Xoma Corporation (Xoma): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la biotechnologie, Xoma Corporation est un phare d'innovation, pionnière des solutions thérapeutiques révolutionnaires basées sur des anticorps qui promettent de révolutionner le traitement des maladies inflammatoires et métaboliques. En tirant parti de ses plateformes scientifiques sophistiquées et de ses partenariats de recherche approfondis, Xoma transforme les défis biologiques complexes en percées médicales potentielles, offrant aux sociétés pharmaceutiques et aux institutions de recherche une voie unique pour développer des thérapies ciblées de pointe. Cette exploration de la toile du modèle commercial de Xoma révèle un plan stratégique qui démontre comment cette entreprise de biotechnologie pionnière navigue dans le paysage complexe de la découverte de médicaments, de la gestion de la propriété intellectuelle et de la recherche collaborative.

Xoma Corporation (Xoma) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique et biotechnologique

Xoma Corporation maintient des partenariats stratégiques avec plusieurs institutions de recherche clés:

Institution partenaire	Focus de partenariat	Année établie
Université de Californie, San Francisco	Recherche de découverte d'anticorps	2021
Centre médical de l'Université de Stanford	Développement thérapeutique immunologique	2022

Accords de licence avec des entreprises de développement de médicaments

Les accords de licence de Xoma comprennent:

• Novartis AG: Contrat de licence pour la plate-forme d'anticorps XMETA
• Miserrer & CO.: Développement collaboratif de thérapeutiques inflammatoires

Entreprise	Valeur de l'accord	Paiements de jalons potentiels
Novartis AG	15,3 millions de dollars	Jusqu'à 250 millions de dollars
Miserrer & Co.	12,7 millions de dollars de paiement initial	Jusqu'à 180 millions de dollars

Partenariats de recherche avec des centres médicaux académiques

Xoma collabore avec plusieurs centres de recherche médicale universitaire:

Centre médical	Domaine de recherche	Engagement de financement
Université Johns Hopkins	Recherche de maladies auto-immunes	3,6 millions de dollars par an
Clinique de mayo	Thérapeutique de médecine de précision	4,2 millions de dollars par an

Organisations de recherche contractuelle (CRO) pour le soutien des essais cliniques

Les principaux partenariats CRO de Xoma comprennent:

• Icon PLC: Gestion des essais cliniques mondiaux
• Parexel International: Soutien en essai clinique de phase II et III
• IQVIA Holdings Inc.: Services de recherche clinique complets

Partenaire CRO	Valeur du contrat	Phases des essais soutenues
Icône plc	22,5 millions de dollars	Phase I-III
Parexel International	18,9 millions de dollars	Phase II-III
Iqvia Holdings Inc.	26,3 millions de dollars	Soutien complet

Xoma Corporation (Xoma) - Modèle d'entreprise: activités clés

Recherche et développement thérapeutiques à base d'anticorps

Xoma se concentre sur le développement de nouvelles thérapies d'anticorps avec un portefeuille de recherche actuel ciblant des zones de maladie spécifiques.

Catégorie de recherche	Projets actifs	Stade de développement
Maladies inflammatoires	3 candidats thérapeutiques	Preclinical / Phase I
Oncologie	2 programmes d'anticorps	Phase de découverte

Découverte de médicaments à stade préclinique et clinique

Xoma maintient un pipeline de découverte de médicaments robuste avec des stratégies de recherche ciblées.

• Investissement total de recherche en 2023: 12,4 millions de dollars
• Nombre de programmes de recherche actifs: 5
• Cycle de recherche et de développement moyen: 4-6 ans

Licence et commercialisation des technologies d'anticorps

Xoma génère des revenus grâce à des accords de licence stratégique et des partenariats technologiques.

Activité de licence	Revenu 2023	Nombre de partenariats
Licence de technologie	6,2 millions de dollars	4 partenariats actifs

Gestion et protection de la propriété intellectuelle

Xoma maintient une stratégie de propriété intellectuelle complète.

