0001326732-25-000087 | 10-Q | XBRL Viewer

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Liabilities Related to the Sales of Future Royalties - Debt of Future Royalties (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Sale of Future Royalty [Roll Forward]
Beginning balance	$ 163,606	$ 189,483
Royalties owed to OMERS	0	834
Royalties paid to OMERS	(55,037)	(63,304)
Non-cash interest expense recognized	24,569	36,593
Ending balance	133,138	163,606
Current liabilities	45,362	48,447
Long-term liabilities	87,776	115,159
Total	$ 133,138	$ 163,606

Stock Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

In June 2023, the Company’s Board of Directors (the “Board”) and stockholders approved the 2023 Equity Incentive Plan (the “2023 Plan”), which became effective on June 14, 2023, and replaced the 2013 Equity Incentive Plan (the “2013 Plan”). No additional awards may be granted under the 2013 Plan.

The 2023 Plan reserves 3,000,000 shares of common stock, plus any remaining shares available under the 2013 Plan as of the effective date. In addition, shares subject to outstanding awards under the 2013 Plan that expire, are forfeited, or otherwise terminate without being issued after June 14, 2023, will be added to the 2023 Plan share reserve. The 2023 Plan does not include an automatic annual share increase (an evergreen provision). On June 12, 2025, the Company’s stockholders approved the amendment and restatement of the 2023 Plan to increase the number of authorized shares reserved for issuance thereunder by 3,000,000 shares. As of September 30, 2025, the total number of shares of common stock reserved for issuance under the 2023 Plan is 20,359,868.

In addition, the Company’s Board and stockholders approved the Employee Stock Purchase Plan (the “ESPP”), which became effective on December 5, 2013. As of September 30, 2025, the total number of shares of common stock available for issuance under the ESPP is 865,198.

The following table presents a summary of awards outstanding:


	September 30, 2025
	2013 Plan	2023 Plan	Total
Stock options	9,230,740	4,245,179	13,475,919
RSUs	223,840	1,728,761	1,952,601
	9,454,580	5,973,940	15,428,520

The following table summarizes stock-based compensation expenses included in operating expenses:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
General and administrative	$	4,496	$	5,158	$	13,769	$	18,326
Research and development	5,596		7,180		19,273		22,623
	$	10,092	$	12,338	$	33,042	$	40,949


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Stock options	$	5,230	$	6,760	$	17,541	$	24,578
RSUs	4,640		5,372		14,833		15,748
ESPP	222		206		668		623
	$	10,092	$	12,338	$	33,042	$	40,949

Stock Option Awards

The following table presents a summary of the stock option activity for the nine months ended September 30, 2025:


	Number of Shares Subject to Outstanding Options	Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	12,370,081	$	28.59	5.9	$	10,386
Granted	1,993,374	13.00
Exercised	(189,194)	15.72
Forfeited	(698,342)	25.67
Outstanding at September 30, 2025	13,475,919	$	26.62	5.6	$	1,253
Exercisable at September 30, 2025	9,559,952	$	29.55	4.3	$	110

The aggregate intrinsic values represent the amount by which the market price of the underlying stock exceeds the exercise price of the option. The total intrinsic value of the options exercised during the three and nine months ended September 30, 2025 were $0 and $0.5 million, respectively. The total intrinsic value of the options exercised during the three and nine months ended September 30, 2024 were $0.4 million and $1.8 million, respectively.

As of September 30, 2025, the pre-tax compensation expense for all outstanding unvested stock options in the amount of $36.1 million will be recognized in the Company’s results of operations over a weighted average period of 2.3 years.

The per share weighted average grant date fair values of the stock options granted in the period are $4.59 and $7.11 for the three and nine months ended September 30, 2025, and $9.74 and $12.01 for the three and nine months ended September 30, 2024, respectively. The following table provides the weighted-average assumptions used in the calculation of grant date per share fair values of these stock options based on the Black-Scholes option pricing model:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Expected term (in years) (1)	6.3			5.8			6.4			6.4
Expected volatility (2)	53.2		%	50.8		%	51.0		%	50.1		%
Risk-free interest rate (3)	4.0		%	4.2		%	4.1		%	4.2		%
Expected dividend yield (4)	—		%	—		%	—		%	—		%
Underlying stock price	$	8.24		$	18.54		$	13.00		$	22.21

(1) The computation of expected term was determined based on the option holders’ past exercise patterns.

(2) Volatility is estimated based on volatility average of the Company’s common stock price.

(3) The risk-free interest rate is based on that of the U.S. Treasury yields with equivalent terms in effect at the time of the grant.

(4) The dividend yield is zero as the Company currently does not pay a dividend.

Restricted Stock Units (“RSUs”)

The following table summarizes the activity of the Company’s RSUs:


	Restricted Stock Units	Weighted Average Grant Date Fair Value (Per unit)
Outstanding as of December 31, 2024	1,783,795	$	25.52
Granted	1,143,134	13.25
Vested	(817,938)	26.57
Forfeited	(156,390)	19.97
Outstanding as of September 30, 2025	1,952,601	$	18.23

The fair value of RSUs was determined based on the closing price of the Company’s common stock on the grant date.

As of September 30, 2025, there was $24.0 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 1.8 years.

Employee Stock Purchase Plan

The following table provides the assumptions used in the calculation of grant date fair values of these shares issued under the Company’s ESPP based on the Black-Scholes option pricing model:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Expected term (in years)	0.5 - 2.0		0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility	42.97% - 73.25%		42.97% - 44.60%		42.97% - 73.25%		42.97% - 44.60%
Risk-free interest rate	4.22% - 5.40%		4.71% - 5.40%		4.22% - 5.40%		4.71% - 5.40%
Expected dividend yield	—	%	—	%	—	%	—	%

As of September 30, 2025, the pre-tax compensation expense for all outstanding shares issued under the Company’s ESPP in the amount of $0.2 million will be recognized in the Company’s results of operations over a weighted average period of 2 months.

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 28,291	$ 40,875
Marketable debt securities	358,493	408,971
Marketable equity securities	84,260	47,929
Accounts receivable	21,805	60,849
Prepaid expenses and other current assets	25,592	18,977
Total current assets	518,441	577,601
Property and equipment, net	54,587	59,800
Patents, licenses, and other intangible assets, net	9,468	18,485
Restricted cash	288	387
Marketable debt securities - long term	247,158	256,833
Right-of-use assets	38,371	38,341
Other assets	498	498
Total assets	868,811	951,945
Current liabilities:
Accounts payable	9,079	16,759
Accrued expenses	28,108	19,217
Lease liabilities	3,936	3,009
Liabilities related to the sales of future royalties	45,362	48,447
Total current liabilities	86,485	87,432
Uncertain tax position payable	3,903	9,990
Lease liabilities, net of current portion	65,331	65,338
Liabilities related to the sales of future royalties, net of current portion	87,776	115,159
Total liabilities	243,495	277,919
Commitments and contingencies
Noncontrolling interest and stockholders’ equity
Common stock, $0.01 par value: Authorized 200,000 shares Issued and outstanding 71,343 and 70,256 shares at September 30, 2025 and December 31, 2024, respectively.	714	703
Additional paid-in capital	1,412,750	1,381,607
Accumulated other comprehensive income (loss)	1,158	(663)
Accumulated deficit	(789,306)	(704,036)
Total stockholders’ equity attributable to Xencor, Inc.	625,316	677,611
Noncontrolling interest	0	(3,585)
Total noncontrolling interest and stockholders’ equity	625,316	674,026
Total liabilities and stockholders’ equity	$ 868,811	$ 951,945

Leases - Undiscounted Cash Flows (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Leases [Abstract]
For the remainder of 2025	$ 1,209
2026	9,084
2027	9,759
2028	9,276
2029	9,531
2030 and thereafter	58,229
Total	97,088
Less: Imputed interest	(27,821)
Total operating lease liabilities (includes current portion)	$ 69,267

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
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)	71,343,000	70,256,000
Common stock, shares outstanding (in shares)	71,343,000	70,256,000

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss attributable to Xencor, Inc.	$ (6,027)	$ (46,288)	$ (85,270)	$ (187,065)
Denominator:
Weighted-average basic shares outstanding (in shares)	74,413,000	64,023,000	74,122,000	62,310,000
Effect of dilutive securities (in shares)	0	0	0	0
Weighted-average diluted shares outstanding (in shares)	74,413,000	64,023,000	74,122,000	62,310,000
Basic net loss per share (in dollars per share)	$ (0.08)	$ (0.72)	$ (1.15)	$ (3.00)
Diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.72)	$ (1.15)	$ (3.00)
Number of shares outstanding, diluted (in shares)	81,598	441,137	260,114	599,148
Options
Denominator:
Number of shares outstanding, diluted (in shares)	0	276,868	5,062	374,076
Restricted stock units
Denominator:
Number of shares outstanding, diluted (in shares)	81,598	164,269	255,052	225,072

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Activity

The following table presents a summary of awards outstanding:


	September 30, 2025
	2013 Plan	2023 Plan	Total
Stock options	9,230,740	4,245,179	13,475,919
RSUs	223,840	1,728,761	1,952,601
	9,454,580	5,973,940	15,428,520

Schedule of Total Employee, Director and Non-Employee Stock-Based Compensation Expense Recognized

The following table summarizes stock-based compensation expenses included in operating expenses:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
General and administrative	$	4,496	$	5,158	$	13,769	$	18,326
Research and development	5,596		7,180		19,273		22,623
	$	10,092	$	12,338	$	33,042	$	40,949


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Stock options	$	5,230	$	6,760	$	17,541	$	24,578
RSUs	4,640		5,372		14,833		15,748
ESPP	222		206		668		623
	$	10,092	$	12,338	$	33,042	$	40,949

Schedule of Stock Option Activity

The following table presents a summary of the stock option activity for the nine months ended September 30, 2025:


	Number of Shares Subject to Outstanding Options	Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	12,370,081	$	28.59	5.9	$	10,386
Granted	1,993,374	13.00
Exercised	(189,194)	15.72
Forfeited	(698,342)	25.67
Outstanding at September 30, 2025	13,475,919	$	26.62	5.6	$	1,253
Exercisable at September 30, 2025	9,559,952	$	29.55	4.3	$	110

Schedule of Weighted Average Assumptions Used for Estimation of Fair Value of Stock Options

The following table provides the weighted-average assumptions used in the calculation of grant date per share fair values of these stock options based on the Black-Scholes option pricing model:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Expected term (in years) (1)	6.3			5.8			6.4			6.4
Expected volatility (2)	53.2		%	50.8		%	51.0		%	50.1		%
Risk-free interest rate (3)	4.0		%	4.2		%	4.1		%	4.2		%
Expected dividend yield (4)	—		%	—		%	—		%	—		%
Underlying stock price	$	8.24		$	18.54		$	13.00		$	22.21

(1) The computation of expected term was determined based on the option holders’ past exercise patterns.

