0001326732-26-000043 | 10-Q | XBRL Viewer

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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	Mar. 31, 2026
Alexion \| Option and License Agreement
Sales of Future Royalties [Line Items]
Proceeds from upfront payment		$ 192.5
Contract with customer, percent of receivable rights					100.00%
Royalty liability, maximum annual receivable for specific sales				$ 18.0
Collaboration agreement, effective rate							16.80%
Alexion \| Option and License Agreement \| Forecast
Sales of Future Royalties [Line Items]
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							15.60%

Marketable Debt and Equity Securities

3 Months Ended

Mar. 31, 2026

Marketable Securities [Abstract]

Marketable Debt and Equity Securities

Marketable Debt Securities

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


	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	6,837	$	—	$	—	$	6,837

Government securities	527,564		597		(561)		527,600
	$	534,401	$	597	$	(561)	$	534,437

Reported as
Cash equivalents							$	6,837
Marketable debt securities							527,600
Total							$	534,437


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	35,565	$	—	$	—	$	35,565
Corporate securities	11,966		2		—		11,968
Government securities	543,208		1,584		—		544,792
	$	590,739	$	1,586	$	—	$	592,325

Reported as
Cash equivalents							$	35,565
Marketable debt securities							556,760
Total							$	592,325

The following table summarizes the contract maturities of the Company’s marketable debt securities as of March 31, 2026:


	Amortized Cost		Estimated Fair Value
	(in thousands)
Mature in one year or less	$	369,690	$	370,207
Mature within two years	157,874		157,393
Total	$	527,564	$	527,600

The Company did not record any allowance for credit losses on its marketable debt securities during the three months ended March 31, 2026 and 2025.

Marketable Equity Securities

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


	March 31, 2026		December 31, 2025
	(in thousands)


Zenas BioPharma, Inc.	$	60,573	$	112,502
	$	60,573	$	112,502

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


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Total (losses) gains recorded on marketable equity securities	$	(51,929)	$	941
Less: gains (losses) recorded on sale of marketable equity securities	—		—
Unrealized (losses) gains on securities held at the reporting date	$	(51,929)	$	941

The increase in unrealized losses for the three months ended March 31, 2026 was primarily attributable to the lower fair value of the Company’s equity investment in Zenas BioPharma, Inc.

Collaboration and Licensing Agreements

3 Months Ended

Mar. 31, 2026

Collaboration and Licensing Agreements

Collaboration and Licensing Agreements

The following table provides a summary of revenue recognized:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Alexion	$	1,480	$	15,469




Incyte	2,936		15,263




Vir Bio	—		2,000



Other (2)	100		—
Total (1)	$	4,516	$	32,732

(1) As of March 31, 2026, there was no deferred revenue related to the agreements the Company entered into with the parties listed above.

(2) On February 26, 2026, the Company entered into a Fourth Amendment to its License Agreement with INmune Bio, Inc. (“INmune”), under which INmune agreed to pay a one-time, non-refundable, non-creditable fee of $0.1 million for an extension of its diligence obligations. The Company received the fee in the first quarter of 2026.

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


	Three Months Ended March 31,
	2026		2025
	(in thousands)

License	$	100	$	—
Milestone	—		14,500
Royalties	4,416		18,232
Total	$	4,516	$	32,732

The following table summarizes the balance of receivables and contract liabilities related to the Company’s collaboration and license agreements:


	March 31,
	2026		2025
	(in thousands)
Receivables included in accounts receivable	$	12,001	$	33,853
Contract liabilities included in deferred revenue	$	—	$	—

Alexion Pharmaceuticals, Inc. (“Alexion”)

In January 2013, the Company entered into an Option and License Agreement (the “Alexion Agreement”) with Alexion, which was acquired by AstraZeneca in 2021. 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 in the low single digits based on a percentage of net sales of Ultomiris sold by Alexion, its affiliates or its sublicensees. Alexion’s royalty obligations apply on a product-by-product and country-by-country basis and continue until the expiration of the last-to-expire valid licensed patent covering the applicable product in such country.

On December 9, 2025, a patent term extension related to the Xtend™ Fc domain for antibodies targeting C5 was announced, extending the expected royalty term for Ultomiris® net sales into December 2028 in the United States. On March 4, 2026, Alexion informed the Company that it had taken the position that it does not owe additional royalties for U.S. sales of Ultomiris and does not intend to make future payments for sales in the U.S. under the parties’ agreement. The Company disputes this position and is evaluating its options.

In the first quarter of 2026, the Company evaluated the effect of Alexion’s notice, including the variable consideration constraint and the sales‑ and usage‑based royalty guidance applicable to licenses of intellectual property. The

Company concluded that royalties on disputed U.S. sales should be constrained to zero until the uncertainty is resolved. Accordingly, the Company recorded a reduction of $6.6 million to royalty revenue and a corresponding reduction to the related receivable in the quarter ended March 31, 2026. There was no cash impact from this entry in the period. Recognition of undisputed ex‑U.S. royalties was unaffected and continues in accordance with Accounting Standards Codification (“ASC”) Topic 606’s sales‑ and usage‑based royalty guidance.

The Company will recognize royalty revenue related to disputed U.S. sales upon resolution of the uncertainty, when it is probable that a significant reversal will not occur, or upon receipt of payments that are not subject to refund. The ultimate outcome and timing of resolution are uncertain, and the Company cannot reasonably estimate the amount or timing of any recovery, if any, as of March 31, 2026.

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 $1.5 million and $15.5 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company recorded $8.1 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.

In February 2025, the United States Food and Drug Administration (“FDA”) accepted Incyte’s submission of a supplemental biologics license application (“BLA”), triggering a $12.5 million milestone payment to the Company, and approved the application in June 2025, triggering an additional $25.0 million milestone payment to the Company. Both milestone payments were received by the Company in 2025. In addition, Incyte dosed two patients in a Phase 2 study on December 29, 2025, one patient with immune thrombocytopenia and one patient with autoimmune hemolytic anemia, triggering a $4.0 million milestone payment to the Company, which was recognized as revenue in 2025 and collected in January 2026.

Under the MorphoSys Agreement, the Company is eligible to receive up to $195.0 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 $41.5 million of milestone payments the Company recognized in 2025 is not subject to the Monjuvi Royalty Sale Agreement.

Under the MorphoSys Agreement, the Company recognized non-cash royalty revenue of $2.9 million and $2.8 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company recorded $3.9 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.

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, including tobevibart. 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. In

March 2022, the FDA deauthorized sotrovimab’s use in all U.S. regions due to increases in the proportion of COVID-19 cases caused by the Omicron BA.2 subvariant.

The Company did not recognize royalty revenue for the three months ended March 31, 2026 or 2025. Under the Vir Bio Agreement, the Company is eligible to receive up to $65.0 million in developmental, regulatory and sales milestones, as well as royalties on net sales, subject to the terms and conditions of the agreement.

