What Xencor does

Xencor, Inc. is a clinical-stage biopharmaceutical company founded in 1997 and headquartered in Pasadena, California, that engineers monoclonal antibody therapeutics for cancer, autoimmune disorders, and inflammatory diseases. The company's core asset is the proprietary XmAb protein engineering platform, which makes precise amino-acid-level alterations to the Fc domain of antibodies to enhance effector function, half-life, immune inhibition, or bispecific architecture. The platform comprises four plug-and-play modules — Bispecific Fc, Cytotoxic Fc (40-fold higher FcγRIIIa affinity), Immune Inhibitor Fc (400-fold higher FcγRIIb affinity), and Xtend Fc (up to 3-fold extended half-life) — plus a 2+1 bispecific antibody format that biases activity toward tumor cells with higher antigen density. Xencor protects this platform with more than 1,500 patents worldwide.

The company operates a dual business model. First, it advances a wholly-owned clinical pipeline including XmAb942 (Phase 2b for ulcerative colitis), XmAb819 (Phase 1 for renal cell carcinoma), XmAb541 (Phase 1 for ovarian cancer), XmAb808 (Phase 1 B7-H3 x CD28), XmAb657 (Phase 1 for autoimmune disease), Plamotamab (Phase 1b for rheumatoid arthritis), and preclinical XmAb412. Second, it licenses XmAb Fc domain technology to major pharmaceutical partners — Alexion (Ultomiris), Incyte (Monjuvi/Minjuvi), Amgen (xaluritamig), Novartis, Vir Biotechnology, Zenas, Astellas, and Johnson & Johnson — earning upfront payments, milestones, and royalties. Three partner-marketed XmAb medicines are currently approved and generating royalties, and more than 20 XmAb-engineered programs are in clinical testing. Revenue is milestone- and royalty-driven, reaching $125.6 million in FY2025 with a net loss of $91.9 million, supported by a $610.8 million cash position expected to fund operations into mid-2028.

Name

Xencor

Legal name

Xencor, Inc.

Website

https://xencor.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

251–500 employees

Short description

Xencor is a clinical-stage biopharmaceutical company that engineers monoclonal antibody therapeutics using its proprietary XmAb Fc domain platform for cancer and autoimmune diseases, operating a dual model of wholly-owned clinical programs and licensed partnerships with major pharmaceutical companies that have produced three marketed drugs.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Monoclonal Antibody Therapeutics (mAbs) (HLAAAAAA)

akta.pro secondary industries

Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB), Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB)

Keywords

• Engineered antibody therapeutics
• Bispecific antibody platform
• Fc domain engineering
• Oncology drug development
• Biopharmaceutical licensing

Headquarters

HQ city

Pasadena

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Others

Revenue model

1. Licensing Royalties: Xencor generates revenue through licensing its XmAb Fc domain technology to pharmaceutical partners. The company earns royalties on net sales of approved drugs that use its technology, such as Ultomiris (Alexion) and Monjuvi/Minjuvi (Incyte).
2. Partnership and License Agreement Revenue: Revenue from Alexion and Incyte license agreements, including upfront payments, milestone payments, and ongoing royalties. Full-year 2025 revenue was $125.6 million driven primarily by these agreements.
3. Public Stock Offering: Xencor raised approximately $201.3 million through a public stock offering of over 8 million shares of common stock and pre-funded warrants for general corporate purposes including R&D.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Xencor develops engineered monoclonal antibody therapeutics using its proprietary XmAb protein engineering platform, which creates precise alterations to antibody Fc domains to enhance natural functions such as potency, half-life, and immune engagement. The company operates a dual model: (1) wholly-owned clinical-stage drug candidates in oncology and autoimmune diseases, and (2) licensing XmAb Fc domain technology to major pharmaceutical partners who develop and commercialize products incorporating the technology.

Product overview

Xencor is a clinical-stage biopharmaceutical company developing a diversified portfolio of engineered antibody therapeutics using its proprietary XmAb protein engineering platform. The company operates two core business models: (1) wholly-owned clinical programs including XmAb819 (Phase 1, renal cell carcinoma), XmAb541 (Phase 1, ovarian cancer), XmAb808 (Phase 1, B7-H3 x CD28 tumor co-stimulation), XmAb942 (Phase 2b, ulcerative colitis), Plamotamab (Phase 1b, rheumatoid arthritis), XmAb657 (Phase 1, idiopathic inflammatory myopathy), and preclinical XmAb412 (TL1A x IL23 bispecific); and (2) partnered/licensed programs including Ultomiris (approved, Alexion), Monjuvi/Minjuvi (approved, Incyte), Xaluritamig (Phase 3, Amgen), obexelimab, tobevibart, ASP2138, and JNJ programs. The XmAb platform comprises four plug-and-play Fc domain technologies: Bispecific Fc Domain (enabling dual-targeting), Cytotoxic Fc Domain (enhancing NK cell activity), Immune Inhibitor Fc Domain (for autoimmune applications), and Xtend Fc Domain (extending half-life). More than 20 programs are in clinical testing with three XmAb medicines marketed by partners.

