, any shares of common stock covered by awards granted under the 2013 Plan that terminate on or after June 14, 2023 by expiration, forfeiture, cancellation, or other means without the issuance of such shares will be added to the 2023 Plan reserve. The 2023 Plan does not include a provision for an automatic increase in shares, also known as an evergreen provision. As of December 31, 2024, the total number of shares of common stock available for issuance under the 2023 Plan was 18,367,000, which includes shares of common stock that were available for issuance under the 2013 Plan as of the effective date of the 2023 Plan.

During the year ended December 31, 2024, the Company awarded 2,401,251 options under the 2023 Plan to certain employees, consultants and non-employee directors. As of December 31, 2024, a total of 2,614,649 options were

granted under the 2023 Plan. During the year ended December 31, 2024, the Company awarded 1,078,070 RSUs under the 2023 Plan to certain employees and non-employee directors. The standard vesting of these awards is generally in three equal annual installments and is contingent on continued employment terms. As of December 31, 2024, a total of 1,164,737 RSUs were granted under the 2023 Plan.

In November 2013, the Board and shareholders approved the 2013 Employee Stock Purchase Plan (2013 ESPP), which became effective as of December 5, 2013. Under the ESPP, the Company's employees may elect to have between 1% and 15% of their compensation withheld to purchase shares of the Company’s common stock at a discount. The ESPP had an initial two-year term that included four six-month purchase periods, and employee withholding amounts could be used to purchase Company stock during each six-month purchase period. The initial two-year term ended in December 2015 and, pursuant to the provisions of the ESPP, subsequent two-year terms began automatically upon the end of the previous term. The total number of shares that can be purchased with the withholding amounts are based on the lower of 85% of the Company’s common stock price at the initial offering date or 85% of the Company’s stock price at each purchase date.

As of December 31, 2024, the total number of shares of common stock available for issuance under the ESPP is 945,106. Under the 2013 ESPP, the total number shares of common stock available for issuance under the ESPP will automatically increase annually on January 1 by the lesser of (i) 1% of the total number of issued and outstanding shares of common stock as of December 31 of the immediately preceding year, or (ii) 621,814 shares of common stock. The automatic increase has expired, and the number of shares of common stock available for issuance under the ESPP was not increased on January 1, 2024. As of December 31, 2024, a total of 829,712 shares of common stock have been issued under the ESPP.

The Company extended vesting periods and expiration dates of equity awards for employees who retired in April 2024. There was a $3.1 million incremental expense as a result of the extension of the expiration dates, and there was a $1.2 million expense as a result of the extension of the vesting periods.

Total employee, director, and non-employee stock-based compensation expense recognized was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
General and administrative	$	23,326	$	19,239	$	17,281
Research and development	29,955		34,516		31,632
	$	53,281	$	53,755	$	48,913


	Year Ended December 31,
(in thousands)	2024		2023		2022
Stock options	$	31,147	$	29,345	$	29,758
ESPP	858		1,243		1,174
RSUs	21,276		23,167		17,981
	$	53,281	$	53,755	$	48,913

Information with respect to stock options outstanding is as follows:


	December 31,
	2024		2023		2022
Exercisable options	8,493,123		7,761,829		6,679,948
Weighted average exercise price per share of exercisable options	$	29.97	$	28.79	$	26.99
Weighted average grant date fair value per share of options granted during the year	$	22.31	$	30.02	$	29.45
Options available for future grants	4,213,124		6,801,945		3,622,319
Weighted average remaining contractual life	5.89		6.03		6.30

The following table summarizes stock option activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted- Average Exercise Price (Per Share)(1)		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)(2)




Balances at December 31, 2021	8,676,329	$	29.11	6.65	$	100,057
Options granted	2,135,233	29.45
Options forfeited	(533,435)	34.09
Options exercised(3)	(195,485)	18.46
Balances at December 31, 2022	10,082,642	29.12		6.30	$	27,141
Options granted	2,080,732	30.02
Options forfeited	(676,005)	33.19
Options exercised(3)	(344,383)	9.91
Balances at December 31, 2023	11,142,986	29.60		6.03	9,977
Options granted	2,401,251	22.31
Options forfeited	(715,299)	32.84
Options exercised(3)	(458,857)	13.76
Balances at December 31, 2024	12,370,081	$	28.59	5.89	$	10,386
As of December 31, 2024
Options vested and expected to vest	12,370,081	$	28.59	5.89	$	10,386
Exercisable	8,493,123	$	29.97	4.64	$	8,493

______________________________

(1)The weighted average exercise price per share is determined using exercise price per share for stock options.

