I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2026 Q2, the actual value is USD 51.22 M, beating the estimate of USD 18.92 M.
EPS: As of FY2026 Q2, the actual value is USD -0.29, beating the estimate of USD -0.7975.
EBIT: As of FY2026 Q2, the actual value is USD -21.92 M.
Financial Performance for Second Quarter Ended June 30, 2026
Revenue
Revenue for the second quarter of 2026 was $51.2 million, an increase of $7.6 million compared to $43.6 million for the same period in 2025. This revenue was primarily driven by milestone revenue from Zenas BioPharma and royalty revenue from Alexion and Incyte. Xencor, Inc. recognized $27.6 million in royalty revenue from U.S. Ultomiris sales during the dispute period in the second quarter of 2026. An additional $77.4 million of settlement consideration is expected to be recognized in the third quarter of 2026.
Operating Expenses
Research and development (R&D) expenses increased to $71.9 million in the second quarter of 2026, up from $61.7 million in the same period of 2025, primarily due to increased spending on pipeline programs, partially offset by lower stock-based compensation. General and administrative (G&A) expenses were $16.4 million in the second quarter of 2026, compared to $15.1 million in the second quarter of 2025, remaining relatively consistent. Total operating expenses for the second quarter of 2026 were $88.3 million, compared to $76.8 million for the same period in 2025.
Operating Loss
The operating loss for the second quarter of 2026 was - $37.1 million, compared to - $33.2 million for the second quarter of 2025.
Other Income, Net
Other income, net, significantly increased to $15.1 million in the second quarter of 2026, from $2.1 million in the same period of 2025, primarily due to unrealized gains on an equity security.
Net Loss Attributable to Xencor, Inc.
Net loss attributable to Xencor, Inc. was - $21.7 million for the second quarter of 2026, an improvement from - $30.8 million in the second quarter of 2025.
Financial Performance for Six Months Ended June 30, 2026
Revenue
Total revenue for the six months ended June 30, 2026, was $55.7 million, down from $76.3 million for the same period in 2025.
Operating Expenses
Research and development (R&D) expenses for the six months ended June 30, 2026, were $136.6 million, an increase from $120.2 million in the prior year. General and administrative (G&A) expenses were $34.1 million, compared to $32.5 million for the same period in 2025. Total operating expenses for the six-month period were $170.7 million, up from $152.7 million in 2025.
Operating Loss
The operating loss for the six months ended June 30, 2026, was - $114.9 million, compared to - $76.4 million for the same period in 2025.
Total Other Income (Expense)
Total other income (expense) was - $35.6 million for the six months ended June 30, 2026, compared to - $3.0 million in 2025.
Net Loss Attributable to Xencor, Inc.
Net loss attributable to Xencor, Inc. for the six months ended June 30, 2026, was - $150.6 million, compared to - $79.2 million for the same period in 2025.
Cash and Marketable Securities
Cash, cash equivalents, and marketable debt securities totaled $486.4 million as of June 30, 2026, a decrease from $610.8 million as of December 31, 2025.
Unique Metrics and Partnership Developments
Xencor, Inc. will receive $105 million from Alexion as a settlement for U.S. Ultomiris royalties, with payments expected in August 2026 and one year later. The company received a $10 million regulatory milestone payment from Zenas BioPharma in June 2026 following Zenas’s BLA submission for obexelimab, with potential for up to $450 million in future milestones and tiered royalties.
Outlook and Guidance
Xencor, Inc. projects to conclude 2026 with cash, cash equivalents, and marketable debt securities ranging between $420 million and $440 million. These financial resources are expected to be sufficient to fund its research and development programs and operations through 2028.