Xencor ESMO公布XmAb819肾癌I期剂量选择数据:400mcg/kg剂量cORR 45.5%、6个月PFS 82%,显著优于tivozanib历史对照,并明确注册路径
公司IR一手新闻稿(Business Wire),数据较ESMO摘要基线(target dose范围ORR 27%)在最优剂量大幅提升至45.5% cORR且PFS信号强,明确RP3D和2027年注册路径,属实质性预期差;发布于周六凌晨美股闭市,市场尚未定价(最新收盘10/23),周一盘前7点电话会后开盘可执行;唯一瑕疵是高剂量队列样本小、安全信号需消化,故小仓参与
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
分时走势
做多 XNCR.US Xencor
10-27 盘中或未补齐(盘中约每 15 分钟更新) · 10-28 尚未交易 · 美股含盘前盘后(灰底:美东 04:00 至收盘后 4 小时) · 10-27 仅常规时段(盘前盘后数据未就绪)
- 发布 10-25 16:35 北京(美东 10-25 04:35)
- 抓取 10-25 16:36 北京(美东 10-25 04:36) · 抓取时刻为回填/上界(producer quality=canonical_complete),不是实时观测
- 决策 10-25 20:46 北京(美东 10-25 08:46)
- 入场 10-26 16:01 北京(美东 10-26 04:01) · 盘前首笔 @26.22
时间轴只含交易时段(午休、隔夜已压缩);横轴为北京时间,悬停看当地时间;蓝虚线 = 纸面入场价;建仓日图红线在昨收上方、绿线在下方
成交明细 · 纸面
做多 XNCR.US Xencor
| 收益状态 | 逾期 离场行情逾期 |
|---|---|
| 进场成交 | 2026-10-26 · 盘前首笔 · 10-26 16:01 北京 · @26.22 · 成交 1% |
| 离场成交 | — |
| 浮动(最新收盘) | +11.29% |
| 建仓日 | 2026-10-26 · 进场不早于新闻时刻 + 2 分钟 |
收益口径 event_time_plus_2min_10min_walk_open_topup_to_next_open_exchange_calendar_fill_model_local_notional_v9 · method_id m8db1cbc8f2d · 截至 2026-10-28 00:28
研究档案
结论摘要
XmAb819在ESMO公布的剂量选择数据显示400mcg/kg剂量cORR 45.5%、6个月PFS 82%,数倍于tivozanib历史对照(10.5%/41%),并明确RP3D与2027年注册/加速批准路径,较市场会前预期(摘要ORR 27%)有明显上修;消息周六发布尚未交易,周一开盘小仓做多XNCR,但n=11小样本与72%三级TEAE限制仓位。
消息传播链
- 公司在ESMO 2026马德里口头报告同日发布完整I期剂量选择数据新闻稿;美股周六闭市,尚无交易价格反应
- 管理层将于周一盘前7点ET召开电话会讨论额外数据与开发计划,是周一开盘前最后一个信息节点
关键理由
- 预期差明确:Wedbush会前以摘要ORR 27%(60人target dose)作为'过关线'并维持买入,实际最优剂量cORR 45.5%、6个月PFS 82%,且首次给出RP3D、FDA加速批准沟通和随机III期对照方案,从'概念验证'升级为'注册路径清晰'
- 相对标准治疗优势突出:同治疗线tivozanib历史cORR仅10.5%、6个月PFS 41%,且公司现金跑道至2029年无融资压制,18.7亿美元市值对first-in-class T细胞衔接器晚期肾癌资产弹性大
主要风险
- 400mcg/kg疗效可评估仅n=11,95%CI宽达16.8%-76.6%,剂量选择还需2027上半年累计≥20例确认;单臂跨试验比较tivozanib不构成头对头证据,专家可能质疑肝酶升高(AST/ALT≥3级约1/3)
- 股价13周已上涨约65%(path 13周指数100→165),ESMO会前已有资金布局,周一7:00 ET电话会若口径谨慎可能高开低走;I期资产距III期启动(2027年底)仍有时间,属事件驱动交易而非基本面兑现
反向证据
- 做多前查反向 · 来源 web · 日期 2026-10-25 · 影响 weakens
新闻稿自曝3级以上相关TEAE 72.1%、AST/ALT升高约1/3、1例配药错误致4级CRS;但TEAE多为一过性、相关停药率仅5.9%,CRS仅5.9%且无剂量延迟,未发现分析师据此否定资产的报道
检索:XmAb819 safety grade 3 transaminase CRS dose preparation error concern analyst 原文 ↗ - 做多前查反向 · 来源 kb_search · 日期 2026-10-24 · 影响 supports
公司明确现金跑道至2029年,KB近180天内未检索到看空XNCR或管线证伪纪要;主要风险仍是临床早期而非财务
检索:Xencor XmAb819 现金 runway 2029 融资 摊薄 空头
先例如何影响了这次决策
对本次决策的影响:支持以小仓、开盘限价追涨不超过5%参与,止盈分两档8%/15%,止损-7%;样本不足故不给normal以上仓位
