Xencor, Inc. reported a net loss of $232.6 million for the fiscal year ending December 31, 2024, a significant increase from the $133.2 million loss recorded in the previous year. The company's total revenues for 2024 were $110.5 million, down from $174.6 million in 2023, primarily due to a decrease in milestone payments and research collaboration revenues. Notably, milestone revenues dropped by $54 million, reflecting a lack of significant achievements compared to the previous year, while royalty revenues increased slightly by $11.7 million, driven by higher royalties from Alexion Pharmaceuticals.
In terms of operational changes, Xencor has strategically narrowed its focus to developing T-cell engaging bispecific antibodies, including XmAb819, XmAb541, and XmAb942, which are currently in various stages of clinical trials. The company has also paused development on several programs, including vudalimab, and has reacquired rights to plamotamab from Johnson & Johnson. As of December 31, 2024, Xencor had $706.7 million in cash, cash equivalents, and marketable securities, which it expects will fund operations into 2028.
Xencor's workforce consisted of 250 full-time employees as of the end of 2024, a reduction of approximately 10% due to a recent workforce restructuring aimed at aligning resources with its strategic priorities. The company continues to emphasize diversity, with 58% of its workforce identifying as non-white and 59% as women. The company’s research and development expenses totaled $227.7 million in 2024, a decrease from $253.6 million in 2023, reflecting a shift in focus and resource allocation.
Looking ahead, Xencor plans to initiate first-in-human studies for XmAb657 and continue advancing its clinical pipeline. The company remains optimistic about its potential to address significant unmet medical needs in oncology and autoimmune diseases, although it acknowledges the inherent risks and uncertainties associated with drug development. The company is also actively working to remediate identified weaknesses in its internal controls over financial reporting, which were noted in its recent filings.
About Xencor Inc
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