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Liabilities Related to the Sales of Future Royalties - Debt of Future Royalties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Sale of Future Royalty [Roll Forward]
Beginning balance	$ 119,749	$ 163,606
Royalties paid to OMERS	(15,915)	(75,778)
Non-cash interest expense recognized	4,700	31,921
Ending balance	108,534	119,749
Current liabilities	26,410	43,267
Long-term liabilities	82,124	76,482
Total	$ 108,534	$ 119,749

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
Common Stock	$0.01	200,000,000	74,064,093	74,064,093
Preferred Stock	$0.01	10,000,000	—	—

As of December 31, 2025
Common Stock	$0.01	200,000,000	71,871,975	71,871,975
Preferred Stock	$0.01	10,000,000	—	—

On February 25, 2026, 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 therein. 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 25, 2029.

On February 27, 2023, the Company entered into a sales agreement (the “Sales Agreement”) with Leerink Partners LLC (formerly, 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 would be issued pursuant to a prospectus supplement, which the Company would have to file before it can sell any ATM Shares in the ATM Offering. As of March 31, 2026, no shares have been issued under the Sales Agreement.

- Definition

The entire disclosure for equity.

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+ Details

Liabilities Related to the Sales of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026		December 31, 2025
	(in thousands)
Beginning balance	$	119,749	$	163,606

Royalties paid to OMERS	(15,915)		(75,778)
Non-cash interest expense recognized	4,700		31,921
Ending balance	$	108,534	$	119,749

Current liabilities	$	26,410	$	43,267
Long-term liabilities	82,124		76,482
Total	$	108,534	$	119,749

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

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 including noncontrolling interest as computed under U.S. GAAP in the consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Revenues:
License	$	100	$	—
Milestone	—		14,500
Royalties	4,416		18,232
Total revenues	4,516		32,732
Less:
Research and development:
XmAb819 (ENPP3 x CD3)	(8,856)		(4,810)
XmAb942 (Xtend TL1A)	(7,411)		(2,402)
XmAb412 (TL1A x IL-23p19)	(7,138)		—
XmAb541 (CLDN6 x CD3)	(3,296)		(2,141)
XmAb657 (CD19 x CD3)	(869)		(4,399)
Plamotamab (CD20 x CD3)	(317)		(1,546)
XmAb808 (B7-H3 x CD28)	546		(2,196)
Other programs including research and early stage	(5,086)		(2,092)
Wind down costs of terminated programs	(1,145)		(7,655)
Internal research and development expenses	(26,019)		(24,055)
Research and development stock based compensation	(5,078)		(7,282)
General and administrative	(17,709)		(17,337)
Other income (expense), net (1)	(50,774)		(5,082)
Income tax expense	(280)		(367)
Net loss including noncontrolling interest	$	(128,916)	$	(48,632)

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

Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense for property and equipment	$ 2.4	$ 2.4
Amortization of intangible assets	$ 0.2	0.3
Impairment of intangible assets		$ 4.9

- 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.

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+ Details

Collaboration and Licensing Agreements - Narrative (Details)		1 Months Ended				3 Months Ended		12 Months Ended
	Dec. 29, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Jan. 31, 2013 program	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2019 USD ($) target
Collaboration research and licensing agreements
Increase (decrease) in accounts receivable						$ (5,800,000)	$ (23,405,000)
Accounts receivable						12,001,000		$ 29,299,000
Revenue from contract with customer, excluding assessed tax						(4,516,000)	(32,732,000)
Royalties
Collaboration research and licensing agreements
Revenue from contract with customer, excluding assessed tax						(4,416,000)	(18,232,000)
Alexion
Collaboration research and licensing agreements
Revenue from contract with customer, excluding assessed tax						(1,480,000)	(15,469,000)
Alexion \| Option and License Agreement
Collaboration research and licensing agreements
Number of different target programs \| program					1
Accounts receivable						8,100,000
Alexion \| Option and License Agreement \| Royalties
Collaboration research and licensing agreements
Increase (decrease) in royalty revenue						(6,600,000)
Increase (decrease) in accounts receivable						(6,600,000)
Alexion \| Option and License Agreement \| Non-Cash Royalty
Collaboration research and licensing agreements
Revenue recognized						1,500,000	15,500,000
MorphoSys \| Collaboration and License Agreement
Collaboration research and licensing agreements
Proceeds from milestone payment received	$ 4,000,000.0	$ 25,000,000.0		$ 12,500,000
Royalty milestones						195,000,000.0
MorphoSys \| Collaboration and License Agreement \| Royalties
Collaboration research and licensing agreements
Accounts receivable						3,900,000
MorphoSys \| Collaboration and License Agreement \| Non-Cash Royalty
Collaboration research and licensing agreements
Revenue recognized						2,900,000	2,800,000
OCM Life Sciences Portfolio LP (OMERS) \| Monjuvi Royalty Sale Agreement
Collaboration research and licensing agreements
Proceeds from milestone payment received								$ 41,500,000
Vir Bio
Collaboration research and licensing agreements
Revenue from contract with customer, excluding assessed tax						0	(2,000,000)
Vir Bio \| Patent License Agreement
Collaboration research and licensing agreements
Number of different target programs \| target									2
Revenue recognized			$ 2,000,000.0
Royalty milestones									$ 65,000,000.0
Vir Bio \| Patent License Agreement \| Royalties
Collaboration research and licensing agreements
Revenue recognized						$ 0	$ 0

Marketable Debt and Equity Securities - Net Realized and Unrealized (Losses) Gains on Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Marketable Securities [Abstract]
Total (losses) gains recorded on marketable equity securities	$ (51,929)	$ 941
Less: gains (losses) recorded on sale of marketable equity securities	0	0
Unrealized (losses) gains on securities held at the reporting date	$ (51,929)	$ 941

Marketable Debt and Equity Securities - Maturities of Marketable Securities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Amortized Cost
Mature in one year or less	$ 369,690
Mature within two years	157,874
Amortized Cost	527,564
Estimated Fair Value
Mature in one year or less	370,207
Mature within two years	157,393
Estimated Fair Value	$ 527,600

- 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
-Topic 820
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-Name Accounting Standards Codification
-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 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable Debt and Equity Securities - Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Available-for-sale Securities
Money market funds	$ 14,170	$ 54,073
Amortized Cost	527,564
Amortized Cost	534,401	590,739
Gross Unrealized Gains	597	1,586
Gross Unrealized Losses	(561)	0
Fair Value	527,600
Total	534,437	592,325
Cash equivalents
Schedule of Available-for-sale Securities
Total	6,837	35,565
Marketable debt securities
Schedule of Available-for-sale Securities
Total	527,600	556,760
Money market funds
Schedule of Available-for-sale Securities
Money market funds	6,837	35,565
Corporate securities
Schedule of Available-for-sale Securities
Amortized Cost		11,966
Gross Unrealized Gains		2
Gross Unrealized Losses		0
Fair Value		11,968
Government securities
Schedule of Available-for-sale Securities
Amortized Cost	527,564	543,208
Gross Unrealized Gains	597	1,584
Gross Unrealized Losses	(561)	0
Fair Value	$ 527,600	$ 544,792

Fair Value of Measurements

3 Months Ended

Mar. 31, 2026

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, Organization and 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, 2025.

