Xencor, Inc. (XNCR): Business Model Canvas [Dec-2025 Updated]

You're digging into Xencor, Inc.'s financials, trying to figure out if this clinical-stage biotech is a solid bet, and honestly, the story is compelling: they've built a proven technology engine, the XmAb platform, that's pulling in serious cash from giants like Amgen and Pfizer. Here's the quick math: they are aggressively funding a pipeline of over 20 candidates while sitting on an expected $570M to $590M in cash by the end of 2025, which is a smart way to de-risk development. Below, I've broken down exactly how this dual strategy-partnering for revenue while building wholly-owned assets-fits into their full Business Model Canvas, so you can see the mechanics behind the numbers.

Xencor, Inc. (XNCR) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel Xencor, Inc.'s engine-these deals are where their XmAb technology meets big pharma's commercial muscle. It's all about licensing their engineered antibody platforms for cash, milestones, and future royalties.

The major pharmaceutical companies represent the largest stream of non-dilutive funding and validation for Xencor's technology. These arrangements are structured to provide upfront payments, milestone payments upon clinical or regulatory success, and tiered royalties on eventual net sales. As of late 2025, Xencor is seeing direct financial impact from several of these collaborations.

Here is a breakdown of the key financial terms and recent activity with major partners:

The revenue Xencor, Inc. reports is heavily influenced by these partners. For the third quarter ended September 30, 2025, total revenue was $21.0 million, which was primarily non-cash royalty revenue from Alexion and Incyte. This compares to $43.6 million in revenue for the second quarter ended June 30, 2025, which was primarily milestone revenue from Incyte and non-cash royalty revenue from Alexion and Incyte.

The Incyte Corporation partnership for Monjuvi®/Minjuvi® is significant, as Xencor is eligible to receive tiered royalties on worldwide net sales. For context, Incyte's guidance for other oncology net product revenues (which would include Monjuvi/Minjuvi) for the full year 2025 was set between $415 million and $455 million as of February 2025.

The company's overall licensing and royalty structure is broad, even beyond the named companies above. In 2023, Xencor received total proceeds of $111.7 million in upfront payments, milestone payments, and royalties from all collaboration arrangements. Furthermore, three marketed medicines incorporating Xencor's XmAb Fc domains generated $55.8 million in royalty revenue for Xencor in 2023.

The use of Contract Research Organizations (CROs) is implied in the execution of clinical trials, such as the Phase 1 study for XmAb819 and the Phase 2b XENITH-UC study for XmAb942. While specific spending figures on CROs aren't itemized in the partnership section, Research and Development (R&D) expenses for Q3 2025 were $54.4 million.

Regarding academic and research institutions, while specific contracts aren't detailed, the technology licensing agreements are a core part of the model. For instance, Xencor owns 3,098,380 shares of common stock in Zenas as of September 30, 2025, from a licensing deal for obexelimab.

The financial health underpinning these partnerships is Xencor, Inc.'s cash position. Based on current operating plans, Xencor expects to end 2025 with between $570 million and $590 million in cash, cash equivalents and marketable debt securities, which they project will fund R&D and operations into 2028.

You can see the structure of the key financial relationships here:

• Xencor, Inc. is eligible to receive up to $460 million in future milestones plus tiered royalties from Zenas for obexelimab.
• The royalty tier range from Zenas is mid-single-digit to mid-teen percentages, dependent on geography.
• Xencor received $30 million in milestone revenue from Amgen in 2025.
• Xencor received $4 million in milestone revenue from Novartis in 2025.

Xencor, Inc. (XNCR) - Canvas Business Model: Key Activities

You're building a biotech company on the back of a proprietary technology, so the core activities have to be about science and execution. For Xencor, Inc., that means relentless engineering and disciplined clinical advancement. Here's what the numbers show about their main operational focus as of late 2025.

Protein engineering and optimization via the XmAb® platform.

This is the engine room, where Xencor, Inc. modifies monoclonal antibodies to create new therapeutic effects. The plug-and-play nature of the XmAb Fc domains allows them to license access to partners for developing their own proprietary antibodies with improved properties. The XmAb 2+1 multivalent format is a specific engineering output being used in key candidates like XmAb819 and XmAb541 to achieve greater selectivity.

Extensive Research and Development (R&D) of wholly-owned drug candidates.