(3)The total intrinsic value of stock options exercised was $3.8 million, $4.8 million, and $1.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company estimated the fair value of employee and non-employee option awards and ESPP using the Black-Scholes valuation model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. Management estimates the probability of non-employee awards being vested based upon an evaluation of the non-employee achieving their specific performance goals. The fair value of the RSU awards is determined based on the intrinsic value of the stock on the date of grant and will be recognized as stock-based compensation expense over the requisite service period.

Options are issued at the fair market value of the Company's stock on the date of grant.

The fair value of employee stock options and ESPP was estimated using the following weighted-average assumptions for the years ended December 31, 2024, 2023 and 2022:


	Options
	2024	2023	2022
Common stock fair value per share	$17.78 - 26.84	$20.14- 36.02	$19.74 - 38.08
Expected volatility	49.32% - 51.92%	49.75% - 52.48%	51.51% - 54.36%
Risk-free interest rate	3.64% - 4.66%	3.50% - 4.55%	1.57% - 4.34%
Expected dividend yield	—	—	—
Expected term (in years)	4.76 - 7.65	6.00 - 6.59	6.00 - 7.65


	ESPP
	2024	2023	2022
Expected term (years)	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0
Expected volatility	42.97% - 54.62%	38.24% - 55.72%	43.19% - 55.72%
Risk-free interest rate	4.22% - 5.40%	0.13% - 5.39%	0.13% - 4.72%
Expected dividend yield	—	—	—

The expected term of stock options represents the average period the stock options are expected to remain outstanding. The expected stock price volatility for our stock options for the years ended December 31, 2024, 2023, and 2022 was determined using the volatility of our stock on a national stock exchange.

The Company determined the average expected life of stock options based on the anticipated time period between the measurement date and the exercise date by examining the option holders’ past exercise patterns.

The risk-free interest rate assumption is based on the U.S. Treasury instruments for which the term was consistent with the expected term of our stock options.

The expected dividend assumption is based on our history and expectation of dividend payouts. The Company has not paid dividends and did not have any dividend payout at December 31, 2024.

The following table summarizes RSU activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted- Average Grant Date Fair Value (Per Unit)




Unvested at December 31, 2021	826,148	$	37.79
Granted	875,330	29.45
Vested	(341,073)	37.37
Forfeited	(127,854)	33.66
Unvested at December 31, 2022	1,232,551	32.41
Granted	994,351	30.33
Vested	(558,066)	33.61
Forfeited	(178,796)	31.64
Unvested at December 31, 2023	1,490,040	30.66
Granted	1,078,070	22.42
Vested	(609,114)	31.41
Forfeited	(175,201)	28.75
Unvested at December 31, 2024	1,783,795	$	25.52

As of December 31, 2024 and 2023, the unamortized compensation expense related to unvested stock options was $45.2 million and $49.2 million, respectively. The remaining unamortized compensation expense will be recognized over the next 2.5 years and 2.4 years, respectively.

At December 31, 2024 and 2023, the unamortized compensation expense under our ESPP was $0.9 million and $1.8 million, respectively. The remaining unamortized expense will be recognized over the next 0.9 years and 1.9 years, respectively.

At December 31, 2024 and 2023, the unamortized compensation expense related to unvested RSUs was $27.2 million and $29.6 million, respectively. The remaining unamortized compensation expense will be recognized over the next 1.8 years and 1.9 years, respectively.

