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Pipeline (28 active programs)

Technology platforms

Discontinued (1)

• vudalimab — Metastatic Castration-Resistant Prostate Cancer · Development paused (Xencor, 2026 10-K)

Capital (as filed)

Cash

$59.6M cash and cash equivalents · Sep 30, 2026 (10-Q)

Operating cash flow

$2.6M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$486M cash, runway through 2028 per the update of Aug 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (4)

• 2026-10-27 UPDATE: Xencor (XNCR) - Madrid Delivers: The Dose-Response Is Real 🔒 Paid
• 2026-08-06 UPDATE: Xencor (XNCR) - The Hearing Problem Nobody Was Modeling 🔒 Paid
• 2026-07-30 UPDATE: Xencor (XNCR) - The Alexion Standoff Ends at $105 Million 🔒 Paid
• 2026-06-27 Xencor, Inc. (XNCR) — Scientific Deep Dive for XmAb819, XmAb942 and the XmAb Pipeline 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (4 calls)

Every verdict Biotech Distilled has published on Xencor, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-06-27 Watch Xencor, Inc. (XNCR) — Scientific Deep Dive for XmAb819, XmAb942 and the XmAb Pipeline Diversified platform optionality at roughly cash EV, but no de-risked near-term value driver and the crown-jewel Ultomiris royalty in active dispute with Alexion.
2. 2026-07-30 Speculative buy speculative UPDATE: Xencor (XNCR) - The Alexion Standoff Ends at $105 Million Alexion settled the disputed Ultomiris royalty at roughly full value ($105M cash), removing the single cleanest bear argument and restoring runway through 2028, while the ESMO oral for XmAb819 provides a dated podium catalyst.
3. 2026-08-06 Speculative buy speculative UPDATE: Xencor (XNCR) - The Hearing Problem Nobody Was Modeling Balance sheet continues to strengthen without dilution and XmAb541 earned its first regulatory designation, but on-target hearing toxicity caps monotherapy exposure and the ESMO XmAb819 data remains the key re-rating event.
4. 2026-10-27 Buy core UPDATE: Xencor (XNCR) - Madrid Delivers: The Dose-Response Is Real XmAb819 posted a clear dose-response with 30–45.5% confirmed ORR in heavily pretreated ccRCC including belzutifan-pretreated patients, a concrete regulatory path to a tivozanib-controlled pivotal, and runway extended into 2029 with no dilution.

• Long call · opened Jul 30, 2026 at $21.49 · +66.4% vs XBI +0.5% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (4 quotes from 4 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-11-04 10-Q in filings ↓

  • “We initiated a first-in-human study of XmAb412 in the third quarter of 2026 and plan to present initial data from the study in the first half of 2027.”

    matched to XmAb412 (TL1A x IL23p19) · interim data · read as first half of 2027
• 2026-11-04 8-K in filings ↓

  • ““For our two TL1A-targeting development programs, enrollment in XENITH-UC, the global Phase 2b study of XmAb942, is on track for the primary endpoint analysis in the second half of 2027, and for our novel TL1A x IL23p19 bispecific, XmAb412, we plan to present healthy participant data in the first half of 2027.”

    matched to XmAb412 (TL1A x IL23p19) · interim data · read as first half of 2027
• 2026-08-05 8-K in filings ↓

  • “And we recently started the Phase 1 study of XmAb412, our first XenLock™ bispecific antibody, and plan to have healthy participant data in the first half of 2027.”

    matched to XmAb942 (XENITH-UC) · topline data · read as first half of 2027
• 2026-08-05 8-K in filings ↓

  • “And we recently started the Phase 1 study of XmAb412, our first XenLock™ bispecific antibody, and plan to have healthy participant data in the first half of 2027.”

    matched to XmAb412 (TL1A x IL23p19) · trial initiation · read as first half of 2027

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (21)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 29, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 4, 2026ReleaseXencor Reports Third Quarter 2026 Financial ResultsSummary on the 8-K
• Nov 4, 20268-KCurrent report: results of operations · EX-99.1Q3 delivers net income of $39.4M, year-end cash guidance rises to $480–500M (third consecutive raise), and Xencor cashes out $66.9M of Zenas stock — the balance sheet is stronger than ever as XmAb819 heads toward an FDA accelerated-approval meeting in 1H 2027.
• Nov 4, 202610-QQuarterly reportSummary on the 8-K
• Oct 26, 20268-KCurrent report: results of operations, Reg FD disclosure, other events · EX-99.1 PRESENTATION DATED OCTOBER 26, 2026→ BD updateXmAb819's ESMO oral delivered a 45.5% confirmed ORR at the proposed Phase 3 dose — decisively ahead of the 25% headline I had been tracking — with an 82% 6-month PFS estimate, median PFS not reached, and cash runway now extended into 2029; Xencor has named its RP3D, signaled an accelerated approval pathway discussion with FDA, and outlined a randomized pivotal versus tivozanib.BD extracted 2 program updates from this document → XNCR pipeline
• Oct 25, 2026ReleaseXencor Presents Phase 1 Dose Selection Data for XmAb819, a Potential First-in-Class ENPP3 x CD3 Bispecific T-Cell Engager, in Development for Patients With Advanced Clear Cell Renal Cell Carcinoma and→ BD updateSummary on the 8-K of Oct 26, 2026BD extracted 1 program update from this document → XNCR pipeline
• Oct 19, 2026ReleaseXencor to Host Webcast to Discuss Results From the Phase 1 Study of XmAb819 in Advanced Clear Cell Renal Cell CarcinomaBD extracted 1 program update from this document → XNCR pipeline
• Sep 2, 2026ReleaseXencor to Present at the 2026 Cantor Global Healthcare Conference
• Aug 5, 2026ReleaseXencor Reports Second Quarter 2026 Financial ResultsBD extracted 2 program updates from this document → XNCR pipeline
• Aug 5, 20268-KCurrent report: results of operations · EX-99.1
• Aug 5, 202610-QQuarterly report
• Jul 29, 2026ReleaseXencor to Receive $105 Million From Alexion to Resolve Ultomiris® U.S. Royalty Matter
• Jul 29, 20268-KCurrent report: material agreement, results of operations, Reg FD disclosure · EX-99.1
• Jun 18, 20268-KCurrent report: shareholder vote
• May 6, 20268-KCurrent report: results of operations · EX-99.1
• May 6, 202610-QQuarterly report
• May 5, 20268-KCurrent report: Reg FD disclosure · EX-99.1
• Apr 27, 2026DEFA14AProxy soliciting material
• Apr 27, 2026DEF 14AProxy statement
• Apr 27, 20268-KCurrent report: officer / director change
• Mar 9, 20268-KCurrent report: agreement terminated
• Mar 4, 20268-KCurrent report: Reg FD disclosure · EX-99.1