Xencor reports $128.9M Q1 loss, revenue down 86% on Alexion royalty dispute

Filed May 6, 2026 · Period ending May 6, 2026 · ~2 min read

Key Changes

• high

  Q1 2026 revenue fell 86% to $4.5M from $32.7M prior year, including a one-time $6.6M reduction for disputed Alexion royalties; without the dispute, revenue would have been ~$11.1M, still down significantly due to absence of milestone payments.

  Exhibit 99.1 verify on EDGAR →
• high

  Net loss more than doubled to $128.9M ($1.71/share) from $48.4M ($0.66/share) in Q1 2025, driven by $50.8M in other expense (vs. $5.1M prior year), largely unrealized losses on an equity security, plus higher R&D spending.

  Exhibit 99.1 verify on EDGAR →
• high

  Cash and marketable securities declined $69M in Q1 to $541.8M; management projects year-end 2026 cash of $380-400M and expects runway into mid-2028.

  Exhibit 99.1 verify on EDGAR →