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Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The impact of the restatement on the consolidated balance sheet as of June 30, 2024 is as follows (in thousands):
| June 30, 2024
| As Reported |  | Adjustment |  | As Restated
| (unaudited)
Assets |  |  |  |  |
Accounts receivable | 22,073 |  |  | 13,850 |  |  | 35,923 |
Prepaid expenses and other current assets | 23,986 |  |  | 602 |  |  | 24,588 |
Total current assets | 554,470 |  |  | 14,452 |  |  | 568,922 |
Total assets | $ | 826,167 |  |  | $ | 14,452 |  |  | $ | 840,619 |
Liabilities and stockholders’ equity |  |  |  |  |
Current liabilities |  |  |  |  |
Deferred income | 36,472 |  |  | (36,472) |  |  | — |
Debt | 6,947 |  |  | 31,983 |  |  | 38,930 |
Total current liabilities | 80,076 |  |  | (4,489) |  |  | 75,587 |
Uncertain tax position payable | — |  |  | 8,336 |  |  | 8,336 |
Deferred income, net of current portion | 104,081 |  |  | (104,081) |  |  | — |
Debt, net of current portion | 12,313 |  |  | 128,513 |  |  | 140,826 |
Total liabilities | 263,626 |  |  | 28,279 |  |  | 291,905 |
Stockholders’ equity |  |  |  |  |
Accumulated deficit | (598,368) |  |  | (13,827) |  |  | (612,195) |
Total stockholders’ equity | 562,541 |  |  | (13,827) |  |  | 548,714 |
Total liabilities and stockholders’ equity | $ | 826,167 |  |  | $ | 14,452 |  |  | $ | 840,619 |
The impact of the restatement on the consolidated statements of loss for the three months ended June 30, 2024 is as follows (in thousands):
| Three Months Ended June 30, 2024
| As Reported |  | Adjustment |  | As Restated
Revenue |  |  |  |  |
Collaborations, milestones, and royalties | $ | 16,960 |  |  | $ | 6,947 |  |  | $ | 23,907 |
Loss from operations | (62,317) |  |  | 6,947 |  |  | (55,370) |
Other income (expense) |  |  |  |  |
Interest expense | (844) |  |  | (8,438) |  |  | (9,282) |
Loss before income tax expense | (67,291) |  |  | (1,491) |  |  | (68,782) |
Income tax expense | 117 |  |  | (117) |  |  | — |
Net loss | (67,408) |  |  | (1,374) |  |  | (68,782) |
Net loss attributable to non-controlling interest | (1,445) |  |  | — |  |  | (1,445) |
Net loss attributable to Xencor, Inc. | $ | (65,963) |  |  | $ | (1,374) |  |  | $ | (67,337) |
Basic and diluted net loss per common share attributable to Xencor, Inc. | $ | (1.07) |  |  | $ | (0.02) |  |  | $ | (1.09) |
The impact of the restatement on the consolidated statement of loss for the six months ended June 30, 2024 is as follows (in thousands):
| Six Months Ended June 30, 2024
| As Reported |  | Adjustment |  | As Restated
Revenue |  |  |  |  |
Collaborations, milestones, and royalties | $ | 29,765 |  |  | $ | 10,139 |  |  | $ | 39,904 |
Loss from operations | (120,172) |  |  | 10,139 |  |  | (110,033) |
Other income (expense) |  |  |  |  |
Interest expense | (1,921) |  |  | (17,037) |  |  | (18,958) |
Total other income (expense), net | (15,828) |  |  | (17,037) |  |  | (32,865) |
Loss before income tax expense | (136,000) |  |  | (6,898) |  |  | (142,898) |
Income tax expense | 117 |  |  | (117) |  |  | — |
Net loss | (136,117) |  |  | (6,781) |  |  | (142,898) |
Net loss attributable to non-controlling interest | (2,121) |  |  | — |  |  | (2,121) |
Net loss attributable to Xencor, Inc. | $ | (133,996) |  |  | $ | (6,781) |  |  | $ | (140,777) |
Basic and diluted net loss per common share attributable to Xencor, Inc. | $ | (2.18) |  |  | $ | (0.11) |  |  | $ | (2.29) |
The impact of the restatement on the consolidated statements of comprehensive loss for the three months ended June 30, 2024 is as follows (in thousands):
| Three Months Ended June 30, 2024
| As Reported |  | Adjustment |  | As Restated
Net loss | (67,408) |  |  | (1,374) |  |  | (68,782) |
Other comprehensive loss |  |  |  |  |
Net unrealized loss on marketable debt securities | (498) |  |  | — |  |  | (498) |
Comprehensive loss | (67,906) |  |  | (1,374) |  |  | (69,280) |
Comprehensive loss attributable to non-controlling interest | (1,445) |  |  | — |  |  | (1,445) |
Comprehensive loss attributable to Xencor, Inc. | $ | (66,461) |  |  | $ | (1,374) |  |  | $ | (67,835) |
The impact of the restatement on the consolidated statement of comprehensive loss for the six months ended June 30, 2024 is as follows (in thousands):
| Six Months Ended June 30, 2024
| As Reported |  | Adjustment |  | As Restated
Net loss | (136,117) |  |  | (6,781) |  |  | (142,898) |
Other comprehensive loss |  |  |  |  |
Net unrealized loss on marketable debt securities | (1,942) |  |  | — |  |  | (1,942) |
Comprehensive loss | (138,059) |  |  | (6,781) |  |  | (144,840) |
Comprehensive loss attributable to non-controlling interest | (2,121) |  |  | — |  |  | (2,121) |
Comprehensive loss attributable to Xencor, Inc. | $ | (135,938) |  |  | $ | (6,781) |  |  | $ | (142,719) |
The impact of the restatement on the consolidated statements of cash flows for the six months ended June 30, 2024 is as follows (in thousands):
| Six Months Ended June 30, 2024
| As Reported |  | Adjustment |  | As Restated
Cash flows from operating activities |  |  |  |  |
Net loss | $ | (136,117) |  |  | $ | (6,781) |  |  | $ | (142,898) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |
Non-cash royalty revenue related to sale of future royalties | — |  |  | (30,855) |  |  | (30,855) |
Non-cash interest expense | 1,900 |  |  | 17,037 |  |  | 18,937 |
Changes in operating assets and liabilities: |  |  |  |  |
Accounts receivable | (10,783) |  |  | 790 |  |  | (9,993) |
Income taxes | (5,782) |  |  | (117) |  |  | (5,899) |
Deferred income | (16,312) |  |  | 16,312 |  |  | — |
Net cash used in operating activities | (120,595) |  |  | (3,614) |  |  | (124,209) |
Cash flows from financing activities |  |  |  |  |
Reduction of liability for sale of future royalties | (3,614) |  |  | 3,614 |  |  | — |
Net cash (used in) provided by financing activities | (757) |  |  | 3,614 |  |  | 2,857 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
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