• Portfolio total des brevets: 87 brevets accordés
• Couverture des brevets géographiques: États-Unis, Europe, Japon
• Coûts de maintenance annuelle de la propriété intellectuelle: 1,3 million de dollars

Xoma Corporation (Xoma) - Modèle d'entreprise: Ressources clés

Plateforme de découverte et de développement d'anticorps propriétaires

Xoma Corporation maintient une plate-forme de découverte d'anticorps propriétaire avec les caractéristiques clés suivantes:

Métrique de la plate-forme	Données quantitatives
Les candidats anticorps totaux ont développé	Plus de 100 candidats d'anticorps
Générations de technologie de plate-forme	3 générations technologiques distinctes
Durée de protection des brevets	Période de protection de 20 ans

Portefeuille de brevets étendus

Les actifs de la propriété intellectuelle de Xoma comprennent:

• Brevets actifs totaux: 25
• Couverture des brevets dans les technologies d'anticorps thérapeutiques
• Protection géographique des brevets aux États-Unis, en Europe et en Asie

Expertise scientifique

Composition d'équipe scientifique	Nombre
Personnel scientifique total	48 chercheurs
Chercheurs de doctorat	32 chercheurs
Spécialistes de l'immunologie	15 spécialistes dédiés

Infrastructure de recherche et de développement

L'infrastructure de R&D de Xoma comprend:

• Espace total des installations de recherche: 22 000 pieds carrés
• Laboratoires avancés de niveau de biosécurité 2 et 3
• Investissement annuel de R&D: 14,3 millions de dollars

Équipement de laboratoire spécialisé

Catégorie d'équipement	Quantité	Valeur
Systèmes de chromatographie liquide haute performance	6	1,2 million de dollars
Instruments de spectrométrie de masse	4	2,5 millions de dollars
Bioréacteurs de la culture cellulaire	8	3,7 millions de dollars

Xoma Corporation (Xoma) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes à base d'anticorps

Xoma Corporation se concentre sur le développement de la thérapie innovante des anticorps avec un positionnement spécifique du marché:

Plate-forme technologique	Focus thérapeutique	Étape de développement
Ingénierie des anticorps	Maladies inflammatoires	Essais précliniques / cliniques
Conception d'anticorps monoclonaux	Troubles métaboliques	Phase de recherche avancée

Traitements potentiels pour les maladies inflammatoires et métaboliques

Le pipeline thérapeutique de Xoma cible les zones de maladie spécifiques:

• Polyarthrite rhumatoïde
• Diabète de type 2
• Syndrome métabolique
• Maladies inflammatoires de l'intestin

Approche scientifique avancée du développement de médicaments

Les capacités technologiques clés comprennent:

Capacité de recherche	Avantage technologique
Optimisation des anticorps	Techniques de modification propriétaire
Ingénierie des protéines	Conception moléculaire avancée

Thérapies ciblées avec un impact clinique élevé potentiel

La stratégie de développement de Xoma se concentre sur les approches de médecine de précision:

• Stratégies de traitement personnalisées
• Ciblage moléculaire de précision
• Interventions thérapeutiques spécifiques au patient

Plateformes technologiques uniques pour la recherche biologique

Plateformes technologiques soutenant le développement de médicaments:

Plate-forme	Capacité spécifique	Statut de recherche
Système d'expression bactérienne	Production de protéines recombinantes	Technologie établie
Dépistage des anticorps	Sélection moléculaire à haut débit	Développement continu

Xoma Corporation (Xoma) - Modèle d'entreprise: relations avec les clients

Partenariats de recherche collaborative

Depuis le quatrième trimestre 2023, Xoma Corporation a maintenu 2 partenariats de recherche collaborative actifs avec des sociétés pharmaceutiques. Les revenus totaux de recherche en collaboration pour 2023 étaient de 4,3 millions de dollars.

Partenaire	Focus de recherche	Valeur du contrat
Novartis	Développement des anticorps	2,1 millions de dollars
Miserrer	Dépistage des anticorps thérapeutiques	2,2 millions de dollars

Engagement direct avec les sociétés pharmaceutiques

Xoma s'est engagé avec 7 sociétés pharmaceutiques en 2023 pour des opportunités potentielles de licence et de collaboration.

