Xencor Stock Price, News & Analysis

Xencor, Inc. (NASDAQ: XNCR) is a clinical-stage biopharmaceutical company that focuses on developing engineered antibody medicines for patients with cancer and autoimmune diseases. According to the company, more than 20 candidates engineered with its XmAb® technology are in clinical development, and multiple XmAb medicines are marketed by partners. Xencor describes its XmAb engineering technology as enabling small changes to a protein’s structure that result in new mechanisms of therapeutic action.

Xencor is classified in Pharmaceutical Preparation Manufacturing within the Manufacturing sector. The company emphasizes a pipeline of wholly owned XmAb drug candidates and a broader portfolio of partnered programs. Its work spans oncology, autoimmune and inflammatory diseases, and antibody engineering platforms that can be licensed to other pharmaceutical companies.

Core Technology and Business Approach

Xencor’s research and development is built around its XmAb® technology platform, which is used to create engineered antibodies and bispecific antibodies. The platform includes modular Fc domains such as the Xtend™ Fc domain, which is designed to extend the half-life of antibodies. Xencor reports that its technology has been incorporated into both its internal pipeline and partner programs, and that multiple XmAb medicines are marketed by partners.

The company also highlights its Xtend™ antibody half-life extension technology, which is used in licensed antibodies targeting the complement protein C5. This technology underlies certain royalty-bearing products, such as Ultomiris® (ravulizumab-cwvz), an anti-C5 antibody engineered with a licensed Xtend Fc domain. Xencor has disclosed that it anticipates receiving low-single digit royalties on net sales of Ultomiris in the United States into December 2028, based on a U.S. patent covering its Xtend Fc domain for C5-targeting antibodies.

Oncology Pipeline: T-Cell Engagers and Bispecific Antibodies

In oncology, Xencor is developing T-cell engaging bispecific antibodies using its XmAb 2+1 format, which features two tumor-antigen binding domains and one T-cell binding domain. This format is designed to enable more avid binding to tumor cells with higher antigen density and to activate T cells for targeted lysis of tumor cells.

• XmAb819 (ENPP3 x CD3): A first-in-class, tumor-targeted, T-cell engaging XmAb 2+1 bispecific antibody in development for patients with advanced clear cell renal cell carcinoma (ccRCC). Xencor is conducting a multicenter, open-label Phase 1 dose-escalation and dose-expansion study of XmAb819 as monotherapy in advanced ccRCC. Initial results from this study indicated evidence of anti-tumor activity and an acceptable safety profile that was generally well tolerated across dose levels. In a subset of efficacy-evaluable patients treated at dose levels preclinically predicted to be within the target dose range, Xencor reported partial responses and a notable disease control rate.
• XmAb541 (CLDN6 x CD3): A first-in-class, tumor-targeted, T-cell engaging XmAb 2+1 bispecific antibody in development for patients with advanced gynecologic and germ cell tumors and other CLDN6-expressing tumors. A Phase 1 dose-escalation study is ongoing. Early efficacy data from a cohort in this study showed confirmed partial responses in patients with ovarian cancer and germ cell tumors.

These oncology programs illustrate how Xencor applies its XmAb 2+1 bispecific antibody format to target specific tumor antigens while engaging CD3 on T cells, with the goal of generating potent and selective anti-tumor activity.

Autoimmune and Inflammatory Disease Programs

Xencor is also advancing B-cell depleting T-cell engagers and TL1A-targeted antibodies for autoimmune and inflammatory diseases.

• Plamotamab (CD20 x CD3): A clinical-stage, B-cell depleting bispecific T-cell engager in development for patients with rheumatoid arthritis (RA) who have progressed through prior standard-of-care treatment. Xencor is evaluating plamotamab in a Phase 1b proof-of-concept study.
• XmAb657 (CD19 x CD3): A potent, extended half-life B-cell depleting bispecific T-cell engager in development for patients with idiopathic inflammatory myopathies (IIM). Xencor has initiated a Phase 1 proof-of-concept study in this patient population.
• XmAb942 (Xtend™ anti-TL1A): A high-potency, extended half-life antibody in development for patients with inflammatory bowel disease. Xencor is conducting the global XENITH-UC Study, a Phase 2b randomized, double-blind, placebo-controlled trial in patients with moderate-to-severe ulcerative colitis whose disease has progressed after at least one conventional or advanced therapy. Xencor has reported Phase 1 data in healthy volunteers showing that XmAb942 was well tolerated at single and multiple doses and had a long half-life supporting infrequent maintenance dosing.
• XmAb412 (TL1A x IL23p19): A bispecific antibody that targets TL1A and IL23p19 for autoimmune and inflammatory disease. Xencor has identified XmAb412 as a lead candidate and has outlined plans for preclinical characterization and first-in-human evaluation.