方向:仅1条同资产对齐先例且因锚前异动未获clean锚(decision_grade n=0),但方向上清晰指向阳性I期读出后做多胜率高、涨幅在数日延续,无见光死模式
涨幅量级:先例事件日+7%、3-5日+14-15%可作为幅度参考上界;考虑本次数据更成熟(剂量确定+注册路径)但会前预期和股价位置更高,tp设8%/15%两档,不机械上调
形态:单一先例未显示高开低走;次日开13.72→收14.27继续走强,利好分日消化。但样本极薄(n=1,胜率CI 0.21-1.0),仅作线索
历史先例(按相似度)
- 相似度 8/10 XNCR 2025-10-24 2025-10-24 XmAb819首次ccRCC I期初步数据(ENA 2025),锚前2日累计下跌约15%后事件日反弹+7%,后续3日累计+15.5% 原文 ↗
事件后 +1日 +7.0% · +2日 +15.6% · +3日 +15.5% · +4日 +18.9% · +5日 +14.5%
⚠锚前1-2日已异动15.0%>锚定日7.0%·相位不对齐(pre!=target_closed) — 该行涨幅别用来定止盈止损
相似度依据:同一公司、同一药物、同一适应症、同属学术会议I期数据更新;差异是本次为剂量选择/注册路径数据(成熟度更高),而先例是首次概念验证
经验:同一资产的I期阳性读出后股价在3-5个交易日延续上涨约15%(超额约13%),未见见光死,但锚前已有抢跑、事件日当天仅+7%,利好兑现分多日完成
工具执行结果 · 成功 7 · 降级 1 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 238 ms
{"result": "search_processed_events:agent query=`xencor 400 mcg/kg accelerated approval fda tivozanib | xencor xmab819 esmo phase 1 ccrcc dose selection rp3d | xncr xmab819 enpp3 cd3 bispecific renal cell carcinoma data`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 72.0/72 小时、3345 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent quer - fetch_decision_experience 成功 stock_tools_inprocess · 2 ms
{ - stock_quote 降级 stock_tools HTTP · 1,770 ms
{ - kb_search 成功 stock_tools HTTP · 680 ms
{ - web_search 成功 doubao_search · 1,449 ms
豆包搜索结果(原始查询:Xencor XmAb819 ESMO 2026 ccRCC data analyst expectations ORR;API SearchType:web) - web_search 成功 doubao_search · 1,806 ms
豆包搜索结果(原始查询:Xencor XmAb819 initial Phase 1 data 2025 stock reaction ccRCC ORR;API SearchType:web) - search_case_library 成功 stock_tools HTTP · 32 ms
{"result": "search_case_library「XNCR.US」—— 与这些标的相关、事件类型=产品发布/技术突破的自家决策案例(本页 3 条,该标的全历史相关记录共 8 条;ENTER 只按该标的自己的腿统计):\n◆ XNCR.US:相关历史决策 8 条 · 其中该标的 ENTER 1 条(12.5%) · 已结算 1 笔 · 胜率 100% · 中位 +9.28% · 均值 +9.28% ⚠️只有 1 笔,样本太薄,只能当线索不能当规律\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开盘出场,做空腿已按方向取反(所以正数=这个方向做对了)。统计的只有★ - event_study 成功 stock_tools HTTP · 42 ms
{
原文全文
展开原文 · 16,035 字
--
Xencor
plans to discuss a potential accelerated approval pathway with the FDA in key ccRCC patient subgroups in 1H2027 --
--
Xencor
plans global randomized study of monotherapy XmAb819 compared to tivozanib in a post PD-(L)1 and VEGFR TKI ccRCC patient population --
-- Management to host webcast
Monday, October 26
at
7:00 a.m. ET
/
4:00 a.m. PT
--
PASADENA, Calif.
--(BUSINESS WIRE)--Oct. 25, 2026--
Xencor, Inc.