The commitment to R&D is clear from the quarterly spend. You can see the investment level fluctuating based on trial phase progression. Here's the quick math on the R&D burn rate through the first three quarters of 2025:

What this estimate hides is that the increased spending in Q1 2025 compared to 2024 was primarily due to increased spending on XmAb819, XmAb541, and XmAb657. Anyway, the Q3 2025 decrease reflects lower stock-based compensation and lower costs related to programs that are winding down or have been terminated.

Managing and advancing a clinical pipeline of over 20 candidates.

The company is managing a broad portfolio, with more than 20 candidates engineered with their XmAb technology currently in clinical development, both internally and with partners. You need to track the wholly-owned assets closely, as they represent the highest potential upside for Xencor, Inc. itself.

• The company is evaluating four wholly-owned XmAb drug candidates in cancer and advanced autoimmune-driven diseases as of August 2025.
• XmAb819 (ENPP3 x CD3) is in a Phase 1 study, with initial results expected in Q4 2025.
• XmAb541 (CLDN6 x CD3) plans to select a recommended Phase 3 dose during 2026.
• XmAb942 (anti-TL1A) is advancing toward a Phase 2b XENITH-UC trial initiation in the 2nd half of 2025.
• XmAb657 (CD19 x CD3) remains on track to start clinical studies by year-end 2025.

Securing and maintaining a world-leading Intellectual Property (IP) portfolio.

Investors are drawn to Xencor, Inc.'s scientific capabilities and their broad intellectual property, which is the stated engine behind their drug development programs. The activity here is the continuous effort to expand the patent portfolio protecting their Fc technologies and XmAb drug candidates. They seek to leverage their XmAb Fc domains to create novel candidates.

Negotiating and managing complex licensing and collaboration agreements.

Partnering is a major revenue driver, bringing in non-dilutive capital and validating the platform. You see this reflected in the milestone and royalty revenue streams. For instance, in Q2 2025, revenue included a $25 million milestone payment from Incyte following the approval of Monjuvi for follicular lymphoma. Also, Astellas presented its first clinical data from ASP2138 in October 2025.

Here are some key financial metrics tied to these agreements:

• Xencor earned a $30 million milestone payment from Amgen in 2025, triggered by a Phase 3 study launch for xaluritamig in Q4 2024.
• Xencor is eligible to receive $225 million in future milestone payments from Amgen's xaluritamig program, plus tiered royalties ranging from mid- to high-single digit percentages.
• The company received $4 million in milestone revenue from Novartis in 2025 related to a partnered asset.
• Revenue for Q1 2025 included a $12.5 million regulatory milestone payment from Incyte related to tafasitamab.

Finance: draft 13-week cash view by Friday.

Xencor, Inc. (XNCR) - Canvas Business Model: Key Resources

You're looking at the core assets that make Xencor, Inc. a player in the engineered antibody space. These aren't just ideas; they are the tangible and intangible foundations supporting their near-term milestones.

The most critical resource is definitely the Proprietary XmAb® protein engineering platform, specifically the work on Fc domains. This technology is what allows Xencor to create antibodies with tailored functions, like extended half-life or dual targeting, which is a huge differentiator in the crowded biopharma landscape.

Intellectual property backs this up. Xencor relies on an extensive IP portfolio, which the company states includes over 1500 patents worldwide. This moat protects their core technology and provides leverage in partnerships.

Financially, you need to know where the runway stands. Based on current operating plans as of late 2025, Xencor expects to end the year with cash, cash equivalents, and marketable debt securities between $570 million and $590 million. That's a solid balance sheet, projecting cash to fund R&D and operations into 2028. For context, cash on hand was $633.9 million as of September 30, 2025, down from $706.7 million at the end of 2024.

Also essential is the human capital. Xencor's value is tied up in its highly specialized protein engineering and clinical development talent. These are the folks who can actually translate the platform technology into viable drug candidates.

The pipeline itself is a key resource, representing potential future value. Here's a quick look at the clinical-stage assets you should be tracking:

• XmAb819 (ENPP3 x CD3 bispecific) for ccRCC.
• XmAb942 (anti-TL1A) for IBD.
• XmAb541 (CLDN6 x CD3 bispecific) for solid tumors.
• Plamotamab (CD20 x CD3 bispecific) for rheumatoid arthritis.

We can map out the near-term focus for the most prominent assets in a table. This shows you where the near-term value inflection points are:

Plus, don't forget the value locked in partnerships. As of September 30, 2025, Xencor held 3,098,380 shares of common stock in Zenas BioPharma, which relates to the obexelimab license agreement.