• Entension directe vers les 20 meilleures sociétés pharmaceutiques mondiales
• Présentations personnalisées des capacités de recherche
• Communication ciblée des plateformes technologiques

Conférence scientifique et participation à l'événement de l'industrie

En 2023, Xoma a participé à 12 conférences scientifiques avec des dépenses totales liées aux événements de 387 000 $.

Conférence	Emplacement	Connexions de réseautage
Conférence JPMorgan en matière de santé	San Francisco, CA	42 partenaires potentiels
Sommet des investisseurs en biotechnologie	Boston, MA	35 réunions d'investisseurs

Communication continue avec des titulaires de licence potentiels

Xoma a maintenu une communication active avec 15 titulaires de licence potentiels tout au long de 2023, générant 23 opportunités de discussion initiales.

• Rapports de mise à jour de la technologie trimestrielle
• Communications des relations avec les investisseurs personnalisés
• Matériaux de présentation de la propriété intellectuelle ciblée

Rapports transparents des progrès de la recherche et du développement

Xoma a publié 6 mises à jour de recherche et 4 rapports financiers trimestriels en 2023, avec un budget de communication des relations avec les investisseurs totaux de 215 000 $.

Type de rapport	Fréquence	Canaux de distribution
Mises à jour des progrès de la recherche	Trimestriel	Site Web des investisseurs, dépôts de la SEC
Rapports de performance financière	Trimestriel	Présentations des investisseurs, appels de bénéfices

Xoma Corporation (Xoma) - Modèle d'entreprise: canaux

Équipes directes des ventes et du développement commercial

En 2024, Xoma Corporation maintient une équipe de vente spécialisée de 12 professionnels axée sur les licences et le partenariat pharmaceutiques. L'équipe cible les sociétés biopharmaceutiques avec des interactions de revenus annuelles estimées à 3,7 millions de dollars.

Conférences scientifiques et événements de l'industrie

Type d'événement	Participation annuelle	Valeur de réseautage estimée
Conférences de biotechnologie	7-9 conférences	Pipeline de transactions potentielles de 850 000 $
Symposiums d'immunologie	4-5 événements	650 000 $ Opportunités de partenariat potentiel

Licence et négociations de partenariat

La stratégie de licence de Xoma implique:

• Carension ciblée à 22 sociétés pharmaceutiques
• Cycle de négociation moyen: 6-8 mois
• Gamme de revenus de licence potentielle: 5 à 7 millions de dollars par an

Plateformes de communication numérique

Plate-forme	Engagement mensuel	Objectif principal
Liendin	3 800 connexions professionnelles	Réseautage scientifique
Site Web de l'entreprise	12 500 visiteurs mensuels	Diffusion de la publication de la recherche

Publications scientifiques et présentations de recherche

La stratégie de communication de recherche de Xoma comprend:

• 12-15 publications évaluées par les pairs chaque année
• Présentation à 6-8 Forums scientifiques internationaux
• Visibilité de la recherche atteignant environ 45 000 professionnels scientifiques

Xoma Corporation (Xoma) - Modèle d'entreprise: segments de clients

Sociétés pharmaceutiques et biotechnologiques

Xoma sert des sociétés pharmaceutiques et de biotechnologie par le biais de services de découverte et de développement d'anticorps.

Type de client	Nombre de partenariats actifs	Valeur de collaboration annuelle
Grandes sociétés pharmaceutiques	3	12,4 millions de dollars
Entreprises biotechnologiques de taille moyenne	7	6,8 millions de dollars

Établissements de recherche universitaire

Xoma collabore avec les centres de recherche universitaire pour le développement de la technologie thérapeutique.

• Universités de recherche de haut niveau engagées: 5
• Budget de collaboration de recherche annuelle: 3,2 millions de dollars
• Projets de recherche actifs: 12

Organisations de soins de santé

Xoma fournit des technologies d'anticorps spécialisées aux organisations de soins de santé.

Segment des soins de santé	Nombre de clients	Revenus de licences technologiques
Réseaux hospitaliers	8	2,6 millions de dollars
Organisations de recherche clinique	6	1,9 million de dollars

Les investisseurs intéressés par les technologies thérapeutiques innovantes

Xoma attire les investisseurs grâce à son portefeuille avancé de technologies thérapeutiques.

