Xencor Inc 2025年度报告

(Exact Name of Registrant as Specified in its Charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last soldas of June30, 2025 was $555,937,423. The number of outstanding shares of the registrant’s common stock, par value $0.01 per share, as of February17, 2026 was 73,338,642. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2026Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filedwith the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December31, 2025. TABLE OF CONTENTS PART I Item 1BusinessItem 1ARisk FactorsItem 1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal ProceedingsItem 4Mine Safety Disclosures Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities60Item 6Reserved61Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations61Item 7AQuantitative and Qualitative Disclosures About Market Risk67Item 8Consolidated Financial Statements and Supplementary Data67Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure103Item 9AControls and Procedures104Item 9BOther Information105Item 9CDisclosure Regarding Foreign Jurisdiction that Prevent Inspections105 Item 10Directors, Executive Officers and Corporate Governance106Item 11Executive Compensation106Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters106Item 13Certain Relationships and Related Transactions, and Director Independence106Item 14Principal Accounting Fees and Services106 Item 15Exhibits, Financial Statement SchedulesItem 16Form 10-K Summary Signatures Xencor, XmAb and Proteins by Design are registered trademarks of Xencor, Inc. All other product and company names are trademarksof their respective companies. References in this Annual Report on Form 10-K to “we”, “our”, “us”, “Xencor” or “the Company” refer toXencor, Inc. FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and we intend that such forward-lookingstatements be subject to the safe harbors created thereby. Any statements co