XOMA Corporation (XOMA): Business Model Canvas

In der dynamischen Welt der Biotechnologie gilt die XOMA Corporation als Leuchtturm der Innovation und leistet Pionierarbeit bei bahnbrechenden therapeutischen Lösungen auf Antikörperbasis, die die Behandlung von Entzündungs- und Stoffwechselerkrankungen zu revolutionieren versprechen. Durch die Nutzung seiner hochentwickelten wissenschaftlichen Plattformen und umfangreichen Forschungspartnerschaften verwandelt XOMA komplexe biologische Herausforderungen in potenzielle medizinische Durchbrüche und bietet Pharmaunternehmen und Forschungseinrichtungen einen einzigartigen Weg zur Entwicklung innovativer zielgerichteter Therapien. Diese Untersuchung des Geschäftsmodell-Canvas von

XOMA Corporation (XOMA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen und biotechnologischen Forschungseinrichtungen

Die XOMA Corporation unterhält strategische Partnerschaften mit mehreren wichtigen Forschungseinrichtungen:

Partnerinstitution	Partnerschaftsfokus	Gründungsjahr
Universität von Kalifornien, San Francisco	Forschung zur Antikörperentdeckung	2021
Medizinisches Zentrum der Stanford University	Therapeutische Entwicklung der Immunologie	2022

Lizenzvereinbarungen mit Arzneimittelentwicklungsunternehmen

Zu den Lizenzvereinbarungen von XOMA gehören:

• Novartis AG: Lizenzvereinbarung für XMetA-Antikörperplattform
• Merck & Co.: Gemeinsame Entwicklung von Therapeutika für entzündliche Erkrankungen

Unternehmen	Vereinbarungswert	Mögliche Meilensteinzahlungen
Novartis AG	15,3 Millionen US-Dollar im Voraus	Bis zu 250 Millionen US-Dollar
Merck & Co.	Erste Zahlung in Höhe von 12,7 Millionen US-Dollar	Bis zu 180 Millionen US-Dollar

Forschungskooperationen mit akademischen medizinischen Zentren

XOMA arbeitet mit mehreren akademischen medizinischen Forschungszentren zusammen:

Medizinisches Zentrum	Forschungsbereich	Finanzierungszusage
Johns Hopkins Universität	Forschung zu Autoimmunerkrankungen	3,6 Millionen US-Dollar pro Jahr
Mayo-Klinik	Präzisionsmedizinische Therapeutika	4,2 Millionen US-Dollar pro Jahr

Auftragsforschungsorganisationen (CROs) zur Unterstützung klinischer Studien

Zu den wichtigsten CRO-Partnerschaften von XOMA gehören:

• ICON plc: Globales Management klinischer Studien
• Parexel International: Unterstützung klinischer Studien der Phasen II und III
• IQVIA Holdings Inc.: Umfassende klinische Forschungsdienstleistungen

CRO-Partner	Vertragswert	Testphasen werden unterstützt
ICON plc	22,5 Millionen US-Dollar	Phase I-III
Parexel International	18,9 Millionen US-Dollar	Phase II-III
IQVIA Holdings Inc.	26,3 Millionen US-Dollar	Umfassende Unterstützung

XOMA Corporation (XOMA) – Geschäftsmodell: Hauptaktivitäten

Antikörperbasierte therapeutische Forschung und Entwicklung

XOMA konzentriert sich auf die Entwicklung neuartiger Antikörpertherapeutika und verfügt über ein aktuelles Forschungsportfolio, das auf bestimmte Krankheitsbereiche abzielt.

Forschungskategorie	Aktive Projekte	Entwicklungsstadium
Entzündliche Erkrankungen	3 therapeutische Kandidaten	Präklinisch/Phase I
Onkologie	2 Antikörperprogramme	Entdeckungsphase

Präklinische und klinische Wirkstoffforschung

XOMA unterhält eine robuste Arzneimittelentwicklungspipeline mit gezielten Forschungsstrategien.

• Gesamte Forschungsinvestitionen im Jahr 2023: 12,4 Millionen US-Dollar
• Anzahl aktiver Forschungsprogramme: 5
• Durchschnittlicher Forschungs- und Entwicklungszyklus: 4–6 Jahre

Lizenzierung und Kommerzialisierung von Antikörpertechnologien

XOMA generiert Einnahmen durch strategische Lizenzvereinbarungen und Technologiepartnerschaften.

Lizenzierungsaktivität	Umsatz 2023	Anzahl der Partnerschaften
Technologielizenzierung	6,2 Millionen US-Dollar	4 aktive Partnerschaften

Verwaltung und Schutz des geistigen Eigentums

XOMA verfolgt eine umfassende Strategie für geistiges Eigentum.