These programs reflect Xencor’s focus on modulating immune pathways such as B-cell depletion and TL1A signaling in diseases like rheumatoid arthritis, idiopathic inflammatory myopathies, and inflammatory bowel disease.

Partnerships and Royalty-Generating Programs

Xencor’s business model includes collaborations, milestones, and royalties from partners that use its XmAb technologies. The company reports that more than 20 XmAb-engineered candidates are in clinical development across internal and partner pipelines, and that multiple XmAb medicines are marketed by partners.

• Alexion Pharmaceuticals (Ultomiris®): Ultomiris is an anti-C5 antibody engineered with a licensed Xtend Fc domain from Xencor. Xencor has disclosed that it anticipates receiving low-single digit royalties on net sales of Ultomiris in the United States into December 2028, supported by a U.S. patent covering the Xtend Fc domain for C5-targeting antibodies. Xencor has also noted regulatory extensions of exclusivity in several EU countries, Japan and Australia.
• Incyte Corporation (Monjuvi®/Minjuvi®): Xencor has reported non-cash royalty revenue from sales of Monjuvi/Minjuvi, and a regulatory milestone payment associated with FDA approval of Monjuvi for relapsed or refractory follicular lymphoma in combination with rituximab and lenalidomide.
• Amgen (xaluritamig): Amgen is developing xaluritamig, a STEAP1 x CD3 XmAb 2+1 bispecific T-cell engager, in multiple Phase 3 and Phase 1b studies for metastatic castration-resistant prostate cancer and earlier disease settings. Xencor is eligible to receive future milestone payments and tiered royalties on net sales.
• Astellas (ASP2138): Astellas is advancing ASP2138, a Claudin18.2-targeted XmAb 2+1 bispecific CD3 T-cell engager, in gastric, gastroesophageal junction and pancreatic cancers. Xencor is eligible for future milestone payments and tiered royalties.
• Zenas Biopharma (obexelimab): Zenas is developing obexelimab, which targets CD19 and uses an XmAb Immune Inhibitor Fc Domain, in indications such as relapsing multiple sclerosis and IgG4-Related Disease. Xencor is eligible for future milestone payments and tiered royalties and holds an equity stake in Zenas.

Through these collaborations, Xencor generates revenue from milestone payments and royalties, in addition to its internal pipeline activities.

Financial and Corporate Profile

Xencor is listed on the NASDAQ under the ticker symbol XNCR. The company has reported that its development portfolio is supported by a substantial cash, cash equivalents and marketable securities position and that, based on its operating plans at the time of its disclosures, it expects to have cash resources to fund research and development programs and operations into 2028. Xencor has also entered into arrangements involving the sale of certain future royalties, such as its agreement with OMERS regarding royalties on global Ultomiris sales subject to annual caps.

The company has reported quarterly financial results that include revenue primarily from collaborations, milestones and royalties, as well as research and development and general and administrative expenses associated with its clinical and corporate activities.

Position in the Biopharmaceutical Ecosystem

Within the biopharmaceutical sector, Xencor presents itself as a clinical-stage antibody engineering company with a focus on bispecific antibodies, T-cell engagers, and Fc domain engineering. Its pipeline spans oncology and autoimmune diseases, and its technology is embedded in both internal candidates and partner-developed medicines and investigational products. For investors and observers, Xencor represents a company whose value is closely linked to the progress of its XmAb-based clinical programs, the performance of partnered products that generate royalties, and the continued adoption of its antibody engineering platforms by larger pharmaceutical partners.