Xencor, Inc. (XNCR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Xencor, Inc. (XNCR) technology stands out in the crowded biopharma space. It's all about engineering better antibodies right at the Fc region (the tail end of the antibody), which dictates how long the drug stays in the body and how it interacts with the immune system.

Engineered antibodies with enhanced half-life for less frequent dosing (Xtend Fc).

The Xtend Fc Domain is a key differentiator, designed to keep the drug circulating longer. This translates directly to patient convenience. For XmAb942, an anti-TL1A antibody for IBD, pharmacokinetic analysis from the first-in-human study in healthy volunteers estimated a human half-life of greater than 71 days. This data supports the potential for a 12-week dosing interval during maintenance treatment. This is a tangible benefit over potentially more frequent dosing schedules for competing anti-TL1A antibodies in development.

Novel bispecific antibodies (T-cell engagers) for targeted cancer therapy.

Xencor's XmAb 2+1 bispecific format is engineered to target tumors with high precision. You can see the progress in their oncology pipeline:

• XmAb819 (ENPP3 x CD3) for ccRCC: 69 patients treated across 15 dose cohorts in Phase 1 as of the latest data cut-off. Initial Phase 1 data was expected in Q4 2025.
• XmAb541 (CLDN6 x CD3) for gynecologic/germ cell tumors: Showed Confirmed partial responses per RECIST v1.1 in three patients in early Phase 1 data presented in October 2025.
• Pivotal study initiation for XmAb541 is planned for 2027, with recommended Phase 3 dose selection targeted for 2026.

Here's a snapshot of the clinical advancement driven by this platform:

Potential best-in-class treatments for autoimmune diseases (e.g., XmAb942 for IBD).

XmAb942 is positioned as a potential best-in-class anti-TL1A therapy, aiming for high potency and convenience. Interim data from the healthy volunteer study showed that XmAb942 was well tolerated at single and multiple doses. Furthermore, in patient cohorts, there was a substantial reduction in free circulating TL1A compared to placebo. The Phase 2b XENITH-UC trial is designed to rapidly identify a pivotal dose regimen for patients with moderately to severely active UC.

Modular, plug-and-play technology platform for partner drug defintely design.

The platform's modularity drives external value and revenue. Xencor's XmAb antibodies are in more than 20 different clinical programs with partners. This platform flexibility generated specific financial milestones in 2025:

• Milestone revenue of $30 million earned in 2025 from Amgen's advancement of Xaluritamig into a Phase 3 study in Q4 2024.
• Milestone revenue of $4 million received in 2025 from a Novartis Phase 2 study initiation in Q4 2024.

Reduced manufacturing complexity compared to traditional bispecifics.

The XmAb bispecific Fc domain is engineered to maintain full-length antibody properties, which is critical for simplified production. Preclinical data on the XmAb 2+1 bispecifics demonstrated manufacturing at GMP scale with yields greater than 2 g/L. The platform is noted for achieving heterodimer yields over 95% with straightforward purification methods. This contrasts with traditional bispecific design efforts often frustrated by difficulties in production.

Financially, Xencor reported $21.0 million in revenue for Q3 2025, primarily non-cash royalty revenue. The company expected to end 2025 with cash, cash equivalents, and marketable debt securities between $535 million and $585 million, providing funding into 2028. As of September 30, 2025, the actual cash balance stood at $633.9 million.

Finance: draft 13-week cash view by Friday.

Xencor, Inc. (XNCR) - Canvas Business Model: Customer Relationships

Long-term, high-touch strategic collaborations with major pharma.

Xencor, Inc. maintains strategic relationships with entities including Johnson & Johnson, Regeneron Pharmaceuticals, Inc., Roche Holding AG, and Takeda Pharmaceutical Co. Ltd.. The company aims to retain major economic interest in partnerships through keeping major geographic commercial rights, profit-sharing, co-development options, and the right to conduct studies with drug candidates developed in the collaboration. The types of arrangements include product licenses, novel bispecific antibody collaborations, technology licensing agreements, and strategic collaborations.

Dedicated scientific and clinical support for licensing partners.

The company seeks to leverage its XmAb Fc technologies and protein engineering capabilities with partners to create novel XmAb drug candidates. Xencor, Inc. and its partners are enrolling patients in multiple clinical studies to evaluate candidates. For instance, Amgen is advancing Xaluritamig (STEAP1 x CD3) for prostate cancer. Novartis initiated a Phase 2 study in Q4 2024 for an antibody incorporating an XmAb Fc domain.