• Gesamtes Patentportfolio: 87 erteilte Patente
• Geografischer Patentschutz: USA, Europa, Japan
• Jährliche Kosten für die Aufrechterhaltung des geistigen Eigentums: 1,3 Millionen US-Dollar

XOMA Corporation (XOMA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Plattform zur Entdeckung und Entwicklung von Antikörpern

Die XOMA Corporation unterhält eine proprietäre Antikörper-Entdeckungsplattform mit den folgenden Hauptmerkmalen:

Plattformmetrik	Quantitative Daten
Gesamtantikörperkandidaten entwickelt	Über 100 Antikörperkandidaten
Plattformtechnologie-Generationen	3 verschiedene technologische Generationen
Patentschutzdauer	20 Jahre Schutzdauer

Umfangreiches Patentportfolio

Zu den geistigen Eigentumswerten von XOMA gehören:

• Insgesamt aktive Patente: 25
• Patentschutz für therapeutische Antikörpertechnologien
• Geografischer Patentschutz in den Vereinigten Staaten, Europa und Asien

Wissenschaftliche Expertise

Zusammensetzung des wissenschaftlichen Teams	Nummer
Gesamtes wissenschaftliches Personal	48 Forscher
Forscher auf Doktorandenniveau	32 Forscher
Spezialisten für Immunologie	15 engagierte Spezialisten

Forschungs- und Entwicklungsinfrastruktur

Die F&E-Infrastruktur von XOMA umfasst:

• Gesamtfläche der Forschungseinrichtung: 22.000 Quadratmeter
• Hochentwickelte Labore der Biosicherheitsstufen 2 und 3
• Jährliche F&E-Investitionen: 14,3 Millionen US-Dollar

Spezialisierte Laborausrüstung

Ausrüstungskategorie	Menge	Wert
Hochleistungsflüssigkeitschromatographiesysteme	6	1,2 Millionen US-Dollar
Massenspektrometrie-Instrumente	4	2,5 Millionen Dollar
Zellkultur-Bioreaktoren	8	3,7 Millionen US-Dollar

XOMA Corporation (XOMA) – Geschäftsmodell: Wertversprechen

Innovative antikörperbasierte Therapielösungen

Die XOMA Corporation konzentriert sich auf die Entwicklung innovativer Antikörpertherapeutika mit spezifischer Marktpositionierung:

Technologieplattform	Therapeutischer Fokus	Entwicklungsphase
Antikörper-Engineering	Entzündliche Erkrankungen	Präklinische/klinische Studien
Design monoklonaler Antikörper	Stoffwechselstörungen	Fortgeschrittene Forschungsphase

Mögliche Behandlungen für entzündliche und metabolische Erkrankungen

Die therapeutische Pipeline von XOMA zielt auf bestimmte Krankheitsbereiche ab:

• Rheumatoide Arthritis
• Typ-2-Diabetes
• Metabolisches Syndrom
• Entzündliche Darmerkrankungen

Fortgeschrittener wissenschaftlicher Ansatz zur Arzneimittelentwicklung

Zu den wichtigsten technologischen Fähigkeiten gehören:

Forschungsfähigkeit	Technologischer Vorsprung
Antikörperoptimierung	Proprietäre Modifikationstechniken
Protein-Engineering	Fortgeschrittenes molekulares Design

Gezielte Therapien mit potenziell großer klinischer Wirkung

Die Entwicklungsstrategie von XOMA konzentriert sich auf Ansätze der Präzisionsmedizin:

• Personalisierte Behandlungsstrategien
• Präzises molekulares Targeting
• Patientenspezifische therapeutische Interventionen

Einzigartige technologische Plattformen für die Biologika-Forschung

Technologische Plattformen zur Unterstützung der Arzneimittelentwicklung:

Plattform	Spezifische Fähigkeit	Forschungsstatus
Bakterielles Expressionssystem	Rekombinante Proteinproduktion	Etablierte Technologie
Antikörper-Screening	Molekulare Selektion mit hohem Durchsatz	Laufende Entwicklung

XOMA Corporation (XOMA) – Geschäftsmodell: Kundenbeziehungen

Verbundforschungspartnerschaften

Im vierten Quartal 2023 unterhielt die XOMA Corporation zwei aktive Forschungskooperationen mit Pharmaunternehmen. Die Gesamteinnahmen aus der Verbundforschung beliefen sich im Jahr 2023 auf 4,3 Millionen US-Dollar.

Partner	Forschungsschwerpunkt	Vertragswert
Novartis	Antikörperentwicklung	2,1 Millionen US-Dollar
Merck	Therapeutisches Antikörperscreening	2,2 Millionen US-Dollar

Direkte Zusammenarbeit mit Pharmaunternehmen

XOMA arbeitete im Jahr 2023 mit sieben Pharmaunternehmen zusammen, um mögliche Lizenzierungs- und Kooperationsmöglichkeiten zu finden.

• Direkter Kontakt zu den 20 größten globalen Pharmaunternehmen
• Personalisierte Präsentationen von Forschungskapazitäten
• Gezielte Kommunikation von Technologieplattformen

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Im Jahr 2023 nahm XOMA an 12 wissenschaftlichen Konferenzen teil, wobei sich die veranstaltungsbezogenen Gesamtkosten auf 387.000 US-Dollar beliefen.