Collaboration and Licensing Agreements - Remaining Performance Obligations and Deferred Revenue (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration and Licensing Agreements
Deferred revenue	$ 0	$ 0	$ 30,300,000

Collaboration and Licensing Agreements - Vir Biotechnology, Inc. (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 target	Oct. 31, 2022 USD ($)
Collaboration research and licensing agreements
Accounts receivable	$ 60,849,000	$ 23,739,000
Vir \| Patent License Agreement
Collaboration research and licensing agreements
Number of different target programs \| target				2
Revenue recognized	600,000	2,200,000	$ 115,400,000
Contract asset					$ 500,000
Deferred revenue	0
Accounts receivable	500,000
Vir \| Patent License Agreement \| Royalties
Collaboration research and licensing agreements
Revenue recognized	$ 600,000	$ 2,200,000	$ 114,900,000

Marketable Debt and Equity Securities

12 Months Ended

Dec. 31, 2024

Marketable Securities [Abstract]

Marketable Debt and Equity Securities

The Company’s marketable debt securities held as of December 31, 2024 and 2023 are summarized below:


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	26,180	$	—	$	—	$	26,180
Corporate Securities	142,688		185		—		142,873
Government Securities	523,769		647		(1,485)		522,931
	$	692,637	$	832	$	(1,485)	$	691,984

Reported as
Cash and cash equivalents							$	26,180
Marketable debt securities							665,804
Total investments							$	691,984


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	25,520	$	—	$	—	$	25,520
Corporate Securities	228,382		342		(1)		228,723
Government Securities	413,553		1,037		(76)		414,514
	$	667,455	$	1,379	$	(77)	$	668,757

Reported as
Cash and cash equivalents							$	25,520
Marketable debt securities							643,237
Total investments							$	668,757

The maturities of the Company’s marketable debt securities as of December 31, 2024 are as follows:


	Amortized Cost		Estimated Fair Value
(in thousands)
Mature in one year or less	$	408,337	$	408,971
Mature within two years	258,120		256,833
	$	666,457	$	665,804

The unrealized losses on available-for-sale investments and their related fair values as of December 31, 2024 and 2023 are as follows:


	December 31, 2024
	Less than 12 months				12 months or greater
	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)

Government Securities	$	42,794	$	(115)	$	223,961	$	(1,370)


	December 31, 2023
	Less than 12 months				12 months or greater
	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	8,073	$	(1)	$	—	$	—
Government Securities	66,546		(76)		—		—
	$	74,619	$	(77)	$	—	$	—

The unrealized losses from the available-for-sale securities are due to changes in the interest rate environment and not changes in the credit quality of the underlying securities in the portfolio.

The Company’s equity securities include securities with a readily determinable fair value and have included securities without a readily determinable fair value. Equity securities with a readily determinable fair value are carried at fair value with changes in fair value recognized each period and reported within other income (expense), net. For equity securities without a readily determinable fair value, the Company elects the measurement alternative to record these

investments at their initial cost and evaluates such investments at each reporting period for evidence of impairment, or observable price changes in orderly transactions for the identical or similar investment of the same issuer.

In 2018, the Company received common and preferred stock in Astria Therapeutics, Inc. (Astria) (formerly Quellis Biosciences, Inc.) in connection with a licensing transaction.The Company recorded shares in Astria common stock at their fair value each reporting period, and the adjustment in the fair value of the Astria common stock was recorded in unrealized gain (loss) in equity securities. The Company recorded its investment in the shares of Astria preferred stock as an equity interest without a readily determinable fair value. The Company elected to record the original shares of preferred stock at their initial cost and to review the carrying value for impairment or other changes in carrying value at each reporting period. The Company subsequently recorded impairment charges of $0.1 million related to its investment in Astria’s preferred stock in 2022.

In 2023, the Company exchanged its preferred shares for additional shares of common stock in Astria. The common stock had a readily determinable fair value, and difference in the fair value of the common stock and the carrying value of the preferred stock was recorded as a gain in equity securities for the year ended December 31, 2023.

In 2024, the Company sold all of its 697,867 shares of common stock of Astria, and the Company no longer held any share of common stock of Astria as of December 31, 2024. The Company recognized realized gain of $1.3 million from the sale of the common stock for the year ended December 31, 2024. The Company recognized unrealized (loss) gain of $(4.3) million and $6.1 million related to its equity interest in Astria for the years ended December 31, 2023 and 2022, respectively.

In 2017, the Company received shares of common stock of INmune Bio, Inc. (INmune) and an option to acquire additional shares of INmune’s common stock in connection with a licensing transaction. The Company subsequently exchanged the option for additional shares of INmune common stock. The Company recorded the INmune common stock at its fair value each reporting period, and the adjustment in the fair value of the shares of INmune common stock was recorded in gain (loss) on equity securities. The Company recorded $(12.4) million, $9.3 million, and $(7.3) million of unrealized (loss) gain related to its investment in INmune for the years ended December 31, 2024, 2023, and 2022, respectively.

