Xencor reports Q3 EPS (40c), consensus (73c)

Reports Q3 revenue $59.2M, consensus $29.32M. “Today we are announcing measures to strengthen our balance sheet and maximize our focus on the most promising programs created with XmAb technologies. First, we have sold a portion of our Ultomiris and Monjuvi royalties to OMERS Life Sciences for an upfront payment of $215 million. Importantly, we retain potential economic upside from the sales performance of these medicines,” said Bassil Dahiyat, Ph.D., president and chief executive officer at Xencor. “In addition, a core piece of Xencor’s strategy remains stringent decision making across our clinical pipeline based on emerging data from our programs, the evolving competitive landscape, and prudent management of our resources. We have decided to stop development of XmAb104, our PD-1 x ICOS bispecific antibody, narrow the enrollment for an ongoing study of vudalimab, and opt out of cost sharing with Genentech for our co-developed IL-15 program. Taken altogether, we believe our cash runway now extends into 2027.”