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XOMA

XOMA Royalty Corp.

XOMA

XOMA Royalty Corp. • NASDAQ
$32.13 ▼ -0.50% (-0.16)
Market Cap $385.41 M
52w High $39.92
52w Low $18.35
Dividend Yield 2.16%
P/E 42.84
Volume 16.72K
Outstanding Shares 12.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.351M ▼ $9.803M ▲ $14.051M ▲ 150.262% ▲ $0.74 ▲ $17.401M ▲
Q2-2025 $13.129M ▼ $7.868M ▼ $6.89M ▲ 52.479% ▲ $0.46 ▲ $13.085M ▲
Q1-2025 $15.912M ▲ $9.439M ▼ $2.367M ▲ 14.876% ▲ $0.06 ▲ $6.381M ▲
Q4-2024 $8.714M ▲ $15.103M ▼ $-3.968M ▲ -45.536% ▲ $-0.45 ▲ $-26.445M ▼
Q3-2024 $7.197M $22.837M $-17.243M -239.586% $-1.59 $-13.747M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $91.998M ▲ $263.151M ▲ $155.194M ▲ $107.957M ▲
Q2-2025 $83.861M ▼ $223.456M ▲ $131.002M ▲ $92.454M ▲
Q1-2025 $92.647M ▼ $212.75M ▼ $128.121M ▼ $84.629M ▲
Q4-2024 $105.183M ▼ $221.277M ▼ $139.356M ▲ $81.921M ▼
Q3-2024 $142.835M $223.34M $138.531M $84.809M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.349M ▲ $-295.999K ▼ $58.213M ▲ $-5.849M ▼ $15.337M ▲ $-296K ▼
Q2-2025 $6.89M ▲ $6.39M ▲ $-19.981M ▼ $-2.951M ▲ $-16.535M ▼ $6.39M ▲
Q1-2025 $2.367M ▲ $2.198M ▲ $-6.693M ▲ $-6.894M ▼ $-11.389M ▲ $2.198M ▲
Q4-2024 $-3.968M ▲ $-2.903M ▲ $-36.431M ▼ $-1.066M ▲ $-39.146M ▼ $-2.906M ▲
Q3-2024 $-17.243M $-8.704M $9.522M $-3.922M $-1.774M $-8.704M

Five-Year Company Overview

Income Statement

Income Statement XOMA’s revenues are tiny and very uneven, reflecting the nature of milestone and royalty income rather than steady product sales. Over the last few years the company has swung between modest profits and modest losses, with the more recent period showing losses. This pattern suggests a business still in a build‑out phase, where operating costs and deal activity are ahead of the cash earnings from its royalty portfolio. Earnings volatility is likely to remain a feature as individual milestones or royalty streams can move results sharply from year to year.

Balance Sheet

Balance Sheet The balance sheet is lean and relatively simple. Assets have grown gradually, supported by cash and acquired royalty interests rather than heavy physical investment. Cash represents an important part of total assets, but it has stepped down from earlier peaks, indicating some use of reserves to fund operations and deals. Debt, which was negligible a few years ago, has become a more visible part of the capital structure, while equity has edged down. Overall, XOMA looks capital‑light but increasingly reliant on balancing cash, debt, and future inflows from its royalty portfolio.

Cash Flow

Cash Flow Cash generation from the underlying business has recently been negative, which means the company is not yet self‑funding on a steady basis. Free cash flow has generally been negative as well, driven mainly by operating expenses and deal costs rather than heavy capital spending, since physical investment needs are low. This pattern is typical for a platform that is accumulating assets in anticipation of future royalties, but it also underscores reliance on periodic partner payments, portfolio monetizations, or external financing to support ongoing activities.

Competitive Edge

Competitive Edge XOMA operates in a specialized corner of biotech finance as an early‑ and mid‑stage royalty aggregator, rather than a traditional drug developer. Its edge comes from three main areas: scientific know‑how to judge complex assets, willingness to take on earlier‑stage risk that larger royalty players often avoid, and a diversified portfolio that spreads clinical and commercial risk across many programs. At the same time, the company is much smaller than the dominant royalty firms, so it competes with less scale and less balance‑sheet firepower. Its fortunes depend heavily on maintaining access to attractive deals and on the success of drugs it does not control.

Innovation and R&D

Innovation and R&D Innovation at XOMA is more about financial and strategic design than laboratory research. The company leverages its historical biotech expertise to evaluate partners’ pipelines, then structures creative royalty and milestone deals around them. The “Liquidation as a Service” model is particularly distinctive, allowing XOMA to extract royalty and asset value from distressed public biotechs while returning cash to those companies’ shareholders. Traditional in‑house R&D spending is limited; instead, XOMA effectively outsources development risk to its partners while concentrating its resources on selecting and structuring the right royalty streams.

Summary

XOMA is building a portfolio‑driven royalty business with a thin, capital‑light structure and a very lumpy income profile. Recent years show small revenues, recurring losses, and negative cash flow, which is consistent with a strategy focused on seeding and expanding a royalty portfolio ahead of its full payoff. The balance sheet can support this for now, but a growing role for debt and the drawdown of cash highlight the importance of future partner payments and deal execution. Strategically, XOMA’s niche—early‑stage royalties, diversified assets, and innovative transaction structures—offers meaningful upside if key partnered programs succeed and mature. The main risks are dependence on third‑party clinical outcomes, timing and size of royalty inflows, and competition for attractive royalty assets, all of which can keep financial results volatile over time.

NEWS

November 26, 2025 · 9:00 AM UTC

Mural Oncology Announces Final Cash Consideration Payable on Closing of Acquisition by XOMA Royalty

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November 21, 2025 · 7:45 AM UTC

XOMA Royalty Announces Closing of Transactions to Acquire LAVA Therapeutics N.V.

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November 12, 2025 · 7:30 AM UTC

XOMA Royalty Reports Third Quarter and Year to Date 2025 Financial Results and Highlights Recent Business Achievements

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November 10, 2025 · 4:09 PM UTC

LAVA Therapeutics N.V. Shareholders are Reminded to Tender Shares for XOMA Royalty Transaction Before November 12, 2025 Deadline

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October 24, 2025 · 4:25 PM UTC

Mural Oncology Announces that Mural Shareholders Approve the Proposed Acquisition by XRA 5 Corp., a Wholly Owned Subsidiary of XOMA Royalty

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