In 2021, the Company received shares of common stock of Viridian Therapeutics, Inc. (Viridian) in connection with a licensing transaction. In 2022, the Company received additional shares of common stock of Viridian in connection with a second licensing transaction. The shares of Viridian common stock are classified as equity securities with a readily determinable fair value, and the adjustment in the fair value of the shares of Viridian common stock was recorded in gain (loss) on equity securities. The Company recorded $(1.9) million, $(5.3) million, and $6.8 million of unrealized (loss) gain related to its investment in Viridian for the years ended December 31, 2024, 2023, and 2022, respectively.

In 2020, the Company received an equity interest in preferred stock in Zenas BioPharma (Cayman) Limited, now Zenas BioPharma, Inc. (Zenas) with a fair value of $16.1 million, in connection with the Zenas Agreement (defined below). The Company elected the measurement alternative to carry the Zenas equity at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. In 2021, the Company received a warrant to receive equity from Zenas with a fair value of $14.9 million in connection with the Second Zenas Agreement (defined below). In addition, the Company purchased a convertible promissory note from Zenas.

In 2022, Zenas completed a financing transaction, pursuant to which a warrant to purchase Zenas equity that was held by the Company was automatically exercised, and a convertible promissory note issued to the Company by Zenas was automatically converted, with both converting into shares of Zenas’ preferred stock. After the financing transaction, the Company continued to record our investment in Zenas at fair value adjusted at each reporting period for impairment or other evidence of change in value. As a result of the Zenas financing transaction, the estimated fair value of our investment in equity securities increased by $17.9 million.

In 2023, Zenas initiated a Phase 3 trial, and the Company received a milestone payment of additional equity in preferred stock in Zenas with a fair value of $10.0 million. In the first half of 2024, the Company recorded an impairment charge of $20.4 million related to its investment in Zenas' preferred stock as a result of an impairment analysis using the measurement alternative for the valuation of a security without a readily determinable fair value.

On September 16, 2024, following the closing of Zenas’ initial public offering, the Company’s preferred stock in Zenas was automatically converted to 3,098,380 shares of common stock which were then classified as equity securities with a readily determinable fair value. The Company subsequently discontinued the use of the measurement alternative in valuing its equity interest in Zenas. The Company subsequently recorded an unrealized loss of $18.4 million for the year ended December 31, 2024.

Equity securities with a readily determinable fair value and their fair values (in thousands) as of December 31, 2024 and 2023 are as follows:


	Fair Value December 31, 2024		Fair Value December 31, 2023
Astria Common Stock	$	—	$	5,360
INmune Common Stock	8,805		21,231
Viridian Common Stock	13,748		15,619
Zenas Common Stock	25,376		—
	$	47,929	$	42,210

Equity securities without a readily determinable fair value and their carrying values (in thousands) as of December 31, 2024 and 2023 are as follows:


	Carrying Value December 31, 2024	Carrying Value December 31, 2023

Zenas Preferred Stock	—	64,210


	Year Ended December 31,
	2024		2023		2022

Net (loss) gain recorded on equity securities	$	(31,422)	$	(395)	$	23,434
Less: Net gain recorded on sale of equity securities	1,280		—		—
Unrealized (loss) gain recorded on equity securities held at the reporting date	$	(32,702)	$	(395)	$	23,434

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (232,618)	$ (133,133)	$ (55,181)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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+ Details

Sales of Future Royalties (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Debt of Future Royalties

The following table shows the activities within debt for both Ultomiris and Monjuvi Royalty Agreements for the years ended December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Beginning balance of debt related to sale of future royalties	$	189,483	$	—
Proceeds from sale of future royalties	—		183,330
Royalties owed to OMERS	834		—
Royalties paid to OMERS	(63,304)		—
Non-cash interest expense recognized	36,593		6,153
Ending balance of debt related to sale of future royalties	$	163,606	$	189,483

Debt - short-term	48,447		27,711
Debt - long-term	115,159		161,772
Total debt	$	163,606	$	189,483