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 March 31, 2026 and December 31, 2025, 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:


	March 31, 2026
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	6,837	$	6,837	$	—	$	—
Marketable debt securities:

Government securities	527,600		—		527,600		—
Marketable equity securities	60,573		60,573		$	—	$	—
Total financial assets	$	595,010	$	67,410	$	527,600	$	—


	December 31, 2025
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	35,565	$	35,565	$	—	$	—
Marketable debt securities:
Corporate securities	11,968		—		11,968		—
Government securities	544,792		—		544,792		—
Marketable equity securities	$	112,502	112,502		$	—	$	—
Total financial assets	$	704,827	$	148,067	$	556,760	$	—

- 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
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Collaboration and Licensing Agreements - Revenue by Licensees (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025
Collaboration research and licensing agreements
Revenue recognized		$ 4,516	$ 32,732
Alexion
Collaboration research and licensing agreements
Revenue recognized		1,480	15,469
Incyte
Collaboration research and licensing agreements
Revenue recognized		2,936	15,263
Vir Bio
Collaboration research and licensing agreements
Revenue recognized		0	2,000
Other
Collaboration research and licensing agreements
Revenue recognized		$ 100	$ 0
INmune Bio
Collaboration research and licensing agreements
Revenue recognized	$ 100

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value of Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value of Financial Instruments
Money market funds	$ 14,170	$ 54,073
Marketable debt securities	527,600
Marketable equity securities	60,573	112,502
Total financial assets	595,010	704,827
Government securities
Fair Value of Financial Instruments
Marketable debt securities	527,600	544,792
Corporate securities
Fair Value of Financial Instruments
Marketable debt securities		11,968
Money market funds
Fair Value of Financial Instruments
Money market funds	6,837	35,565
Level 1
Fair Value of Financial Instruments
Marketable equity securities	60,573	112,502
Total financial assets	67,410	148,067
Level 1 \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Level 1 \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities		0
Level 1 \| Money market funds
Fair Value of Financial Instruments
Money market funds	6,837	35,565
Level 2
Fair Value of Financial Instruments
Marketable equity securities	0	0
Total financial assets	527,600	556,760
Level 2 \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	527,600	544,792
Level 2 \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities		11,968
Level 2 \| Money market funds
Fair Value of Financial Instruments
Money market funds	0	0
Level 3
Fair Value of Financial Instruments
Marketable equity securities	0	0
Total financial assets	0	0
Level 3 \| Government securities
Fair Value of Financial Instruments
Marketable debt securities	0	0
Level 3 \| Corporate securities
Fair Value of Financial Instruments
Marketable debt securities		0
Level 3 \| Money market funds
Fair Value of Financial Instruments
Money market funds	$ 0	$ 0

Balance Sheet Accounts - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued R&D expenses	$ 18,946	$ 12,858
Accrued payroll and benefits	11,689	20,209
Other	3,618	1,893
Total accrued expenses	$ 34,253	$ 34,960

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
	(in thousands)
Numerator:
Net loss attributable to Xencor, Inc.	$	(128,916)	$	(48,418)
Denominator:
Weighted-average basic shares outstanding	75,247		73,667
Effect of dilutive securities	—		—
Weighted-average diluted shares outstanding	75,247		73,667

Basic and diluted net loss per share	$	(1.71)	$	(0.66)

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 March 31,
	2026	2025
Options	27,393	158,652
Restricted stock units	628,665	541,610

Total	656,058	700,262

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss attributable to Xencor, Inc.	$ (128,916)	$ (48,418)
Denominator:
Weighted-average basic shares outstanding (in shares)	75,247,000	73,667,000
Effect of dilutive securities (in shares)	0	0
Weighted-average diluted shares outstanding (in shares)	75,247,000	73,667,000
Basic net loss per share (in dollars per share)	$ (1.71)	$ (0.66)
Diluted net loss per share (in dollars per share)	$ (1.71)	$ (0.66)
Number of shares outstanding, diluted (in shares)	656,058	700,262
Options
Denominator:
Number of shares outstanding, diluted (in shares)	27,393	158,652
Restricted stock units
Denominator:
Number of shares outstanding, diluted (in shares)	628,665	541,610

Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026		December 31, 2025
	(in thousands)
Lab equipment	$	44,044	$	43,749
Computer, software and office equipment	2,052		2,003
Furniture and fixtures	128		128
Leasehold improvements	52,451		52,270
Construction in progress	6,645		6,630
Total gross carrying amount	105,320		104,780
Less: accumulated depreciation and amortization	(53,828)		(51,472)
Property and equipment, net	$	51,492	$	53,308

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2026		December 31, 2025
	(in thousands)
Patents	$	10,964	$	10,784
Licenses and other intangible assets	—		972
Total finite-lived assets	10,964		11,756
Indefinite-lived assets	3,863		4,147
Total gross carrying amount	14,827		15,903
Accumulated amortization	(7,225)		(7,518)
Total patents, licenses, and other intangible assets, net	$	7,602	$	8,385

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2026		December 31, 2025
	(in thousands)
Patents	$	10,964	$	10,784
Licenses and other intangible assets	—		972
Total finite-lived assets	10,964		11,756
Indefinite-lived assets	3,863		4,147
Total gross carrying amount	14,827		15,903
Accumulated amortization	(7,225)		(7,518)
Total patents, licenses, and other intangible assets, net	$	7,602	$	8,385

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 March 31, 2026:


	Amortization Expense
Year ending December 31,	(in thousands)
For the remainder of 2026	$	344
2027	675
2028	561
2029	342
2030	315
2031 and thereafter	1,502
Total	$	3,739

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Accrued R&D expenses	$	18,946	$	12,858

Accrued payroll and benefits	11,689		20,209
Other	3,618		1,893
Total accrued expenses	$	34,253	$	34,960

Marketable Debt and Equity Securities - Equity Securities with Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Equity Securities
Marketable equity securities	$ 60,573	$ 112,502
Common Stock
Equity Securities
Marketable equity securities	60,573	112,502
Zenas BioPharma, Inc. \| Common Stock
Equity Securities
Marketable equity securities	$ 60,573	$ 112,502

