What is Xencor's R&D?

Xencor (XNCR) reported R&D of $64.67M in Q1 2026.

How has Xencor's R&D changed year-over-year?

Xencor's R&D increased by 10.4% year-over-year, from $58.58M to $64.67M.

What is the long-term trend for Xencor's R&D?

Over 4 years (2021 to 2025), Xencor's R&D has grown at a 5.6% compound annual growth rate (CAGR), from $192.51M to $239.43M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Xencor XNCR R&D

R&D at other companies

AmgenAMGN

$1.72B+15.7%

Regeneron PharmaceuticalsREGN

$1.54B+16.3%

Janux TherapeuticsJANX

$26.81M+7.0%

AbCellera Biologics Inc.ABCL

$46.66M+9.8%

AnaptysBio, Inc.ANAB

$33.99M-17.5%

Xenon PharmaceuticalsXENE

$88.51M+44.6%

Other financials

Income statement

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Revenue$4.5M-86.2%

Operating income-$77.9M-80.3%

Net income-$128.9M-166%

EPS (diluted)-$1.71-159%

Balance sheet

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Cash & equivalents$14.2M-64.3%

Total debt$175.2M-21.2%

Total equity$515.6M-19.4%

Total assets$736.8M-18.6%

Cash flow

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Operating cash flow-$67.6M-317%

CapEx$610.0K-57.8%

Free cash flow-$68.2M-286%

Valuation

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Market cap$1.07B+76.3%

Enterprise value$1.23B+55.9%

P/S11×+6.2×

Profitability

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Operating margin-217.9%+425pp

Net margin-177.1%+16.5pp

FCF margin-194%+166pp

Returns & leverage

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Return on equity-29.8%-2.7pp

Debt / equity0.3×0.0×

Current ratio6.6×+0.7×

Where this comes from

Reported directly by Xencor in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Xencor’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Xencor's R&D?: Xencor (XNCR) reported R&D of $64.67M in Q1 2026.
How has Xencor's R&D changed year-over-year?: Xencor's R&D increased by 10.4% year-over-year, from $58.58M to $64.67M.
What is the long-term trend for Xencor's R&D?: Over 4 years (2021 to 2025), Xencor's R&D has grown at a 5.6% compound annual growth rate (CAGR), from $192.51M to $239.43M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.