(2) Volatility is estimated based on volatility average of the Company’s common stock price.

(3) The risk-free interest rate is based on that of the U.S. Treasury yields with equivalent terms in effect at the time of the grant.

(4) The dividend yield is zero as the Company currently does not pay a dividend.

The following table provides the assumptions used in the calculation of grant date fair values of these shares issued under the Company’s ESPP based on the Black-Scholes option pricing model:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Expected term (in years)	0.5 - 2.0		0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility	42.97% - 73.25%		42.97% - 44.60%		42.97% - 73.25%		42.97% - 44.60%
Risk-free interest rate	4.22% - 5.40%		4.71% - 5.40%		4.22% - 5.40%		4.71% - 5.40%
Expected dividend yield	—	%	—	%	—	%	—	%

Schedule of Restricted Stock Unit Activity

The following table summarizes the activity of the Company’s RSUs:


	Restricted Stock Units	Weighted Average Grant Date Fair Value (Per unit)
Outstanding as of December 31, 2024	1,783,795	$	25.52
Granted	1,143,134	13.25
Vested	(817,938)	26.57
Forfeited	(156,390)	19.97
Outstanding as of September 30, 2025	1,952,601	$	18.23

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Marketable Debt and Equity Securities - Equity Securities with Readily Determinable Fair Value (Details) - Common Stock - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Equity Securities
Marketable equity securities	$ 84,260	$ 47,929
INmune Bio, Inc.
Equity Securities
Marketable equity securities	0	8,805
Viridian Therapeutics, Inc.
Equity Securities
Marketable equity securities	15,476	13,748
Zenas BioPharma, Inc.
Equity Securities
Marketable equity securities	$ 68,784	$ 25,376

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stock Based Compensation - Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of Shares Subject to Outstanding Options
Balance at the beginning of the period (in shares)	12,370,081
Options granted (in shares)	1,993,374
Options exercised (in shares)	(189,194)
Options forfeited (in shares)	(698,342)
Balance at the end of the period (in shares)	13,475,919	12,370,081
Exercisable options (in shares)	9,559,952
Weighted Average Exercise Price (per share)
Balance at the beginning of the period (in dollars per share)	$ 28.59
Options granted (in dollars per share)	13.00
Options exercised (in dollars per share)	15.72
Options forfeited (in dollars per share)	25.67
Balance at the end of the period (in dollars per share)	26.62	$ 28.59
Exercisable (in dollars per share)	$ 29.55
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, balance outstanding	5 years 7 months 6 days	5 years 10 months 24 days
Weighted-average remaining contractual term, exercisable	4 years 3 months 18 days
Aggregate intrinsic value, balance outstanding	$ 1,253	$ 10,386
Aggregate intrinsic value, exercisable	$ 110

Balance Sheet Accounts - Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
For the remainder of 2025	$ 28
2026	734
2027	705
2028	577
2029	361
2030 and thereafter	2,093
Total	$ 4,498

Fair Value of Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Measurements

The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company’s valuation techniques and inputs used to measure fair value and the definition of the three levels (Level 1, Level 2, and Level 3) of the fair value hierarchy are disclosed in Note 1, Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements of Part II, “Item 8. Consolidated Financial Statements and Supplementary Data” of its Annual Report on Form 10-K for the year ended December 31, 2024.

The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. As of September 30, 2025 and December 31, 2024, the Company did not have any financial assets or financial liabilities based on Level 3 measurements.

The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company:


	September 30, 2025
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	18,095	$	18,095	$	—	$	—
Marketable debt securities:
Corporate securities	11,989		—		11,989		—
Government securities	593,662		—		593,662		—
Marketable equity securities	84,260		84,260		$	—	$	—
Total financial assets	$	708,006	$	102,355	$	605,651	$	—


	December 31, 2024
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	26,180	$	26,180	$	—	$	—
Marketable debt securities:
Corporate securities	142,873		—		142,873		—
Government securities	522,931		—		522,931		—
Marketable equity securities	$	47,929	47,929		$	—	$	—
Total financial assets	$	739,913	$	74,109	$	665,804	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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+ Details

Collaboration and Licensing Agreements - Narrative (Details) $ in Thousands		1 Months Ended					3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 22, 2023 USD ($)	Jun. 30, 2025 USD ($)	Feb. 28, 2025 USD ($)	May 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jan. 31, 2013 program	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2019 target	Dec. 31, 2024 USD ($)	Oct. 31, 2021 USD ($)
Collaboration research and licensing agreements
Accounts receivable							$ 21,805		$ 21,805			$ 60,849
Collaborations, milestones, and royalties							20,999	$ 17,796	97,339	$ 57,700
Royalties
Collaboration research and licensing agreements
Collaborations, milestones, and royalties							20,999	17,796	57,839	48,700
Alexion
Collaboration research and licensing agreements
Collaborations, milestones, and royalties							18,703	15,667	50,996	42,118
Alexion \| Option and License agreement
Collaboration research and licensing agreements
Number of different target programs \| program						1
Accounts receivable							18,500		18,500
Alexion \| Option and License agreement \| Royalties
Collaboration research and licensing agreements
Revenue recognized							18,700	15,700	51,000	42,100
MorphoSys \| Collaboration and License Agreement
Collaboration research and licensing agreements
Proceeds from milestone payment received		$ 25,000	$ 12,500
Royalty milestones							98,000		98,000
MorphoSys \| Collaboration and License Agreement \| Royalties
Collaboration research and licensing agreements
Revenue recognized							2,300	2,100	6,800	6,500
Accounts receivable							3,300		3,300
OCM Life Sciences Portfolio LP (OMERS) \| Monjuvi Royalty Sale Agreement
Collaboration research and licensing agreements
Proceeds from milestone payment received									37,500
Mabgeek
Collaboration research and licensing agreements
Collaborations, milestones, and royalties							0	0	0	1,500
Mabgeek \| Technology License Agreement
Collaboration research and licensing agreements
Royalty milestones	$ 11,900
Collaborative arrangement nonrefundable upfront fees	$ 1,500
Vega \| Technology License Agreement
Collaboration research and licensing agreements
Revenue recognized					$ 500
Royalty milestones													$ 30,000
Collaborations, milestones, and royalties							0	0	0	500
Vir Bio
Collaboration research and licensing agreements
Collaborations, milestones, and royalties							1	5	2,011	54
Vir Bio \| Patent License Agreement
Collaboration research and licensing agreements
Number of different target programs \| target											2
Revenue recognized							2,000
Royalty milestones							152,000		152,000
Third Party Licensee
Collaboration research and licensing agreements
Collaborations, milestones, and royalties							$ 0	$ 0	$ 0	$ 7,000
Third Party Licensee \| Patent License Agreement
Collaboration research and licensing agreements
Collaborations, milestones, and royalties				$ 7,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

The following table presents the computation of basic and diluted net loss per share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Numerator:
Net loss attributable to Xencor, Inc.	$	(6,027)	$	(46,288)	$	(85,270)	$	(187,065)
Denominator:
Weighted-average basic shares outstanding	74,413		64,023		74,122		62,310
Effect of dilutive securities	—		—		—		—
Weighted-average diluted shares outstanding	74,413		64,023		74,122		62,310

Basic and diluted net loss per share	$	(0.08)	$	(0.72)	$	(1.15)	$	(3.00)

All outstanding options and RSUs as of September 30, 2025 and 2024 were excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive. The following table sets forth the potentially dilutive securities calculated as if the Company was in a net income position for the periods presented.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Options	—	276,868	5,062	374,076
Restricted stock units	81,598	164,269	255,052	225,072

Total	81,598	441,137	260,114	599,148

Stock Based Compensation - Share-Based Payment Arrangement, Activity (Details) - shares	Sep. 30, 2025	Dec. 31, 2024
Total
Stock-based compensation
Stock options (in shares)	13,475,919
Total (in shares)	15,428,520
2013 Plan
Stock-based compensation
Stock options (in shares)	9,230,740
Total (in shares)	9,454,580
2023 Plan
Stock-based compensation
Stock options (in shares)	4,245,179
Total (in shares)	5,973,940
RSUs
Stock-based compensation
RSUs (in shares)	1,952,601	1,783,795
RSUs \| Total
Stock-based compensation
RSUs (in shares)	1,952,601
RSUs \| 2013 Plan
Stock-based compensation
RSUs (in shares)	223,840
RSUs \| 2023 Plan
Stock-based compensation
RSUs (in shares)	1,728,761

- 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.

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+ Details

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease assets	$ 38,371	$ 38,341
Current operating lease liabilities	3,936	3,009
Non-current operating lease liabilities	$ 65,331	$ 65,338

Marketable Debt and Equity Securities - Net Realized and Unrealized Gains (Losses) on Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Marketable Securities [Abstract]
Total gains (losses) recorded on marketable equity securities	$ 44,201	$ 9,254	$ 50,109	$ (448)
Less: (Losses) gains recorded on sale of marketable equity securities	(10)	92	4,973	1,280
Unrealized gains (losses) on securities held at the reporting date	$ 44,211	$ 9,162	$ 45,136	$ (1,728)

Balance Sheet Accounts - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued R&D expenses	$ 10,130	$ 2,324
Accrued payroll and benefits	16,173	14,849
Other	1,805	2,044
Total accrued expenses	$ 28,108	$ 19,217

Marketable Debt and Equity Securities - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity Securities
Proceeds from sale of common stock		$ 189,179,000
Impairment losses on marketable equity securities	$ 0	$ 0	$ 0	$ 20,400,000
INmune Bio, Inc.
Equity Securities
Sale of common stock and pre-funded warrants, net of issuance cost (in shares)			1,885,533
Proceeds from sale of common stock			$ 13,800,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Organization and Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Income tax expense	$ 0	$ 0	$ 117,000	$ 0

- Definition

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

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease cost	$ 2,213	$ 1,881	$ 5,947	$ 5,643
Variable lease cost		(201)
Variable lease cost	259		701	939
Total lease costs	2,472	1,680	6,648	6,582
Right-of-use assets adjusted in exchange for amended operating lease liabilities	863	0	863	7,166
Cash paid for amounts included in the measurement of lease liabilities	$ 2,201	$ 801	$ 5,629	$ 2,679
Weighted-average remaining lease term (in years)	9 years 7 months 6 days	10 years 6 months	9 years 7 months 6 days	10 years 6 months
Weighted-average discount rate (%)	7.00%	7.00%	7.00%	7.00%