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Segment Reporting - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ 4,516	$ 32,732
Research and development stock based compensation	9,561	12,213
General and administrative	17,709	17,337
Other income (expense), net	(50,774)	(5,082)
Income tax expense	(280)	(367)
Net loss including noncontrolling interest	(128,916)	(48,632)
License
Segment Reporting Information [Line Items]
Total revenues	100	0
Milestone
Segment Reporting Information [Line Items]
Total revenues	0	14,500
Royalties
Segment Reporting Information [Line Items]
Total revenues	4,416	18,232
Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	4,516	32,732
Internal research and development expenses	(26,019)	(24,055)
Research and development stock based compensation	(5,078)	(7,282)
General and administrative	(17,709)	(17,337)
Other income (expense), net	(50,774)	(5,082)
Income tax expense	(280)	(367)
Net loss including noncontrolling interest	(128,916)	(48,632)
Reportable Segment \| XmAb819 (ENPP3 x CD3)
Segment Reporting Information [Line Items]
External research and development expense	(8,856)	(4,810)
Reportable Segment \| XmAb942 (Xtend TL1A)
Segment Reporting Information [Line Items]
External research and development expense	(7,411)	(2,402)
Reportable Segment \| XmAb412 (TL1A x IL-23p19)
Segment Reporting Information [Line Items]
External research and development expense	(7,138)	0
Reportable Segment \| XmAb541 (CLDN6 x CD3)
Segment Reporting Information [Line Items]
External research and development expense	(3,296)	(2,141)
Reportable Segment \| XmAb657 (CD19 x CD3)
Segment Reporting Information [Line Items]
External research and development expense	(869)	(4,399)
Reportable Segment \| Plamotamab (CD20 x CD3)
Segment Reporting Information [Line Items]
External research and development expense	(317)	(1,546)
Reportable Segment \| XmAb808 (B7-H3 x CD28)
Segment Reporting Information [Line Items]
External research and development expense	546	(2,196)
Reportable Segment \| Other programs including research and early stage
Segment Reporting Information [Line Items]
External research and development expense	(5,086)	(2,092)
Reportable Segment \| Wind down costs of terminated programs
Segment Reporting Information [Line Items]
External research and development expense	(1,145)	(7,655)
Reportable Segment \| License
Segment Reporting Information [Line Items]
Total revenues	100	0
Reportable Segment \| Milestone
Segment Reporting Information [Line Items]
Total revenues	0	14,500
Reportable Segment \| Royalties
Segment Reporting Information [Line Items]
Total revenues	$ 4,416	$ 18,232

Stockholders’ Equity - Narrative (Details) - Sales Agreement - USD ($) $ in Millions		3 Months Ended
	Feb. 27, 2023	Mar. 31, 2026
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		0
SVB Securities LLC
Subsidiary, Sale of Stock [Line Items]
Sale of common stock and pre-funded warrants, net of issuance cost	$ 200.0

- 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

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
	(in thousands)
Numerator:
Net loss attributable to Xencor, Inc.	$	(128,916)	$	(48,418)
Denominator:
Weighted-average basic shares outstanding	75,247		73,667
Effect of dilutive securities	—		—
Weighted-average diluted shares outstanding	75,247		73,667

Basic and diluted net loss per share	$	(1.71)	$	(0.66)

All outstanding options and RSUs as of March 31, 2026 and 2025 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 March 31,
	2026	2025
Options	27,393	158,652
Restricted stock units	628,665	541,610

Total	656,058	700,262

Balance Sheet Accounts - Indefinite and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Patents, licenses, and other intangible assets
Total finite-lived assets	$ 10,964	$ 11,756
Indefinite-lived assets	3,863	4,147
Total gross carrying amount	14,827	15,903
Accumulated amortization	(7,225)	(7,518)
Total patents, licenses, and other intangible assets, net	7,602	8,385
Patents
Patents, licenses, and other intangible assets
Total finite-lived assets	10,964	10,784
Licenses and other intangible assets
Patents, licenses, and other intangible assets
Total finite-lived assets	$ 0	$ 972

Stock-Based Compensation - FV of Employee Stock Options (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Weighted average assumptions for estimated fair value of employee stock options
Expected term (in years)	6 years 6 months	6 years 4 months 24 days
Expected volatility (as a percent)	54.50%	50.80%
Risk-free interest rate (as a percent)	3.80%	4.10%
Expected dividend yield	0.00%	0.00%
Underlying stock price (in dollars per share)	$ 12.35	$ 14.13

Leases - Undiscounted Cash Flows (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
For the remainder of 2026	$ 5,239
2027	9,759
2028	9,276
2029	9,531
2030	9,794
2031 and thereafter	48,436
Total	92,035
Less: Imputed interest	(25,405)
Total operating lease liabilities (includes current portion)	$ 66,630

Stock-Based Compensation - Employee Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,561	$ 12,213
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	5,012	6,652
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	4,295	5,312
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	254	249
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	4,483	4,931
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,078	$ 7,282

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Future Minimum Sublease Receipts (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
For the remainder of 2026	$ 1,371
2027	1,721
2028	1,772
2029	1,826
2030	1,880
2031 and thereafter	171
Total	$ 8,741

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, the total number of shares of common stock reserved for issuance under the 2023 Plan is 19,074,256.

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 March 31, 2026, the total number of shares of common stock available for issuance under the ESPP is 817,666.

The following table presents a summary of awards outstanding:


	March 31, 2026
	2013 Plan	2023 Plan	Total
Stock options	8,330,669	6,639,266	14,969,935
RSUs	13,934	2,373,054	2,386,988
	8,344,603	9,012,320	17,356,923

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


	Three Months Ended March 31,
	2026		2025
	(in thousands)
General and administrative	$	4,483	$	4,931
Research and development	5,078		7,282
	$	9,561	$	12,213


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Stock options	$	5,012	$	6,652
RSUs	4,295		5,312
ESPP	254		249
	$	9,561	$	12,213

Stock Option Awards

The following table presents a summary of the stock option activity for the three months ended March 31, 2026:


	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, 2025	12,956,592	$	26.93	5.6	$	5,156
Granted	2,450,444	12.35
Exercised	(76,851)	12.35
Forfeited	(360,250)	27.01
Outstanding at March 31, 2026	14,969,935	$	24.62	6.1	$	1,364
Exercisable at March 31, 2026	9,730,718	$	29.44	4.6	$	385

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 months ended March 31, 2026 and 2025 were $0.1 million and $0.5 million, respectively.

As of March 31, 2026, the pre-tax compensation expense for all outstanding unvested stock options in the amount of $42.9 million will be recognized in the Company’s results of operations over a weighted average period of 2.7 years.

The per share weighted average grant date fair values of the stock options granted in the period are $7.02 and $7.72 for the three months ended March 31, 2026 and 2025, 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 March 31,
	2026			2025
Expected term (in years) (1)	6.5			6.4
Expected volatility (2)	54.5		%	50.8		%
Risk-free interest rate (3)	3.8		%	4.1		%
Expected dividend yield (4)	—		%	—		%
Underlying stock price	$	12.35		$	14.13

(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, 2025	1,981,345	$	18.01
Granted	1,190,056	12.35
Vested	(727,466)	21.40
Forfeited	(56,947)	16.30
Outstanding as of March 31, 2026	2,386,988	$	14.15

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

As of March 31, 2026, there was $29.5 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 2.3 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 March 31,
	2026		2025
Expected term (in years)	0.5		0.5 - 2.0
Expected volatility	66.2	%	43.0% - 54.6%
Risk-free interest rate	3.6	%	4.2% - 5.4%
Expected dividend yield	—	%	—	%

As of March 31, 2026, the pre-tax compensation expense for all outstanding shares issued under the Company’s ESPP in the amount of $0.3 million will be recognized in the Company’s results of operations over a weighted average period of 3 months.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,141,596
Entity Central Index Key	0001326732
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stockholders’ Equity - Stock by Class (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	74,064,000	71,872,000
Common stock, shares outstanding (in shares)	74,064,000	71,872,000
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)	74,064,093	71,871,975
Common stock, shares outstanding (in shares)	74,064,093	71,871,975
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

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

A. Bruce Montgomery [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Adoption Date

Duration(1)

Aggregate Number of Shares of Common Stock to be Sold Pursuant to Trading Arrangement

A. Bruce Montgomery

Director

3/4/2026

6/30/2026

5,064

(1) The trading arrangement permits transactions through and including the earlier to occur of (a) the date that all shares subject to the trading arrangement have been sold and (b) the date listed in the table.