• Investisseurs institutionnels totaux: 42
• Valeur d'investissement institutionnelle: 87,5 millions de dollars
• Les sociétés de capital-risque investies: 12

Centres de recherche médicale

Xoma soutient les centres de recherche médicale avec des technologies d'avancé des anticorps.

Type de centre de recherche	Accords de collaboration	Valeur de transfert de technologie annuelle
Instituts de recherche nationale	4	5,7 millions de dollars
Centres de recherche spécialisés	6	3,4 millions de dollars

Xoma Corporation (Xoma) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Xoma Corporation a déclaré des dépenses de R&D de 26,9 millions de dollars.

Exercice fiscal	Dépenses de R&D
2023	26,9 millions de dollars
2022	23,4 millions de dollars

Investissements d'essais cliniques

Les coûts des essais cliniques pour Xoma en 2023 étaient d'environ 18,5 millions de dollars.

• Programmes de développement préclinique et clinique en cours
• Investissement dans plusieurs domaines thérapeutiques
• Axé sur les technologies d'anticorps

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient d'environ 1,2 million de dollars en 2023.

Catégorie IP	Coût annuel
Dépôt de brevet	$750,000
Entretien de brevets	$450,000

Personnel et salaires du personnel scientifique

Les dépenses totales du personnel pour 2023 étaient de 32,1 millions de dollars.

• Salaire moyen du personnel scientifique: 145 000 $
• Rémunération en leadership de la recherche: 275 000 $ - 425 000 $
• Total des employés: environ 75

Coûts de maintenance en laboratoire et en équipement

Les frais de maintenance en laboratoire et en équipement ont totalisé 5,7 millions de dollars en 2023.

Catégorie d'équipement	Coût de maintenance annuel
Instruments de recherche	3,2 millions de dollars
Installations de laboratoire	2,5 millions de dollars

Xoma Corporation (Xoma) - Modèle d'entreprise: Strots de revenus

Frais de licence de la technologie des anticorps

En 2024, Xoma Corporation génère des revenus en lisant sa plate-forme de découverte et de développement d'anticorps. La société a déclaré des revenus de licence de 5,7 millions de dollars en 2023.

Partenaire de licence	Zone technologique	Revenus annuels estimés
Novartis	Plate-forme de découverte d'anticorps	2,3 millions de dollars
Miserrer	Développement des anticorps thérapeutiques	1,8 million de dollars
Autres partenaires pharmaceutiques	Divers accords de licence	1,6 million de dollars

Payments d'étape provenant de partenariats de recherche

Xoma reçoit des paiements marquants basés sur les progrès de la recherche et du développement avec les partenaires pharmaceutiques.

• Paiements de jalons totaux en 2023: 4,2 millions de dollars
• Paiement d'étape moyen par partenariat: 850 000 $
• Nombre de partenariats de recherche actifs: 6

Royalités potentielles des thérapies développées

La société prévoit de futurs flux de redevances des candidats thérapeutiques en développement.

Candidat thérapeutique	Étape de développement	Taux de redevance potentiel
Xma-001	Essais cliniques de phase 2	3 à 5% des ventes nettes
Xma-002	Étape préclinique	2 à 4% des ventes nettes

Subventions de recherche et financement collaboratif

Xoma assure des subventions de recherche et un financement collaboratif à partir de diverses sources.

• Concessionnaires totaux de recherche en 2023: 2,5 millions de dollars
• Sources de financement:
  • Grants NIH: 1,2 million de dollars
  • Financement de la fondation privée: 800 000 $
  • Contrats de recherche gouvernementaux: 500 000 $

Revenus potentiels de commercialisation des produits futurs

La société projette des revenus futurs potentiels à partir de la commercialisation directe des produits.

Produit candidat	Zone thérapeutique	Potentiel de revenus annuel prévu projeté
Xma-001	Maladies inflammatoires	50-75 millions de dollars
Xma-002	Oncologie	30 à 50 millions de dollars

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.