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (85,484)	$ (190,340)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,935	9,113
Accretion of discount on marketable debt securities, net	(3,141)	(16,635)
Stock-based compensation	33,042	40,949
Gain on sale of marketable securities, net	(4,973)	(3)
Change in fair value of marketable equity securities	(45,136)	448
Asset impairment charges	8,288	20,430
Non-cash royalty revenue related to the sale of future royalties	(57,828)	(48,646)
Non-cash interest expense on liabilities related to the sale of future royalties	24,569	27,950
Changes in operating assets and liabilities:
Accounts receivable	34,532	1,875
Prepaid expenses and other assets	8,761	328
Accounts payable	(5,644)	4,856
Accrued expenses	6,854	1,843
Operating lease, net	890	1,374
Other assets and liabilities, net	(6,071)	(5,893)
Net cash used in operating activities	(83,406)	(152,351)
Cash flows from investing activities
Purchase of marketable debt securities	(261,045)	(540,844)
Purchase of property and equipment	(2,010)	(4,433)
Purchase of patents	0	(2,396)
Proceeds from sales of marketable equity securities	13,778	6,639
Proceeds from sales and maturities of marketable debt securities	318,089	475,910
Net cash provided by (used in) investing activities	68,812	(65,124)
Cash flows from financing activities
Proceeds from the exercises of stock options	2,974	2,612
Proceeds from issuance of common stock under the Employee Stock Purchase Plan	662	930
Proceeds from issuance of common stock and pre-funded warrants	0	201,256
Common stock and pre-funded warrants issuance costs	0	(12,077)
Cash paid to acquire noncontrolling interest	(1,725)	0
Net cash provided by financing activities	1,911	192,721
Net decrease in cash, cash equivalents, and restricted cash	(12,683)	(24,754)
Cash, cash equivalents, and restricted cash, beginning of period	41,262	54,170
Cash, cash equivalents, and restricted cash, end of period	28,579	29,416
Supplemental disclosure of cash flow information
Interest paid	4	31
Income taxes paid	$ 7,359	$ 6,100

Collaboration and Licensing Agreements

9 Months Ended

Sep. 30, 2025

Collaboration and Licensing Agreements

Collaboration and Licensing Agreements

The following table provides a summary of revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Alexion	$	18,703	$	15,667	$	50,996	$	42,118




Incyte	2,295		2,124		44,332		6,528
Mabgeek	—		—		—		1,500


Vega	—		—		—		500
Vir Bio	1		5		2,011		54


Third Party Licensee	—		—		—		7,000
Total(1)	$	20,999	$	17,796	$	97,339	$	57,700

(1) As of September 30, 2025, there was no deferred revenue related to the agreements the Company entered into with the parties listed above.

The following table presents a disaggregation of revenue recognized during the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)

License	$	—	$	—	$	—	$	8,500
Milestone	—		—		39,500		500
Royalties	20,999		17,796		57,839		48,700
Total	$	20,999	$	17,796	$	97,339	$	57,700

Alexion Pharmaceuticals, Inc. (“Alexion”)

In January 2013, the Company entered into an Option and License Agreement (the “Alexion Agreement”) with Alexion. Under the terms of the Alexion Agreement, the Company granted to Alexion an exclusive research license, with limited sublicensing rights, to make and use the Company’s Xtend technology to evaluate and advance compounds. Alexion exercised its rights to one target program, ALXN1210, which is now marketed as Ultomiris®.

Under the Alexion Agreement, no further milestone payments are expected. The Company is entitled to receive royalties based on a percentage of net sales of Ultomiris sold by Alexion, its affiliates or its sublicensees, 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.

On November 3, 2023, the Company entered into a royalty sale agreement (the “Ultomiris Royalty Sale Agreement”) with OCM Life Sciences Portfolio LP (“OMERS”), under which OMERS acquired the rights to certain royalties associated with the existing license relating to Ultomiris.

Under the Alexion Agreement, the Company recognized non-cash royalty revenue of $18.7 million and $15.7 million during the three months ended September 30, 2025 and 2024, respectively, and $51.0 million and $42.1 million during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company recorded $18.5 million in accounts receivable based on estimated royalties due under the arrangement. Payment of this receivable will be made directly to OMERS. See Note 6.

Incyte Corporation (“Incyte”)

In June 2010, the Company entered into a Collaboration and License Agreement (the “MorphoSys Agreement”) with MorphoSys AG (“MorphoSys”). Under the MorphoSys Agreement, the Company granted MorphoSys an exclusive worldwide license to its patents and know-how to research, develop and commercialize the XmAb5574 product candidate (subsequently renamed MOR208 and tafasitamab) with the right to sublicense under certain conditions. In February 2024, Incyte assumed all of MorphoSys’ right, title and interest in the MorphoSys Agreement and acquired exclusive global development and commercialization rights to tafasitamab. If certain developmental, regulatory and sales milestones are achieved, the Company is eligible to receive future milestone payments and royalties from Incyte.

The United States Food and Drug Administration (“FDA”) accepted Incyte’s submission of a supplemental biologics license application in February 2025, triggering a $12.5 million milestone payment to the Company, which was paid in the second quarter of 2025. The FDA approved the application in June 2025, triggering a $25.0 million milestone payment to the Company, which was paid in the third quarter of 2025.

Under the MorphoSys Agreement, the Company is eligible to receive up to $98.0 million in developmental, regulatory and sales milestones, as well as royalties on net sales, subject to the terms and conditions of the agreement.

On November 3, 2023, the Company entered into a royalty sale agreement (the “Monjuvi Royalty Sale Agreement”) with OMERS, under which OMERS acquired the rights to certain royalties associated with the existing license relating to Incyte. The $37.5 million of milestone payments the Company received in 2025 is not subject to the Monjuvi Royalty Sale Agreement.

Under the MorphoSys Agreement, the Company recognized non-cash royalty revenue of $2.3 million and $2.1 million during the three months ended September 30, 2025 and 2024, respectively, and $6.8 million and $6.5 million during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company recorded $3.3 million in accounts receivable based on estimated royalties due under the arrangement. Payment of this receivable will be made directly to OMERS. See Note 6.

Shanghai Mabgeek Biotech Co., Ltd. (“Mabgeek”)

On December 22, 2023, the Company entered into a Technology License Agreement with Mabgeek. On June 21, 2024, the parties entered into Amendment No. 1 to the Technology License Agreement (as amended, the “Mabgeek Agreement”). Under the Mabgeek Agreement, the Company received an upfront payment of $1.5 million, which was recognized as revenue, and is eligible to receive royalties in the low single digits on net sales of approved products.

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

Under the Mabgeek Agreement, the Company is eligible to receive up to $11.9 million in developmental, regulatory and sales milestones, as well as royalties on net sales, subject to the terms and conditions of the agreement.

Vega Therapeutics, Inc. (“Vega”)

In October 2021, the Company entered into a Technology License Agreement (the “Vega Agreement”) with Vega, granting Vega a non-exclusive license to its Xtend Fc technology. In March 2024, Vega initiated a Phase 1 study, triggering a $0.5 million milestone payment, which was recognized as revenue.

Under the Vega Agreement, the Company is eligible to receive up to $30.0 million in developmental, regulatory and sales milestones, as well as royalties on net sales, subject to the terms and conditions of the agreement.

Vir Biotechnology, Inc. (“Vir Bio”)

In 2019, the Company entered into a Patent License Agreement (the “Vir Bio Agreement”) with Vir Bio, granting a non-exclusive license to its Xtend technology for up to two targets. In March 2025, Vir Bio initiated a Phase 3 study for tobevibart, triggering a $2.0 million milestone payment to the Company, which was paid in the second quarter of 2025.

In March 2020, the Company entered into a second Patent License Agreement (the “Second Vir Bio Agreement”) with Vir Bio, granting a non-exclusive license to its Xtend technology to extend the half-life of novel antibodies Vir Bio developed as potential treatments for patients with COVID-19, including sotrovimab. Under the terms of the Second Vir Bio Agreement, Vir Bio is responsible for all research, development, regulatory and commercial activities for the antibodies, and the Company is eligible to receive royalties on the net sales of approved products in the mid-single digit percentage range. Vir Bio and its marketing partner, GSK, began recording sales for sotrovimab beginning in June 2021.

The Company recognized nominal amounts of royalty revenue for the three and nine months ended September 30, 2025 and 2024. Under the Vir Bio Agreement, the Company is eligible to receive up to $152.0 million in developmental, regulatory and sales milestones, as well as royalties on net sales, subject to the terms and conditions of the agreement.

Third-Party License

In May 2024, the Company entered into a Patent License Agreement with a third-party licensee. The Company satisfied its performance obligation under the agreement, triggering a $7.0 million payment to the Company, which was paid in the third quarter of 2024. There is no further obligation under this agreement.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Common Share

The following table presents the computation of basic and diluted net loss per share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Numerator:
Net loss attributable to Xencor, Inc.	$	(6,027)	$	(46,288)	$	(85,270)	$	(187,065)
Denominator:
Weighted-average basic shares outstanding	74,413		64,023		74,122		62,310
Effect of dilutive securities	—		—		—		—
Weighted-average diluted shares outstanding	74,413		64,023		74,122		62,310

Basic and diluted net loss per share	$	(0.08)	$	(0.72)	$	(1.15)	$	(3.00)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the potentially dilutive securities calculated as if the Company was in a net income position for the periods presented.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Options	—	276,868	5,062	374,076
Restricted stock units	81,598	164,269	255,052	225,072

Total	81,598	441,137	260,114	599,148

Marketable Debt and Equity Securities - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule of Available-for-sale Securities
Money market funds	$ 28,291	$ 40,875
Amortized Cost	604,484
Amortized Cost	622,579	692,637
Gross Unrealized Gains	1,334	832
Gross Unrealized Losses	(167)	(1,485)
Marketable debt securities	605,651
Total	623,746	691,984
Cash equivalents
Schedule of Available-for-sale Securities
Total	18,095	26,180
Marketable debt securities
Schedule of Available-for-sale Securities
Total	605,651	665,804
Money market funds
Schedule of Available-for-sale Securities
Money market funds	18,095	26,180
Corporate securities
Schedule of Available-for-sale Securities
Amortized Cost	11,964	142,688
Gross Unrealized Gains	25	185
Gross Unrealized Losses	0	0
Marketable debt securities	11,989	142,873
Government securities
Schedule of Available-for-sale Securities
Amortized Cost	592,520	523,769
Gross Unrealized Gains	1,309	647
Gross Unrealized Losses	(167)	(1,485)
Marketable debt securities	$ 593,662	$ 522,931

Collaboration and Licensing Agreements (Tables)

9 Months Ended

Sep. 30, 2025

Collaboration and Licensing Agreements

Schedule of Revenue by Licensees

The following table provides a summary of revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Alexion	$	18,703	$	15,667	$	50,996	$	42,118




Incyte	2,295		2,124		44,332		6,528
Mabgeek	—		—		—		1,500


Vega	—		—		—		500
Vir Bio	1		5		2,011		54


Third Party Licensee	—		—		—		7,000
Total(1)	$	20,999	$	17,796	$	97,339	$	57,700

(1) As of September 30, 2025, there was no deferred revenue related to the agreements the Company entered into with the parties listed above.

Schedule of Disaggregation of Revenue

The following table presents a disaggregation of revenue recognized during the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)

License	$	—	$	—	$	—	$	8,500
Milestone	—		—		39,500		500
Royalties	20,999		17,796		57,839		48,700
Total	$	20,999	$	17,796	$	97,339	$	57,700

Stock Based Compensation - Restricted Stock Units (Details) - RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Restricted Stock Units
Beginning balance (in shares) \| shares	1,783,795
Granted (in shares) \| shares	1,143,134
Vested (in shares) \| shares	(817,938)
Forfeited (in shares) \| shares	(156,390)
Ending balance (in shares) \| shares	1,952,601
Weighted Average Grant Date Fair Value (Per unit)
Weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 25.52
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	13.25
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	26.57
Weighted average grant date fair value, forfeited (in dollars per share) \| $ / shares	19.97
Weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 18.23

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Monrovia, California: The Company leases office and laboratory space in Monrovia, California, which lease expires in December 2025. The lease contains an option to renew for one additional five-year term. As of September 30, 2025, the Company has concluded it will not exercise the renewal option; therefore, no renewal periods are included in the remaining lease term, and the option is excluded from the measurement of the right-of-use assets and liabilities.

On August 8, 2025, the Company entered into the seventh amendment to the lease to extend the term for the second floor premises by one year. The amended lease term will commence on January 1, 2026 and expire on December 31, 2026. The total lease expense associated with this lease is approximately $0.9 million.

Pasadena, California: In June 2021, the Company entered into a lease agreement for laboratory and office space in Pasadena, California, with a lease term through July 2035 and no renewal option. The lease includes two phases: Phase 1 commenced on August 1, 2022, and Phase 2 commenced on December 1, 2022.

The lease provides tenant improvement allowances of up to $17.0 million for Phase 1 and $3.3 million for Phase 2. In August 2022, the lease was amended to provide an additional $5.0 million in Phase 1 improvement allowance in exchange for an increase in rent.

San Diego, California: In August 2023, the Company entered into a sublease agreement for office space in San Diego, California, with a lease term from September 2023 through December 2027. As part of the sublease, the Company issued a $0.4 million letter of credit to the landlord, secured by a cash collateral account classified as restricted cash on the consolidated balance sheets. The amount of the letter of credit will decrease over the lease term.

The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. The components of lease assets and liabilities along with their classification on the Company’s consolidated balance sheets were as follows:


Lease Assets and Liabilities	Classification	September 30, 2025		December 31, 2024
		(in thousands)
Operating lease assets	Right-of-use assets	$	38,371	$	38,341
Current operating lease liabilities	Lease liabilities	3,936		3,009
Non-current operating lease liabilities	Lease liabilities, net of current portion	65,331		65,338

The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2025:


Year	Amounts
	(in thousands)
For the remainder of 2025	$	1,209
2026	9,084
2027	9,759
2028	9,276
2029	9,531
2030 and thereafter	58,229
Total	97,088
Less: Imputed interest	(27,821)
Total operating lease liabilities (includes current portion)	$	69,267

The following table presents lease costs, supplemental cash flow and other information:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025			2024
	(in thousands)
Operating lease cost	$	2,213	$	1,881	$	5,947		$	5,643
Variable lease cost	259		(201)		701			939
Total lease costs	$	2,472	$	1,680	$	6,648		$	6,582

Right-of-use assets adjusted in exchange for amended operating lease liabilities	$	863	$	—	$	863		$	7,166
Cash paid for amounts included in the measurement of lease liabilities	$	2,201	$	801	$	5,629		$	2,679

					September 30,
					2025			2024
Weighted-average remaining lease term (in years)					9.6 years			10.5 years
Weighted-average discount rate (%)					7.0		%	7.0		%

Liabilities Related to the Sales of Future Royalties (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Debt of Future Royalties

The following table presents the activities with respect to the liabilities related to the sales of future royalties:


	September 30, 2025		December 31, 2024
	(in thousands)
Beginning balance	$	163,606	$	189,483
Royalties owed to OMERS	—		834
Royalties paid to OMERS	(55,037)		(63,304)
Non-cash interest expense recognized	24,569		36,593
Ending balance	$	133,138	$	163,606

Current liabilities	$	45,362	$	48,447
Long-term liabilities	87,776		115,159
Total	$	133,138	$	163,606

Balance Sheet Accounts - Indefinite and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Patents, licenses, and other intangible assets
Total finite-lived assets	$ 11,852	$ 19,284
Indefinite-lived assets	4,970	10,795
Total gross carrying amount	16,822	30,079
Accumulated amortization	(7,354)	(11,594)
Total patents, licenses, and other intangible assets, net	9,468	18,485
Patents
Patents, licenses, and other intangible assets
Total finite-lived assets	10,870	16,854
Licenses and other intangible assets
Patents, licenses, and other intangible assets
Total finite-lived assets	$ 982	$ 2,430

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Stock by Class

The following table summarizes the Company’s shares of common stock and preferred stock:


		Shares
	Par Value	Authorized	Issued	Outstanding

As of September 30, 2025
Common Stock	$0.01	200,000,000	71,343,148	71,343,148
Preferred Stock	$0.01	10,000,000	—	—

As of December 31, 2024
Common Stock	$0.01	200,000,000	70,256,108	70,256,108
Preferred Stock	$0.01	10,000,000	—	—

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Stockholders’ Equity - Stock by Class (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
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)	71,343,000	70,256,000
Common stock, shares outstanding (in shares)	71,343,000	70,256,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
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)	71,343,148	70,256,108
Common stock, shares outstanding (in shares)	71,343,148	70,256,108
Preferred Stock
Subsidiary, Sale of Stock [Line Items]
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

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below details the Company’s revenues and expenses and reconciles those amounts to the Company’s consolidated net loss as computed under U.S. GAAP in the consolidated statements of operations and comprehensive loss:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenues:
License	$	—	$	—	$	—	$	8,500
Milestone	—		—		39,500		500
Royalties	20,999		17,796		57,839		48,700
Total revenues	20,999		17,796		97,339		57,700
Operating expenses:
Research and development:
External research and development expenses	26,260		29,094		85,085		84,394
Internal research and development expenses	22,511		21,952		70,252		69,613
Stock based compensation	5,596		7,180		19,273		22,623
Total research and development	54,367		58,226		174,610		176,630
General and administrative	14,151		14,767		46,603		46,300
Total operating expenses	68,518		72,993		221,213		222,930
Operating loss	(47,519)		(55,197)		(123,874)		(165,230)
Other income (expense), net (1)	41,492		7,755		38,507		(25,110)
Loss before income tax expense and noncontrolling interest	$	(6,027)	$	(47,442)	$	(85,367)	$	(190,340)

(1) Other income (expense), net, included interest income, interest expense, gain/loss on marketable equity securities and asset impairment charges.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
External R&D expenses per program:
XmAb819 (ENPP3 x CD3)	$	3,735	$	3,370	$	14,883	$	8,270
XmAb541 (CLDN6 x CD3)	3,757		1,293		8,732		2,547
XmAb808 (B7-H3 x CD28)	1,016		2,354		4,891		6,397
XmAb942 (Xtend TL1A)	3,003		5,597		8,368		15,553
Plamotamab (CD20 x CD3)	1,422		3,851		5,063		4,258
XmAb657 (CD19 x CD3)	2,650		612		12,827		612
Other programs including research and early stage	6,731		5,151		15,607		23,519
Wind down costs of terminated programs	3,946		6,866		14,714		23,238
Total external R&D expenses	26,260		29,094		85,085		84,394
Internal research and development expenses	22,511		21,952		70,252		69,613
Stock based compensation	5,596		7,180		19,273		22,623
Total R&D expenses	$	54,367	$	58,226	$	174,610	$	176,630

Marketable Debt and Equity Securities (Tables)

9 Months Ended

Sep. 30, 2025

Marketable Securities [Abstract]

Schedule of Marketable Securities

The Company’s marketable debt securities consisted of the following:


	As of September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	18,095	$	—	$	—	$	18,095
Corporate securities	11,964		25		—		11,989
Government securities	592,520		1,309		(167)		593,662
	$	622,579	$	1,334	$	(167)	$	623,746

Reported as
Cash equivalents							$	18,095
Marketable debt securities							605,651
Total							$	623,746


	As of 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 equivalents							$	26,180
Marketable debt securities							665,804
Total							$	691,984

Schedule of Maturities of Marketable Securities

The following table summarizes the contract maturities of the Company’s marketable debt securities as of September 30, 2025:


	Amortized Cost		Estimated Fair Value
	(in thousands)
Mature in one year or less	$	358,349	$	358,493
Mature within two years	246,135		247,158
Total	$	604,484	$	605,651

Schedule of Marketable Equity Securities

The Company’s marketable equity securities consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
INmune Bio, Inc.	$	—	$	8,805
Viridian Therapeutics, Inc.	15,476		13,748
Zenas BioPharma, Inc.	68,784		25,376
	$	84,260	$	47,929

Schedule of Net Realized and Unrealized Gains (Losses) on Marketable Equity Securities

Net realized and unrealized gains (losses) on marketable equity securities, recognized in other income (expense) in the consolidated statements of operations, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Total gains (losses) recorded on marketable equity securities	$	44,201	$	9,254	$	50,109	$	(448)
Less: (Losses) gains recorded on sale of marketable equity securities	(10)		92		4,973		1,280
Unrealized gains (losses) on securities held at the reporting date	$	44,211	$	9,162	$	45,136	$	(1,728)

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Jun. 12, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 14, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total intrinsic value of the options exercised		$ 0.0	$ 0.4	$ 0.5	$ 1.8
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares of common stock available for issuance (in shares)		865,198		865,198
Unamortized compensation expense		$ 0.2		$ 0.2
Period to recognize unamortized compensation expense				2 months
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized compensation expense		$ 36.1		$ 36.1
Period to recognize unamortized compensation expense				2 years 3 months 18 days
Weighted average grant date fair values (in dollars per share)		$ 4.59	$ 7.11	$ 9.74	$ 12.01
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Period to recognize unamortized compensation expense				1 year 9 months 18 days
Unamortized compensation expense related to unvested restricted stock units		$ 24.0		$ 24.0
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)		20,359,868		20,359,868		3,000,000
Number of additional shares authorized (in shares)	3,000,000

Balance Sheet Accounts

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Accounts

Property and Equipment

The following table summarizes the Company’s major classes of property and equipment:


	September 30, 2025		December 31, 2024
	(in thousands)
Lab equipment	$	43,244	$	40,937
Computer, software and office equipment	2,283		2,131
Furniture and fixtures	128		128
Leasehold improvements	51,695		51,566
Construction in progress	6,638		7,217
Total gross carrying amount	103,988		101,979
Less: accumulated depreciation and amortization	(49,401)		(42,179)
Property and equipment, net	$	54,587	$	59,800

Depreciation and amortization expense for property and equipment for the three months ended September 30, 2025 and 2024 was $2.4 million and $2.8 million, respectively. Depreciation and amortization expense for property and equipment for the nine months ended September 30, 2025 and 2024 was $7.2 million and $8.2 million, respectively.

