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Get filing alertsXencor 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
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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 view 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 view on EDGAR → -
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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 view on EDGAR → -
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XmAb942 ulcerative colitis Phase 2b trial (XENITH-UC) enrollment supports blinded interim analysis around year-end 2026 and primary endpoint (clinical remission at 12 weeks) in 2H 2027.
Exhibit 99.1 view on EDGAR → -
medium
XmAb819 Phase 1 expansion cohort data in clear cell renal cell carcinoma to be presented at medical conference in 2H 2026, supporting planned pivotal study initiation in 2027.
Exhibit 99.1 view on EDGAR →
Summary
Xencor disclosed Q1 2026 results showing a sharp revenue decline and widening losses. Revenue fell 86% year-over-year to $4.5 million, driven by the absence of milestone payments that contributed to the prior year's $32.7 million and a one-time $6.6 million reduction related to disputed U.S. royalties owed by Alexion.
The net loss more than doubled to $128.9 million from $48.4 million in Q1 2025, with the increase primarily attributable to $50.8 million in other expense (versus $5.1 million prior year), largely unrealized losses on an equity security, alongside higher R&D spending.
Cash and marketable securities declined $69 million during the quarter to $541.8 million, with management projecting year-end 2026 cash of $380-400 million and a runway into mid-2028. On the pipeline front, the company provided updates on two clinical programs. The XENITH-UC Phase 2b trial of XmAb942 in ulcerative colitis is enrolling on track for a blinded interim analysis around year-end 2026 and a primary endpoint readout in the second half of 2027. For XmAb819 in clear cell renal cell carcinoma, expansion cohort data from the Phase 1 study will be presented at a medical conference in the second half of 2026 to define a recommended Phase 3 dose, supporting a planned pivotal study initiation in 2027. The Alexion royalty dispute and elevated cash burn warrant attention as the company advances its clinical programs.
Section-by-Section Diff
Event · Exhibit 99.1
Xencor reported Q1 2026 results with $128.9M net loss, reduced revenue due to $6.6M Alexion royalty dispute, and pipeline updates.
Added in current filing · view on EDGAR → · paraphrased
Cash, cash equivalents and marketable debt securities totaled $541.8 million as of March 31, 2026, compared to $610.8 million as of December 31, 2025. Based on current operating plans, Xencor expects to end 2026 with between $380 million and $400 million in cash, cash equivalents and marketable debt securities, and to have sufficient cash resources to fund research and development programs and operations into mid-2028.
Cash and marketable securities declined $69 million in Q1 to $541.8 million. Management projects year-end 2026 cash of $380-400 million, implying $142-162 million additional cash use over the remaining three quarters, and expects this to fund operations into mid-2028.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 19, 2026 · How we verify