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Increase (decrease) in deferred tax asset valuation allowance	$ 56,800,000
Unrecognized tax benefits	8,905,000	$ 8,905,000	$ 0	$ 0
Unrecognized tax benefits, income tax penalties and interest accrued	1,700,000
Unrecognized tax benefits that would impact effective tax rate	8,300,000
Domestic Tax Jurisdiction
Income Taxes [Line Items]
Cumulative net operating loss carryforwards	114,300,000
Tax credit carryforwards	26,000,000.0
State and Local Jurisdiction
Income Taxes [Line Items]
Cumulative net operating loss carryforwards	176,900,000
Tax credit carryforwards	$ 28,400,000

Marketable Debt and Equity Securities - Equity Securities with Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity Securities
Equity securities with readily determinable fair value	$ 47,929	$ 42,210
Common Stock
Equity Securities
Equity securities with readily determinable fair value	47,929	42,210
Astria Common Stock \| Common Stock
Equity Securities
Equity securities with readily determinable fair value	0	5,360
INmune Common Stock \| Common Stock
Equity Securities
Equity securities with readily determinable fair value	8,805	21,231
Viridian Common Stock \| Common Stock
Equity Securities
Equity securities with readily determinable fair value	13,748	15,619
Zenas Common Stock \| Common Stock
Equity Securities
Equity securities with readily determinable fair value	$ 25,376	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of operating lease liabilities maturities

The following table reconciles the undiscounted cash flows for the operating leases at December 31, 2024 to the operating lease liabilities recorded on the balance sheet (in thousands):


Years ending December 31,
2025	$	7,451
2026	9,238
2027	9,560
2028	9,076
2029	9,331
Thereafter	57,104
Total undiscounted lease payments	101,760
Less: Tenant allowance	(2,536)
Less: Imputed interest	(30,877)
Present value of lease payments	$	68,347

Lease liabilities - short-term	$	3,009
Lease liabilities - long-term	65,338
Total lease liabilities	$	68,347

Summary of lease costs and cash disclosures

The following table summarizes lease costs, cash, and other disclosures for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024			2023			2022

Operating lease cost	$	7,525		$	8,459		$	6,588
Variable lease cost	1,272			906			506
Total lease costs	$	8,797		$	9,365		$	7,094
Cash paid for amounts included in
the measurement of lease liabilities	$	3,545		$	3,253		$	2,869
Weighted-average remaining lease term
—operating leases (in years)	10.2			11.0			12.0
Weighted-average discount rate
—operating leases	7.0		%	8.9		%	8.9		%

Collaboration and Licensing Agreements - Janssen Biotech, Inc., a Johnson & Johnson company (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 01, 2021 USD ($) candidate agreement	Nov. 30, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)
Collaboration research and licensing agreements
Accounts receivable			$ 60,849	$ 23,739
Janssen \| Collaboration and License Agreement
Collaboration research and licensing agreements
Percentage of funding for development costs							20.00%
Percentage of co-detailing activities							30.00%
Transaction price							$ 50,000
Revenue recognized				17,500
Research license term	2 years
Number of collaboration and license agreements \| agreement	2
Deferred revenue			0
Janssen \| Collaboration and License Agreement \| Cost-Sharing Development
Collaboration research and licensing agreements
Accounts receivable			3,100
Janssen \| Second Collaboration And License Agreement
Collaboration research and licensing agreements
Transaction price	$ 96,100
Share development percentage	80.00%
Percentage of responsibility for development costs	20.00%
Research license term	2 years
Number of candidates for which option to advance for development and commercialization \| candidate	4
Number of drug candidates \| candidate	4
Nonrefundable upfront payment	$ 100,000
Discount on proceeds from sale	3,900
Janssen \| Second Collaboration And License Agreement \| Licensing
Collaboration research and licensing agreements
Revenue recognized	58,500	$ 58,500
Janssen \| Second Collaboration And License Agreement \| Research service
Collaboration research and licensing agreements
Revenue recognized				30,300	$ 7,000	$ 300
Performance obligation	$ 37,600	$ 37,600
Proceeds from milestone payments				30,000
Janssen \| Collaboration and License Agreements
Collaboration research and licensing agreements
Revenue recognized			$ 0	$ 77,800	$ 7,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business

Xencor, Inc. (we, us, our, or the Company) was incorporated in California in 1997 and reincorporated in Delaware in September 2004. We are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs. We use our protein engineering capabilities to design new technologies and XmAb® drug candidates with improved properties. We advance these candidates into clinical-stage development, where we are conducting Phase 1 and Phase 2 studies for a broad portfolio of programs, to determine which programs we advance into later stages of development and potentially commercialization, which programs we partner to access complementary resources to optimize development, and which programs we discontinue.

