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Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

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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- References

No definition available.

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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

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