Xencor (NASDAQ: XNCR) details $611M cash balance and runway to 2028

Rhea-AI Filing Summary

Xencor, Inc. reports a preliminary estimate that its cash, cash equivalents and marketable debt securities totaled approximately $611 million as of December 31, 2025, compared with $706.7 million as of December 31, 2024. The company states that, based on its current operating plans, this cash position is expected to fund its research and development programs and operations through 2028. These figures are preliminary, unaudited and may change when year-end closing and auditing procedures are completed.

Insights

Biotech cash runway analyst

Xencor outlines a $611M year-end cash balance and funding runway through 2028.

Xencor estimates cash, cash equivalents and marketable debt securities of $611 million as of December 31, 2025, down from $706.7 million a year earlier. For a research-focused biotech, this cash balance is a key indicator of how long it can support clinical and preclinical programs without raising additional capital.

The company states that, based on current operating plans, it expects this cash to fund research and development programs and operations through 2028. That assertion links the reported balance to a multi-year planning horizon, implying an assumption about future spending levels and timing of potential partnerships or other inflows, even though those details are not quantified here.

The amounts are described as preliminary and unaudited, so final figures may differ once year-end closing and audit work are complete. Subsequent annual or quarterly reports for the period ended December 31, 2025 will provide fuller financial statements and could refine views on cash usage and runway.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________________________________

FORM 8-K

___________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 8, 2026

___________________________________________________

XENCOR, INC.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware			001-36182			20-1622502
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification Number)

465 North Halstead Street, Suite 200 Pasadena, California						91107
(Address of Principal Executive Offices)						(Zip Code)

(626) 305-5900

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

___________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share			XNCR			Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

Xencor, Inc. (the “Company”) preliminarily estimates that its cash, cash equivalents and marketable debt securities as of December 31, 2025 were approximately $611 million, compared to $706.7 million as of December 31, 2024. Based on current operating plans, Xencor expects to have cash to fund research and development programs and operations through 2028.

These preliminary estimates are not a comprehensive statement of the Company’s financial results for the year ended December 31, 2025 and have not been audited, reviewed, or compiled by its independent registered public accounting firm. The Company’s actual cash, cash equivalents and marketable debt securities as of December 31, 2025 may differ from these estimates due to the completion of the Company’s year-end closing and auditing procedures.

The information furnished under this Item 2.02 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.			Description
99.1			Press release issued by Xencor, Inc. on January 8, 2026.
104			Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 8, 2026			XENCOR, INC.
			By:			/s/ Celia Eckert
						Celia Eckert
						General Counsel & Corporate Secretary

FAQ

What cash balance did Xencor (XNCR) report as of December 31, 2025?

Xencor preliminarily estimates its cash, cash equivalents and marketable debt securities were approximately $611 million as of December 31, 2025.

How does Xencor's year-end 2025 cash compare to the prior year?

Xencor estimates cash, cash equivalents and marketable debt securities of $611 million as of December 31, 2025, compared to $706.7 million as of December 31, 2024.

How long does Xencor (XNCR) expect its current cash to fund operations?

Based on its current operating plans, Xencor expects to have cash to fund research and development programs and operations through 2028.

Are Xencor's reported 2025 cash figures audited or final?

No. Xencor describes these amounts as preliminary estimates that have not been audited, reviewed or compiled and may change after year-end closing and auditing procedures.

Does this 8-K include Xencor's full 2025 financial results?

No. The company states that these are preliminary estimates and not a comprehensive statement of its financial results for the year ended December 31, 2025.

What exhibits accompany Xencor's cash and runway update?

The filing includes a press release as Exhibit 99.1 and a cover page interactive data file in iXBRL format as Exhibit 104.