Xencor Reports Third Quarter 2024 Financial Results
Xencor (NASDAQ:XNCR) reported Q3 2024 financial results with revenues of $10.7 million, down from $59.2 million in Q3 2023. The company posted a net loss of $45.1 million, or $(0.71) per share. Cash position stood at $754.3 million after raising $201.3 million through a public offering. R&D expenses decreased to $58.2 million from $64.9 million year-over-year. The company highlighted progress in its clinical pipeline, including XmAb942 entering Phase 1 trials and partner Amgen advancing xaluritamig to Phase 3 for prostate cancer. Xencor expects to end 2024 with $690-710 million in cash, funding operations into 2028.
Xencor (NASDAQ:XNCR) ha riportato i risultati finanziari del terzo trimestre 2024 con entrate di 10,7 milioni di dollari, in calo rispetto ai 59,2 milioni di dollari del terzo trimestre 2023. L'azienda ha registrato una perdita netta di 45,1 milioni di dollari, ovvero $(0,71) per azione. La posizione di liquidità si attestava a 754,3 milioni di dollari dopo aver raccolto 201,3 milioni di dollari attraverso un'offerta pubblica. Le spese per ricerca e sviluppo sono diminuite a 58,2 milioni di dollari, rispetto ai 64,9 milioni di dollari dell'anno precedente. L'azienda ha evidenziato i progressi nel suo pipeline clinico, con XmAb942 che entra nella fase 1 di sperimentazione e il partner Amgen che avanza xaluritamig alla fase 3 per il cancro alla prostata. Xencor si aspetta di chiudere il 2024 con 690-710 milioni di dollari in liquidità, finanziando le operazioni fino al 2028.
Xencor (NASDAQ:XNCR) informó los resultados financieros del tercer trimestre de 2024 con ingresos de 10,7 millones de dólares, disminuyendo desde los 59,2 millones de dólares en el tercer trimestre de 2023. La compañía registró una pérdida neta de 45,1 millones de dólares, o $(0,71) por acción. La posición de efectivo se situó en 754,3 millones de dólares tras recaudar 201,3 millones de dólares mediante una oferta pública. Los gastos de I+D disminuyeron a 58,2 millones de dólares desde los 64,9 millones de dólares del año anterior. La empresa destacó el progreso en su pipeline clínico, incluyendo a XmAb942 que entra en ensayos de Fase 1 y a su socio Amgen avanzando xaluritamig a la Fase 3 para el cáncer de próstata. Xencor espera terminar 2024 con entre 690 y 710 millones de dólares en efectivo, financiando sus operaciones hasta 2028.
Xencor (NASDAQ:XNCR)는 2024년 3분기 재무 결과를 발표하며 1,070만 달러의 수익을 보고했습니다. 이는 2023년 3분기 5,920만 달러에서 감소한 수치입니다. 이 회사는 4,510만 달러의 순손실을 기록했으며, 주당 $(0.71)의 손실을 보였습니다. 현금 보유액은 7억 5,430만 달러로, 2억 1,300만 달러를 공개 모집을 통해 조달한 후의 수치입니다. 연구 및 개발 비용은 전년 대비 6,490만 달러에서 5,820만 달러로 감소했습니다. 이 회사는 XmAb942가 1상 시험에 들어가고, 파트너인 Amgen이 전립선암을 위한 xaluritamig을 3상으로 진행한다고 강조했습니다. Xencor는 2024년을 현금 6억 9천만에서 7억 1천만 달러로 마감할 것으로 예상하며, 2028년까지 운영 자금을 조달할 계획입니다.
Xencor (NASDAQ:XNCR) a publié ses résultats financiers pour le troisième trimestre 2024, avec des revenus de 10,7 millions de dollars, en baisse par rapport à 59,2 millions de dollars au troisième trimestre 2023. L'entreprise a affiché une perte nette de 45,1 millions de dollars, soit $(0,71) par action. La position de trésorerie s'élevait à 754,3 millions de dollars, après avoir levé 201,3 millions de dollars par le biais d'une offre publique. Les dépenses de R&D ont diminué à 58,2 millions de dollars contre 64,9 millions de dollars l'année précédente. L'entreprise a souligné les avancées de son pipeline clinique, notamment XmAb942 qui entre en phase 1 et son partenaire Amgen qui fait progresser xaluritamig en phase 3 pour le cancer de la prostate. Xencor s'attend à terminer 2024 avec entre 690 et 710 millions de dollars en liquidités, finançant ses opérations jusqu'en 2028.
