XOMA Corporation (XOMA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la biotecnología, Xoma Corporation se erige como un faro de innovación, pionero en soluciones terapéuticas innovadoras basadas en anticuerpos que prometen revolucionar el tratamiento para enfermedades inflamatorias y metabólicas. Al aprovechar sus sofisticadas plataformas científicas y asociaciones de investigación extensas, Xoma transforma desafíos biológicos complejos en posibles avances médicos, ofreciendo a las compañías farmacéuticas e instituciones de investigación una vía única para desarrollar terapias dirigidas de vanguardia. Esta exploración del lienzo de modelo de negocio de Xoma revela un plan estratégico que demuestra cómo esta empresa de biotecnología pionera navega por el intrincado panorama del descubrimiento de fármacos, la gestión de la propiedad intelectual y la investigación colaborativa.

Xoma Corporation (XOMA) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica y de biotecnología

Xoma Corporation mantiene asociaciones estratégicas con varias instituciones de investigación clave:

Institución asociada	Enfoque de asociación	Año establecido
Universidad de California, San Francisco	Investigación de descubrimiento de anticuerpos	2021
Centro Médico de la Universidad de Stanford	Desarrollo terapéutico inmunología	2022

Acuerdos de licencia con compañías de desarrollo de medicamentos

Los acuerdos de licencia de Xoma incluyen:

• Novartis AG: Acuerdo de licencia para la plataforma de anticuerpos XMeta
• Merck & CO.: Desarrollo colaborativo de la terapéutica de enfermedades inflamatorias

Compañía	Valor de acuerdo	Pagos potenciales de hitos
Novartis AG	$ 15.3 millones por adelantado	Hasta $ 250 millones
Merck & Co.	$ 12.7 millones de pago inicial	Hasta $ 180 millones

Asociaciones de investigación con centros médicos académicos

Xoma colabora con múltiples centros de investigación médica académica:

Centro médico	Área de investigación	Compromiso de financiación
Universidad de Johns Hopkins	Investigación de enfermedades autoinmunes	$ 3.6 millones anuales
Clínica de mayonesa	Terapéutica de medicina de precisión	$ 4.2 millones anuales

Organizaciones de investigación por contrato (CRO) para el apoyo de ensayos clínicos

Las principales asociaciones de CRO de Xoma incluyen:

• ICON PLC: Gestión de ensayos clínicos globales
• Parexel International: apoyo de ensayos clínicos de fase II y III
• IQVIA Holdings Inc.: Servicios integrales de investigación clínica

Socio de CRO	Valor de contrato	Fases de prueba respaldadas
Ícono plc	$ 22.5 millones	Fase I-III
Parexel International	$ 18.9 millones	Fase II-III
IQVIA Holdings Inc.	$ 26.3 millones	Apoyo integral

Xoma Corporation (Xoma) - Modelo de negocio: actividades clave

Investigación y desarrollo terapéutico basado en anticuerpos

Xoma se centra en el desarrollo de nuevas terapias de anticuerpos con una cartera de investigación actual dirigida a áreas de enfermedades específicas.

Categoría de investigación	Proyectos activos	Etapa de desarrollo
Enfermedades inflamatorias	3 candidatos terapéuticos	Preclínico/Fase I
Oncología	2 programas de anticuerpos	Fase de descubrimiento

Descubrimiento de fármacos preclínicos y clínicos

Xoma mantiene una sólida canal de descubrimiento de fármacos con estrategias de investigación enfocadas.

• Inversión total de investigación en 2023: $ 12.4 millones
• Número de programas de investigación activos: 5
• Ciclo promedio de investigación y desarrollo: 4-6 años

Licencias y comercialización de tecnologías de anticuerpos

Xoma genera ingresos a través de acuerdos estratégicos de licencia y asociaciones de tecnología.

Actividad de licencia	Ingresos 2023	Número de asociaciones
Licencias de tecnología	$ 6.2 millones	4 asociaciones activas

Gestión y protección de la propiedad intelectual

Xoma mantiene una estrategia integral de propiedad intelectual.