Patents, Licenses, and Other Intangible Assets

The following table summarizes the Company’s patents, licenses, and other intangible assets:


	September 30, 2025		December 31, 2024
	(in thousands)
Patents	$	10,870	$	16,854
Licenses and other intangible assets	982		2,430
Total finite-lived assets	11,852		19,284
Indefinite-lived assets	4,970		10,795
Total gross carrying amount	16,822		30,079
Accumulated amortization	(7,354)		(11,594)
Total patents, licenses, and other intangible assets, net	$	9,468	$	18,485

Patents, licenses and other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Amortization expense was $0.2 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense was $0.7 million and $1.0 million for the nine months ended September 30, 2025 and 2024, respectively. None of these assets with definite useful lives are anticipated to have a residual value.

Patents, licenses and other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. The Company recorded the asset impairment charges of $1.6 million and $8.3 million during the three and nine months ended September 30, 2025, respectively, related to its decision to pause further development of certain programs and prioritize resources toward advancing other pipeline programs. As a result, associated patents related to the paused programs were impaired. No impairment charges were recorded for each of the three and nine months ended September 30, 2024.

The following table presents the estimated future amortization expense related to definite-lived assets as of September 30, 2025:


	Amortization Expense
Year ending December 31,	(in thousands)
For the remainder of 2025	$	28
2026	734
2027	705
2028	577
2029	361
2030 and thereafter	2,093
Total	$	4,498

Accrued Expense

Accrued expenses consist of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Accrued R&D expenses	$	10,130	$	2,324

Accrued payroll and benefits	16,173		14,849
Other	1,805		2,044
Total accrued expenses	$	28,108	$	19,217

Stock Based Compensation - FV of Employee Stock Options (Details) - Stock options - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Weighted average assumptions for estimated fair value of employee stock options
Expected term (in years)	6 years 3 months 18 days	5 years 9 months 18 days	6 years 4 months 24 days	6 years 4 months 24 days
Expected volatility (as a percent)	53.20%	50.80%	51.00%	50.10%
Risk-free interest rate (as a percent)	4.00%	4.20%	4.10%	4.20%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Underlying stock price (in dollars per share)	$ 8.24	$ 18.54	$ 13.00	$ 22.21

Segment Reporting - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenues	$ 20,999	$ 17,796	$ 97,339	$ 57,700
Stock based compensation	10,092	12,338	33,042	40,949
Total research and development	54,367	58,226	174,610	176,630
General and administrative	14,151	14,767	46,603	46,300
Total operating expenses	68,518	72,993	221,213	222,930
Operating loss	(47,519)	(55,197)	(123,874)	(165,230)
Other income (expense), net	41,492	7,755	38,507	(25,110)
Loss before income tax expense and noncontrolling interest	(6,027)	(47,442)	(85,367)	(190,340)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	20,999	17,796	97,339	57,700
External research and development expenses	26,260	29,094	85,085	84,394
Internal research and development expenses	22,511	21,952	70,252	69,613
Stock based compensation	5,596	7,180	19,273	22,623
Total research and development	54,367	58,226	174,610	176,630
General and administrative	14,151	14,767	46,603	46,300
Total operating expenses	68,518	72,993	221,213	222,930
Operating loss	(47,519)	(55,197)	(123,874)	(165,230)
Reportable Segment \| XmAb819 (ENPP3 x CD3)
Segment Reporting Information [Line Items]
External research and development expenses	3,735	3,370	14,883	8,270
Reportable Segment \| XmAb541 (CLDN6 x CD3)
Segment Reporting Information [Line Items]
External research and development expenses	3,757	1,293	8,732	2,547
Reportable Segment \| XmAb808 (B7-H3 x CD28)
Segment Reporting Information [Line Items]
External research and development expenses	1,016	2,354	4,891	6,397
Reportable Segment \| XmAb942 (Xtend TL1A)
Segment Reporting Information [Line Items]
External research and development expenses	3,003	5,597	8,368	15,553
Reportable Segment \| Plamotamab (CD20 x CD3)
Segment Reporting Information [Line Items]
External research and development expenses	1,422	3,851	5,063	4,258
Reportable Segment \| XmAb657 (CD19 x CD3)
Segment Reporting Information [Line Items]
External research and development expenses	2,650	612	12,827	612
Reportable Segment \| Other programs including research and early stage
Segment Reporting Information [Line Items]
External research and development expenses	6,731	5,151	15,607	23,519
Reportable Segment \| Wind down costs of terminated programs
Segment Reporting Information [Line Items]
External research and development expenses	3,946	6,866	14,714	23,238
License
Segment Reporting Information [Line Items]
Total revenues	0	0	0	8,500
License \| Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	0	0	0	8,500
Milestone
Segment Reporting Information [Line Items]
Total revenues	0	0	39,500	500
Milestone \| Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	0	0	39,500	500
Royalties
Segment Reporting Information [Line Items]
Total revenues	20,999	17,796	57,839	48,700
Royalties \| Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	$ 20,999	$ 17,796	$ 57,839	$ 48,700

Balance Sheet Accounts (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

The following table summarizes the Company’s major classes of property and equipment:


	September 30, 2025		December 31, 2024
	(in thousands)
Lab equipment	$	43,244	$	40,937
Computer, software and office equipment	2,283		2,131
Furniture and fixtures	128		128
Leasehold improvements	51,695		51,566
Construction in progress	6,638		7,217
Total gross carrying amount	103,988		101,979
Less: accumulated depreciation and amortization	(49,401)		(42,179)
Property and equipment, net	$	54,587	$	59,800

Schedule of Finite-Lived Intangible Assets

The following table summarizes the Company’s patents, licenses, and other intangible assets:


	September 30, 2025		December 31, 2024
	(in thousands)
Patents	$	10,870	$	16,854
Licenses and other intangible assets	982		2,430
Total finite-lived assets	11,852		19,284
Indefinite-lived assets	4,970		10,795
Total gross carrying amount	16,822		30,079
Accumulated amortization	(7,354)		(11,594)
Total patents, licenses, and other intangible assets, net	$	9,468	$	18,485

Schedule of Indefinite-Lived Intangible Assets

The following table summarizes the Company’s patents, licenses, and other intangible assets:


	September 30, 2025		December 31, 2024
	(in thousands)
Patents	$	10,870	$	16,854
Licenses and other intangible assets	982		2,430
Total finite-lived assets	11,852		19,284
Indefinite-lived assets	4,970		10,795
Total gross carrying amount	16,822		30,079
Accumulated amortization	(7,354)		(11,594)
Total patents, licenses, and other intangible assets, net	$	9,468	$	18,485

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents the estimated future amortization expense related to definite-lived assets as of September 30, 2025:


	Amortization Expense
Year ending December 31,	(in thousands)
For the remainder of 2025	$	28
2026	734
2027	705
2028	577
2029	361
2030 and thereafter	2,093
Total	$	4,498

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Accrued R&D expenses	$	10,130	$	2,324

Accrued payroll and benefits	16,173		14,849
Other	1,805		2,044
Total accrued expenses	$	28,108	$	19,217

Balance Sheet Accounts - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Balance Sheet Accounts - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation, depletion and amortization, nonproduction	$ 2,400,000	$ 2,800,000	$ 7,200,000	$ 8,200,000
Amortization of intangible assets	200,000	300,000	700,000	1,000,000.0
Impairment of intangible assets	$ 1,600,000	$ 0	$ 8,300,000	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may be subject to claims and legal proceedings arising in the ordinary course of business. The Company evaluates each matter and assesses its potential financial exposure. If the potential loss from a legal proceeding is considered probable and the amount can be reasonably estimated, the Company records an accrual for the estimated loss. Because the outcome of legal proceedings is inherently uncertain, significant judgment is required in assessing the likelihood of a loss and whether the amount is reasonably estimable. The Company’s assessments and any recorded accruals are based on information available at the time of evaluation. As additional information becomes available, the Company re-evaluates its estimates and may adjust recorded liabilities accordingly. The Company is currently a party to an action initiated by Merus N.V. (“Merus”) in the District of Delaware alleging that the Company’s manufacture, use, offer for sale, sale and/or importation of common light chain antibodies and heterodimeric antibodies infringes certain claims of three Merus patents. Merus filed its complaint against the Company on August 5, 2024. Merus asserted claims of U.S. Patent Nos. 9,944,695, 9,358,286 and 11,926,859 (collectively, the “Asserted Patents”). Merus seeks a judgment of patent infringement, an order enjoining the Company from infringing the Asserted Patents, a damages award (together with interest), a declaration of willful infringement, and a finding that this case is exceptional. On October 10, 2024, the Company filed a motion to dismiss the Merus complaint with prejudice under Rule 12(b)(6), in which the Company argued that all of the activities accused of infringement are covered by the 35 U.S.C.§ 271(e)(1) safe harbor. The Company’s motion to dismiss under Rule 12(b)(6) was granted on October 1, 2025. The Court has provided Merus until November 11, 2025 to file an amended complaint. On February 11, 2025, the Company filed for inter partes review (“IPR”) of Merus’ U.S. Patent Nos. 9,358,286 and 11,926,859 before the U.S. Patent and Trademark Office’s Patent and Trial Appeal Board (“PTAB”) seeking a finding that certain claims of those patents are unpatentable. The PTAB instituted the IPR on September 26, 2025. The Company believes it has strong defenses to Merus’ claims, including defenses of invalidity and/or non-infringement—some of which have already been accepted by the district court and preliminarily accepted by the PTAB, but there is no guarantee that the Company will ultimately prevail. Commitments The Company is party to certain license agreements that obligate it to make future payments to third parties, which may include sublicense fees, royalties and milestone payments contingent upon the achievement of specified development and commercialization events. Because the occurrence, timing and amounts of these potential payments are not currently probable or reasonably estimable, they have not been recorded on the Company’s consolidated balance sheets as of September 30, 2025 and December 31, 2024. In addition, the Company has entered into agreements with various third-party vendors for research, development and manufacturing services. These agreements generally provide for future payments contingent upon the vendors’ delivery of goods or performance of services. Such commitments are not recorded until the related goods or services are received.

Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property and Equipment
Total gross carrying amount	$ 103,988	$ 101,979
Less: accumulated depreciation and amortization	(49,401)	(42,179)
Property and equipment, net	54,587	59,800
Lab equipment
Property and Equipment
Total gross carrying amount	43,244	40,937
Computer, software and office equipment
Property and Equipment
Total gross carrying amount	2,283	2,131
Furniture and fixtures
Property and Equipment
Total gross carrying amount	128	128
Leasehold improvements
Property and Equipment
Total gross carrying amount	51,695	51,566
Construction in progress
Property and Equipment
Total gross carrying amount	$ 6,638	$ 7,217

Leases - Narrative (Details) $ in Millions		1 Months Ended
Leases - Narrative (Details) $ in Millions	Aug. 08, 2025 USD ($)	Jun. 30, 2021 phase	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Aug. 31, 2022 USD ($)	Aug. 01, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lease, renewal term				5 years
Lease expense	$ 0.9
Letter of Credit
Lessee, Lease, Description [Line Items]
Letter of credit amount				$ 0.4
Pasadena, CA - office and laboratory space
Lessee, Lease, Description [Line Items]
Phases of lease term \| phase		2
Improvement allowance					$ 5.0	$ 17.0
Pasadena, CA - office and laboratory space \| Forecast
Lessee, Lease, Description [Line Items]
Improvement allowance			$ 3.3

Fair Value of Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value of Financial Instruments
Money market funds	$ 28,291	$ 40,875
Marketable debt securities	605,651
Corporate securities
Fair Value of Financial Instruments
Marketable debt securities	11,989	142,873
Government securities
Fair Value of Financial Instruments
Marketable debt securities	593,662	522,931
Fair Value, Recurring
Fair Value of Financial Instruments
Marketable equity securities	84,260	47,929
Total Fair Value	708,006	739,913
Fair Value, Recurring \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities	11,989	142,873
Fair Value, Recurring \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	593,662	522,931
Fair Value, Recurring \| Money market funds
Fair Value of Financial Instruments
Money market funds	18,095	26,180
Fair Value, Recurring \| Level 1
Fair Value of Financial Instruments
Marketable equity securities	84,260	47,929
Total Fair Value	102,355	74,109
Fair Value, Recurring \| Level 1 \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Fair Value, Recurring \| Level 1 \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Fair Value, Recurring \| Level 1 \| Money market funds
Fair Value of Financial Instruments
Money market funds	18,095	26,180
Fair Value, Recurring \| Level 2
Fair Value of Financial Instruments
Marketable equity securities	0	0
Total Fair Value	605,651	665,804
Fair Value, Recurring \| Level 2 \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities	11,989	142,873
Fair Value, Recurring \| Level 2 \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	593,662	522,931
Fair Value, Recurring \| Level 2 \| Money market funds
Fair Value of Financial Instruments
Money market funds	0	0
Fair Value, Recurring \| Level 3
Fair Value of Financial Instruments
Marketable equity securities	0	0
Total Fair Value	0	0
Fair Value, Recurring \| Level 3 \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Fair Value, Recurring \| Level 3 \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Fair Value, Recurring \| Level 3 \| Money market funds
Fair Value of Financial Instruments
Money market funds	$ 0	$ 0

Liabilities Related to the Sales of Future Royalties - Narrative (Details) - Royalties - USD ($) $ in Millions				3 Months Ended	30 Months Ended	36 Months Ended
	Jan. 01, 2029	Nov. 03, 2023	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2028	Sep. 30, 2025
Alexion \| Option and License agreement
Sales of Future Royalties [Line Items]
Proceeds from upfront payment		$ 192.5
Royalty liability, maximum annual receivable for specific sales				$ 18.0
Collaboration agreement, effective rate							22.70%
Alexion \| Option and License agreement \| Forecast
Sales of Future Royalties [Line Items]
Contract with customer, percent of receivable rights					100.00%
Expected royalty interest payments	$ 12.0					$ 35.0
MorphoSys \| Collaboration and License Agreement
Sales of Future Royalties [Line Items]
Proceeds from upfront payment		$ 22.5
Expected royalty interest payments			$ 29.3
Interest rate							16.30%

Stock Based Compensation - Employee Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	$ 10,092	$ 12,338	$ 33,042	$ 40,949
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	5,230	6,760	17,541	24,578
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	4,640	5,372	14,833	15,748
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	222	206	668	623
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	4,496	5,158	13,769	18,326
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total employee, director and non-employee stock-based compensation expense	$ 5,596	$ 7,180	$ 19,273	$ 22,623

- 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

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Sep. 12, 2024	Feb. 27, 2023	Sep. 30, 2024	Sep. 30, 2025
Subsidiary, Sale of Stock [Line Items]
Sale of common stock and pre-funded warrants, net of issuance cost			$ 189,179
Note Warrant
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,088,888
Sale of stock, price per share (in dollar per share)	$ 17.99
Sale of stock, consideration received on transaction	$ 55,600
Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)				0
SVB Securities LLC \| Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Sale of common stock and pre-funded warrants, net of issuance cost		$ 200,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Organization and Summary of Significant Accounting Policies (Polices)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim consolidated financial statements of Xencor, Inc. are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) applicable to interim periods. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position, the results of operations and cash flows for the periods presented. All intercompany transactions and balances have been eliminated. Certain note disclosures that are normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted as they are not required for interim reporting purposes. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for more complete descriptions and discussions. Operating results and cash flows for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. Gale Therapeutics Inc. (“Gale”) The interim consolidated financial statements included the accounts of Xencor, Inc. and Gale, a variable interest entity for which the Company was the primary beneficiary. Up through January 20, 2025, the Company owned or was exposed to less than 100% of the economics, and accordingly, the Company recorded net loss attributable to noncontrolling interests in its consolidated statements of operations and comprehensive loss equal to the percentage of the economic or ownership interests retained in such entity by the respective noncontrolling party. Effective January 20, 2025, the Company obtained 100% of the economic interests in Gale and no longer recognized a noncontrolling interest in its consolidated financial statements. Effective April 29, 2025, Gale was merged into the Company in a transaction between entities under common control. The Company completed a common-control transfer of assets and liabilities with Gale. The assets and liabilities were recognized at historical carrying amounts; no fair value measurement was applied. This transaction did not result in a change in reporting entity and was accounted for prospectively, with no adjustments to prior periods.
Income Tax	Income Tax The Company recorded an income tax expense of $0 and $0.1 million for the three and nine months ended September 30, 2025, respectively. No income tax provision was recorded for each of the three and nine months ended September 30, 2024. As of September 30, 2025, the Company’s deferred income tax assets, consisting primarily of capitalized R&D under IRC Section 174, net operating loss and research and development tax credit carryforwards, have been fully offset by a valuation allowance. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, expensing of domestic research and development costs, and the limitation on business interest expense deduction. The Company has preliminarily evaluated the impact of the new tax law on its financial condition and results of operations and does not anticipate a material change to its effective income tax rate and net deferred federal income tax assets, as it continues to maintain a full valuation allowance.
Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Summary of Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Recent Accounting Pronouncements The Company does not expect any recently issued accounting standards, other than those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024, to have an impact on its financial results, other than the following: In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Improvements to Internal-Use Software, to amend certain aspects of the accounting for and disclosure of software costs. This ASU will become effective for the Company beginning January 1, 2028, and is not expected to have a material impact on its consolidated financial statements or related disclosures. In September 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Subtopic 326): Practical Expedient for Reasonable and Supportable Forecasts, which allows entities to elect a practical expedient that assumes current conditions as of the balance sheet date remain unchanged over the remaining life of the asset when developing reasonable and supportable forecast used to estimate expected credit losses. This ASU will become effective for the Company beginning January 1, 2026, and is not expected to have a material impact on its consolidated financial statements or related disclosures.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2023		60,998
Beginning balance at Dec. 31, 2023	$ 662,087	$ 611	$ 1,131,266	$ 1,291	$ (471,418)	$ 337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	11,421		11,421
Exercise of stock options (in shares)		153
Exercise of stock options	1,787	$ 1	1,786
Issuance of restricted stock units (in shares)		484
Issuance of restricted stock units	0	$ 5	(5)
Net unrealized gain (loss) on marketable debt securities	(1,445)			(1,445)
Net loss	(74,116)				(73,440)	(676)
Ending balance (in shares) at Mar. 31, 2024		61,635
Ending balance at Mar. 31, 2024	599,734	$ 617	1,144,468	(154)	(544,858)	(339)
Beginning balance (in shares) at Dec. 31, 2023		60,998
Beginning balance at Dec. 31, 2023	662,087	$ 611	1,131,266	1,291	(471,418)	337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain (loss) on marketable debt securities	510
Net loss	(190,340)
Ending balance (in shares) at Sep. 30, 2024		69,963
Ending balance at Sep. 30, 2024	705,926	$ 701	1,364,846	1,800	(658,483)	(2,938)
Beginning balance (in shares) at Mar. 31, 2024		61,635
Beginning balance at Mar. 31, 2024	599,734	$ 617	1,144,468	(154)	(544,858)	(339)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17,190		17,190
Exercise of stock options (in shares)		10
Exercise of stock options	140		140
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		54
Issuance of common stock under the Employee Stock Purchase Plan	930	$ 1	929
Issuance of restricted stock units (in shares)		67
Issuance of restricted stock units	0	$ 1	(1)
Net unrealized gain (loss) on marketable debt securities	(498)			(498)
Net loss	(68,782)				(67,337)	(1,445)
Ending balance (in shares) at Jun. 30, 2024		61,766
Ending balance at Jun. 30, 2024	548,714	$ 619	1,162,726	(652)	(612,195)	(1,784)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	12,338		12,338
Exercise of stock options (in shares)		59
Exercise of stock options	685	$ 1	684
Issuance of restricted stock units (in shares)		44
Sale of common stock and pre-funded warrants, net of issuance cost (in shares)		8,094
Sale of common stock and pre-funded warrants, net of issuance cost	189,179	$ 81	189,098
Net unrealized gain (loss) on marketable debt securities	2,452			2,452
Net loss	(47,442)				(46,288)	(1,154)
Ending balance (in shares) at Sep. 30, 2024		69,963
Ending balance at Sep. 30, 2024	705,926	$ 701	1,364,846	1,800	(658,483)	(2,938)
Beginning balance (in shares) at Dec. 31, 2024		70,256
Beginning balance at Dec. 31, 2024	674,026	$ 703	1,381,607	(663)	(704,036)	(3,585)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	12,213		12,213
Exercise of stock options (in shares)		189
Exercise of stock options	2,974	$ 2	2,972
Issuance of restricted stock units (in shares)		691
Issuance of restricted stock units	0	$ 7	(7)
Net unrealized gain (loss) on marketable debt securities	1,018			1,018
Purchase of noncontrolling interest	(1,725)		(5,524)			3,799
Net loss	(48,632)				(48,418)	(214)
Ending balance (in shares) at Mar. 31, 2025		71,136
Ending balance at Mar. 31, 2025	639,874	$ 712	1,391,261	355	(752,454)	0
Beginning balance (in shares) at Dec. 31, 2024		70,256
Beginning balance at Dec. 31, 2024	674,026	$ 703	1,381,607	(663)	(704,036)	(3,585)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain (loss) on marketable debt securities	1,821
Net loss	(85,484)
Ending balance (in shares) at Sep. 30, 2025		71,343
Ending balance at Sep. 30, 2025	625,316	$ 714	1,412,750	1,158	(789,306)	0
Beginning balance (in shares) at Mar. 31, 2025		71,136
Beginning balance at Mar. 31, 2025	639,874	$ 712	1,391,261	355	(752,454)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10,737		10,737
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		80
Issuance of common stock under the Employee Stock Purchase Plan	662	$ 1	661
Issuance of restricted stock units (in shares)		81
Issuance of restricted stock units	0	$ 1	(1)
Net unrealized gain (loss) on marketable debt securities	(97)			(97)
Net loss	(30,825)				(30,825)
Ending balance (in shares) at Jun. 30, 2025		71,297
Ending balance at Jun. 30, 2025	620,351	$ 714	1,402,658	258	(783,279)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10,092		10,092
Issuance of restricted stock units (in shares)		46
Net unrealized gain (loss) on marketable debt securities	900			900
Net loss	(6,027)				(6,027)
Ending balance (in shares) at Sep. 30, 2025		71,343
Ending balance at Sep. 30, 2025	$ 625,316	$ 714	$ 1,412,750	$ 1,158	$ (789,306)	$ 0