• XmAb819 (ENPP3 x CD3) Phase 1 study enrolling patients in first dose-expansion cohort.
• XmAb942 (anti-TL1A) Phase 2b XENITH-UC study initiated in Q3 2025.
• Plamotamab Phase 1b study in rheumatoid arthritis dosed first patient in Q3 2025.
• XmAb657 (CD19 x CD3) study start planned by year end 2025.

Investor relations and transparent clinical data communication.

Xencor, Inc. reported revenue for Q2 2025 was $43.6 million, compared to $23.9 million for Q2 2024. Revenue for Q3 2025 was $21.0 million. The company expects to end 2025 with between $555 million and $585 million in cash, cash equivalents and marketable debt securities. Cash, cash equivalents and marketable debt securities totaled $663.8 million as of June 30, 2025.

• XmAb942 initial data presented in first half of 2025; human half-life estimated greater than 71 days.
• XmAb819 data presented at Triple Meeting 2025; 69 patients across 15 dose cohorts as of October 2025 cut-off.
• XmAb541 early efficacy data presented in October 2025; nine patients in most recent escalation cohort.
• Net loss attributable to Xencor, Inc. for Q3 2025 was $6.0 million, or $(0.08) per share.

Regulatory engagement with agencies like the FDA for pipeline advancement.

The IND application for XmAb541 has been allowed to proceed by the FDA. Regulatory authorization was granted in June 2025 to proceed with the proof-of-concept study of plamotamab in rheumatoid arthritis. Xencor plans to select a recommended Phase 3 dose for XmAb541 during 2026 to support initiation of a pivotal study during 2027.

Xencor, Inc. (XNCR) - Canvas Business Model: Channels

You're looking at how Xencor, Inc. gets its science and technology out to the world, both through its own work and its partners' efforts. It's a mix of direct deals and clinical execution, which you can see reflected in their recent financials.

Direct licensing of XmAb technology to global pharmaceutical partners

The licensing channel drives significant, often non-cash, revenue streams. You see the direct impact of these deals in the quarterly top line.

For the third quarter ended September 30, 2025, Xencor, Inc. reported revenue of $21.0 million. This revenue was primarily non-cash royalty revenue originating from partners like Alexion and Incyte. Specifically, for the three months ended June 30, 2025, the company earned an estimated $16.8 million in non-cash royalties from Alexion related to Ultomiris®. Also, in Q1 2025, a $12.5 million regulatory milestone payment was received from Incyte concerning tafasitamab. Furthermore, a $2.0 million milestone payment from Vir Bio was paid in the second quarter of 2025 after they initiated a Phase 3 study in March 2025.

The breadth of this channel is substantial; more than 20 drug candidates engineered with Xencor's XmAb® technology are currently in clinical development, either by Xencor or its partners.

Clinical trial sites and investigators for wholly-owned pipeline development

For wholly-owned assets, the channel involves activating and managing clinical sites to enroll patients for dose-finding and efficacy studies. Here's the current tempo on key internal programs as of late 2025.

• For XmAb819 in advanced clear cell renal cell carcinoma (ccRCC), 69 patients were treated across 15 dose cohorts as of the Q3 2025 data cut-off.
• In the XmAb819 study, 25% of evaluable patients achieved partial responses in the target dose range, with a disease control rate of 70%.
• For XmAb541 in advanced gynecologic and germ cell tumors, nine patients were in the most recently completed escalation cohort as of the Q3 2025 data cut-off.
• The Phase 2b XENITH-UC study for XmAb942 in ulcerative colitis was on track to begin in the second half of 2025.
• Xencor, Inc. aimed to start clinical studies for XmAb657 by year-end 2025.
• Dosing began in Q3 2025 for the Phase 1b study of Plamotamab in rheumatoid arthritis.
• The company expects to select a recommended Phase 3 dose for XmAb541 during 2026.

Scientific publications and conferences to disseminate data

Presenting data at key scientific venues is how Xencor, Inc. validates its technology and advances its wholly-owned candidates. You see this activity reflected in their event schedule.

Initial results for XmAb819 were presented in a poster at the AACR-NCI-EORTC Conference on Molecular Targets and Cancer Therapeutics in October 2025. The XmAb942 data was presented at ECCO 2025 on February 19, 2025. Also, XmAb819 results were presented as a poster at the AACR-NCI-EORTC Triple Meeting 2025.