Our operations are based in Pasadena, California and San Diego, California.

Consolidation and Basis of Presentation

Use of Estimates

Recently Adopted Accounting Pronouncements

Pronouncements Not Yet Effective

Variable Interest Entity

Liability Related to the Sale of Future Royalties

Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties

Revenue Recognition

Deferred Revenue

Accounts Receivable

Research and Development Expenses

Cash and Cash Equivalents

We consider cash equivalents to be only those investments which are highly liquid, readily convertible to cash and which mature within three months from the date of purchase.

Restricted Cash

As of December 31, 2024, we had an outstanding letter of credit (LOC) collateralized by a money market account of $0.4 million, to the benefit of the landlord related to our San Diego facility lease. The terms of the lease provide that the amount of the LOC will be reduced on a ratable basis over the term of the lease. The amount of the LOC was classified as long-term restricted cash as of December 31, 2024.

Marketable Debt and Equity Securities

Concentrations of Risk

Fair Value of Financial Instruments

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets or liabilities.

The Company measures the fair value of financial assets using the highest level of inputs that are reasonably available as of the measurement date. The assets recorded at fair value are classified within the hierarchy as follows for the periods reported (in thousands):


	December 31, 2024
	Total Fair Value		Level 1		Level 2

Money Market Funds in Cash and Cash Equivalents	$	26,180	$	26,180	$	—
Corporate Securities	142,873		—		142,873
Government Securities	522,931		—		522,931
Equity Securities	47,929		47,929		—
	$	739,913	$	74,109	$	665,804


	December 31, 2023
	Total Fair Value		Level 1		Level 2

Money Market Funds in Cash and Cash Equivalents	$	25,520	$	25,520	$	—
Corporate Securities	228,723		—		228,723
Government Securities	414,514		—		414,514
Equity Securities	42,210		42,210		—
	$	710,967	$	67,730	$	643,237

Our policy is to record transfers of assets between Level 1 and Level 2 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. During the years ended December 31, 2024 and 2023, there were no transfers between Level 1 and Level 2.

Property and Equipment


Computers, software and equipment			3 - 5 years
Furniture and fixtures			5 - 7 years
Leasehold and tenant improvements			Shorter of asset life or remaining lease term

Patents, Licenses, and Other Intangible Assets

The carrying amount and accumulated amortization of patents, licenses, and other intangibles is as follows (in thousands):


	December 31,
	2024		2023
Patents, definite life	$	16,854	$	15,340
Patents, pending issuance	10,396		9,723
Licenses and other amortizable intangible assets	2,430		4,007
Nonamortizable intangible assets (trademarks)	399		399
Total gross carrying amount	30,079		29,469
Accumulated amortization—patents	(9,742)		(8,663)
Accumulated amortization—licenses and other	(1,852)		(2,143)
Total intangible assets, net	$	18,485	$	18,663

Amortization expense for patents, licenses, and other intangible assets was $1.3 million, $1.3 million, and $1.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Future amortization expense for patents, licenses, and other intangible assets recorded as of December 31, 2024, and for which amortization has commenced, is as follows:


	Year Ended December 31,
	(in thousands)
2025	$	1,015
2026	1,037
2027	985
2028	849
2029	607
Thereafter	3,197
Total	$	7,690

The above amortization expense forecast is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets, and other events. As of December 31, 2024, the Company has $10.4 million of intangible assets which are in-process and have not been placed in service, and accordingly amortization on these assets has not commenced.

Long-Lived Assets

We did not recognize a loss from impairment for the years ended December 31, 2024, 2023, or 2022.