Collaboration and Licensing Agreements - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Collaboration research and licensing agreements
Revenue recorded	$ 20,999	$ 17,796	$ 97,339	$ 57,700
License
Collaboration research and licensing agreements
Revenue recorded	0	0	0	8,500
Milestone
Collaboration research and licensing agreements
Revenue recorded	0	0	39,500	500
Royalties
Collaboration research and licensing agreements
Revenue recorded	20,999	17,796	57,839	48,700
Alexion
Collaboration research and licensing agreements
Revenue recorded	18,703	15,667	50,996	42,118
Incyte
Collaboration research and licensing agreements
Revenue recorded	2,295	2,124	44,332	6,528
Mabgeek
Collaboration research and licensing agreements
Revenue recorded	0	0	0	1,500
Vega \| Technology License Agreement
Collaboration research and licensing agreements
Revenue recorded	0	0	0	500
Vir Bio
Collaboration research and licensing agreements
Revenue recorded	1	5	2,011	54
Third Party Licensee
Collaboration research and licensing agreements
Revenue recorded	$ 0	$ 0	$ 0	$ 7,000

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Organization Xencor, Inc. (the “Company”) was incorporated in California in 1997 and reincorporated in Delaware in September 2004. The Company is 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. The Company leverages its protein engineering capabilities to design new technologies and XmAb® drug candidates with improved properties. These candidates are advanced into clinical-stage development, where the Company is conducting Phase 1 and Phase 2 studies across a broad portfolio of programs. Based on the results of these studies, the Company determines which programs to advance into later-stage development and potential commercialization, which to partner in order to access complementary resources, and which to discontinue. Consolidation and Basis of Presentation The interim consolidated financial statements of Xencor, Inc. are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) applicable to interim periods. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position, the results of operations and cash flows for the periods presented. All intercompany transactions and balances have been eliminated. Certain note disclosures that are normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted as they are not required for interim reporting purposes. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for more complete descriptions and discussions. Operating results and cash flows for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. Gale Therapeutics Inc. (“Gale”) The interim consolidated financial statements included the accounts of Xencor, Inc. and Gale, a variable interest entity for which the Company was the primary beneficiary. Up through January 20, 2025, the Company owned or was exposed to less than 100% of the economics, and accordingly, the Company recorded net loss attributable to noncontrolling interests in its consolidated statements of operations and comprehensive loss equal to the percentage of the economic or ownership interests retained in such entity by the respective noncontrolling party. Effective January 20, 2025, the Company obtained 100% of the economic interests in Gale and no longer recognized a noncontrolling interest in its consolidated financial statements. Effective April 29, 2025, Gale was merged into the Company in a transaction between entities under common control. The Company completed a common-control transfer of assets and liabilities with Gale. The assets and liabilities were recognized at historical carrying amounts; no fair value measurement was applied. This transaction did not result in a change in reporting entity and was accounted for prospectively, with no adjustments to prior periods. Income Tax The Company recorded an income tax expense of $0 and $0.1 million for the three and nine months ended September 30, 2025, respectively. No income tax provision was recorded for each of the three and nine months ended September 30, 2024. As of September 30, 2025, the Company’s deferred income tax assets, consisting primarily of capitalized R&D under IRC Section 174, net operating loss and research and development tax credit carryforwards, have been fully offset by a valuation allowance. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, expensing of domestic research and development costs, and the limitation on business interest expense deduction. The Company has preliminarily evaluated the impact of the new tax law on its financial condition and results of operations and does not anticipate a material change to its effective income tax rate and net deferred federal income tax assets, as it continues to maintain a full valuation allowance. Summary of Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Recent Accounting Pronouncements The Company does not expect any recently issued accounting standards, other than those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024, to have an impact on its financial results, other than the following: In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Improvements to Internal-Use Software, to amend certain aspects of the accounting for and disclosure of software costs. This ASU will become effective for the Company beginning January 1, 2028, and is not expected to have a material impact on its consolidated financial statements or related disclosures. In September 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Subtopic 326): Practical Expedient for Reasonable and Supportable Forecasts, which allows entities to elect a practical expedient that assumes current conditions as of the balance sheet date remain unchanged over the remaining life of the asset when developing reasonable and supportable forecast used to estimate expected credit losses. This ASU will become effective for the Company beginning January 1, 2026, and is not expected to have a material impact on its consolidated financial statements or related disclosures.

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

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. Segment profit or loss is measured as the net loss reported in the Company’s consolidated statements of operations and comprehensive loss. Segment revenue consists of license, royalties, and milestone payments derived from collaboration and licensing agreements. See Note 2. Segment assets is represented by total assets as reported on the Company’s consolidated balance sheets.

The Company’s Chief Executive Officer serves as the Chief Operating Decision Maker (CODM). The CODM evaluates performance, allocates resources and conducts planning and forecasting using financial information as presented in the consolidated statements of operations. In addition, the CODM reviews research and development expenses by program.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenues:
License	$	—	$	—	$	—	$	8,500
Milestone	—		—		39,500		500
Royalties	20,999		17,796		57,839		48,700
Total revenues	20,999		17,796		97,339		57,700
Operating expenses:
Research and development:
External research and development expenses	26,260		29,094		85,085		84,394
Internal research and development expenses	22,511		21,952		70,252		69,613
Stock based compensation	5,596		7,180		19,273		22,623
Total research and development	54,367		58,226		174,610		176,630
General and administrative	14,151		14,767		46,603		46,300
Total operating expenses	68,518		72,993		221,213		222,930
Operating loss	(47,519)		(55,197)		(123,874)		(165,230)
Other income (expense), net (1)	41,492		7,755		38,507		(25,110)
Loss before income tax expense and noncontrolling interest	$	(6,027)	$	(47,442)	$	(85,367)	$	(190,340)

(1) Other income (expense), net, included interest income, interest expense, gain/loss on marketable equity securities and asset impairment charges.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
External R&D expenses per program:
XmAb819 (ENPP3 x CD3)	$	3,735	$	3,370	$	14,883	$	8,270
XmAb541 (CLDN6 x CD3)	3,757		1,293		8,732		2,547
XmAb808 (B7-H3 x CD28)	1,016		2,354		4,891		6,397
XmAb942 (Xtend TL1A)	3,003		5,597		8,368		15,553
Plamotamab (CD20 x CD3)	1,422		3,851		5,063		4,258
XmAb657 (CD19 x CD3)	2,650		612		12,827		612
Other programs including research and early stage	6,731		5,151		15,607		23,519
Wind down costs of terminated programs	3,946		6,866		14,714		23,238
Total external R&D expenses	26,260		29,094		85,085		84,394
Internal research and development expenses	22,511		21,952		70,252		69,613
Stock based compensation	5,596		7,180		19,273		22,623
Total R&D expenses	$	54,367	$	58,226	$	174,610	$	176,630

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation - FV of Employee Stock Purchase Plan (Details) - ESPP	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Weighted average assumptions for estimated fair value of employee stock purcahse plan
Expected volatility, low end of range (as a percent)	42.97%	42.97%	42.97%	42.97%
Expected volatility, high end of range (as a percent)	73.25%	44.60%	73.25%	44.60%
Risk-free interest rate, low end of range (as a percent)	4.22%	4.71%	4.22%	4.71%
Risk-free interest rate, high end of range (as a percent)	5.40%	5.40%	5.40%	5.40%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Weighted average assumptions for estimated fair value of employee stock purcahse plan
Expected term (in years)	6 months	6 months	6 months	6 months
Maximum
Weighted average assumptions for estimated fair value of employee stock purcahse plan
Expected term (in years)	2 years	2 years	2 years	2 years

Marketable Debt and Equity Securities

9 Months Ended

Sep. 30, 2025

Marketable Securities [Abstract]

Marketable Debt and Equity Securities

Marketable Debt Securities

The Company’s marketable debt securities consisted of the following:


	As of September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	18,095	$	—	$	—	$	18,095
Corporate securities	11,964		25		—		11,989
Government securities	592,520		1,309		(167)		593,662
	$	622,579	$	1,334	$	(167)	$	623,746

Reported as
Cash equivalents							$	18,095
Marketable debt securities							605,651
Total							$	623,746


	As of 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 equivalents							$	26,180
Marketable debt securities							665,804
Total							$	691,984

The following table summarizes the contract maturities of the Company’s marketable debt securities as of September 30, 2025:


	Amortized Cost		Estimated Fair Value
	(in thousands)
Mature in one year or less	$	358,349	$	358,493
Mature within two years	246,135		247,158
Total	$	604,484	$	605,651

The Company did not record any impairment losses on its marketable debt securities during the three and nine months ended September 30, 2025 and 2024.