• Portafolio de patentes totales: 87 patentes otorgadas
• Cobertura de patentes geográficas: Estados Unidos, Europa, Japón
• Costos anuales de mantenimiento de propiedad intelectual: $ 1.3 millones

Xoma Corporation (XOMA) - Modelo de negocio: recursos clave

Plataforma de descubrimiento y desarrollo de anticuerpos patentados

Xoma Corporation mantiene una plataforma de descubrimiento de anticuerpos patentado con las siguientes características clave:

Métrica de plataforma	Datos cuantitativos
Los candidatos de anticuerpos totales se desarrollaron	Más de 100 candidatos de anticuerpos
Generaciones de tecnología de plataforma	3 generaciones tecnológicas distintas
Duración de protección de patentes	Período de protección de 20 años

Cartera de patentes extensa

Los activos de propiedad intelectual de Xoma incluyen:

• Patentes activas totales: 25
• Cobertura de patentes en tecnologías de anticuerpos terapéuticos
• Protección de patentes geográficas en Estados Unidos, Europa y Asia

Experiencia científica

Composición del equipo científico	Número
Personal científico total	48 investigadores
Investigadores a nivel de doctorado	32 investigadores
Especialistas en inmunología	15 especialistas dedicados

Infraestructura de investigación y desarrollo

La infraestructura de I + D de Xoma incluye:

• Espacio total de la instalación de investigación: 22,000 pies cuadrados
• Laboratorios avanzados de bioseguridad de bioseguridad
• Inversión anual de I + D: $ 14.3 millones

Equipo de laboratorio especializado

Categoría de equipo	Cantidad	Valor
Sistemas de cromatografía líquida de alto rendimiento	6	$ 1.2 millones
Instrumentos de espectrometría de masas	4	$ 2.5 millones
Biorreactores de cultivo celular	8	$ 3.7 millones

Xoma Corporation (XOMA) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras basadas en anticuerpos

Xoma Corporation se centra en desarrollar terapias innovadoras de anticuerpos con posicionamiento específico del mercado:

Plataforma tecnológica	Enfoque terapéutico	Etapa de desarrollo
Ingeniería de anticuerpos	Enfermedades inflamatorias	Ensayos preclínicos/clínicos
Diseño de anticuerpos monoclonales	Trastornos metabólicos	Fase de investigación avanzada

Tratamientos potenciales para enfermedades inflamatorias y metabólicas

La tubería terapéutica de Xoma se dirige a áreas de enfermedad específicas:

• Artritis reumatoide
• Diabetes tipo 2
• Síndrome metabólico
• Enfermedades del intestino inflamatorio

Enfoque científico avanzado para el desarrollo de fármacos

Las capacidades tecnológicas clave incluyen:

Capacidad de investigación	Ventaja tecnológica
Optimización de anticuerpos	Técnicas de modificación patentadas
Ingeniería de proteínas	Diseño molecular avanzado

Terapias dirigidas con potencial alto impacto clínico

La estrategia de desarrollo de Xoma se centra en los enfoques de medicina de precisión:

• Estrategias de tratamiento personalizadas
• Orientación molecular de precisión
• Intervenciones terapéuticas específicas del paciente

Plataformas tecnológicas únicas para la investigación biológica

Plataformas tecnológicas que apoyan el desarrollo de fármacos:

Plataforma	Capacidad específica	Estado de investigación
Sistema de expresión bacteriana	Producción de proteínas recombinantes	Tecnología establecida
Detección de anticuerpos	Selección molecular de alto rendimiento	Desarrollo continuo

Xoma Corporation (XOMA) - Modelo de negocios: relaciones con los clientes

Asociaciones de investigación colaborativa

A partir del cuarto trimestre de 2023, Xoma Corporation mantuvo 2 asociaciones de investigación colaborativa activa con compañías farmacéuticas. Los ingresos por investigación de colaboración total para 2023 fueron de $ 4.3 millones.

Pareja	Enfoque de investigación	Valor de contrato
Novartis	Desarrollo de anticuerpos	$ 2.1 millones
Merck	Detección de anticuerpos terapéuticos	$ 2.2 millones

Compromiso directo con compañías farmacéuticas

Xoma se dedicó a 7 compañías farmacéuticas en 2023 para posibles oportunidades de licencia y colaboración.

