Biopharmaceutical company Xencor Inc (NASDAQ:XNCR) stated on Monday that it recorded a net loss of USD70.4m (USD1.31 on a fully diluted per share basis) for the full year ended 31 December 2018.

This marks a decline in earnings when compared with a net loss of USD38.5m (USD0.82 on a fully diluted per share basis) for the same period in 2017. The increased loss in 2018 is primarily due to increased spending in research and development and general and administrative in 2018.

Total revenues of USD40.6m were generated for the 12 months periods ended 31 December 2018, down over USD46.2m of revenue reported for the same period in 2017. The 2018 revenues included milestone payments received from the Alexion collaboration and revenue recognised under the Novartis collaboration.

Research and development (R&D) expenditures of USD97.5m were recorded for the year ended 31 December 2018, a rise over R&D of USD71.8m for the same period in 2017, which reflects additional spending on its bispecific Fc technologies and its expanding pipeline of bispecific oncology candidates.