XNCR · Xencor, Inc.

Summary

Alexion Pharmaceuticals, Inc. informed Xencor, Inc. on March 2, 2026, that it does not owe additional royalties for Ultomiris® sales in the United States and will not make future payments under the Option and License Agreement, while continuing ex-U.S. payments. Xencor disagrees, is evaluating options, and expects $380-$400 million in cash at 2026 year-end, funding operations into mid-2028.

Key takeaways

• Alexion informed Xencor on March 2, 2026, of no additional U.S. royalties owed for Ultomiris®
• Alexion intends to continue royalty payments for Ultomiris® sales outside the United States
• Xencor disagrees with Alexion's position and is evaluating options
• U.S. Patent 12,492,253 issued, previously expected $100-$120 million royalties through 2028
• Expected cash, cash equivalents, and marketable debt securities of $380-$400 million at end of 2026
• Cash resources sufficient to fund R&D and operations into mid-2028