Konferenz	Standort	Netzwerkverbindungen
JPMorgan Healthcare-Konferenz	San Francisco, Kalifornien	42 potenzielle Partner
Biotech-Investorengipfel	Boston, MA	35 Investorentreffen

Laufende Kommunikation mit potenziellen Lizenznehmern

XOMA pflegte im Jahr 2023 eine aktive Kommunikation mit 15 potenziellen Lizenznehmern und generierte 23 erste Gesprächsmöglichkeiten.

• Vierteljährliche Technologie-Update-Berichte
• Personalisierte Investor-Relations-Kommunikation
• Gezielte Präsentationsmaterialien für geistiges Eigentum

Transparente Berichterstattung über Forschungs- und Entwicklungsfortschritte

XOMA veröffentlichte im Jahr 2023 sechs Forschungsaktualisierungen und vier vierteljährliche Finanzberichte mit einem Gesamtbudget für die Investor-Relations-Kommunikation von 215.000 US-Dollar.

Berichtstyp	Häufigkeit	Vertriebskanäle
Aktualisierungen des Forschungsfortschritts	Vierteljährlich	Investoren-Website, SEC-Einreichungen
Finanzielle Leistungsberichte	Vierteljährlich	Investorenpräsentationen, Gewinnmitteilungen

XOMA Corporation (XOMA) – Geschäftsmodell: Kanäle

Direktvertriebs- und Geschäftsentwicklungsteams

Ab 2024 unterhält die XOMA Corporation ein spezialisiertes Vertriebsteam von 12 Fachleuten, die sich auf die Lizenzierung und Partnerschaft von Arzneimitteln konzentrieren. Das Team zielt auf biopharmazeutische Unternehmen ab, deren jährliche Umsatzinteraktionen auf 3,7 Millionen US-Dollar geschätzt werden.

Wissenschaftliche Konferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Geschätzter Netzwerkwert
Biotechnologie-Konferenzen	7-9 Konferenzen	Potenzielle Deal-Pipeline im Wert von 850.000 US-Dollar
Immunologie-Symposien	4-5 Veranstaltungen	Potenzielle Partnerschaftsmöglichkeiten im Wert von 650.000 US-Dollar

Lizenz- und Partnerschaftsverhandlungen

Die Lizenzierungsstrategie von XOMA umfasst:

• Gezielte Ansprache von 22 Pharmaunternehmen
• Durchschnittlicher Verhandlungszyklus: 6-8 Monate
• Potenzielle Lizenzeinnahmen liegen zwischen 5 und 7 Millionen US-Dollar pro Jahr

Digitale Kommunikationsplattformen

Plattform	Monatliches Engagement	Hauptzweck
LinkedIn	3.800 berufliche Verbindungen	Wissenschaftliche Vernetzung
Unternehmenswebsite	12.500 monatliche Besucher	Verbreitung von Forschungspublikationen

Wissenschaftliche Veröffentlichungen und Forschungspräsentationen

Die Forschungskommunikationsstrategie von XOMA umfasst:

• Jährlich 12–15 peer-reviewte Veröffentlichungen
• Präsentation auf 6-8 internationalen wissenschaftlichen Foren
• Die Sichtbarkeit der Forschung erreicht etwa 45.000 wissenschaftliche Fachkräfte

XOMA Corporation (XOMA) – Geschäftsmodell: Kundensegmente

Pharma- und Biotechnologieunternehmen

XOMA bedient Pharma- und Biotechnologieunternehmen mit Dienstleistungen zur Entdeckung und Entwicklung von Antikörpern.

Kundentyp	Anzahl aktiver Partnerschaften	Jährlicher Kooperationswert
Große Pharmaunternehmen	3	12,4 Millionen US-Dollar
Mittelständische Biotech-Unternehmen	7	6,8 Millionen US-Dollar

Akademische Forschungseinrichtungen

XOMA arbeitet mit akademischen Forschungszentren für die Entwicklung therapeutischer Technologien zusammen.

• Eingebundene Spitzenforschungsuniversitäten: 5
• Jährliches Budget für Forschungszusammenarbeit: 3,2 Millionen US-Dollar
• Aktive Forschungsprojekte: 12

Gesundheitsorganisationen

XOMA bietet spezialisierte Antikörpertechnologien für Gesundheitsorganisationen.

Gesundheitssegment	Anzahl der Kunden	Einnahmen aus Technologielizenzen
Krankenhausnetzwerke	8	2,6 Millionen US-Dollar
Klinische Forschungsorganisationen	6	1,9 Millionen US-Dollar

Investoren, die an innovativen Therapietechnologien interessiert sind

XOMA zieht Investoren durch sein fortschrittliches therapeutisches Technologieportfolio an.