Income Taxes

Stock-Based Compensation

We recognize compensation expense using a fair-value-based method for costs related to all share-based payments, including stock options, restricted stock units (RSUs), and shares issued under our Employee Stock Purchase Plan (ESPP). Stock-based compensation cost related to employees, directors and consultants is measured at the grant date, based on the fair-value-based measurement of the award using the Black-Scholes method, and is recognized as expense over the requisite service period on a straight-line basis. We account for forfeitures when they occur. We recorded stock-based compensation and expense for stock-based awards to employees, directors, and consultants of approximately $53.3 million, $53.8 million, and $48.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Net Loss Per Share


	Year Ended December 31,
	2024		2023		2022
	(in thousands, except share and per share data)
Basic and diluted:
Numerator:
Net loss attributable to Xencor, Inc.	$	(232,618)	$	(133,133)	$	(55,181)
Denominator:
Weighted-average common shares outstanding	65,041,265		60,503,283		59,652,461
Basic and diluted net loss per common share attributable to Xencor, Inc.	$	(3.58)	$	(2.20)	$	(0.93)

For the years ended December 31, 2024, 2023, and 2022, all outstanding potentially dilutive securities were excluded from the calculation as the effect of including such securities would have been anti-dilutive.

Segment Reporting

Collaboration and Licensing Agreements - Technology License Agreement and Services Agreement with Gale Therapeutics Inc. (Details) - Gale - Technology License Agreement - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Nov. 30, 2024	Sep. 30, 2024	Jul. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Collaboration research and licensing agreements
Asset acquisition, consideration transferred				$ 7.5
Payments for repurchase of preferred stock and preference stock	$ 3.0	$ 3.0	$ 3.0	9.0
Revenue not recognized				$ 12.4	$ 1.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	70,256,108	60,998,191
Common stock, shares outstanding (in shares)	70,256,108	60,998,191

Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Money Market Funds in Cash and Cash Equivalents	$ 40,875	$ 53,790	$ 53,942
Marketable debt securities	665,804
Marketable equity securities	47,929	42,210
Money Market Funds in Cash and Cash Equivalents
Fair Value of Financial Instruments
Money Market Funds in Cash and Cash Equivalents	26,180	25,520
Corporate Securities
Fair Value of Financial Instruments
Marketable debt securities	142,873	228,723
Government Securities
Fair Value of Financial Instruments
Marketable debt securities	522,931	414,514
Fair Value, Recurring
Fair Value of Financial Instruments
Marketable equity securities	47,929	42,210
Total Fair Value	739,913	710,967
Fair Value, Recurring \| Money Market Funds in Cash and Cash Equivalents
Fair Value of Financial Instruments
Money Market Funds in Cash and Cash Equivalents	26,180	25,520
Fair Value, Recurring \| Corporate Securities
Fair Value of Financial Instruments
Marketable debt securities	142,873	228,723
Fair Value, Recurring \| Government Securities
Fair Value of Financial Instruments
Marketable debt securities	522,931	414,514
Level 1 \| Fair Value, Recurring
Fair Value of Financial Instruments
Marketable equity securities	47,929	42,210
Total Fair Value	74,109	67,730
Level 1 \| Fair Value, Recurring \| Money Market Funds in Cash and Cash Equivalents
Fair Value of Financial Instruments
Money Market Funds in Cash and Cash Equivalents	26,180	25,520
Level 1 \| Fair Value, Recurring \| Corporate Securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Level 1 \| Fair Value, Recurring \| Government Securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Level 2 \| Fair Value, Recurring
Fair Value of Financial Instruments
Marketable equity securities	0	0
Total Fair Value	665,804	643,237
Level 2 \| Fair Value, Recurring \| Money Market Funds in Cash and Cash Equivalents
Fair Value of Financial Instruments
Money Market Funds in Cash and Cash Equivalents	0	0
Level 2 \| Fair Value, Recurring \| Corporate Securities
Fair Value of Financial Instruments
Marketable debt securities	142,873	228,723
Level 2 \| Fair Value, Recurring \| Government Securities
Fair Value of Financial Instruments
Marketable debt securities	$ 522,931	$ 414,514

Summary of Significant Accounting Policies - Marketable Debt and Equity Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment loss or recoveries	$ 0	$ 0
Accrued interest	5,700,000	2,300,000
Unrealized gain (loss) on marketable debt securities	(2,000,000.0)	8,200,000
Impairment on equity securities	20,430,000	0	$ 138,000
Net gain (loss) recognized on equity securities	$ (31,422,000)	$ (395,000)	$ 23,434,000