(NASDAQ:XNCR), a clinical-stage biopharmaceutical company developing engineered antibodies for the treatment of cancer and autoimmune diseases, today announced updated results from the Phase 1 study of XmAb819, an ENPP3 x CD3 T-cell engaging bispecific antibody, in patients with advanced clear cell renal cell carcinoma (ccRCC). The results were presented by
Sumanta Pal
, M.D., FASCO, professor and vice chair of academic affairs at
City of Hope Comprehensive Cancer Center
, in a proffered paper oral presentation at the
European Society for Medical Oncology (ESMO) Congress
2026 in
Madrid, Spain
.
Xencor
also reported additional follow-up data supporting selection of 400 mcg/kg as the intravenous proposed recommended Phase 3 dose and outlined plans for potential registration-enabling development by the end of 2027.
“We are excited to share the XmAb819 Phase 1 dose expansion results presented at ESMO today, along with key additional data, supporting the potential to bring T-cell engagement to treatment of patients with advanced clear cell renal cell carcinoma. We plan to initiate a potential registration-enabling study next year,” said
Bassil Dahiyat
, Ph.D., president and chief executive officer at
Xencor
. “XmAb819 exemplifies our approach to engineering XmAb 2+1 bispecific antibodies for selective targeting of malignant cells in solid tumors, and we anticipate that it will become the third XmAb 2+1 candidate to advance into late-stage development. With cash runway into 2029, we are well positioned to continue to pursue an accelerated pace of clinical development across our portfolios in oncology and autoimmune disease.”
“XmAb819 has demonstrated impressive antitumor activity in a heavily pre-treated and difficult-to-treat patient population with advanced clear cell renal cell carcinoma,” said
Dr. Pal
, who is also a study investigator. “At present, available treatments for renal cell carcinoma include checkpoint inhibitors and targeted therapies along the VEGF axis. XmAb819 is an agent with a wholly distinct proposed mechanism of action as a potential first-in-class ENPP3-targeted T-cell engager. Given the unique proposed mechanism as well as the efficacy and tolerability results we have seen thus far, it is critical to explore this agent in earlier settings and in other ENPP3-expressing malignancies.”
Xencor
will host a webcast tomorrow at
7:00 a.m. ET
(
4:00 a.m. PT
) to discuss the updated results presented at ESMO, additional data and development plans for XmAb819. The live webcast may be accessed through
this link
and through “Events & Presentations” in the Investors section of the Company’s website, located at
investors.xencor.com
. A recording will be available for at least 30 days.
Updated Phase 1 Results of XmAb819 Presented at ESMO
As of the
September 1, 2026
data-cut, the Phase 1 study enrolled a total of 119 patients with advanced ccRCC across 11 different intravenous (IV) target dose levels. XmAb819 is administered as a weekly priming regimen with escalating priming doses followed by the maintenance target dose.
Three target dose levels were chosen for expansion and evaluation as a proposed recommended Phase 3 dose (RP3D), 100 mcg/kg, 200 mcg/kg and 400 mcg/kg (Expansion Doses, n=68). Patients enrolled into the Expansion Dose cohorts were heavily pre-treated with a median of three prior lines of therapy and were predominantly intermediate- to poor-risk (94%) by the IMDC (
International Metastatic RCC Database Consortium
) risk model. All patients had received at least one prior PD-(L)1 inhibitor and at least one prior VEGFR TKI. In addition, 63% of patients were previously treated with two or more prior VEGFR TKIs, and 34% of patients were treated with at least one HIF2α inhibitor. Response rate increased with increasing dose across Expansion Doses, and all Expansion Doses were generally well tolerated.
Expansion Dose Cohort,
n
1
100 mcg/kg
n=30
200 mcg/kg
n=25
400 mcg/kg
n=11
Confirmed Objective Response Rate (cORR)
2
(95% CI)
30%
(14.7% – 49.4%)
44%
(24.4% – 65.1%)
45.5%
(16.8% – 76.6%)
Disease Control Rate
(95% CI)
87%
(69.3% – 96.2%)
64%
(42.5% – 82%)
82%
(48.2% – 97.7%)
Median Follow-up (months)
4.1
4.5
6
1. Efficacy analysis includes patients with at least one protocol-specified dose of XmAb819 and at least one post-baseline tumor assessment. Two patients enrolled into the 200 mcg/kg cohort are excluded due to not having a post-baseline tumor assessment, and one patient enrolled into the 400 mcg/kg cohort is excluded for never receiving a protocol-specified dose of XmAb819.
2. Confirmed responses per investigator assessment, RECIST v1.1.
Of the 25 patients with confirmed response per RECIST v1.1, one had a complete response, 24 had partial responses and 19 of the responses remained ongoing as of the data cut with a median time on treatment of 7 months (range, 3.4 – 28.3).