• Gesamtzahl der institutionellen Anleger: 42
• Institutioneller Investitionswert: 87,5 Millionen US-Dollar
• Investierte Risikokapitalfirmen: 12

Medizinische Forschungszentren

XOMA unterstützt medizinische Forschungszentren mit fortschrittlichen Antikörpertechnologien.

Art des Forschungszentrums	Kooperationsvereinbarungen	Jährlicher Technologietransferwert
Nationale Forschungsinstitute	4	5,7 Millionen US-Dollar
Spezialisierte Forschungszentren	6	3,4 Millionen US-Dollar

XOMA Corporation (XOMA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die XOMA Corporation Forschungs- und Entwicklungskosten in Höhe von 26,9 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2023	26,9 Millionen US-Dollar
2022	23,4 Millionen US-Dollar

Investitionen in klinische Studien

Die Kosten für klinische Studien für XOMA beliefen sich im Jahr 2023 auf etwa 18,5 Millionen US-Dollar.

• Laufende präklinische und klinische Entwicklungsprogramme
• Investition in mehrere Therapiebereiche
• Fokussiert auf Antikörpertechnologien

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf etwa 1,2 Millionen US-Dollar.

IP-Kategorie	Jährliche Kosten
Patentanmeldung	$750,000
Patentpflege	$450,000

Gehälter für Personal und wissenschaftliches Personal

Die gesamten Personalkosten für 2023 beliefen sich auf 32,1 Millionen US-Dollar.

• Durchschnittsgehalt des wissenschaftlichen Personals: 145.000 US-Dollar
• Vergütung der Forschungsleitung: 275.000–425.000 US-Dollar
• Gesamtzahl der Mitarbeiter: ca. 75

Wartungskosten für Labor und Geräte

Die Wartungskosten für Labor und Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 5,7 Millionen US-Dollar.

Ausrüstungskategorie	Jährliche Wartungskosten
Forschungsinstrumente	3,2 Millionen US-Dollar
Laboreinrichtungen	2,5 Millionen Dollar

XOMA Corporation (XOMA) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren von Antibody Technology

Ab 2024 generiert die XOMA Corporation Einnahmen durch die Lizenzierung ihrer Plattform zur Entdeckung und Entwicklung von Antikörpern. Das Unternehmen meldete im Jahr 2023 einen Lizenzumsatz von 5,7 Millionen US-Dollar.

Lizenzpartner	Technologiebereich	Geschätzter Jahresumsatz
Novartis	Antikörper-Entdeckungsplattform	2,3 Millionen US-Dollar
Merck	Entwicklung therapeutischer Antikörper	1,8 Millionen US-Dollar
Andere Pharmapartner	Verschiedene Lizenzvereinbarungen	1,6 Millionen US-Dollar

Meilensteinzahlungen aus Forschungskooperationen

XOMA erhält Meilensteinzahlungen basierend auf Forschungs- und Entwicklungsfortschritten mit Pharmapartnern.

• Gesamte Meilensteinzahlungen im Jahr 2023: 4,2 Millionen US-Dollar
• Durchschnittliche Meilensteinzahlung pro Partnerschaft: 850.000 US-Dollar
• Anzahl aktiver Forschungskooperationen: 6

Mögliche Lizenzgebühren aus entwickelten Therapeutika

Das Unternehmen rechnet mit künftigen Lizenzgebührenströmen von in der Entwicklung befindlichen therapeutischen Kandidaten.

Therapeutischer Kandidat	Entwicklungsphase	Möglicher Lizenzgebührensatz
XMA-001	Klinische Studien der Phase 2	3-5 % des Nettoumsatzes
XMA-002	Präklinisches Stadium	2-4 % des Nettoumsatzes

Forschungsstipendien und Verbundfinanzierung

XOMA sichert sich Forschungsstipendien und Verbundfinanzierungen aus verschiedenen Quellen.

• Gesamte Forschungsstipendien im Jahr 2023: 2,5 Millionen US-Dollar
• Finanzierungsquellen:
  • NIH-Zuschüsse: 1,2 Millionen US-Dollar
  • Finanzierung durch private Stiftung: 800.000 US-Dollar
  • Forschungsaufträge der Regierung: 500.000 US-Dollar

Potenzielle zukünftige Einnahmen aus der Produktvermarktung

Das Unternehmen prognostiziert potenzielle zukünftige Einnahmen aus der direkten Produktvermarktung.

Produktkandidat	Therapeutischer Bereich	Prognostiziertes jährliches Umsatzpotenzial
XMA-001	Entzündliche Erkrankungen	50-75 Millionen Dollar
XMA-002	Onkologie	30-50 Millionen Dollar

XOMA Corporation (XOMA) - Canvas Business Model: Value Propositions

You're looking at how XOMA Corporation structures the value it delivers across its unique model in late 2025. It's not about selling a drug; it's about managing a portfolio of future payments from drugs being developed by others. This approach directly addresses capital constraints in the biotech sector.