Marketable Debt and Equity Securities - Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Amortized Cost
Mature in one year or less	$ 408,337
Mature within two years	258,120
Amortized Cost	666,457
Estimated Fair Value
Mature in one year or less	408,971
Mature within two years	256,833
Estimated Fair Value	$ 665,804

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Sales of Future Royalties - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended		30 Months Ended	36 Months Ended
	Jan. 01, 2029	Nov. 03, 2023	Jul. 01, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2028
Sales of Future Royalties [Line Items]
Accounts receivable					$ 60,849	$ 23,739
Alexion \| Option and license agreement
Sales of Future Royalties [Line Items]
Accounts receivable					16,100
Alexion \| Royalties \| Option and license agreement
Sales of Future Royalties [Line Items]
Proceeds from upfront payment		$ 192,500
Maximum annual receivable for specific sales		18,000			$ 12,000
Accounts receivable		29,500
Revenue recognized of future sales		163,000
Collaboration agreement, effective rate					21.10%
Non-cash revenue recognized					$ 58,200	12,500
Non-cash interest expense recognized					33,200	5,500
Alexion \| Royalties \| Option and license agreement \| Forecast
Sales of Future Royalties [Line Items]
Percent of receivable rights							100.00%
Maximum annual receivables	$ 12,000							$ 35,000
MorphoSys \| Royalties \| Collaboration and License Agreement
Sales of Future Royalties [Line Items]
Proceeds from upfront payment		$ 22,500
Maximum annual receivables			$ 29,300
Revenue recognized of future sales				$ 20,300
Non-cash revenue recognized					$ 8,700	2,100
Accounts receivable				$ 2,200
Interest rate					17.50%
Non-cash interest expense recognized					$ 3,400	$ 700

Summary of Significant Accounting Policies - Accounts Receivable (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Accounts Receivable Collection Period [Line Items]
Collection period	30 days
Maximum
Accounts Receivable Collection Period [Line Items]
Collection period	60 days

Collaboration and Licensing Agreements - Genentech, Inc., and F. Hoffmann-La Roche Ltd. (Details) - Genentech - Collaboration and License Agreement - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Collaboration research and licensing agreements
Initial cost-sharing percentage	45.00%
Potential milestone payment	$ 600,000,000.0
Transaction price	120,000,000.0
Revenue recognized		$ 0	$ 0	$ 0
Cost sharing receivable (payable)		800,000
Deferred revenue		$ 0
XmAb306
Collaboration research and licensing agreements
Standalone selling price	111,700,000
Additional Program
Collaboration research and licensing agreements
Standalone selling price					$ 4,100,000
Research service
Collaboration research and licensing agreements
Standalone selling price	4,200,000
Development-based
Collaboration research and licensing agreements
Potential milestone payment	115,000,000.0
Regulatory-based
Collaboration research and licensing agreements
Potential milestone payment	185,000,000.0
Sales-based
Collaboration research and licensing agreements
Potential milestone payment	$ 300,000,000.0

401(k) Plan (Details) - USD ($) $ in Millions		12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employer matching contribution percent	4.50%	4.00%
Vesting period		3 years
Annual vesting percentage		33.00%
Employer contributions		$ 1.6	$ 1.7	$ 1.4
2% of participating employee contributions
Defined Benefit Plan Disclosure [Line Items]
Percentage of company matching to defined contribution plan	100.00%
Defined contribution plan employer matching contribution percent	2.00%
5% of participating employee contributions
Defined Benefit Plan Disclosure [Line Items]
Percentage of company matching to defined contribution plan	50.00%
Defined contribution plan employer matching contribution percent	5.00%
1% of participating employee contributions
Defined Benefit Plan Disclosure [Line Items]
Percentage of company matching to defined contribution plan		100.00%
Defined contribution plan employer matching contribution percent		1.00%
6% of participating employee contributions
Defined Benefit Plan Disclosure [Line Items]
Percentage of company matching to defined contribution plan		50.00%
Defined contribution plan employer matching contribution percent		6.00%

Summary of Significant Accounting Policies - Restricted Cash (Details) $ in Millions	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Letter of credit outstanding	$ 0.4

Marketable Debt and Equity Securities - Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Preferred Stock \| Zenas Common Stock
Equity securities without readily determinable fair value
Equity securities without readily determinable fair value	$ 0	$ 64,210