XmAb819 was generally well tolerated in the combined Expansion Dose cohorts with manageable adverse events and a low 5.9% rate of treatment discontinuation due to related treatment-emergent adverse events (TEAEs). Grade 3 or higher related TEAEs occurred in 72.1% of patients. The most common Grade 3 or higher TEAEs were liver enzyme elevations (aspartate aminotransferase (AST) increased, 35.3%; alanine aminotransferase (ALT) increased, 33.8%), rash (combined term, 22.1%), hypotension (7.4%) and cytokine release syndrome (CRS, 5.9%). TEAEs occurred primarily during the priming period, and after day 29 the most common Grade 3 or higher TEAEs that occurred were liver enzyme elevations (ALT increased, 10.3%; AST increased, 8.8%), rash (combined term, 2.9%) and diarrhea (2.9%).
Cytokine-related adverse events, such as CRS, rash and liver enzyme elevations, were well managed, transient and had limited impact on treatment. CRS did not lead to dose delays, and one patient discontinued treatment due to CRS. Rash (combined term) led to dose delays in 4.4% of patients with no treatment discontinuations. Transaminase elevations were asymptomatic, transient, and self-limited, with a median time to resolution of seven days and no clinical sequelae; dose delays occurred in 14.7% of patients with no treatment discontinuations.
Suspected dose preparation errors were limited to three patients in the Expansion Dose cohorts (3/69 patients). The Expansion Dose analysis set excludes one patient who never received a protocol-specified dose of XmAb819, experienced an approximately 10-fold higher exposure than intended at the first and only dose administered, subsequently developed Grade 4 CRS, fully recovered and discontinued treatment. All three events occurred prior to introduction of the new study drug formulation.
Management to Discuss Additional Data and Development Plans on Webcast
As of a subsequent
October 1, 2026
data-cut, the current efficacy evaluable cohort (n=11) at 400 mcg/kg IV reported 5 confirmed partial responses (cORR, 45.5%) and 1 unconfirmed partial response (uORR, 55%).
The median progression-free survival (PFS) estimate was not reached, and more than 70% of patients remained on treatment. The 6-month Kaplan-Meier estimate of PFS was 82%. The safety results were consistent with the 100 mcg/kg and 200 mcg/kg target dose cohorts.
Xencor
has selected the IV dose of 400 mcg/kg as the proposed IV RP3D for advanced clinical development.
The decision is based on maturing data from the efficacy evaluable cohort (n=11) and with additional patients who have enrolled into this expansion cohort.
Xencor
anticipates a total efficacy-evaluable patient population treated at 400 mcg/kg of at least 20 patients to be available to support dose selection during the first half of 2027.
Xencor
plans to discuss a potential accelerated approval pathway with the FDA in subsets of patients with advanced ccRCC who have exhausted standard of care.
A pooled analysis of the three Expansion Doses provided two patient subsets, patients who had progressed after prior treatment exposure to at least one PD-(L)1 inhibitor and at least two VEGFR TKIs (n=42) and “triple class exposed” patients with prior treatment exposure to at least one PD-(L)1 inhibitor, one VEGFR TKI and one HIF2α inhibitor (n=23).
As of the
September 1, 2026
data-cut:
Efficacy evaluable patients enrolled with prior treatment exposure to at least one PD-(L)1 inhibitor and at least 2 or more VEGFR TKIs reported 18 confirmed partial responses and 1 confirmed complete response (45% cORR; 95% CI, 29.9% – 61.3%).
Efficacy evaluable “triple class exposed” patients with prior treatment exposure to at least one PD-(L)1 inhibitor, one VEGFR TKI and one HIF2α inhibitor reported 8 confirmed partial responses (35% cORR; 95% CI, 16.4% – 57.3%).
Xencor
plans to initiate a global randomized trial comparing XmAb819 with tivozanib as a control arm in advanced ccRCC patients who have prior treatment with one PD-(L)1 inhibitor and at least one VEGFR TKI.
Xencor
anticipates that, subject to further interactions with FDA, this study, if successful, could serve as the basis for full approval of XmAb819 as a monotherapy in the second- and third-line treatment setting for patients with advanced ccRCC. In a sub-group analysis of the TiNivo-2 study in a similar treatment line (patients who were post PD-(L)1 and at least one VEGFR TKI), tivozanib achieved a median PFS of 5.4 months, a 6-month PFS Kaplan-Meier estimate of 41%
and a cORR of 10.5%.