Regulatory submissions (INDs, NDAs) to health authorities

This channel involves direct interaction with health authorities like the FDA to gain clearance for clinical trials and, eventually, market approval. The IND for XmAb541 had been allowed to proceed by the FDA. For partner products, Incyte had a supplemental Biologics License Application (BLA) for tafasitamab accepted for review by the FDA in February 2025. The most recent FDA-related event noted was on October 24, 2025, concerning XmAb819 initial results.

Here are some key financial figures surrounding the operations that support these channels as of late 2025.

Xencor, Inc. (XNCR) - Canvas Business Model: Customer Segments

You're looking at the core groups Xencor, Inc. (XNCR) serves or relies on to drive its business forward as of late 2025. It's a classic biopharma model: develop the science, partner for scale, and treat patients.

Large pharmaceutical and biotechnology companies (licensees/partners)

These are the big players who license Xencor's XmAb technology or co-develop its drug candidates. They provide significant, non-dilutive funding through upfront payments and milestones, which is a key part of Xencor's revenue base. For instance, Q3 2025 revenue from collaborations, milestones, and royalties hit $21.0 million, up from $17.8 million the prior year.

The value of these relationships is clear when you see the milestone payments received in 2025 from partners like Amgen ($30 million) and Novartis ($4 million). Xencor's proprietary XmAb engineering technology is currently powering over 20 candidates in clinical development, both internally and with partners. Honestly, these partners are the engine for commercializing the platform.

Here's a snapshot of some key licensee relationships:

Patients with serious diseases: oncology (e.g., ccRCC) and autoimmune (e.g., IBD, RA)

This segment represents the ultimate end-user for Xencor's wholly-owned pipeline. The focus is sharp, targeting high-need areas where their engineered antibodies aim to offer a better mechanism of action.

For oncology, the focus includes patients with advanced clear cell renal cell carcinoma (ccRCC) being treated with XmAb819. Initial Phase 1 data was expected in Q4 2025, showing an early anti-tumor activity. For autoimmune diseases, the patient groups include those with moderately to severely active ulcerative colitis (UC) and rheumatoid arthritis (RA).

Key ongoing or recently initiated patient studies include:

• Patients with advanced ccRCC receiving XmAb819 in a Phase 1 study.
• Patients with moderately to severely active UC entering the Phase 2b XENITH-UC study of XmAb942.
• Patients with rheumatoid arthritis receiving Plamotamab in a Phase 1b study.
• Patients with advanced solid tumors expressing CLDN6 receiving XmAb541 in a Phase 1 study (including Ovarian Cancer).

Clinical investigators and prescribing physicians

These are the frontline medical professionals who execute the clinical trials and, eventually, prescribe the approved medicines. They are critical for generating the safety and efficacy data needed to advance the pipeline. Xencor is actively engaging them across its portfolio.

For example, investigators are currently enrolling patients in the Phase 1 study for XmAb819 in advanced ccRCC. Also, the global XENITH-UC Phase 2b trial for UC is a randomized, double-blind, placebo-controlled evaluation requiring physician oversight. The company plans to select recommended Phase 3 doses for XmAb819 and XmAb541 during 2026, which means investigators will be key to those pivotal studies starting in 2027.

Institutional and individual investors

Investors provide the capital required to fund the long development cycle. Xencor's financial discipline is a direct appeal to this segment. The company reported a net loss of $6.03 million for Q3 2025, a significant improvement from the $46.29 million loss in Q3 2024. Management guided that they expect to end 2025 with cash, cash equivalents, and marketable debt securities between $570 million and $590 million, funding operations into 2028.

The market valued the company at an approximate market capitalization of $1.3 billion as of January 2025. Analysts have assigned a fair value estimate of $27.64 per share, suggesting significant upside potential based on forecasts. The cash position and reduced quarterly burn rate are definitely key talking points for this group.

Finance: draft 13-week cash view by Friday.

Xencor, Inc. (XNCR) - Canvas Business Model: Cost Structure

The Cost Structure for Xencor, Inc. is heavily weighted toward the discovery, development, and clinical advancement of its proprietary XmAb® therapeutic candidates. This is typical for a clinical-stage biopharmaceutical company.

The largest component of operating expenses is Research and Development (R&D). For the third quarter ended September 30, 2025, Xencor reported R&D expenses of $54.4 million. This spending directly funds the progression of wholly-owned programs through various clinical stages.

