v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates as a single reportable segment focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases who have unmet medical needs.
The Company’s Chief Executive Officer (“CEO”) serves as the Chief Operating Decision Maker (“CODM”). The CODM evaluates performance, allocates resources, and conducts planning and forecasting on a consolidated basis using financial information as presented in the Company’s consolidated statements of operations and comprehensive loss. In addition, the CODM reviews research and development expenses by program. Managing and allocating resources at the corporate level enables the Company’s CEO to assess the overall level of resources available and to deploy those resources in alignment with the Company’s long-term, corporate-wide strategic objectives.
The table below details the Company’s revenues and expenses and reconciles those amounts to the Company’s consolidated net loss including noncontrolling interest as computed under U.S. GAAP in the consolidated statements of operations and comprehensive loss:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Revenues:
License$— $— $100 $— 
Milestone10,000 25,000 10,000 39,500 
Royalties41,221 18,608 45,637 36,840 
Total revenues51,221 43,608 55,737 76,340 
Less:
Research and development:
XmAb942 (Xtend TL1A)(14,395)(2,963)(21,806)(5,365)
XmAb819 (ENPP3 x CD3)(8,090)(6,338)(16,946)(11,148)
XmAb412 (TL1A x IL-23p19)(2,918)(1,275)(10,056)(1,275)
XmAb541 (CLDN6 x CD3)(5,230)(2,834)(8,526)(4,975)
XmAb657 (CD19 x CD3)(1,544)(5,778)(2,413)(10,177)
Plamotamab (CD20 x CD3)(712)(2,095)(1,029)(3,641)
XmAb808 (B7-H3 x CD28)(199)(1,679)347 (3,875)
Other programs including research and early stage(8,930)(5,509)(14,016)(7,601)
Wind down costs of terminated programs(470)(3,113)(1,615)(10,768)
Internal research and development expenses(24,737)(23,686)(50,756)(47,741)
Research and development stock based compensation(4,680)(6,395)(9,758)(13,677)
General and administrative (16,384)(15,115)(34,093)(32,452)
Other income (expense), net (1)
15,149 2,097 (35,625)(2,985)
Income tax benefit (expense)190 250 (90)(117)
Net loss including noncontrolling interest$(21,729)$(30,825)$(150,645)$(79,457)
(1) Other income (expense), net includes interest income, interest expense, gain/loss on marketable equity securities and asset impairment charges.
For the three and six months ended June 30, 2026 and 2025, the Company’s total revenues were derived from collaboration and licensing agreements and were reported within the Company’s single operating segment. Revenues are attributed to geographic areas based on the location of the Company’s customers. For the three and six months ended June 30, 2026 and 2025, substantially all of the Company’s revenues were generated from customers located in the United States, and substantially all of the Company’s long-lived assets were located in the United States. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.