Xencor (NASDAQ:XNCR) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit Einnahmen von 10,7 Millionen Dollar, ein Rückgang von 59,2 Millionen Dollar im dritten Quartal 2023. Das Unternehmen verzeichnete einen Nettoverlust von 45,1 Millionen Dollar oder $(0,71) pro Aktie. Die Liquiditätsposition belief sich auf 754,3 Millionen Dollar, nachdem 201,3 Millionen Dollar durch eine öffentliche Platzierung eingenommen wurden. Die Forschungs- und Entwicklungskosten sanken im Jahresvergleich von 64,9 Millionen Dollar auf 58,2 Millionen Dollar. Das Unternehmen hebt Fortschritte in seiner klinischen Pipeline hervor, einschließlich XmAb942, das in die Phase-1-Studien eintritt, und dem Partner Amgen, der xaluritamig in die Phase 3 für Prostatakrebs vorantreibt. Xencor erwartet, das Jahr 2024 mit 690 bis 710 Millionen Dollar in bar abzuschließen und die Betriebe bis 2028 zu finanzieren.
- Raised $201.3 million through public offering strengthening cash position
- Strong cash position of $754.3 million as of September 30, 2024
- Reduced R&D expenses by $6.7 million year-over-year
- Partner Amgen advancing xaluritamig to Phase 3 trials
- Extended cash runway into 2028
- Revenue declined 82% to $10.7 million from $59.2 million year-over-year
- Net loss increased to $45.1 million from $24.3 million year-over-year
- Two patients experienced dose-limiting toxicities in XmAb808 trial
- G&A expenses increased to $14.8 million from $12.5 million year-over-year
Insights
The Q3 results reveal significant financial developments for Xencor. The company raised
The projected cash runway into 2028 and end-of-year guidance of
The pipeline progress shows strategic repositioning toward autoimmune diseases while maintaining oncology focus. Key developments include XmAb942 entering Phase 1 for IBD, plamotamab's planned expansion into rheumatoid arthritis and promising early data from XmAb819 in renal cell carcinoma. The safety signals in XmAb808's highest dose cohort require careful monitoring but remain manageable.
Partner Amgen's xaluritamig data in prostate cancer is particularly noteworthy, with
“In September, we provided updates across our clinical pipeline of XmAb® bispecific T-cell engagers in oncology and introduced our new autoimmune programs, including the B-cell depleting bispecific antibodies plamotamab and XmAb657, and XmAb942, our high potency anti-TL1A antibody with extended half-life in development for patients with inflammatory bowel disease. This week, we announced that XmAb942 advanced into a Phase 1 dose-escalation study in healthy volunteers,” said Bassil Dahiyat, Ph.D., president and chief executive officer at Xencor. “We have been rebalancing our broad portfolio to focus on programs that leverage our protein engineering strengths and reduce exposure to biological uncertainties to increase our overall opportunities for clinical success. We also remain highly encouraged by our partner Amgen’s progress with developing xaluritamig, a STEAP1 x CD3 XmAb T-cell engager for patients with prostate cancer, which Amgen announced is starting a Phase 3 study later this year.”
Recent Corporate Activities
New XmAb Drug Candidates in Autoimmune Disease: In September 2024, Xencor announced new clinical development plans for plamotamab (CD20 x CD3) and announced new XmAb drug candidates to be evaluated for the treatment of patients with autoimmune and inflammatory diseases. Plamotamab and XmAb657 (CD19 x CD3) could potentially address significant unmet needs for patients with a wide-range of autoimmune diseases that could be responsive to targeted B-cell depletion. XmAb942 (Xtend™ anti-TL1A) and a drug candidate to potentially emerge from the XmAb TL1A x IL-23 program could address significant unmet medical needs for patients with inflammatory bowel disease (IBD), such as Crohn’s disease and ulcerative colitis, the two most common forms of IBD.