Marketable Equity Securities

The Company’s marketable equity securities consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
INmune Bio, Inc.	$	—	$	8,805
Viridian Therapeutics, Inc.	15,476		13,748
Zenas BioPharma, Inc.	68,784		25,376
	$	84,260	$	47,929

During the nine months ended September 30, 2025, the Company sold its entire holdings of 1,885,533 shares in INmune Bio, Inc., generating $13.8 million in proceeds.

Net realized and unrealized gains (losses) on marketable equity securities, recognized in other income (expense) in the consolidated statements of operations, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Total gains (losses) recorded on marketable equity securities	$	44,201	$	9,254	$	50,109	$	(448)
Less: (Losses) gains recorded on sale of marketable equity securities	(10)		92		4,973		1,280
Unrealized gains (losses) on securities held at the reporting date	$	44,211	$	9,162	$	45,136	$	(1,728)

The increase in unrealized gains for the three and nine months ended September 30, 2025 was primarily attributable to the higher fair value of the Company’s equity investment in Zenas BioPharma, Inc.

No impairment losses were recognized on marketable equity securities during the three and nine months ended September 30, 2025. The Company recorded impairment charges of $20.4 million related to equity securities without a

readily determinable fair value during the nine months ended September 30, 2024, and no impairment during the three months ended September 30, 2024.

Marketable Debt and Equity Securities - Maturities of Marketable Securities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Amortized Cost
Mature in one year or less	$ 358,349
Mature within two years	246,135
Amortized Cost	604,484
Estimated Fair Value
Mature in one year or less	358,493
Mature within two years	247,158
Estimated Fair Value	$ 605,651

- 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/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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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/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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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/2009/role/commonPracticeRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue
Collaborations, milestones, and royalties	$ 20,999,000	$ 17,796,000	$ 97,339,000	$ 57,700,000
Operating expenses:
Research and development	54,367,000	58,226,000	174,610,000	176,630,000
General and administrative	14,151,000	14,767,000	46,603,000	46,300,000
Total operating expenses	68,518,000	72,993,000	221,213,000	222,930,000
Operating loss	(47,519,000)	(55,197,000)	(123,874,000)	(165,230,000)
Other income (expense):
Interest income	6,538,000	7,537,000	21,324,000	23,766,000
Interest expense	(7,665,000)	(9,026,000)	(24,573,000)	(27,984,000)
Gain (loss) on marketable equity securities, net	44,201,000	9,254,000	50,109,000	(448,000)
Asset impairment charges	(1,565,000)	0	(8,288,000)	(20,430,000)
Other, net	(17,000)	(10,000)	(65,000)	(14,000)
Total other income (expense)	41,492,000	7,755,000	38,507,000	(25,110,000)
Loss before income tax expense and noncontrolling interest	(6,027,000)	(47,442,000)	(85,367,000)	(190,340,000)
Income tax expense	0	0	117,000	0
Net loss including noncontrolling interest	(6,027,000)	(47,442,000)	(85,484,000)	(190,340,000)
Net loss attributable to noncontrolling interest	0	(1,154,000)	(214,000)	(3,275,000)
Net loss attributable to Xencor, Inc.	$ (6,027,000)	$ (46,288,000)	$ (85,270,000)	$ (187,065,000)
Net loss per share attributable to Xencor, Inc. - basic (in dollars per share)	$ (0.08)	$ (0.72)	$ (1.15)	$ (3.00)
Net loss per share attributable to Xencor, Inc. - diluted (in dollars per share)	$ (0.08)	$ (0.72)	$ (1.15)	$ (3.00)
Weighted-average shares used in calculating net loss per share - basic (in shares)	74,413,000	64,023,000	74,122,000	62,310,000
Weighted-average shares used in calculating net loss per share - diluted (in shares)	74,413,000	64,023,000	74,122,000	62,310,000
Other comprehensive income, net of tax:
Net unrealized gain on marketable debt securities	$ 900,000	$ 2,452,000	$ 1,821,000	$ 510,000
Comprehensive loss	(5,127,000)	(44,990,000)	(83,663,000)	(189,830,000)
Less: comprehensive loss attributable to the noncontrolling interest	0	(1,154,000)	(214,000)	(3,275,000)
Comprehensive loss attributable to Xencor, Inc.	$ (5,127,000)	$ (43,836,000)	$ (83,449,000)	$ (186,555,000)

Fair Value of Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Recorded at Fair Value


	September 30, 2025
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	18,095	$	18,095	$	—	$	—
Marketable debt securities:
Corporate securities	11,989		—		11,989		—
Government securities	593,662		—		593,662		—
Marketable equity securities	84,260		84,260		$	—	$	—
Total financial assets	$	708,006	$	102,355	$	605,651	$	—


	December 31, 2024
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	26,180	$	26,180	$	—	$	—
Marketable debt securities:
Corporate securities	142,873		—		142,873		—
Government securities	522,931		—		522,931		—
Marketable equity securities	$	47,929	47,929		$	—	$	—
Total financial assets	$	739,913	$	74,109	$	665,804	$	—

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,410,469
Entity Central Index Key	0001326732
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Liabilities Related to the Sales of Future Royalties

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

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 future sales related to Ultomiris that occur from July 1, 2023 through December 31, 2025; (ii) up to $35.0 million annually in royalties on future 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 future 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 future sales based milestone payment pursuant to the existing license with Alexion, which was paid in the fourth quarter of 2023.

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 Incyte, 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 has evaluated the terms of both Ultomiris and Monjuvi Royalty Sale Agreements and concluded, in accordance with the relevant accounting guidance, that the Company accounted for both transactions as debt and the proceeds recorded as liabilities related to the sale of future royalties on its consolidated balance sheets.

The Company records the obligations at their carrying value using the effective interest method. In order to amortize the liabilities related to the sale of future royalties, the Company utilizes the prospective method to estimate the future royalties to be paid by the Company to the counterparty over the life of the arrangement. Under the prospective method, a new effective interest rate is determined based on the revised estimate of remaining cash flows. The new rate is the discount rate that equates the present value of the revised estimate of remaining cash flows with the carrying amount of the

debt, and it will be used to recognize non-cash interest expense for the remaining periods. The Company periodically assesses the amount and the timing of expected royalty payments using a combination of internal projections and forecasts from external sources. The estimates of future net product sales (and resulting royalty payments) are based on key assumptions such as future sales forecasts and other significant events. To the extent such payments are greater or less than the Company’s initial estimates or the timing of such payments is different than its original estimates, the Company will prospectively adjust the amortization of the royalty financing obligations and the effective interest rate. As of September 30, 2025, the estimated effective interest rates were 22.7% and 16.3% for Ultomiris and Monjuvi Royalty Sale Agreements, respectively.

The following table presents the activities with respect to the liabilities related to the sales of future royalties:


	September 30, 2025		December 31, 2024
	(in thousands)
Beginning balance	$	163,606	$	189,483
Royalties owed to OMERS	—		834
Royalties paid to OMERS	(55,037)		(63,304)
Non-cash interest expense recognized	24,569		36,593
Ending balance	$	133,138	$	163,606

Current liabilities	$	45,362	$	48,447
Long-term liabilities	87,776		115,159
Total	$	133,138	$	163,606

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease Costs and Cash Disclosures


Lease Assets and Liabilities	Classification	September 30, 2025		December 31, 2024
		(in thousands)
Operating lease assets	Right-of-use assets	$	38,371	$	38,341
Current operating lease liabilities	Lease liabilities	3,936		3,009
Non-current operating lease liabilities	Lease liabilities, net of current portion	65,331		65,338

The following table presents lease costs, supplemental cash flow and other information:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025			2024
	(in thousands)
Operating lease cost	$	2,213	$	1,881	$	5,947		$	5,643
Variable lease cost	259		(201)		701			939
Total lease costs	$	2,472	$	1,680	$	6,648		$	6,582

Right-of-use assets adjusted in exchange for amended operating lease liabilities	$	863	$	—	$	863		$	7,166
Cash paid for amounts included in the measurement of lease liabilities	$	2,201	$	801	$	5,629		$	2,679

					September 30,
					2025			2024
Weighted-average remaining lease term (in years)					9.6 years			10.5 years
Weighted-average discount rate (%)					7.0		%	7.0		%

Schedule of Operating Lease Liabilities Maturities

The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2025:


Year	Amounts
	(in thousands)
For the remainder of 2025	$	1,209
2026	9,084
2027	9,759
2028	9,276
2029	9,531
2030 and thereafter	58,229
Total	97,088
Less: Imputed interest	(27,821)
Total operating lease liabilities (includes current portion)	$	69,267

Stockholders’ Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders’ Equity

The following table summarizes the Company’s shares of common stock and preferred stock:


		Shares
	Par Value	Authorized	Issued	Outstanding

As of September 30, 2025
Common Stock	$0.01	200,000,000	71,343,148	71,343,148
Preferred Stock	$0.01	10,000,000	—	—

As of December 31, 2024
Common Stock	$0.01	200,000,000	70,256,108	70,256,108
Preferred Stock	$0.01	10,000,000	—	—

On February 27, 2023, the Company filed an automatic universal shelf registration statement on Form S-3 (File No. 333-270030) as a well-known seasoned issuer as defined in Rule 405 under the Securities Act of 1933, as amended, which became effective upon filing (the "Shelf Registration Statement"). The Shelf Registration Statement allows the Company to offer an indeterminate amount of securities, including equity securities, debt securities, warrants, rights, units and depositary shares, from time to time as described in the Shelf Registration Statement. The specific terms of any offering under the Shelf Registration Statement will be established at the time of such offering. The Shelf Registration Statement will expire on February 27, 2026.

On February 27, 2023, the Company entered into a sales agreement (the “Sales Agreement”) with SVB Securities LLC (the “Agent”), pursuant to which the Company may offer and sell, from time to time through the Agent (the “ATM Offering”), shares of its common stock having an aggregate offering price of up to $200.0 million (the “ATM Shares”). Any ATM Shares offered and sold in the ATM Offering will be issued pursuant to the Company’s Shelf Registration Statement and the prospectus supplement filed pursuant to Rule 424(b) relating to the ATM Offering, dated February 27, 2023. As of September 30, 2025, no shares have been issued under the Sales Agreement.

On September 12, 2024, the Company completed an underwritten public offering pursuant to the Company’s Shelf Registration Statement. In the offering, the Company sold pre-funded warrants to purchase up to 3,088,888 shares of common stock at a purchase price of $17.99 per pre-funded warrant, for an aggregate value of approximately $55.6 million. The outstanding pre-funded warrants are exercisable at any time and do not have an expiration date.

- Definition

The entire disclosure for equity.

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+ Details