Differentiator

Problem solved

Functional benefit

Products and services

• XmAb Bispecific Fc Domain A plug-and-play Fc domain technology enabling creation of stable, bispecific antibodies with full-length antibody properties that can be produced with standard manufacturing methods. Licensed to pharmaceutical partners for engineering dual-targeting antibodies.
• XmAb Cytotoxic Fc Domain An Fc domain technology providing 40-fold greater affinity for FcγRIIIa via two amino acid changes, enhancing Natural Killer cell and macrophage activation for improved tumor cell elimination. Used in partnered programs and the approved therapy tafasitamab.
• XmAb Immune Inhibitor Fc Domain An Fc domain variant providing 400-fold increased binding affinity for FcγRIIb (CD32b) for potent immune inhibition and rapid antigen clearance. Applied to antibodies targeting B-cell surface markers for autoimmune disease treatment.
• Xtend Fc Domain An Fc domain technology providing up to 3-fold increased circulating half-life through enhanced binding to the FcRn receptor. Applied in 13 clinical-stage programs and the approved therapy Ultomiris, enabling reduced dosing frequency and improved patient convenience.
• XmAb819 (ENPP3 x CD3) A tumor-targeted, T-cell engaging XmAb 2+1 bispecific antibody in development for patients with advanced clear cell renal cell carcinoma. Engages ENPP3 (highly expressed on kidney cancers) and CD3 (T-cell receptor component) for targeted tumor cell killing.
• XmAb541 (CLDN6 x CD3) A tumor-targeted, T-cell engaging XmAb 2+1 bispecific antibody in development for patients with ovarian cancer and other solid tumors. Targets claudin-6 (CLDN6), a tumor-associated antigen, and CD3 for potent T-cell mediated tumor killing.
• XmAb808 (B7-H3 x CD28) A tumor-selective, co-stimulatory XmAb 2+1 bispecific antibody designed to bind to the broadly expressed tumor antigen B7-H3 and selectively to CD28 for tumor-conditional T-cell co-stimulation (Signal 2), used in combination with checkpoint inhibitors or CD3 T-cell engagers.
• XmAb942 (Xtend TL1A) A monospecific anti-TL1A antibody utilizing Xtend Fc Domain and proprietary Fc silencing technology, with potentially class-leading potency for inflammatory bowel diseases including ulcerative colitis and Crohn's disease.
• Plamotamab (CD20 x CD3) A B-cell depleting bispecific T-cell engager in development for rheumatoid arthritis and previously studied in hematologic cancers. Targets CD20 on B cells and CD3 on T cells for immune-mediated B-cell depletion.
• XmAb657 (CD19 x CD3) A rationally designed CD19 x CD3 bispecific T-cell engager for patients with autoimmune diseases, including idiopathic inflammatory myopathy. Utilizes XmAb 2+1 bispecific antibody format and Xtend Fc technology for potent, potentially long-acting B-cell depletion.
• Ultomiris (ravulizumab-cwvz) An approved therapy developed and marketed by Alexion Pharmaceuticals using Xencor's Xtend Fc domain technology to extend half-life. Marketed for paroxysmal nocturnal hemoglobinuria (PNH), atypical hemolytic uremic syndrome (aHUS), generalized myasthenia gravis (gMG), and neuromyelitis optica spectrum disorder (NMOSD).
• Monjuvi/Minjuvi (tafasitamab-cxix) A CD19-directed cytolytic antibody using Xencor's Cytotoxic Fc Domain technology. Approved in the U.S. and EU in combination with lenalidomide for relapsed or refractory DLBCL and follicular lymphoma. Marketed by Incyte (acquired global rights from MorphoSys in February 2024).
• Xaluritamig (STEAP1 x CD3) A STEAP1 x CD3 XmAb 2+1 bispecific antibody licensed to Amgen for metastatic castration-resistant prostate cancer. Currently in Phase 3 clinical study.
• Obexelimab (CD19) An anti-CD19 antibody using Xencor's Immune Inhibitor Fc Domain technology, licensed exclusively worldwide to Zenas BioPharma for development and commercialization in autoimmune diseases including IgG4-related disease.
• Tobevibart An investigational antibody incorporating Xtend and other XmAb Fc technologies, developed by Vir Biotechnology for hepatitis Delta, currently in clinical trials.
• ASP2138 (Claudin 18.2 x CD3) A Claudin 18.2 x CD3 bispecific antibody licensed to Astellas for gastric, gastroesophageal junction adenocarcinoma, and pancreatic adenocarcinoma.
• JNJ-9401 (PSMA x CD28) A PSMA x CD28 bispecific antibody in development by Johnson & Johnson Innovative Medicine using Xencor's bispecific Fc domain technology.
• JNJ-1493 (CD20 x CD28) A CD20 x CD28 bispecific antibody in development by Johnson & Johnson Innovative Medicine for B-cell tumors using Xencor's bispecific technology.
• XmAb412 (TL1A x IL23p19) A bispecific antibody combining anti-TL1A and anti-IL23(p19) specificities designed for inflammatory bowel disease treatment, utilizing Xencor's bispecific Fc domain technology.