Clinical trial costs for wholly-owned programs are a major driver within R&D. For instance, in the third quarter of 2025, Xencor dosed the first patient in the Phase 2b XENITH-UC study for XmAb942, targeting ulcerative colitis. Also progressing were XmAb819 and XmAb541 in their respective Phase 1 studies. External research and development expenses include costs paid to Contract Research Organizations (CROs) to conduct these clinical trials.

General and Administrative (G&A) expenses for the third quarter ended September 30, 2025, totaled $14.2 million. This category captures overhead necessary to run the business, which is relatively consistent compared to the prior year period.

Within G&A, Intellectual property maintenance and legal costs are included. Xencor faces ongoing risks related to intellectual property, including potential infringement claims, which necessitate legal expenditures to protect its position. Furthermore, a March 13, 2025, decision by the US Court of Appeals for the Federal Circuit in In Re: Xencor, Inc. specifically addressed written description requirements for Jepson claims, underscoring the importance and complexity of patent law costs.

Personnel costs for specialized scientific and clinical staff are embedded within both R&D and G&A. Attracting and retaining highly qualified management, scientific, and medical personnel is noted as extremely competitive and critical to implementing the business strategy.

Here's a look at the key operating expense figures from the third quarter of 2025:

The overall financial health supports these costs, as Xencor expects to end 2025 with cash, cash equivalents, and marketable debt securities between $570 million and $590 million, providing cash to fund operations into 2028.

Key cost drivers related to pipeline progression include:

• Advancing XmAb819 and XmAb541 through Phase 1 dose-escalation studies.
• Initiating the global XENITH-UC Phase 2b study for XmAb942 in the second half of 2025.
• Costs associated with advancing XmAb657 toward a proof-of-concept study by year-end 2025.
• Costs related to personnel, especially specialized scientific and clinical roles.

Xencor, Inc. (XNCR) - Canvas Business Model: Revenue Streams

You're looking at how Xencor, Inc. brings in the cash, which is heavily weighted toward successful partnerships right now. Honestly, for a clinical-stage company, this mix of upfront money, milestones, and royalties is what keeps the lights on while the pipeline matures.

The trailing twelve-month revenue, looking back through the third quarter ending September 30, 2025, sits at approximately $150.13 million. This figure shows solid growth, up 38.16% year-over-year from the prior period.

Milestone payments from partners form a crucial, lumpy part of the recognized revenue. For instance, in the first half of 2025, Xencor, Inc. booked significant payments tied to partner progress. You saw a $12.5 million regulatory milestone from Incyte Corporation in the first quarter of 2025, followed by another $25 million regulatory milestone from Incyte in the second quarter of 2025, related to the Monjuvi® approval for follicular lymphoma. Also in the first quarter, Xencor, Inc. earned a $2.0 million development milestone payment from Vir Biotechnology, Inc.. While the outline mentions a specific figure from Amgen, the latest data shows Xencor, Inc. is eligible to receive $225 million in future milestone payments from Amgen for xaluritamib, which is a key potential future cash event.

Here's a quick look at how the revenue broke down across the first three quarters of 2025, showing the impact of those partner events:

Non-cash royalty revenue from commercialized products is another steady stream, even if it doesn't hit the cash account immediately. Revenue earned in the third quarter of 2025, totaling $21.0 million, was primarily non-cash royalty revenue derived from Alexion and Incyte, which is tied to sales of products like Monjuvi®. This royalty component is expected to be more prominent when milestone payments are less frequent, providing a baseline income.

Upfront and licensing fees from new collaborations are less visible in the immediate quarterly revenue reports for the first three quarters of 2025, suggesting that major new deals were either signed in late 2024 or are structured to recognize revenue later. For comparison, the second quarter of 2024 saw revenue that was primarily non-cash royalty revenue from Alexion and Incyte and licensing revenue from multiple licensees, but the Q1 and Q2 2025 revenue was dominated by milestone payments and royalties.

The revenue streams are clearly defined by the success of the underlying assets:

• Milestone Payments: Variable, tied to clinical or regulatory achievements (e.g., $25 million from Incyte in Q2 2025).
• Non-Cash Royalties: Recurring revenue from partner-marketed products like Monjuvi®.
• Licensing Fees: Less frequent, tied to new collaboration agreements.
• Total TTM Revenue: Approximately $150.13 million as of Q3 2025.

Finance: draft 13-week cash view by Friday.