• Extensión directa a las 20 principales compañías farmacéuticas globales
• Presentaciones personalizadas de capacidades de investigación
• Comunicación dirigida de plataformas tecnológicas

Conferencia científica y participación en eventos de la industria

En 2023, Xoma participó en 12 conferencias científicas con gastos totales relacionados con el evento de $ 387,000.

Conferencia	Ubicación	Conexiones de red
Conferencia de atención médica JPMorgan	San Francisco, CA	42 socios potenciales
Cumbre de inversores de biotecnología	Boston, MA	35 reuniones de inversores

Comunicación continua con posibles licenciatarios

Xoma mantuvo la comunicación activa con 15 posibles licenciatarios durante 2023, generando 23 oportunidades de discusión iniciales.

• Informes de actualización de tecnología trimestral
• Comunicaciones personalizadas de relaciones con los inversores
• Materiales de presentación de propiedad intelectual dirigida

Informes transparentes del progreso de la investigación y el desarrollo

Xoma publicó 6 actualizaciones de investigación y 4 informes financieros trimestrales en 2023, con un presupuesto total de comunicación de relaciones con los inversores de $ 215,000.

Tipo de informe	Frecuencia	Canales de distribución
Actualizaciones de progreso de la investigación	Trimestral	Sitio web de los inversores, presentaciones de la SEC
Informes de desempeño financiero	Trimestral	Presentaciones de inversores, llamadas de ganancias

Xoma Corporation (XOMA) - Modelo de negocios: canales

Equipos directos de ventas y desarrollo de negocios

A partir de 2024, Xoma Corporation mantiene un equipo de ventas especializado de 12 profesionales centrado en licencias y asociación farmacéuticas. El equipo se dirige a compañías biofarmacéuticas con interacciones anuales de ingresos estimadas en $ 3.7 millones.

Conferencias científicas y eventos de la industria

Tipo de evento	Participación anual	Valor de red estimado
Conferencias de biotecnología	7-9 conferencias	$ 850,000
Simposios de inmunología	4-5 eventos	$ 650,000 Oportunidades potenciales de asociación

Negociaciones de licencias y asociación

La estrategia de licencia de Xoma implica:

• Alcance dirigido a 22 compañías farmacéuticas
• Ciclo de negociación promedio: 6-8 meses
• Rango de ingresos de licencia potencial: $ 5-7 millones anuales

Plataformas de comunicación digital

Plataforma	Compromiso mensual	Propósito principal
LinkedIn	3.800 conexiones profesionales	Redes científicas
Sitio web corporativo	12,500 visitantes mensuales	Difusión de publicaciones de investigación

Publicaciones científicas y presentaciones de investigación

La estrategia de comunicación de investigación de Xoma incluye:

• 12-15 publicaciones revisadas por pares anualmente
• Presentación en 6-8 foros científicos internacionales
• Visibilidad de la investigación que alcanza aproximadamente 45,000 profesionales científicos

Xoma Corporation (XOMA) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas y de biotecnología

Xoma sirve a compañías farmacéuticas y de biotecnología a través de servicios de descubrimiento y desarrollo de anticuerpos.

Tipo de cliente	Número de asociaciones activas	Valor de colaboración anual
Grandes compañías farmacéuticas	3	$ 12.4 millones
Compañías de biotecnología de tamaño mediano	7	$ 6.8 millones

Instituciones de investigación académica

Xoma colabora con centros de investigación académicos para el desarrollo de tecnología terapéutica.

• Universidades de investigación de primer nivel comprometidas: 5
• Presupuesto de colaboración de investigación anual: $ 3.2 millones
• Proyectos de investigación activa: 12

Organizaciones de atención médica

Xoma ofrece tecnologías de anticuerpos especializadas para organizaciones de atención médica.

