Xencor Reports Second Quarter 2024 Financial Results
Xencor (NASDAQ:XNCR) reported Q2 2024 financial results and provided updates on its clinical-stage programs. Key highlights include:
- Cash position of $585.0 million as of June 30, 2024
- Q2 2024 revenues of $17.0 million, down from $45.5 million in Q2 2023
- Net loss of $66.0 million ($1.07 per share) in Q2 2024
- Advancing clinical trials for XmAb819, XmAb808, and XmAb541
- Regained worldwide rights to plamotamab
- Expects to end 2024 with $475-$525 million in cash, funding operations into 2027
The company continues to focus on developing bispecific T-cell engagers and other XmAb candidates, with plans to announce new clinical development candidates in the coming months.
Xencor (NASDAQ:XNCR) ha riportato i risultati finanziari del secondo trimestre 2024 e ha fornito aggiornamenti sui suoi programmi in fase clinica. I punti principali includono:
- Posizione di cassa di 585,0 milioni di dollari al 30 giugno 2024
- Entrate del Q2 2024 di 17,0 milioni di dollari, in diminuzione rispetto ai 45,5 milioni di dollari nel Q2 2023
- Perdita netta di 66,0 milioni di dollari (1,07 dollari per azione) nel Q2 2024
- Avanzamento delle sperimentazioni cliniche per XmAb819, XmAb808 e XmAb541
- Riacquisizione dei diritti mondiali su plamotamab
- Si aspetta di chiudere il 2024 con una cassa tra 475 e 525 milioni di dollari, finanziando le operazioni fino al 2027
L'azienda continua a concentrarsi sullo sviluppo di engager di T-cell bispecifici e altri candidati XmAb, con piani per annunciare nuovi candidati per lo sviluppo clinico nei prossimi mesi.
Xencor (NASDAQ:XNCR) informó sobre los resultados financieros del segundo trimestre de 2024 y proporcionó actualizaciones sobre sus programas en fase clínica. Los aspectos clave incluyen:
- Posición de efectivo de 585,0 millones de dólares al 30 de junio de 2024
- Ingresos del Q2 2024 de 17,0 millones de dólares, en comparación con 45,5 millones de dólares en el Q2 2023
- Pérdida neta de 66,0 millones de dólares (1,07 dólares por acción) en el Q2 2024
- Avance en los ensayos clínicos para XmAb819, XmAb808 y XmAb541
- Recuperación de los derechos mundiales de plamotamab
- Se espera terminar 2024 con entre 475 y 525 millones de dólares en efectivo, financiando las operaciones hasta 2027
La compañía sigue enfocándose en el desarrollo de enganchadores de células T bispecíficas y otros candidatos XmAb, con planes de anunciar nuevos candidatos para el desarrollo clínico en los próximos meses.
Xencor (NASDAQ:XNCR)는 2024년 2분기 재무 결과를 발표하고 임상 단계 프로그램에 대한 업데이트를 제공했습니다. 주요 내용은 다음과 같습니다:
- 2024년 6월 30일 기준 현금 보유액 5억 8500만 달러
- 2024년 2분기 수익 1700만 달러, 2023년 2분기 4550만 달러에서 감소
- 2024년 2분기 순손실 6600만 달러 (주당 1.07달러)
- XmAb819, XmAb808 및 XmAb541에 대한 임상 시험 진행 중
- plamotamab에 대한 전세계 권리 재취득
- 2024년 말까지 4억 7500만 달러에서 5억 2500만 달러의 현금을 보유할 것으로 예상, 2027년까지 운영 자금 지원
회사는 이중특이성 T세포 결합제 및 기타 XmAb 후보의 개발에 집중하고 있으며, 향후 몇 달 내에 새로운 임상 개발 후보를 발표할 계획입니다.
Xencor (NASDAQ:XNCR) a annoncé les résultats financiers du deuxième trimestre 2024 et a fourni des mises à jour sur ses programmes en phase clinique. Les points clés incluent :
- Position de trésorerie de 585,0 millions de dollars au 30 juin 2024
- Revenus du Q2 2024 de 17,0 millions de dollars, en baisse par rapport à 45,5 millions de dollars au Q2 2023
- Perte nette de 66,0 millions de dollars (1,07 dollar par action) au Q2 2024
- Avancement des essais cliniques pour XmAb819, XmAb808 et XmAb541
- Récupération des droits mondiaux sur le plamotamab
- Prévoit de terminer 2024 avec entre 475 et 525 millions de dollars en espèces, finançant les opérations jusqu'en 2027
L'entreprise continue de se concentrer sur le développement d'engageurs de cellules T bispécifiques et d'autres candidats XmAb, avec des projets d'annoncer de nouveaux candidats pour le développement clinique dans les mois à venir.