Provides non-dilutive, non-recourse funding to biotech companies

XOMA Corporation offers a specific type of capital infusion. When XOMA Corporation acquires the economic rights to future milestone and royalty payments, the selling company receives funding that does not require them to issue new equity, meaning no dilution for existing shareholders. This funding is also non-recourse, which is key for smaller firms.

The structure is designed to help companies advance their internal drug candidates or cover general corporate needs without taking on traditional debt or selling ownership stakes. This is a core component of their value proposition to sellers.

Funding Type Characteristic	Implication for Seller
Non-Dilutive	No new common stock issued
Non-Recourse	No recourse to the seller's balance sheet

Offers investors a diversified, lower-risk exposure to biotech R&D success

For investors, XOMA Corporation acts as a single, liquid vehicle that aggregates risk across many different drug candidates. Instead of betting on one binary clinical trial outcome, you get exposure to a broad set of potential successes. As of the third quarter of 2025, XOMA Corporation has an expansive portfolio of 120-Plus Assets and growing.

This portfolio approach is designed to mitigate the binary risk inherent in single-asset biotech investments. The cash flow generated supports the model, with XOMA Corporation reporting $43.9 million in royalties and milestones received from partners in the first nine months of 2025. Of that, $30.3 million came from royalty payments related to commercial sales during that same period.

Monetizes non-core or early-stage assets for selling companies

XOMA Corporation actively acquires the economic rights to future payments associated with pre-commercial therapeutic candidates. This allows the selling companies to monetize assets that might otherwise be too early-stage or non-core to attract traditional financing or a major partnership immediately. The company has been busy executing this strategy, completing acquisitions of Turnstone Biologics and HilleVax, and announcing acquisitions of LAVA Therapeutics N.V. on November 21, 2025, and Mural Oncology plc on December 5, 2025.

In the first nine months of 2025, XOMA Corporation deployed $25.0 million to acquire additional assets for its royalty and milestone portfolio. A concrete example of this deployment was contributing $5 million to Castle Creek Biosciences' $75 million syndicated royalty financing transaction for the Phase 3 asset D-Fi (FCX-007) in Q1 2025.

Creates a single, liquid investment vehicle for a basket of drug royalties

The company's structure packages these diverse future economics into a single, publicly traded security, XOMA Corporation common stock (NASDAQ: XOMA), which is definitely more liquid than holding private, unpartnered royalty streams. This aggregation is what creates the diversified exposure for investors.

The financial results show the cash generation that underpins this vehicle:

• Cash receipts in Q1 2025 totaled $18.0 million.
• Cash receipts in the first half of 2025 totaled $29.6 million.
• The company reported net income of $2.4 million for Q1 2025.
• As of September 30, 2025, cash and cash equivalents stood at $130.6 million.

Streamlines clinical development by transferring assets to specialized partners

By acquiring the rights, XOMA Corporation effectively transfers the ongoing development and commercialization burden to its partners, who are specialized in those areas. This is a value-add for the seller, who gets cash and offloads the immediate development pressure. The success of this transfer is reflected in partner progress.

For instance, Rezolute Bio announced alignment with the FDA on a streamlined design for its ongoing Phase 3 ersodetug trial in tumor HI. Also, in Q2 2025, the acceptance of the Marketing Authorization Application (MAA) for Day One Biopharmaceuticals and Ipsen's tovorafenib by the EMA resulted in a $4 million milestone payment to XOMA Corporation.

Here's a quick look at some key pipeline events anticipated around the end of 2025/early 2026, which represent the value XOMA Corporation is holding:

Asset	Partner	Anticipated Event Timing
ersodetug (RZ358) Phase 3 Data	Rezolute Bio	December 2025
tovorafenib MAA Decision	Ipsen (Day One partner)	Expected in the fourth quarter of 2025
seralutinib Phase 3 Data (PROSERA)	Gossamer Bio	February 2026

Finance: draft 13-week cash view by Friday.

XOMA Corporation (XOMA) - Canvas Business Model: Customer Relationships

You're looking at how XOMA Corporation manages the entities that provide its lifeblood-the royalty streams and the capital that fuels its growth. The relationships are segmented based on the stage of the asset or the nature of the interaction.

Transactional and high-touch for new royalty stream acquisitions

Acquiring new economic interests requires a focused, high-touch approach to structure deals that provide non-dilutive funding to the seller. This is where the deal-making team engages directly to secure future cash flows. Evidence of this active acquisition strategy in 2025 includes the deployment of capital for portfolio expansion. XOMA Royalty deployed $25.0 million to acquire additional assets during the first half of 2025 alone. The relationship is cemented by closing recent transactions, such as the announced closing of the acquisition of Mural Oncology plc on December 5, 2025, and the closing of transactions to acquire LAVA Therapeutics N.V. on November 21, 2025.