Segmento de atención médica	Número de clientes	Ingresos de licencia tecnológica
Redes hospitalarias	8	$ 2.6 millones
Organizaciones de investigación clínica	6	$ 1.9 millones

Inversores interesados ​​en tecnologías terapéuticas innovadoras

Xoma atrae a los inversores a través de su cartera de tecnología terapéutica avanzada.

• Inversores institucionales totales: 42
• Valor de inversión institucional: $ 87.5 millones
• Empresas de capital de riesgo invertidas: 12

Centros de investigación médica

Xoma apoya a los centros de investigación médica con tecnologías de anticuerpos avanzados.

Tipo de centro de investigación	Acuerdos de colaboración	Valor de transferencia de tecnología anual
Institutos Nacionales de Investigación	4	$ 5.7 millones
Centros de investigación especializados	6	$ 3.4 millones

Xoma Corporation (XOMA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Xoma Corporation reportó gastos de I + D de $ 26.9 millones.

Año fiscal	Gastos de I + D
2023	$ 26.9 millones
2022	$ 23.4 millones

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para Xoma en 2023 fueron de aproximadamente $ 18.5 millones.

• Programas continuos de desarrollo preclínico y clínico
• Inversión en múltiples áreas terapéuticas
• Centrado en las tecnologías de anticuerpos

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de aproximadamente $ 1.2 millones en 2023.

Categoría de IP	Costo anual
Presentación de patentes	$750,000
Mantenimiento de patentes	$450,000

Salarios de personal y personal científico

Los gastos totales de personal para 2023 fueron de $ 32.1 millones.

• Salario promedio del personal científico: $ 145,000
• Compensación de liderazgo de investigación: $ 275,000- $ 425,000
• Total de empleados: aproximadamente 75

Costos de mantenimiento de laboratorio y equipos

Los gastos de mantenimiento de laboratorio y equipos totalizaron $ 5.7 millones en 2023.

Categoría de equipo	Costo de mantenimiento anual
Instrumentos de investigación	$ 3.2 millones
Instalaciones de laboratorio	$ 2.5 millones

Xoma Corporation (XOMA) - Modelo de negocios: flujos de ingresos

Tasas de licencia de la tecnología de anticuerpos

A partir de 2024, Xoma Corporation genera ingresos mediante la licencia de su plataforma de descubrimiento y desarrollo de anticuerpos. La compañía reportó ingresos por licencias de $ 5.7 millones en 2023.

Socio de licencia	Área tecnológica	Ingresos anuales estimados
Novartis	Plataforma de descubrimiento de anticuerpos	$ 2.3 millones
Merck	Desarrollo de anticuerpos terapéuticos	$ 1.8 millones
Otros socios farmacéuticos	Varios acuerdos de licencia	$ 1.6 millones

Pagos de hitos de las asociaciones de investigación

Xoma recibe pagos de hitos basados ​​en el progreso de la investigación y el desarrollo con los socios farmacéuticos.

• Pagos totales de hito en 2023: $ 4.2 millones
• Pago promedio de hitos por sociedad: $ 850,000
• Número de asociaciones de investigación activa: 6

Posibles regalías de la terapéutica desarrollada

La compañía anticipa futuros corrientes de regalías de candidatos terapéuticos en el desarrollo.

Candidato terapéutico	Etapa de desarrollo	Tasa de regalías potencial
XMA-001	Ensayos clínicos de fase 2	3-5% de las ventas netas
XMA-002	Etapa preclínica	2-4% de las ventas netas

Subvenciones de investigación y fondos colaborativos

Xoma asegura subvenciones de investigación y fondos colaborativos de varias fuentes.

• Subvenciones de investigación total en 2023: $ 2.5 millones
• Fuentes de financiación:
  • NIH Subvenciones: $ 1.2 millones
  • Financiación de la Fundación Privada: $ 800,000
  • Contratos de investigación del gobierno: $ 500,000

Ingresos potenciales de comercialización de productos futuros

La compañía proyecta posibles ingresos futuros de la comercialización directa de productos.

Candidato al producto	Área terapéutica	Potencial de ingresos anual proyectado
XMA-001	Enfermedades inflamatorias	$ 50-75 millones
XMA-002	Oncología	$ 30-50 millones

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.