Xencor (NASDAQ:XNCR) hat die finanziellen Ergebnisse des zweiten Quartals 2024 bekannt gegeben und Updates zu seinen klinischen Programmen bereitgestellt. Wichtige Höhepunkte sind:
- Geldbestand von 585,0 Millionen Dollar zum 30. Juni 2024
- Umsätze im Q2 2024 von 17,0 Millionen Dollar, gesunken von 45,5 Millionen Dollar im Q2 2023
- Nettoverlust von 66,0 Millionen Dollar (1,07 Dollar pro Aktie) im Q2 2024
- Fortschritt bei den klinischen Studien für XmAb819, XmAb808 und XmAb541
- Wiedererlangung der weltweiten Rechte an Plamotamab
- Erwartet, 2024 mit 475 bis 525 Millionen Dollar in bar abzuschließen, zur Finanzierung der betrieblichen Tätigkeiten bis 2027
Das Unternehmen konzentriert sich weiterhin auf die Entwicklung von bispezifischen T-Zell-Engagern und anderen XmAb-Kandidaten und plant, in den kommenden Monaten neue klinische Entwicklungs-Kandidaten anzukündigen.
- Strong cash position of $585.0 million, expected to fund operations into 2027
- Advancing multiple clinical-stage programs (XmAb819, XmAb808, XmAb541)
- Regained exclusive worldwide rights to plamotamab, a Phase 2 ready bispecific T-cell engager
- Q2 2024 revenues decreased to $17.0 million from $45.5 million in Q2 2023
- Net loss widened to $66.0 million in Q2 2024 from $22.0 million in Q2 2023
- Increased G&A expenses due to stock-based compensation costs related to employee retirements
Insights
Xencor's Q2 2024 results show a significant revenue decline to
Xencor's focus on bispecific T-cell engagers shows promise in the competitive oncology landscape. Key programs like XmAb819 for renal cell carcinoma and XmAb808 for solid tumors are progressing, with target dose levels expected by year-end. The initiation of XmAb541 for ovarian cancer demonstrates pipeline expansion. However, the termination of XmAb564 and XmAb662 programs indicates pipeline prioritization. The regaining of rights to plamotamab could be a strategic opportunity if Xencor can effectively leverage it. While these advancements are positive, the lack of concrete clinical data in this report leaves uncertainty about the true potential of these therapies.
Xencor's market position in engineered antibodies remains solid, but faces increasing competition. The company's XmAb platform technology continues to be a key differentiator, particularly the 2+1 format used in XmAb819 and XmAb541. The focus on high-potential, first-in-class bispecifics aligns with market trends, but success will depend on clinical outcomes. The vudalimab program in prostate and lung cancers could be a significant value driver if positive data emerges in 2025. However, the substantial revenue decline and widening losses may pressure investor confidence in the near term. Xencor needs to demonstrate clear clinical progress and potential commercialization pathways to maintain its competitive edge in the evolving biopharmaceutical landscape.
“Xencor’s clinical focus is developing high-potential, first-in-class bispecific T-cell engagers and additional XmAb® candidates that leverage our differentiated technology platforms. The expanding opportunities for engineered antibodies, T-cell engagers and other bispecifics have encouraged us to advance a range of new XmAb candidates, and we plan to announce our next candidates for clinical development in the coming months,” said Bassil Dahiyat, Ph.D., president and chief executive officer of Xencor. “We remain enthusiastic by the progress of our clinical-stage T-cell engager programs and advancements within the platform to date in 2024. Our dose-escalation studies of XmAb819 (ENPP3 x CD3) in clear cell renal cell carcinoma and XmAb808 (B7-H3 x CD28) in advanced solid tumors remain on track to reach target dose levels by year end, and XmAb541 (CLDN6 x CD3) is off to a strong clinical start with initial study enrollment.”
Bispecific Antibody Programs Advancing in Internal Clinical Development
-
XmAb819 (ENPP3 x CD3): XmAb819 is a bispecific T-cell engager in Phase 1 clinical development for patients with advanced clear cell renal cell carcinoma (ccRCC). XmAb819 is designed to engage the immune system, activating T cells for highly potent and targeted killing of tumor cells expressing ENPP3, an antigen highly expressed in ccRCC. Xencor’s XmAb 2+1 multivalent format used in XmAb819 enables greater selectivity of ENPP3-expressing tumor cells compared to normal cells, which express lower levels of ENPP3. Xencor is advancing through dose-escalation cohorts in an ongoing Phase 1 study, and the Company anticipates reaching target dose levels by year end.
