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Get filing alertsRisk Profile Improvements
- Material Weakness (removed) — Previously disclosed material weaknesses in controls over royalty sale accounting and tax legislation evaluation are no longer present; controls are now effective.
- Restatement (removed) — Prior period restatement disclosure related to the material weaknesses is no longer referenced in current filing.
Net loss widens 166% on $45.8M below-the-line drag as Alexion royalty dispute cuts revenue
Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read
Key Changes
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Alexion notified the company in March 2026 it will not pay royalties on U.S. Ultomiris sales despite a patent term extension; company reversed $6.6M of 2025 revenue and will not recognize future U.S. royalties until the dispute is resolved.
MD&A: Alexion royalty dispute verify on EDGAR → -
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Net loss widened 166% to $128.9M while operating loss widened 80% to $77.9M; the $45.8M below-the-line drag (non-operating/other -$45.7M, income tax +$87K, noncontrolling interest -$214K) was driven by unrealized losses on Zenas equity holdings, not operations.
MD&A: Earnings-quality divergence verify on EDGAR → -
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Revenue fell $28.2M to $4.5M, reflecting the Alexion royalty reversal, lower Alexion royalties overall, and the absence of a $12.5M Incyte milestone received in the prior-year quarter.
MD&A: Total revenue decline verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 19, 2026 8:47 PM