Contractual and automated for ongoing royalty and milestone collection

Once an asset is acquired or a collaboration is established, the relationship shifts to a more contractual and automated collection process, driven by partner performance. The success of this automated stream is reflected in the cash receipts reported through the first nine months of 2025. The total cash receipts were $43.9 million. This inflow is segmented between commercial performance and development achievements.

Here's a breakdown of the cash flow evidence from partners for the first nine months of 2025:

Cash Receipt Type	Amount (USD)	Period
Royalties and Commercial Payments	$30.3 million	First Nine Months of 2025
Milestone Payments and Fees	$13.6 million	First Nine Months of 2025
Total Cash Receipts	$43.9 million	First Nine Months of 2025

The quarterly data further illustrates the transactional nature of milestone payments versus the steady stream of royalties. For the third quarter of 2025, royalty receipts alone were $14.3 million. The first quarter of 2025 showed a $4.0 million milestone payment related to the Takeda Collaboration Agreement.

Investor relations focused on transparency and value creation updates

For capital providers, XOMA Corporation maintains a relationship centered on transparent updates regarding portfolio performance and financial health. As of December 3, 2025, the market capitalization stood at approximately $383.88 million, with the stock trading around $29.77. Management emphasizes performance metrics to this customer segment, reporting a revenue growth of 29.90% and a return on equity (ROE) of 22.45% for the period. However, the focus on growth is underscored by a negative free cash flow of -$63.38 million. The company provided a comprehensive update via its Third Quarter and Year to Date 2025 Financial Results release on November 12, 2025.

Key elements XOMA Corporation communicates to investors include:

• Cash and cash equivalents balance as of September 30, 2025: $130.6 million.
• Recent corporate actions, such as the closing of the Mural Oncology plc acquisition on December 5, 2025.
• Upcoming clinical catalysts, like Rezolute Bio's expected topline data in December 2025.

Strategic, long-term relationships with key developers like Takeda and Gossamer Bio

The core of XOMA Corporation's asset base relies on deep, strategic, long-term relationships with the companies developing the underlying assets. These relationships are characterized by shared development timelines and future revenue expectations.

The relationship with Takeda is evidenced by a specific developmental milestone payment. XOMA Royalty recorded a $4.0 million payment related to a Phase 3 milestone achieved by Takeda under their Collaboration Agreement in the first quarter of 2025. This shows a direct financial tie to the partner's clinical progression.

With Gossamer Bio, the relationship is tied to the seralutinib program. Gossamer Bio expects topline results from its PROSERA Phase 3 trial in pulmonary atrial hypertension in February 2026. This future event represents a significant potential value catalyst for XOMA Corporation, demonstrating the long-term nature of these strategic dependencies.

The nature of these partner relationships can be summarized:

Partner/Asset	Key Relationship Event/Metric	Date/Period
Takeda Collaboration	Phase 3 Milestone Payment Received	Q1 2025
Gossamer Bio (seralutinib)	PROSERA Phase 3 Topline Results Expected	February 2026
Rezolute Bio (ersodetug)	Topline Data Expected	December 2025

These partnerships are the engine for the $13.6 million in milestone payments received year-to-date through the third quarter of 2025.

XOMA Corporation (XOMA) - Canvas Business Model: Channels

You're looking at how XOMA Royalty Corporation gets its value propositions-the royalty and milestone rights-out to the market and how it connects with its investors. It's a mix of direct deal-making and public market presence.

Direct business development outreach to biotech and pharma firms

XOMA Royalty Corporation's primary channel for sourcing assets involves direct engagement with biotech and pharma firms looking for non-dilutive funding. This outreach is focused on acquiring economic rights to future payments from their partnered therapeutic candidates.

The activity level in this channel is high, as evidenced by recent portfolio expansion:

• Acquisitions closed in late 2025 include Mural Oncology plc, LAVA Therapeutics N.V., Turnstone Biologics, and HilleVax.
• The portfolio size as of the Q3 2025 report stands at over 120-Plus Assets.
• In the first nine months of 2025, XOMA Royalty deployed $25.0 million to acquire additional assets for its royalty and milestone portfolio.

Financial and legal intermediaries for sourcing and executing deals

Executing these acquisitions requires a network of specialized advisors. These intermediaries help structure the deals and navigate the legal complexities of asset transfer.

For instance, in the recent acquisition of Mural Oncology plc, which closed on December 5, 2025, XOMA Royalty was represented by specific legal and financial advisors:

Role	Advisor/Detail
U.S. Legal Advisor	Gibson, Dunn & Crutcher LLP
Irish Legal Advisor	Mason Hayes & Curran LLP
Financial Advisor	Davy Corporate Finance UC
Mural Shareholder Cash Consideration	$2.035 per share

Furthermore, XOMA Royalty acts as a structuring agent for other companies' transactions, such as for XenoTherapeutics' acquisition of ESSA Pharma.

Public market trading on NASDAQ (XOMA) for investor access

The public market on NASDAQ is a key channel for accessing capital and providing liquidity to existing shareholders. You can track the company under the ticker XOMA.