-
XmAb808 (B7-H3 x CD28): XmAb808 is a tumor-selective, co-stimulatory bispecific T-cell engager in Phase 1 clinical development, in combination with pembrolizumab for patients with advanced solid tumors. XmAb808 binds to the broadly expressed tumor antigen B7-H3 and is constructed with the XmAb 2+1 format. Co-stimulation is required for T cells to achieve full activation, and targeted CD28 bispecific antibodies may provide conditional co-stimulation of T cells when the antibodies are bound to tumor cells. Xencor is advancing through dose-escalation cohorts in an ongoing Phase 1 study, and the Company anticipates reaching target dose levels by year end.
-
XmAb541 (CLDN6 x CD3): XmAb541 is a bispecific T-cell engager in Phase 1 clinical development for patients with advanced ovarian cancer and other solid tumor types. XmAb541 is designed to engage the immune system, activating T cells for highly potent and targeted killing of tumor cells expressing Claudin-6 (CLDN6), a tumor-associated antigen. Xencor’s XmAb 2+1 multivalent format used in XmAb541 enables greater selectivity for cells expressing CLDN6 over similarly structured Claudin family members, which may be expressed on normal tissue. The first patient was dosed in a Phase 1 dose-escalation study earlier this year.
- Vudalimab (PD-1 x CTLA-4): Vudalimab, a selective dual checkpoint inhibitor of PD-1 and CTLA-4, is advancing in multiple clinical studies, including a monotherapy study in patients with clinically defined high-risk metastatic castration-resistant prostate cancer (mCRPC; Study XmAb717-05), a study in combination with docetaxel in patients with mCRPC (Study XmAb717-04), and a study in combination with chemotherapy in patients with non-small cell lung cancer (Study XmAb717-06). Xencor continues to anticipate a data update and decision whether to advance vudalimab for patients with mCRPC in the first half of 2025.
Recent Business Updates
-
Regained exclusive worldwide rights to plamotamab (CD20 x CD3), a Phase 2 ready, subcutaneously administered, immune-cell directed bispecific T-cell engager. Xencor advanced plamotamab through Phase 1 clinical development and is reviewing its potential for addressing unmet medical needs of patients.
- Concluded Phase 1 studies of XmAb564 (IL2-Fc in autoimmune disease) and XmAb662 (IL12-Fc in solid tumors) in the first half of 2024, consistent with prior guidance.
Financial Guidance: Based on current operating plans, Xencor expects to end 2024 with between
Financial Results for the Second Quarter and Six Months Ended June 30, 2024
Cash, cash equivalents and marketable debt securities totaled
Revenues for the second quarter ended June 30, 2024 were
Research and development (R&D) expenses for the second quarter ended June 30, 2024 were
General and administrative (G&A) expenses for the second quarter ended June 30, 2024 were
Other income (expense) for the second quarter ended June 30, 2024 was
Non-cash, stock-based compensation expense for the six months ended June 30, 2024 was
Net loss attributable to Xencor for the second quarter ended June 30, 2024 was
The total shares outstanding were 61,766,054 as of June 30, 2024, compared to 60,600,060 as of June 30, 2023.
About Xencor
Xencor is a clinical-stage biopharmaceutical company developing engineered antibodies for the treatment of patients with cancer and other serious diseases. More than 20 candidates engineered with Xencor's XmAb® technology are in clinical development, and three XmAb medicines are marketed by partners. Xencor's XmAb engineering technology enables small changes to a proteins structure that result in new mechanisms of therapeutic action. For more information, please visit www.xencor.com.
Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements that are not purely statements of historical fact, and can generally be identified by the use of words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “seek,” “look forward,” “believe,” “committed,” “investigational,” and similar terms, or by express or implied discussions relating to Xencor’s business, including, but not limited to, statements regarding expectations for clinical progress, planned presentations of clinical data, new XmAb candidates, planned clinical trials, projected financial resources, the quotations from Xencor's president and chief executive officer, and other statements that are not purely statements of historical fact. Such statements are made on the basis of the current beliefs, expectations, and assumptions of the management of Xencor and are subject to significant known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements and the timing of events to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. Such risks include, without limitation, the risks associated with the process of discovering, developing, manufacturing and commercializing drugs that are safe and effective for use as human therapeutics and other risks, including the ability of publicly disclosed preliminary clinical trial data to support continued clinical development and regulatory approval for specific treatments, in each case as described in Xencor's public securities filings. For a discussion of these and other factors, please refer to Xencor's annual report on Form 10-K for the year ended December 31, 2023 as well as Xencor's subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended to date. All forward-looking statements are qualified in their entirety by this cautionary statement and Xencor undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.
| Xencor, Inc. | |||||
| Selected Consolidated Balance Sheet Data | |||||
| (in thousands) | |||||
| June 30, | December 31, | ||||
|
2024 |
|
2023 |
||
| (Unaudited) | |||||
| Cash, cash equivalents and marketable debt securities - current | $ |
480,140 |
$ |
551,515 |
|
| Other current assets |
|
74,330 |
|
71,645 |
|
| Marketable debt securities - long term |
|
104,862 |
|
145,512 |
|
| Other long-term assets |
|
166,835 |
|
184,020 |
|
| Total assets | $ |
826,167 |
$ |
952,692 |
|
| Total current liabilities |
|
80,076 |
|
84,709 |
|
| Deferred income - long term |
|
104,081 |
|
125,183 |
|
| Other long term liabilities |
|
79,469 |
|
73,667 |
|
| Total liabilities |
|
263,626 |
|
283,559 |
|
| Total stockholders' equity |
|
562,541 |
|
669,133 |
|
| Total liabilities and stockholders’ equity | $ |
826,167 |
$ |
952,692 |
|
| Xencor, Inc. | ||||||||||||
| Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||
| (in thousands, except share and per share data) | ||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
| (Unaudited) | ||||||||||||
| Revenue | $ |
16,960 |
|
$ |
45,523 |
|
$ |
29,765 |
|
$ |
64,485 |
|
| Operating expenses | ||||||||||||
| Research and development |
|
61,531 |
|
|
60,060 |
|
|
118,404 |
|
|
125,612 |
|
| General and administrative |
|
17,746 |
|
|
11,460 |
|
|
31,533 |
|
|
25,613 |
|
| Total operating expenses |
|
79,277 |
|
|
71,520 |
|
|
149,937 |
|
|
151,225 |
|
| Loss from operations |
|
(62,317 |
) |
|
(25,997 |
) |
|
(120,172 |
) |
|
(86,740 |
) |
| Other income (expense), net |
|
(4,974 |
) |
|
4,043 |
|
|
(15,828 |
) |
|
4,023 |
|
| Loss before income tax |
|
(67,291 |
) |
|
(21,954 |
) |
|
(136,000 |
) |
|
(82,717 |
) |
| Income tax expense |
|
117 |
|
|
— |
|
|
117 |
|
|
— |
|
| Net loss |
|
(67,408 |
) |
|
(21,954 |
) |
|
(136,117 |
) |
|
(82,717 |
) |
| Net loss attributable to non-controlling interest |
|
(1,445 |
) |
|
— |
|
|
(2,121 |
) |
|
— |
|
| Net loss attributable to Xencor, Inc. |
|
(65,963 |
) |
|
(21,954 |
) |
|
(133,996 |
) |
|
(82,717 |
) |
| Other comprehensive income (loss) | ||||||||||||
| Net unrealized gain (loss) on marketable debt securities |
|
(498 |
) |
|
1,765 |
|
|
(1,942 |
) |
|
5,093 |
|
| Comprehensive loss attributable to Xencor, Inc. | $ |
(66,461 |
) |
$ |
(20,189 |
) |
$ |
(135,938 |
) |
$ |
(77,624 |
) |
| Net loss per common share attributable to Xencor, Inc.: | ||||||||||||
| Basic and Diluted | $ |
(1.07 |
) |
$ |
(0.37 |
) |
$ |
(2.18 |
) |
$ |
(1.38 |
) |
| Weighted average common shares used to compute net loss per share attributable to Xencor, Inc. | ||||||||||||
| Basic and Diluted |
|
61,676,444 |
|
|
59,807,558 |
|
|
61,444,384 |
|
|
59,922,784 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805093501/en/
For Investors:
Charles Liles
cliles@xencor.com
(626) 737-8118
For Media:
Cassidy McClain
Inizio Evoke
cassidy.mcclain@inizioevoke.com
(619) 694-6291
Source: Xencor, Inc.
FAQ
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