1
Proof-of-concept sub-studies to enable expansion of XmAb819 development are ongoing.
Dose escalation of subcutaneous administration in advanced ccRCC is ongoing, with anticipated results during the first half of 2027.
Part C of the ongoing Phase 1 study is enrolling patients with ENPP3+ advanced papillary RCC, colorectal cancer and non-small cell lung cancer.
Part D of the ongoing Phase 1 study is enrolling patients with IMDC intermediate- to poor-risk ccRCC, who have progressed after nivolumab in combination with ipilimumab as a first-line treatment and are naïve to VEGFR TKI therapy.
Part F of the ongoing Phase 1 study is planned as a safety study for the combination of XmAb819 with nivolumab to potentially enable front-line development.
Cohorts to evaluate every 3-week intravenous dosing and reduced hospitalization requirements are planned.
1
Reference: Motzer RJ, et al. Final analysis of the TiNivo-2 phase 3 trial: Long-term outcome of Tivozanib (Tivo) in patients with metastatic renal cell carcinoma (mRCC). Poster presented at: ASCO Annual Meeting;
May 29-June 2, 2026
;
Chicago, IL.
Poster 34. Cross-trial comparison is provided for illustration only and is not based on head-to-head studies; trials differ in design, population and response assessment, and strong caution should be exercised when comparing data across unrelated trials.
About XmAb819
XmAb819 is a potential first-in-class, tumor-targeted, T-cell engaging XmAb® 2+1 bispecific antibody in development for patients with clear cell renal cell carcinoma (ccRCC) and other tumors with high ENPP3 expression, including colorectal cancer, non-small cell lung cancer and papillary renal cell carcinoma. XmAb819 is designed to engage the immune system and to activate T cells for highly potent and targeted lysis of tumor cells expressing ENPP3. ENPP3 is a differentially expressed target, with high-level expression in renal cell carcinoma (RCC) and low-level expression on normal tissues. With two tumor-antigen binding domains and one T-cell binding domain, Xencor’s XmAb® 2+1 format is designed to enable antibodies to bind more avidly and selectively kill tumor cells with higher antigen density, potentially sparing normal cells. XmAb819 is being evaluated in a Phase 1 clinical study, and
Xencor
plans to initiate a potential registration-enabling study of XmAb819 as a monotherapy in advanced ccRCC by the end of 2027. Clinical development also includes evaluation of subcutaneous administration, combination therapy, and in additional ENPP3-expressing tumor types.
About Xencor
Xencor is a clinical-stage biopharmaceutical company developing engineered antibodies for the treatment of patients with cancer and autoimmune diseases. More than 20 candidates engineered with Xencor's XmAb® technology are in clinical development, and multiple XmAb medicines are marketed by partners. Xencor's XmAb engineering technology enables small changes to a protein’s structure that result in new mechanisms of therapeutic action. For more information, please visit
www.xencor.com
.
Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements that are not purely statements of historical fact, and can generally be identified by the use of words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “seek,” “look forward,” “believe,” “committed,” “investigational,” “indicates,” “supports,” and similar terms, or by express or implied discussions relating to Xencor’s business, including, but not limited to, statements regarding expectations for clinical progress, planned presentations of clinical data, planned and in process clinical trials, including trial design, timing for initiation or disclosing results, potential results, dose selection, expected results and discussions with regulatory authorities, Xencor’s cash runway, any potential accelerated approval or pathway, the potential for trials to be registrational, any potential approvals, the quotations from Xencor's president and chief executive officer and the study investigator, and other statements that are not purely statements of historical fact. Such statements are made on the basis of the current beliefs, expectations, and assumptions of the management of Xencor and are subject to significant known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements and the timing of events to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. Such risks include, without limitation, the risks associated with the process of discovering, developing, manufacturing and commercializing drugs that are safe and effective for use as human therapeutics and other risks, including the ability of publicly disclosed preliminary clinical trial data to support continued clinical development and regulatory approval for specific treatments and the risks, uncertainties and other factors described under the heading “Risk Factors” in Xencor's annual report on Form 10-K for the year ended December 31, 2025 as well as Xencor's subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended to date. All forward-looking statements are qualified in their entirety by this cautionary statement and Xencor undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261025921014/en/
Charles Liles
cliles@xencor.com
For media:
media@xencor.com
Source: Xencor, Inc.
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819f83ab8b· 2026-10-25 20:46 · doubao / doubao-seed-evolving-latest-version · 策略包b7b4acf827b8当前