XNCRXencor Inc

Pharmaceutical Preparations

Revenue: $126M; 14% YoY
Operating margin: -141.4%; 12% YoY
EBITDA: −$167M; 0.4% YoY
Market cap: $2.2B
Employees: 260; $483K revenue each
Net debt / EBITDA: —; $33M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
34% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$483K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$275M	$165M	$175M	$110M	$126M	14%
Operating income	$44M	−$82M	−$132M	−$178M	−$178M	0.5%
Net income	$83M	−$55M	−$133M	−$233M	−$92M	60%
Operating cash flow	−$17M	$24M	−$78M	−$202M	−$135M	33%
Capex	$13M	$38M	$18M	$6M	$3M	48%
Stock-based comp	$37M	$49M	$54M	$53M	$43M	19%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 10, 2020	STAFFORD JOHN S III	SC 13D/A	1.0%	Passive
Jun 3, 2020	STAFFORD JOHN S III	SC 13D/A	5.1%	Passive
May 20, 2020	STAFFORD JOHN S III	SC 13D/A	6.2%	Passive
May 12, 2020	STAFFORD JOHN S III	SC 13D/A	7.2%	Passive
May 1, 2020	STAFFORD JOHN S III	SC 13D/A	8.8%	Passive
Apr 8, 2020	STAFFORD JOHN S III	SC 13D/A	9.9%	Passive
Dec 27, 2019	STAFFORD JOHN S III	SC 13D/A	11.4%	Passive
Feb 14, 2019	STAFFORD JOHN S III	SC 13D/A	12.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 18
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$1M	35	120
FY2024	$7M	$3M	53	91
FY2023	$8M	$6M	49	92
FY2022	$8M	−$771K	60	89
FY2021	$5M	$317K	92	99