Name

A. Bruce Montgomery

Title

Director

Rule 10b5-1 Arrangement Adopted

true

3/4/2026

6/30/2026

118 days

5,064

Leases - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended
Leases - Narrative (Details) $ in Millions	Aug. 08, 2025 USD ($)	Jun. 30, 2021 phase	Mar. 31, 2026 USD ($)	Aug. 31, 2023 USD ($)	Dec. 01, 2022 USD ($)	Aug. 31, 2022 USD ($)	Aug. 01, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lease, renewal term			5 years
Lease expense	$ 0.9
Sublease income			$ 0.4
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					$ 3.3	$ 5.0	$ 17.0

Fair Value of Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Recorded at Fair Value


	March 31, 2026
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	6,837	$	6,837	$	—	$	—
Marketable debt securities:

Government securities	527,600		—		527,600		—
Marketable equity securities	60,573		60,573		$	—	$	—
Total financial assets	$	595,010	$	67,410	$	527,600	$	—


	December 31, 2025
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	35,565	$	35,565	$	—	$	—
Marketable debt securities:
Corporate securities	11,968		—		11,968		—
Government securities	544,792		—		544,792		—
Marketable equity securities	$	112,502	112,502		$	—	$	—
Total financial assets	$	704,827	$	148,067	$	556,760	$	—

Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property and Equipment
Total gross carrying amount	$ 105,320	$ 104,780
Less: accumulated depreciation and amortization	(53,828)	(51,472)
Property and equipment, net	51,492	53,308
Lab equipment
Property and Equipment
Total gross carrying amount	44,044	43,749
Computer, software and office equipment
Property and Equipment
Total gross carrying amount	2,052	2,003
Furniture and fixtures
Property and Equipment
Total gross carrying amount	128	128
Leasehold improvements
Property and Equipment
Total gross carrying amount	52,451	52,270
Construction in progress
Property and Equipment
Total gross carrying amount	$ 6,645	$ 6,630

Balance Sheet Accounts - Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
For the remainder of 2026	$ 344
2027	675
2028	561
2029	342
2030	315
2031 and thereafter	1,502
Total	$ 3,739

Organization and Summary of Significant Accounting Policies (Polices)	3 Months Ended
	Mar. 31, 2026
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, 2025 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. Gale Therapeutics Inc. (“Gale”) The interim consolidated financial statements for the three months ended March 31, 2025 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 $0.3 million and $0.4 million of income tax expense for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 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.
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, 2025. 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, 2025, to have a material impact on its financial results.

- 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

Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Income tax expense	$ 280	$ 367

- Definition

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

+ References

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+ Details

Liabilities Related to the Sales of Future Royalties

3 Months Ended

Mar. 31, 2026

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 occurred 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.

As discussed in Note 2, in March 2026, Alexion notified the Company that it does not believe additional U.S. royalties are owed and does not intend to make future payments for U.S. sales. The Company has applied the variable consideration constraint under ASC 606 and constrained U.S. royalty revenue to zero pending resolution of the dispute.

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 March 31, 2026, the estimated effective interest rates were 16.8% and 15.6% 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:


	March 31, 2026		December 31, 2025
	(in thousands)
Beginning balance	$	119,749	$	163,606

Royalties paid to OMERS	(15,915)		(75,778)
Non-cash interest expense recognized	4,700		31,921
Ending balance	$	108,534	$	119,749

Current liabilities	$	26,410	$	43,267
Long-term liabilities	82,124		76,482
Total	$	108,534	$	119,749

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease assets	$ 36,815	$ 37,592
Current operating lease liabilities	4,034	3,263
Non-current operating lease liabilities	$ 62,596	$ 64,735

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 1,987	$ 1,881
Variable lease cost	306	308
Total lease costs	2,293	2,189
Cash paid for amounts included in the measurement of lease liabilities	$ 2,577	$ 880
Weighted-average remaining lease term (in years)	9 years 1 month 6 days	10 years
Weighted-average discount rate (%)	7.00%	7.00%

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jun. 12, 2025	Mar. 31, 2026	Mar. 31, 2025	Jun. 14, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total intrinsic value of the options exercised		$ 0.1	$ 0.5
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares of common stock available for issuance (in shares)		817,666
Unamortized compensation expense		$ 0.3
Period to recognize unamortized compensation expense		3 months
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized compensation expense		$ 42.9
Period to recognize unamortized compensation expense		2 years 8 months 12 days
Weighted average grant date fair values (in dollars per share)		$ 7.02	$ 7.72
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Period to recognize unamortized compensation expense		2 years 3 months 18 days
Unamortized compensation expense related to unvested restricted stock units		$ 29.5
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)		19,074,256		3,000,000
Number of additional shares authorized (in shares)	3,000,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 14,170	$ 54,073
Marketable debt securities	370,207	381,158
Marketable equity securities	60,573	112,502
Accounts receivable	12,001	29,299
Prepaid expenses and other current assets	25,904	22,789
Total current assets	482,855	599,821
Restricted cash	191	289
Marketable debt securities - long term	157,393	175,602
Property and equipment, net	51,492	53,308
Right-of-use assets	36,815	37,592
Patents, licenses, and other intangible assets, net	7,602	8,385
Other assets	498	498
Total assets	736,846	875,495
Current liabilities:
Accounts payable	7,919	10,828
Accrued expenses	34,253	34,960
Income tax payable	841	3,589
Lease liabilities	4,034	3,263
Liabilities related to the sales of future royalties	26,410	43,267
Total current liabilities	73,457	95,907
Long-term tax liabilities	2,884	2,784
Lease liabilities, net of current portion	62,596	64,735
Liabilities related to the sales of future royalties, net of current portion	82,124	76,482
Other liabilities	152	0
Total liabilities	221,213	239,908
Commitments and contingencies
Noncontrolling interest and stockholders’ equity
Common stock, $0.01 par value: Authorized 200,000 shares Issued and outstanding 74,064 and 71,872 shares at March 31, 2026 and December 31, 2025, respectively.	741	718
Additional paid-in capital	1,439,740	1,429,252
Accumulated other comprehensive income	27	1,576
Accumulated deficit	(924,875)	(795,959)
Total stockholders’ equity attributable to Xencor, Inc.	515,633	635,587
Noncontrolling interest	0	0
Total noncontrolling interest and stockholders’ equity	515,633	635,587
Total liabilities and stockholders’ equity	$ 736,846	$ 875,495