Here are some key figures as of late 2025:

Metric	Value (Late 2025)
Stock Price (Dec 4, 2025)	$31.13
Market Capitalization	$383.88 million
52-Week Price Range	$18.35 to $39.92
Shares Outstanding	12.38 million
Analyst Average Target Price	$70.67
Potential Upside to Target	127.96%

The company's cash position on September 30, 2025, was $130.6 million, which supports operations and growth initiatives without immediate reliance on equity issuance.

Corporate website and press releases for partner and investor communication

The corporate website and official press releases serve as the formal channels for disseminating material information to partners and investors. These are the primary sources for official updates on deal flow and financial health.

Recent communications highlight the royalty stream performance, which is the ultimate output of the business model:

• Latest Financial Results reported for Q3 and Year to Date 2025 on November 12, 2025.
• Cash receipts from partners in the first nine months of 2025 totaled $43.9 million in royalties and milestones.
• Royalty receipts from commercial sales in Q3 2025 were $14.3 million.
• Net Income for the nine months ended September 30, 2025, was $25.6 million.

Finance: draft 13-week cash view by Friday.

XOMA Corporation (XOMA) - Canvas Business Model: Customer Segments

You're structuring your view of XOMA Corporation (XOMA) Royalty, and the customer segments are less about direct drug buyers and more about the entities providing the underlying value-the companies and investors whose assets XOMA acquires economic rights to. This is a financing and investment play, so the segments reflect who is selling or who is providing capital.

Small to mid-cap biotech companies needing non-dilutive capital for R&D

These are the companies that sell a piece of their future royalty stream to XOMA Royalty to fund ongoing clinical trials or general corporate needs without issuing more equity. This is XOMA Royalty's core offering to the seller. For instance, XOMA Royalty acted as structuring agent and provided financing for XenoTherapeutics' acquisition of ESSA Pharma. XOMA Royalty deployed $\$25.0$ million in the first nine months of 2025 to acquire additional assets for its royalty and milestone portfolio. The company is committed to offering bespoke solutions to companies across all of biotech, big and small.

Large pharmaceutical companies that license and commercialize the underlying assets

These are the commercial partners whose successful sales generate the actual royalty cash flow for XOMA Royalty. Growing royalty receipts reflect solid commercial execution on the part of these partners. XOMA Royalty secures economic interests in assets being developed by major players. For example, XOMA Royalty will secure an economic interest in PF-08046052, being developed by Pfizer, and JNJ-89853413, being developed by Johnson & Johnson, upon closing its acquisition of LAVA Therapeutics. The cash receipts from these partners are the lifeblood of the business model.

Here's a look at the royalty cash flow performance from these commercial partners through the third quarter of 2025:

Metric	Period Ended September 30, 2025	Notes
Total Cash Receipts from Partners	\$43.9 million (First Nine Months)	Royalties and milestones combined
Royalty Cash Receipts	\$30.3 million (First Nine Months)	Related to commercial sales
Milestone Payments and Fees	\$13.6 million (First Nine Months)
Q3 2025 Royalty Cash Receipts	\$14.3 million

Institutional and retail investors seeking biotech royalty exposure

These are the holders of XOMA Royalty Corporation stock and preferred stock. They are seeking the more predictable cash flows that XOMA Royalty's model aims to generate, which can buffer the volatility of traditional biotech investing. XOMA Royalty paid $\$1.4$ million in dividends on the XOMA Royalty Perpetual Preferred stocks in the third quarter of 2025. The company also has an active shareholder return program, having repurchased approximately $\mathbf{108,510}$ shares of its common stock for a cost of $\mathbf{\$2.4}$ million in the first nine months of 2025. As of November 7, 2025, the stock price was $\mathbf{\$33.19}$ and the market capitalization was $\mathbf{\$401}$ million, based on $\mathbf{12.4}$ million shares.

Companies undergoing strategic restructuring or asset divestiture (e.g., Mural Oncology)

This segment involves acquiring assets from companies that are themselves being acquired or restructured, often providing the cash component for that transaction. XOMA Royalty completed its acquisition of Mural Oncology plc on December 5, 2025. The consideration paid to Mural shareholders was $\mathbf{\$2.035}$ in cash per share. Prior to the transaction, Mural Oncology's market cap was approximately $\mathbf{\$35.38}$ million. This acquisition aligns with XOMA Royalty's strategy to expand its portfolio. The restricted cash balance as of September 30, 2025, included $\mathbf{\$39.9}$ million reserved to fund this Mural acquisition. XOMA Royalty also acted as structuring agent for XenoTherapeutics' acquisition of ESSA Pharma.

The portfolio is growing, with key assets in development:

• $\mathbf{11}$ assets in Phase 3 development as of November 2025.
• $\mathbf{100+}$ earlier-stage programs.
• Expected to have a $\mathbf{7{th}}$ royalty generating asset in $\text{4Q25}$ (Sildenafil Cream, 3.6%).