Public Offering Raised
Internal Clinical-Stage Program Updates
XmAb942 (Xtend anti-TL1A): In the fourth quarter of 2024, preclinical data were presented during United European Gastroenterology (UEG) Week and a Phase 1 first-in-human study was initiated and began dosing healthy volunteers. XmAb942 is a high-potency, extended half-life, investigational anti-TL1A antibody in development for patients with IBD. Xencor expects to present initial data from the single-ascending dose portion of the Phase 1 study in the first half of 2025.
Plamotamab (CD20 x CD3): Xencor previously completed a Phase 1 clinical study of plamotamab in hematologic cancers. Data from subcutaneous dosing cohorts in patients with relapsed or refractory non-Hodgkin’s lymphoma will be presented at the 66th American Society of Hematology Annual Meeting in a poster titled “First Presentation of Subcutaneous Administration in a Phase 1 Dose Escalation Study in Heavily Pretreated R/R NHL Patients Who Had Prior CAR-T Cell Therapy.”
In September 2024, Xencor presented results from the study showing favorable tolerability and comparable preliminary efficacy data, when cross compared to results from studies of a competitor molecule within the class and with similar patient baseline characteristics. Based on these clinical outcomes, deep and durable B-cell depletion observed in preclinical studies, and the emergent biology supportive of B-cell targeted T cell engagers for the treatment of patients with autoimmune diseases, Xencor plans to evaluate plamotamab in rheumatoid arthritis, in which patients have progressed through prior standard-of-care treatment. Xencor plans to initiate a Phase 1b/2a proof-of-concept study in the first half of 2025.
XmAb808 (B7-H3 x CD28): In the ongoing Phase 1 study’s highest dose cohort to date, within the range of expected active doses, two patients experienced dose-limiting toxicities as defined in the study protocol. One patient experienced an infusion-related reaction during administration of the first dose of XmAb808. A second patient experienced immune-related hepatitis with Grade 4 elevation of transaminases and Grade 3 elevation of bilirubin, after the second dose. The patient with liver toxicity was asymptomatic, and the laboratory abnormalities are resolving. The maximum tolerated dose has not been defined per protocol. As the data from these recent events are analyzed, back-fill enrollment is proceeding in the next lower dose cohort, a dose within the range of target doses, which was determined to be tolerable. Xencor anticipates that dose escalation will continue per protocol if the currently enrolling cohort continues to be tolerable.
In September 2024, Xencor announced that most patients enrolled into the Phase 1 dose-escalation study were men with metastatic castration-resistant prostate cancer (mCRPC), and in this group, prostate specific antigen (PSA) declines had been observed during the four-week monotherapy safety run-in period. Xencor plans to provide a clinical update around initiation of dose expansion cohorts during the first half of 2025.
XmAb819 (ENPP3 x CD3): In September 2024, Xencor announced that initial evidence of anti-tumor activity was observed in the ongoing Phase 1 dose-escalation study in patients with advanced clear cell renal cell carcinoma, including RECIST responses, and the duration of treatment for several patients in earlier dose cohorts had extended beyond one year. Cytokine release syndrome remained manageable, no maximum tolerated dose had been reached and the tolerability profile from recent dose cohorts supported continued dose escalation toward target dose levels. Xencor continues to anticipate reaching target dose levels by year end and plans to provide a clinical update around initiation of the first dose expansion cohort during the first half of 2025.
