XNCR - Xencor stock down 7% on Q2 result miss

• Xencor ( NASDAQ: XNCR ) is trading 7% lower after the company posted Q2 result that missed estimates, due to lower royalty revenues.
• Revenue fell 55.3% Y/Y to  $30.18M, and missed estimates by $3.83M, while Q2 GAAP EPS of -$0.57 missed by $0.10.
• Revenues earned in the quarter of 2022 were primarily royalties from the Alexion and Vir agreements, compared to the same period in 2021, which were primarily from the Janssen and Novartis collaborations, and royalty revenue from Alexion, the company said.
• General and administrative expenses for the quarter rose 25% Y/Y to $11.1M, due to increased spending on professional services and additional facility costs.
• The company said it expects to have cash to fund research and development programs and operations through the end of 2025. The Company expects to end 2022 with between $550M and $575M in cash.

For further details see: