The sharp revenue drop and widened loss will likely pressure XNCR shares near-term. Key catalysts remain XmAb819 data in 2H26 and XmAb412 trial start in 3Q26. Monitor cash burn trajectory and any partnership milestone updates.
Price Chart
Executive Summary
Xencor reported Q1 2026 revenue of $4.5M (down 86% YoY) and a net loss of $128.9M ($1.71 per share), massively missing consensus estimates of a $0.65 loss per share. The quarter lacked milestone revenue that boosted prior-year results, and cash burn remains high, with year-end cash guidance lowered to $380-400M.
Key Financial Metrics
Key Facts
- Q1 2026 revenue fell 86% YoY to $4.5M from $32.7M
- EPS of -$1.71 missed consensus estimate of -$0.65 (-163% surprise)
- Net loss widened to $128.9M from $48.4M in Q1 2025
- Cash and securities decreased to $541.8M from $610.8M at year-end 2025
- Year-end 2026 cash guidance lowered to $380-400M from prior $400-430M
- Pipeline milestones on track (XmAb819 expansion data 2H26, XmAb412 FIH 3Q26)
Financial Impact
Revenue decline of $28.2M YoY; net loss increase of $80.5M; EPS miss of $1.06 vs consensus
Risk Factors
- Lowered cash guidance signals higher than expected burn or delayed milestones
- Dependence on partnership milestones for meaningful revenue
- Clinical trial delays or negative data could further pressure valuation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001326732-26-000042 |
| Document: xncr-20260506.htm | 0001326732-26-000042 |
| Document: 0001326732-26-000042-index-headers.html | 0001326732-26-000042 |
| Document: 0001326732-26-000042-index.html | 0001326732-26-000042 |
| Document: 0001326732-26-000042.txt | 0001326732-26-000042 |
| 8-K Data (Synthetic) | 0001326732-26-000042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $20.00 $26.62 | ▲ +33.10% | ▲ +32.50% | $24.84 (+24.20%) |
Jun 17, 2026 15w ago | Insider Cluster | $12.64 $14.95 | ▲ +18.28% | ▲ +17.74% | $24.84 (+96.52%) |
Jun 15, 2026 15w ago | 144 | $12.21 $14.96 | ▲ +22.52% | ▲ +23.27% | $24.84 (+103.44%) |
Jun 15, 2026 15w ago | 144 | $12.21 $14.96 | ▲ +22.52% | ▲ +23.27% | $24.84 (+103.44%) |
May 6, 2026 21w ago | 8-K | $12.31 $11.42 | ▲ +7.23% | ▲ +10.37% | $24.84 (−101.79%) |
May 5, 2026 21w ago | 8-K | $12.85 $11.21 | ▼ −12.76% | ▼ −17.72% | $24.84 (+93.31%) |
Apr 27, 2026 22w ago | 8-K | $12.15 $11.63 | ▼ −4.28% | ▼ −9.75% | $24.84 (+104.44%) |
Mar 5, 2026 30w ago | Insider Cluster | $11.16 $12.81 | ▲ +14.78% | ▲ +18.57% | $24.84 (+122.58%) |
Mar 4, 2026 30w ago | 8-K | $11.16 $12.81 | ▼ −14.78% | ▼ −18.57% | $24.84 (−122.58%) |
Feb 25, 2026 31w ago | 8-K | $11.98 $12.40 | ▲ +3.51% | ▲ +8.74% | $24.84 (+107.35%) |
US Market Status
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