XNCR (XNCR) financial statements
XNCR reported revenue of $126M in fiscal 2025, up 1.6% a year over 9 years.
Net income was -$92M and the operating margin -141.4%, against 40.4% in 2016.
Free cash flow was -$138M.
The diluted share count rose 75% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from XNCR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109M | $46M | $41M | $157M | $123M | $275M | $165M | $175M | $110M | $126M |
| Research and development | $52M | $72M | $98M | $119M | $170M | $193M | $200M | $254M | $228M | $239M |
| Selling, general and admin | $13M | $18M | $22M | $24M | $30M | $39M | $47M | $53M | $61M | $64M |
| Operating income | $44M | -$43M | -$79M | $14M | -$77M | $44M | -$82M | -$132M | -$178M | -$178M |
| Interest expense | $21,000 | $13,000 | $16,000 | — | — | $13,000 | $13,000 | $6M | $37M | $32M |
| Pre-tax income | $46M | -$39M | -$70M | $27M | -$69M | $83M | -$55M | -$120M | -$235M | -$90M |
| Income tax | $991,000 | -$463,000 | $0 | $312,000 | $0 | $0 | $673,000 | $14M | $2M | $3M |
| Net income | $45M | -$38M | -$70M | $27M | -$69M | $83M | -$55M | -$133M | -$233M | -$92M |
| EPS (diluted) | $1.07 | -$0.82 | -$1.31 | $0.46 | -$1.21 | $1.37 | -$0.93 | -$2.20 | -$3.58 | -$1.24 |
| Diluted shares | 42M | 47M | 54M | 58M | 57M | 60M | 60M | 61M | 65M | 74M |
| Operating margin | 40.4% | -93.4% | -195.5% | 8.8% | -62.6% | 15.9% | -50.1% | -75.8% | -161.5% | -141.4% |
| Net margin | 41.4% | -83.4% | -173.4% | 17.2% | -56.5% | 30.0% | -33.5% | -76.2% | -210.5% | -73.2% |
Balance sheet
Fiscal years, from XNCR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $130M | $224M | $294M | $530M | $164M | $143M | $54M | $54M | $41M | $54M |
| Receivables | $9M | $1M | $10M | $22M | $11M | $66M | $29M | $24M | $61M | $29M |
| Total current assets | $142M | $231M | $316M | $558M | $638M | $424M | $675M | $636M | $578M | $600M |
| Property, plant and equipment | $3M | $7M | $12M | $16M | $22M | $28M | $59M | $66M | $60M | $53M |
| Total assets | $429M | $390M | $577M | $670M | $703M | $838M | $846M | $965M | $952M | $875M |
| Total current liabilities | $106M | $73M | $54M | $67M | $121M | $71M | $64M | $74M | $87M | $96M |
| Long-term debt | — | — | — | — | — | — | $0 | $162M | $115M | $76M |
| Total liabilities | $115M | $74M | $55M | $77M | $131M | $105M | $119M | $303M | $278M | $240M |
| Shareholders' equity | $338M | $316M | $522M | $593M | $572M | $734M | $727M | $662M | $678M | $636M |
| Net debt | -$15M | -$17M | -$26M | -$50M | -$164M | -$143M | -$54M | $136M | $123M | $66M |
Cash flow
Fiscal years, from XNCR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $95M | -$34M | -$80M | $64M | -$5M | -$17M | $24M | -$78M | -$202M | -$135M |
| Capital spending | $2M | $5M | $7M | $7M | $11M | $13M | $38M | $18M | $6M | $3M |
| Free cash flow | $94M | -$39M | -$87M | $57M | -$16M | -$30M | -$14M | -$96M | -$208M | -$138M |
| Stock-based compensation | $8M | $14M | $21M | $32M | $32M | $37M | $49M | $54M | $53M | $43M |
| Free cash flow margin | 86.0% | -84.3% | -214.2% | 36.4% | -12.7% | -11.0% | -8.5% | -55.2% | -188.5% | -110.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for XNCR.
Open XNCR in InvestinglyQuestions
What was XNCR's revenue in 2025?
$126M in fiscal 2025, from its 10-K filing.
How much free cash flow does XNCR generate?
-$138M in fiscal 2025 (operating cash flow minus capital spending).
From XNCR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.