Collaboration Partner Amgen’s Xaluritamig Advancing into Phase 3 Development
Results from a Phase 1 study evaluating xaluritamig, a first-in-class STEAP1 x CD3 XmAb 2+1 bispecific T-cell engager, in patients with mCRPC were presented at the European Society for Medical Oncology (ESMO) Congress in September 2024. With a median follow-up time of 27.9 months, the median overall survival (OS) was 17.7 months across all cohorts. A PSA90 rate of
Financial Results for the Third Quarter Ended September 30, 2024
Cash, cash equivalents and marketable debt securities totaled
Revenues for the third quarter ended September 30, 2024 were
Research and development (R&D) expenses for the third quarter ended September 30, 2024 were
General and administrative (G&A) expenses for the third quarter ended September 30, 2024 were
Other income, net, for the third quarter ended September 30, 2024 was
Net loss attributable to Xencor for the third quarter ended September 30, 2024 was
Financial Guidance
Based on current operating plans, Xencor expects to end 2024 with between
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 multiple XmAb medicines are marketed by partners. Xencor's XmAb engineering technology enables small changes to a protein’s 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 statements regarding expectations for clinical progress, planned receipt and presentations of clinical data, including timing thereof, new XmAb candidates and programs, planned and ongoing clinical trials, projected financial resources and financial guidance, including estimated cash at year end and cash runway, the quotations from Xencor's 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) | |||||
| September 30, | December 31, | ||||
2024 |
2023 |
||||
| (Unaudited) | |||||
| Cash, cash equivalents and marketable debt securities - current | $ |
464,074 |
$ |
551,515 |
|
| Other current assets |
|
109,254 |
|
71,645 |
|
| Marketable debt securities - long term |
|
290,274 |
|
145,512 |
|
| Other long-term assets |
|
120,033 |
|
184,020 |
|
| Total assets | $ |
983,635 |
$ |
952,692 |
|
| Total current liabilities |
|
91,972 |
|
84,709 |
|
| Deferred income - long term |
|
94,107 |
|
125,183 |
|
| Other long term liabilities |
|
76,658 |
|
73,667 |
|
| Total liabilities |
|
262,737 |
|
283,559 |
|
| Total stockholders' equity |
|
720,898 |
|
669,133 |
|
| Total liabilities and stockholders’ equity | $ |
983,635 |
$ |
952,692 |
|
| Xencor, Inc. | ||||||||||||
| Consolidated Statements of Comprehensive Loss | ||||||||||||
| (in thousands, except share and per share data) | ||||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
| (Unaudited) | ||||||||||||
| Revenue | $ |
10,710 |
|
$ |
59,164 |
|
$ |
40,475 |
|
$ |
123,649 |
|
| Operating expenses | ||||||||||||
| Research and development |
|
58,226 |
|
|
64,941 |
|
|
176,630 |
|
|
190,553 |
|
| General and administrative |
|
14,767 |
|
|
12,493 |
|
|
46,300 |
|
|
38,107 |
|
| Total operating expenses |
|
72,993 |
|
|
77,434 |
|
|
222,930 |
|
|
228,660 |
|
| Loss from operations |
|
(62,283 |
) |
|
(18,270 |
) |
|
(182,455 |
) |
|
(105,011 |
) |
| Other income (expense), net |
|
15,986 |
|
|
(5,999 |
) |
|
158 |
|
|
(1,975 |
) |
| Loss before income tax |
|
(46,297 |
) |
|
(24,269 |
) |
|
(182,297 |
) |
|
(106,986 |
) |
| Income tax expense |
|
— |
|
|
— |
|
|
117 |
|
|
— |
|
| Net loss |
|
(46,297 |
) |
|
(24,269 |
) |
|
(182,414 |
) |
|
(106,986 |
) |
| Net loss attributable to non-controlling interest |
|
(1,154 |
) |
|
— |
|
|
(3,275 |
) |
|
— |
|
| Net loss attributable to Xencor, Inc. |
|
(45,143 |
) |
|
(24,269 |
) |
|
(179,139 |
) |
|
(106,986 |
) |
| Other comprehensive income | ||||||||||||
| Net unrealized gain on marketable debt securities |
|
2,452 |
|
|
1,151 |
|
|
510 |
|
|
6,244 |
|
| Comprehensive loss attributable to Xencor, Inc. | $ |
(42,691 |
) |
$ |
(23,118 |
) |
$ |
(178,629 |
) |
$ |
(100,742 |
) |
| Net loss per common share attributable to Xencor, Inc.: | ||||||||||||
| Basic and Diluted | $ |
(0.71 |
) |
$ |
(0.40 |
) |
$ |
(2.87 |
) |
$ |
(1.77 |
) |
| Weighted average common shares used to compute net loss per share attributable to Xencor, Inc. | ||||||||||||
| Basic and Diluted |
|
64,022,547 |
|
|
60,621,534 |
|
|
62,310,045 |
|
|
60,387,163 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106077662/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.
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