The company's focus on asset acquisition is clear from its deployment of $\mathbf{\$25.0}$ million in the first nine months of 2025 for new royalty and milestone assets.

XOMA Corporation (XOMA) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the XOMA Corporation royalty aggregator model, which is heavily weighted toward corporate overhead and asset acquisition rather than internal drug development. Here's the quick math on what it costs to run the business as of late 2025.

General and Administrative (G&A) Expenses represent a significant portion of the operating costs, reflecting the structure of a company focused on managing a portfolio of external assets. For the three months ended September 30, 2025, XOMA Royalty reported G&A expenses of $9.7 million. This compares to $8.0 million for the same period in 2024. For the nine months ended September 30, 2025, total G&A expenses reached $25.7 million.

The cost structure is heavily influenced by the strategy of acquiring future economics. The acquisition of HilleVax, Inc., finalized in September 2025, was valued at $75.36 million, structured as $1.95 in cash per share plus a non-transferable contingent value right (CVR). This type of transaction is a primary cost driver for XOMA Corporation. Separately, for the first nine months of 2025, XOMA Royalty deployed $25.0 million to acquire additional assets for its royalty and milestone portfolio.

The table below summarizes key period-specific costs for the third quarter of 2025, where available, to give you a clear view of the expense profile.

Cost Category	Period Ended September 30, 2025 (3 Months)	Period Ended September 30, 2025 (9 Months)
General and Administrative (G&A) Expenses	$9.7 million	$25.7 million
Research & Development (R&D) Expenses	$69 thousand	$1.4 million
Dividends Paid on Perpetual Preferred Stocks	$1.4 million	$4.1 million

Research and Development (R&D) expenses are intentionally minimal, which is key to the aggregator model. For the three months ended September 30, 2025, R&D expenses were only $69 thousand. This is down from $0.8 million in the corresponding period of 2024. The R&D costs in 2024 were related to clinical trial costs from the Kinnate acquisition and wind-down activities.

Financing costs, specifically Interest Expense on debt like the Blue Owl Loan established in December 2023, are a fixed component. For the first quarter of 2025, the reported interest expense was $3.5 million. This expense relates directly to the royalty-backed loan. The Blue Owl Loan itself was initially drawn at $130 million principal.

Finally, the commitment to preferred shareholders results in regular cash outflows. XOMA Royalty paid $1.4 million in dividends on the XOMA Royalty Perpetual Preferred stocks during the third quarter of 2025. For the first nine months of 2025, the total dividends paid on these preferred stocks amounted to $4.1 million. The Series A preferred stock carries an 8.625% rate, and the Series B carries an 8.375% rate.

• G&A expenses for Q3 2025 included non-cash stock-based compensation expenses of $1.8 million.
• The Blue Owl Loan requires restricted cash to cover interest expense and administrative fees.
• The company had $130.6 million in cash and cash equivalents on September 30, 2025.

Finance: draft 13-week cash view by Friday.

XOMA Corporation (XOMA) - Canvas Business Model: Revenue Streams

You're looking at the core ways XOMA Corporation generates cash from its portfolio of royalty and milestone rights. It's not about selling a product directly; it's about the economics tied to your partners' success. This structure is key to understanding XOMA's financial profile as a biotech royalty aggregator.

The primary cash inflows for XOMA Corporation come from its existing portfolio of assets, which are rights to future payments associated with therapeutic candidates licensed to other companies. For the first nine months of 2025, the total cash receipts from partners amounted to $43.9 million.

This cash flow is segmented into two main categories based on the underlying asset event:

• Royalty payments from commercial sales of partnered drugs totaled $30.3 million in cash receipts for the nine months ended September 30, 2025.
• Milestone payments tied to clinical and regulatory achievements totaled $13.6 million in cash receipts for the nine months ended September 30, 2025.

Beyond direct partner payments, XOMA Corporation recognizes income from its acquisition activities, which are accounted for under specific methods. The company has also been active in structuring deals for others, such as acting as a structuring agent for XenoTherapeutics' acquisition of ESSA Pharma, which is part of the broader milestone and fee-generating activities.

Here is a breakdown of the reported income and revenues for XOMA Royalty Corporation for the nine months ended September 30, 2025, based on the condensed consolidated statements of operations (amounts in thousands):

Revenue/Income Stream	Nine Months Ended September 30, 2025 (in thousands)
Royalty Payments (Commercial Sales Portion of Cash Receipts)	$30,300
Milestone Payments and Fees (Milestone Portion of Cash Receipts)	$13,600
Income from purchased receivables under the EIR method	$19,039
Income from purchased receivables under the cost recovery method	$9,125
Revenue from contracts with customers	$9,250
Revenue recognized under units-of-revenue method	$978

The income from purchased receivables under the cost recovery method was $9,125 thousand for the first nine months of 2025, a significant increase from the $1,910 thousand reported for the same period in 2024. This definitely shows a shift in the composition of their recognized non-partner cash flow.