Quantifiable outcome

• 40-fold greater affinity for FcγRIIIa with cytotoxic Fc domains
• +4 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, major and notable.

• Alexion PharmaceuticalscoreOEM/ Whitelabel/ Licensing PartnerAlexion uses Xencor's Xtend Fc domain technology to enhance half-life of Ultomiris (ravulizumab-cwvz), approved for PNH, aHUS, gMG, and NMOSD. This partnership is subject to a royalty dispute regarding U.S. sales payments.
• IncytecoreOEM/ Whitelabel/ Licensing PartnerIncyte markets Monjuvi (tafasitamab-cxix) in the U.S. and Minjuvi in Europe/Canada - a CD19-directed cytolytic antibody using Xencor's cytotoxic Fc domain. Approved for r/r DLBCL and r/r FL. Xencor originally discovered tafasitamab and licensed to MorphoSys in 2010; Incyte acquired global rights in February 2024.
• AmgencoreOEM/ Whitelabel/ Licensing PartnerAmgen licenses XmAb bispecific Fc domain to create xaluritamig (STEAP1 x CD3), a 2+1 bispecific antibody in Phase 3 for metastatic castration-resistant prostate cancer.
• NovartismajorStrategic or Co-development PartnerStrategic collaboration for bispecific programs including XmAb 14045 and XmAb 13676. Represents a significant partnership for advancing novel bispecific antibody candidates.
• Vir BiotechnologynotableOEM/ Whitelabel/ Licensing PartnerVir Biotechnology uses Xtend and other XmAb Fc technologies for tobevibart, an investigational antibody targeting hepatitis delta. Also incorporated Xtend Fc into sotrovimab for SARS-CoV-2.
• Zenas BioPharmanotableOEM/ Whitelabel/ Licensing PartnerExclusive worldwide license to develop and commercialize obexelimab (XmAb5871), an anti-CD19 antibody using immune inhibitor Fc domain for autoimmune diseases including IgG4-related disease.
• Astellas PharmanotableOEM/ Whitelabel/ Licensing PartnerLicenses bispecific Fc domain for ASP2138 (Claudin 18.2 x CD3) in development for gastric, gastroesophageal junction adenocarcinoma, and pancreatic adenocarcinoma.
• Johnson & Johnson Innovative MedicinenotableOEM/ Whitelabel/ Licensing PartnerLicenses bispecific programs JNJ-9401 (PSMA x CD28) and JNJ-1493 (CD20 x CD28) for B-cell tumors and prostate cancer.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MacroGenics: Clinical-stage biopharma developing bispecific antibodies and antibody-based therapeutics for cancer using proprietary DART and TRIDENT platforms. Direct competitor in bispecific antibody space with similar partnership-heavy business model.
• Zymeworks: Clinical-stage biopharma developing multifunctional bispecific antibodies using Azymetric and EFECT platforms. Directly comparable as a platform-based antibody engineering company with both wholly-owned and partnered programs.
• Inhibrx Biosciences: Clinical-stage biopharma developing engineered antibody therapeutics using single-domain antibody platform. Direct competitor in protein engineering space with similar size and partnership model.

Broad incumbents

• Genmab: Established antibody therapeutics company with proprietary DuoBody bispecific platform and strong royalty stream from approved drugs including Darzalex. Broader incumbent in bispecific antibody development with multiple approved products.
• Regeneron Pharmaceuticals: Large biopharma with proprietary VelocImmune antibody platform and approved bispecific antibodies (linvoseltamab, odronextamab). Broader incumbent with overlapping antibody engineering capabilities and significantly more resources.

Emerging players

• CytomX Therapeutics: Clinical-stage oncology company developing probody therapeutics - masked antibodies that are activated in tumor microenvironment. Comparable as an antibody engineering platform company with partnered programs.
• Compass Therapeutics: Clinical-stage biopharma developing bispecific antibodies for oncology with multiple clinical-stage programs. Directly comparable as a smaller clinical-stage bispecific antibody company with novel engineering approaches.
• Harpoon Therapeutics: Clinical-stage company developing T-cell engagers using proprietary TriTAC platform. Directly comparable as a bispecific T-cell engager developer; acquired by Merck in 2024 validating platform value.
• Maverick Therapeutics: Clinical-stage company developing COBRA T-cell engagers with conditional activation. Comparable as a bispecific antibody developer focused on T-cell engagement, though smaller and earlier stage than Xencor.

Others

• ImmunoGen: Antibody-drug conjugate (ADC) developer acquired by AbbVie in 2024. Adjacent in the antibody therapeutics space with overlapping target indications in oncology, but different modality (ADCs vs engineered Fc domains).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds12 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xencor