Stock-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Shares Subject to Outstanding Options
Balance at the beginning of the period (in shares)	12,956,592
Options granted (in shares)	2,450,444
Options exercised (in shares)	(76,851)
Options forfeited (in shares)	(360,250)
Balance at the end of the period (in shares)	14,969,935	12,956,592
Exercisable options (in shares)	9,730,718
Weighted Average Exercise Price (per share)
Balance at the beginning of the period (in dollars per share)	$ 26.93
Options granted (in dollars per share)	12.35
Options exercised (in dollars per share)	12.35
Options forfeited (in dollars per share)	27.01
Balance at the end of the period (in dollars per share)	24.62	$ 26.93
Exercisable (in dollars per share)	$ 29.44
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, balance outstanding	6 years 1 month 6 days	5 years 7 months 6 days
Weighted-average remaining contractual term, exercisable	4 years 7 months 6 days
Aggregate intrinsic value, balance outstanding	$ 1,364	$ 5,156
Aggregate intrinsic value, exercisable	$ 385

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Collaborations, milestones, and royalties	$ 4,516	$ 32,732
Operating expenses:
Research and development	64,669	58,578
General and administrative	17,709	17,337
Total operating expenses	82,378	75,915
Operating loss	(77,862)	(43,183)
Other income (expense):
Interest income	5,459	7,538
Interest expense	(4,700)	(8,665)
(Losses) gains on equity securities, net	(51,929)	941
Asset impairment charges	0	(4,865)
Other, net	396	(31)
Total other expense	(50,774)	(5,082)
Loss before income tax expense and noncontrolling interest	(128,636)	(48,265)
Income tax expense	280	367
Net loss including noncontrolling interest	(128,916)	(48,632)
Net loss attributable to noncontrolling interest	0	(214)
Net loss attributable to Xencor, Inc.	$ (128,916)	$ (48,418)
Net loss per share attributable to Xencor, Inc. - basic (in dollars per share)	$ (1.71)	$ (0.66)
Net loss per share attributable to Xencor, Inc. - diluted (in dollars per share)	$ (1.71)	$ (0.66)
Weighted-average shares used in calculating net loss per share - basic (in shares)	75,247,000	73,667,000
Weighted-average shares used in calculating net loss per share - diluted (in shares)	75,247,000	73,667,000
Other comprehensive income (loss), net of tax:
Net unrealized (loss) gain on marketable debt securities	$ (1,549)	$ 1,018
Comprehensive loss	(130,465)	(47,614)
Less: comprehensive loss attributable to the noncontrolling interest	0	(214)
Comprehensive loss attributable to Xencor, Inc.	$ (130,465)	$ (47,400)

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Monrovia, California: The Company leases office and laboratory space in Monrovia, California. The lease term was set to expire in December 2025 and provided an option to renew the entire premises for an additional five-year term, which the Company elected not to exercise. Instead, on August 8, 2025, the Company entered into a seventh amendment to the lease agreement to extend the term for one year, effective January 1, 2026 through 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.

On December 18, 2025, the Company entered into a sublease agreement to sublease a portion of its space to a third party. The sublease term commenced on February 1, 2026 and expires on January 31, 2031. Sublease income is recognized on a straight-line basis over the sublease term and is recorded as other income in the consolidated statements of operations and comprehensive loss. The Company recognized sublease income of $0.4 million during the three months ended March 31, 2026.

The Company continues to account for the head lease as an operating lease and remains primarily obligated under the original lease agreement. Future minimum sublease receipts as of March 31, 2026 are as follows:


Year	Amounts
	(in thousands)
For the remainder of 2026	$	1,371
2027	1,721
2028	1,772
2029	1,826
2030	1,880
2031 and thereafter	171
Total	$	8,741

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	March 31, 2026		December 31, 2025
		(in thousands)
Operating lease assets	Right-of-use assets	$	36,815	$	37,592
Current operating lease liabilities	Lease liabilities	$	4,034	$	3,263
Non-current operating lease liabilities	Lease liabilities, net of current portion	$	62,596	$	64,735

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2026:


Year	Amounts
	(in thousands)
For the remainder of 2026	$	5,239
2027	9,759
2028	9,276
2029	9,531
2030	9,794
2031 and thereafter	48,436
Total	92,035
Less: Imputed interest	(25,405)
Total operating lease liabilities (includes current portion)	$	66,630

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


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Operating lease cost	$	1,987		$	1,881
Variable lease cost	306			308
Total lease costs	$	2,293		$	2,189


Cash paid for amounts included in the measurement of lease liabilities	$	2,577		$	880

	March 31,
	2026			2025
Weighted-average remaining lease term (in years)	9.1			10.0
Weighted-average discount rate (%)	7.0		%	7.0		%

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
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 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. Merus sought a judgment of patent infringement, an order enjoining the Company from infringing those 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. Merus filed its response to the Company’s motion on October 31, 2024, and the Company replied to Merus’ response on November 14, 2024. On September 30, 2025, the Court granted the motion to dismiss Merus’ complaint, but permitted Merus to file an amended complaint. On November 11, 2025, Merus filed a first amended complaint, and asserted claims of U.S. Patent Nos. 9,944,695, 9,358,286, 11,926,859, and 12,123,043. On December 16, 2025, the Company filed a motion to dismiss the first amended complaint on the same grounds previously asserted. Briefing on the motion to dismiss is ongoing, and the Court held a hearing on the motion to dismiss on February 17, 2026. On February 11, 2025, the Company filed for inter partes review 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. On September 26, 2025, the U.S. Patent and Trademark Appeal Board granted institution of the inter partes review. A schedule for the inter partes review has been set, and oral argument is scheduled for June 24, 2026. 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 March 31, 2026 and December 31, 2025. 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.

Marketable Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2026

Marketable Securities [Abstract]

Schedule of Marketable Securities

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


	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	6,837	$	—	$	—	$	6,837

Government securities	527,564		597		(561)		527,600
	$	534,401	$	597	$	(561)	$	534,437

Reported as
Cash equivalents							$	6,837
Marketable debt securities							527,600
Total							$	534,437


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Money market funds	$	35,565	$	—	$	—	$	35,565
Corporate securities	11,966		2		—		11,968
Government securities	543,208		1,584		—		544,792
	$	590,739	$	1,586	$	—	$	592,325

Reported as
Cash equivalents							$	35,565
Marketable debt securities							556,760
Total							$	592,325

Schedule of Maturities of Marketable Securities

The following table summarizes the contract maturities of the Company’s marketable debt securities as of March 31, 2026:


	Amortized Cost		Estimated Fair Value
	(in thousands)
Mature in one year or less	$	369,690	$	370,207
Mature within two years	157,874		157,393
Total	$	527,564	$	527,600

Schedule of Marketable Equity Securities

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


	March 31, 2026		December 31, 2025
	(in thousands)


Zenas BioPharma, Inc.	$	60,573	$	112,502
	$	60,573	$	112,502

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

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


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Total (losses) gains recorded on marketable equity securities	$	(51,929)	$	941
Less: gains (losses) recorded on sale of marketable equity securities	—		—
Unrealized (losses) gains on securities held at the reporting date	$	(51,929)	$	941

Stock-Based Compensation - FV of Employee Stock Purchase Plan (Details) - ESPP	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Weighted average assumptions for estimated fair value of employee stock purcahse plan
Expected term (in years)	6 months
Expected volatility (as a percent)	66.20%
Expected volatility, low end of range (as a percent)		43.00%
Expected volatility, high end of range (as a percent)		54.60%
Risk-free interest rate (as a percent)	3.60%
Risk-free interest rate, low end of range (as a percent)		4.20%
Risk-free interest rate, high end of range (as a percent)		5.40%
Expected dividend yield	0.00%	0.00%
Minimum
Weighted average assumptions for estimated fair value of employee stock purcahse plan
Expected term (in years)		6 months
Maximum
Weighted average assumptions for estimated fair value of employee stock purcahse plan
Expected term (in years)		2 years

Marketable Debt and Equity Securities - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Marketable Securities [Abstract]
Allowance for credit losses on marketable debt securities	$ 0	$ 0

Collaboration and Licensing Agreements - Receivables and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Collaboration and Licensing Agreements
Receivables included in accounts receivable	$ 12,001	$ 33,853
Contract liabilities included in deferred revenue	$ 0	$ 0

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units
Beginning balance (in shares) \| shares	1,981,345
Granted (in shares) \| shares	1,190,056
Vested (in shares) \| shares	(727,466)
Forfeited (in shares) \| shares	(56,947)
Ending balance (in shares) \| shares	2,386,988
Weighted Average Grant Date Fair Value (Per unit)
Weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 18.01
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	12.35
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	21.40
Weighted average grant date fair value, forfeited (in dollars per share) \| $ / shares	16.30
Weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 14.15

Balance Sheet Accounts

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026		December 31, 2025
	(in thousands)
Lab equipment	$	44,044	$	43,749
Computer, software and office equipment	2,052		2,003
Furniture and fixtures	128		128
Leasehold improvements	52,451		52,270
Construction in progress	6,645		6,630
Total gross carrying amount	105,320		104,780
Less: accumulated depreciation and amortization	(53,828)		(51,472)
Property and equipment, net	$	51,492	$	53,308

Depreciation and amortization expense for property and equipment was $2.4 million for each of the three months ended March 31, 2026 and 2025, respectively.

Patents, Licenses, and Other Intangible Assets

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


	March 31, 2026		December 31, 2025
	(in thousands)
Patents	$	10,964	$	10,784
Licenses and other intangible assets	—		972
Total finite-lived assets	10,964		11,756
Indefinite-lived assets	3,863		4,147
Total gross carrying amount	14,827		15,903
Accumulated amortization	(7,225)		(7,518)
Total patents, licenses, and other intangible assets, net	$	7,602	$	8,385

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 March 31, 2026 and 2025, 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 or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. During the three months ended March 31, 2025, the Company recorded asset impairment charges of $4.9 million related to its decision to pause

development of certain programs and prioritize other pipeline assets, resulting in a write-down of the associated patents to their estimated fair value. No additional impairment charges were recorded for continuing programs during the three months ended March 31, 2026.

The following table presents the estimated future amortization expense related to definite-lived assets as of March 31, 2026:


	Amortization Expense
Year ending December 31,	(in thousands)
For the remainder of 2026	$	344
2027	675
2028	561
2029	342
2030	315
2031 and thereafter	1,502
Total	$	3,739

Accrued Expense

Accrued expenses consist of the following:


	March 31, 2026		December 31, 2025
	(in thousands)
Accrued R&D expenses	$	18,946	$	12,858

Accrued payroll and benefits	11,689		20,209
Other	3,618		1,893
Total accrued expenses	$	34,253	$	34,960

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
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 uses its protein engineering capabilities to design new technologies and XmAb® drug candidates with improved properties. The Company advances these candidates into clinical-stage development, where the Company is conducting Phase 1 and Phase 2 studies for a broad portfolio of programs. Based on the results of these studies, the Company determines which programs to advance into later stages of development and potentially commercialization, which to partner in order to access complementary resources to optimize development, 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, 2025 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. Gale Therapeutics Inc. (“Gale”) The interim consolidated financial statements for the three months ended March 31, 2025 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 $0.3 million and $0.4 million of income tax expense for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 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. 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, 2025. 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, 2025, to have a material impact on its financial results.

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (128,916)	$ (48,632)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,567	2,693
Accretion of discount on marketable debt securities, net	(128)	(2,126)
Stock-based compensation	9,561	12,213
Change in fair value of marketable equity securities	51,929	(941)
Asset impairment charges	0	4,865
Non-cash royalty revenue related to the sale of future royalties	(4,416)	(18,232)
Non-cash interest expense on liabilities related to the sale of future royalties	4,700	8,664
Changes in operating assets and liabilities:
Accounts receivable	5,800	23,405
Prepaid expenses and other assets	(2,165)	5,057
Accounts payable	(2,871)	(568)
Accrued expenses	(707)	(3,154)
Operating lease, net	(590)	168
Other assets and liabilities, net	(2,392)	368
Net cash used in operating activities	(67,628)	(16,220)
Cash flows from investing activities
Purchase of marketable debt securities	(72,679)	(103,873)
Purchase of property and equipment	(610)	(1,444)
Proceeds from maturities of marketable debt securities	99,966	118,985
Net cash provided by investing activities	26,677	13,668
Cash flows from financing activities
Proceeds from the exercises of stock options	950	2,974
Cash paid to acquire noncontrolling interest	0	(1,725)
Net cash provided by financing activities	950	1,249
Net decrease in cash, cash equivalents, and restricted cash	(40,001)	(1,303)
Cash, cash equivalents, and restricted cash, beginning of period	54,362	41,262
Cash, cash equivalents, and restricted cash, end of period	14,361	39,959
Supplemental disclosure of cash flow information
Interest paid	1	1
Income taxes paid:
Federal	51	0
State	2,783	0
Foreign	180	0
Total	$ 3,014	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	74,064,000	71,872,000
Common stock, shares outstanding (in shares)	74,064,000	71,872,000

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Activity

The following table presents a summary of awards outstanding:


	March 31, 2026
	2013 Plan	2023 Plan	Total
Stock options	8,330,669	6,639,266	14,969,935
RSUs	13,934	2,373,054	2,386,988
	8,344,603	9,012,320	17,356,923

Schedule of Stock-Based Compensation Expense Recognized

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


	Three Months Ended March 31,
	2026		2025
	(in thousands)
General and administrative	$	4,483	$	4,931
Research and development	5,078		7,282
	$	9,561	$	12,213


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Stock options	$	5,012	$	6,652
RSUs	4,295		5,312
ESPP	254		249
	$	9,561	$	12,213

Schedule of Stock Option Activity

The following table presents a summary of the stock option activity for the three months ended March 31, 2026:


	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, 2025	12,956,592	$	26.93	5.6	$	5,156
Granted	2,450,444	12.35
Exercised	(76,851)	12.35
Forfeited	(360,250)	27.01
Outstanding at March 31, 2026	14,969,935	$	24.62	6.1	$	1,364
Exercisable at March 31, 2026	9,730,718	$	29.44	4.6	$	385

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 March 31,
	2026			2025
Expected term (in years) (1)	6.5			6.4
Expected volatility (2)	54.5		%	50.8		%
Risk-free interest rate (3)	3.8		%	4.1		%
Expected dividend yield (4)	—		%	—		%
Underlying stock price	$	12.35		$	14.13

(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 March 31,
	2026		2025
Expected term (in years)	0.5		0.5 - 2.0
Expected volatility	66.2	%	43.0% - 54.6%
Risk-free interest rate	3.6	%	4.2% - 5.4%
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, 2025	1,981,345	$	18.01
Granted	1,190,056	12.35
Vested	(727,466)	21.40
Forfeited	(56,947)	16.30
Outstanding as of March 31, 2026	2,386,988	$	14.15

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
Common Stock	$0.01	200,000,000	74,064,093	74,064,093
Preferred Stock	$0.01	10,000,000	—	—

As of December 31, 2025
Common Stock	$0.01	200,000,000	71,871,975	71,871,975
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
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2026

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.

The Company’s Chief Executive Officer (“CEO”) serves as the Chief Operating Decision Maker (“CODM”). The CODM evaluates performance, allocates resources, and conducts planning and forecasting on a consolidated basis using financial information as presented in the Company’s consolidated statements of operations and comprehensive loss. In addition, the CODM reviews research and development expenses by program. Managing and allocating resources at the corporate level enables the Company’s CEO to assess the overall level of resources available and to deploy those resources in alignment with the Company’s long-term, corporate-wide strategic objectives.


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Revenues:
License	$	100	$	—
Milestone	—		14,500
Royalties	4,416		18,232
Total revenues	4,516		32,732
Less:
Research and development:
XmAb819 (ENPP3 x CD3)	(8,856)		(4,810)
XmAb942 (Xtend TL1A)	(7,411)		(2,402)
XmAb412 (TL1A x IL-23p19)	(7,138)		—
XmAb541 (CLDN6 x CD3)	(3,296)		(2,141)
XmAb657 (CD19 x CD3)	(869)		(4,399)
Plamotamab (CD20 x CD3)	(317)		(1,546)
XmAb808 (B7-H3 x CD28)	546		(2,196)
Other programs including research and early stage	(5,086)		(2,092)
Wind down costs of terminated programs	(1,145)		(7,655)
Internal research and development expenses	(26,019)		(24,055)
Research and development stock based compensation	(5,078)		(7,282)
General and administrative	(17,709)		(17,337)
Other income (expense), net (1)	(50,774)		(5,082)
Income tax expense	(280)		(367)
Net loss including noncontrolling interest	$	(128,916)	$	(48,632)

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

For the three months ended March 31, 2026 and 2025, the Company’s total revenues were derived from collaboration and licensing agreements and were reported within the Company’s single operating segment. Revenues are attributed to geographic areas based on the location of the Company’s customers. For the three months ended March 31, 2026 and 2025, substantially all of the Company’s revenues were generated from customers located in the United States, and substantially all of the Company’s long-lived assets were located in the United States. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

- Definition

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

+ References

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Sublease Receipts

Future minimum sublease receipts as of March 31, 2026 are as follows:


Year	Amounts
	(in thousands)
For the remainder of 2026	$	1,371
2027	1,721
2028	1,772
2029	1,826
2030	1,880
2031 and thereafter	171
Total	$	8,741

Schedule of Lease Costs and Cash Disclosures


Lease Assets and Liabilities	Classification	March 31, 2026		December 31, 2025
		(in thousands)
Operating lease assets	Right-of-use assets	$	36,815	$	37,592
Current operating lease liabilities	Lease liabilities	$	4,034	$	3,263
Non-current operating lease liabilities	Lease liabilities, net of current portion	$	62,596	$	64,735

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


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Operating lease cost	$	1,987		$	1,881
Variable lease cost	306			308
Total lease costs	$	2,293		$	2,189


Cash paid for amounts included in the measurement of lease liabilities	$	2,577		$	880

	March 31,
	2026			2025
Weighted-average remaining lease term (in years)	9.1			10.0
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 March 31, 2026:


Year	Amounts
	(in thousands)
For the remainder of 2026	$	5,239
2027	9,759
2028	9,276
2029	9,531
2030	9,794
2031 and thereafter	48,436
Total	92,035
Less: Imputed interest	(25,405)
Total operating lease liabilities (includes current portion)	$	66,630

Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Noncontrolling Interest
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 loss on marketable debt securities	1,018			1,018
Purchase of non-controlling 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, 2025		71,872
Beginning balance at Dec. 31, 2025	635,587	$ 718	1,429,252	1,576	(795,959)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	9,561		9,561
Exercise of stock options (in shares)		77
Exercise of stock options	950	$ 1	949
Issuance of restricted stock units (in shares)		727
Issuance of restricted stock units	0	$ 7	(7)
Exercise of pre-funded warrants (in shares)		1,388
Exercise of pre-funded warrants	0	$ 15	(15)
Net unrealized loss on marketable debt securities	(1,549)			(1,549)
Net loss	(128,916)				(128,916)
Ending balance (in shares) at Mar. 31, 2026		74,064
Ending balance at Mar. 31, 2026	$ 515,633	$ 741	$ 1,439,740	$ 27	$ (924,875)	$ 0

Collaboration and Licensing Agreements - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Collaboration research and licensing agreements
Revenue recognized	$ 4,516	$ 32,732
License
Collaboration research and licensing agreements
Revenue recognized	100	0
Milestone
Collaboration research and licensing agreements
Revenue recognized	0	14,500
Royalties
Collaboration research and licensing agreements
Revenue recognized	$ 4,416	$ 18,232

- Definition

+ References

+ Details

Stock-Based Compensation - Share-Based Payment Arrangement, Activity (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Stock-based compensation
Stock options (in shares)	14,969,935	12,956,592
RSUs
Stock-based compensation
RSUs (in shares)	2,386,988	1,981,345
Total
Stock-based compensation
Stock options (in shares)	14,969,935
Total (in shares)	17,356,923
Total \| RSUs
Stock-based compensation
RSUs (in shares)	2,386,988
2013 Plan
Stock-based compensation
Stock options (in shares)	8,330,669
Total (in shares)	8,344,603
2013 Plan \| RSUs
Stock-based compensation
RSUs (in shares)	13,934
2023 Plan
Stock-based compensation
Stock options (in shares)	6,639,266
Total (in shares)	9,012,320
2023 Plan \| RSUs
Stock-based compensation
RSUs (in shares)	2,373,054

- 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

Collaboration and Licensing Agreements (Tables)

3 Months Ended

Mar. 31, 2026

Collaboration and Licensing Agreements

Schedule of Revenue by Licensees

The following table provides a summary of revenue recognized:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Alexion	$	1,480	$	15,469




Incyte	2,936		15,263




Vir Bio	—		2,000



Other (2)	100		—
Total (1)	$	4,516	$	32,732

(1) As of March 31, 2026, 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 March 31,
	2026		2025
	(in thousands)

License	$	100	$	—
Milestone	—		14,500
Royalties	4,416		18,232
Total	$	4,516	$	32,732

Schedule of Receivables and Contract Liabilities

The following table summarizes the balance of receivables and contract liabilities related to the Company’s collaboration and license agreements:


	March 31,
	2026		2025
	(in thousands)
Receivables included in accounts receivable	$	12,001	$	33,853
Contract liabilities included in deferred revenue	$	—	$	—