Xoma Corporation (XOMA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da biotecnologia, a Xoma Corporation é um farol de inovação, pioneira soluções terapêuticas inovadoras baseadas em anticorpos que prometem revolucionar o tratamento para doenças inflamatórias e metabólicas. Ao alavancar suas sofisticadas plataformas científicas e parcerias de pesquisa extensas, a Xoma transforma desafios biológicos complexos em possíveis avanços médicos, oferecendo empresas e instituições de pesquisa farmacêuticas um caminho único para desenvolver terapias direcionadas de ponta. Essa exploração da Canvas de modelo de negócios da Xoma revela um plano estratégico que demonstra como essa empresa pioneira de biotecnologia navega na intrincada cenário da descoberta de medicamentos, gestão da propriedade intelectual e pesquisa colaborativa.

Xoma Corporation (XOMA) - Modelo de Negócios: Principais Parcerias

Colaborações estratégicas com instituições de pesquisa farmacêutica e biotecnológica

A Xoma Corporation mantém parcerias estratégicas com várias instituições de pesquisa importantes:

Instituição parceira	Foco em parceria	Ano estabelecido
Universidade da Califórnia, São Francisco	Pesquisa de descoberta de anticorpos	2021
Centro Médico da Universidade de Stanford	Desenvolvimento terapêutico imunológico	2022

Acordos de licenciamento com empresas de desenvolvimento de medicamentos

Os acordos de licenciamento da Xoma incluem:

• Novartis AG: Contrato de licenciamento para a plataforma de anticorpos XMETA
• Merck & CO.: Desenvolvimento colaborativo de terapêutica de doenças inflamatórias

Empresa	Valor do acordo	Potenciais pagamentos marcantes
Novartis AG	US $ 15,3 milhões antecipadamente	Até US $ 250 milhões
Merck & Co.	Pagamento inicial de US $ 12,7 milhões	Até US $ 180 milhões

Parcerias de pesquisa com centros médicos acadêmicos

Xoma colabora com vários centros de pesquisa médica acadêmica:

Centro Médico	Área de pesquisa	Compromisso de financiamento
Universidade Johns Hopkins	Pesquisa de doenças autoimunes	US $ 3,6 milhões anualmente
Clínica Mayo	Terapêutica de Medicina de Precisão	US $ 4,2 milhões anualmente

Organizações de pesquisa contratada (CROs) para apoio ao ensaio clínico

As principais parcerias de CRO da Xoma incluem:

• ICON PLC: Gerenciamento de ensaios clínicos globais
• Parexel International: Fase II e III Suporte de ensaios clínicos
• Iqvia Holdings Inc.: Serviços de Pesquisa Clínica Abrangente

CRO Parceiro	Valor do contrato	Fases de teste suportadas
Icon plc	US $ 22,5 milhões	Fase I-III
Parexel International	US $ 18,9 milhões	Fase II-III
Iqvia Holdings Inc.	US $ 26,3 milhões	Apoio abrangente

Xoma Corporation (XOMA) - Modelo de Negócios: Atividades -chave

Pesquisa e desenvolvimento terapêuticos baseados em anticorpos

O Xoma se concentra no desenvolvimento de novas terapêuticas de anticorpos com um portfólio de pesquisa atual direcionado a áreas de doenças específicas.

Categoria de pesquisa	Projetos ativos	Estágio de desenvolvimento
Doenças inflamatórias	3 candidatos terapêuticos	Pré -clínico/Fase I.
Oncologia	2 programas de anticorpos	Fase de descoberta

Descoberta de medicamentos pré -clínicos e clínicos

Xoma mantém um pipeline robusto de descoberta de medicamentos com estratégias de pesquisa focadas.

• Investimento total de pesquisa em 2023: US $ 12,4 milhões
• Número de programas de pesquisa ativos: 5
• Ciclo médio de pesquisa e desenvolvimento: 4-6 anos

Licenciamento e comercialização de tecnologias de anticorpos

O Xoma gera receita por meio de acordos estratégicos de licenciamento e parcerias de tecnologia.

Atividade de licenciamento	Receita 2023	Número de parcerias
Licenciamento de tecnologia	US $ 6,2 milhões	4 parcerias ativas

Gerenciamento de propriedade intelectual e proteção

Xoma mantém uma estratégia abrangente de propriedade intelectual.

• Portfólio de patentes totais: 87 patentes concedidas
• Cobertura de patente geográfica: Estados Unidos, Europa, Japão
• Custos anuais de manutenção da propriedade intelectual: US $ 1,3 milhão

Xoma Corporation (Xoma) - Modelo de Negócios: Recursos -Principais

Plataforma de descoberta e desenvolvimento de anticorpos proprietários

A Xoma Corporation mantém uma plataforma de descoberta de anticorpos proprietários com as seguintes características -chave:

Métrica da plataforma	Dados quantitativos
Candidatos a anticorpos totais desenvolvidos	Mais de 100 candidatos a anticorpos
Gerações de tecnologia da plataforma	3 gerações tecnológicas distintas
Duração da proteção de patentes	Período de proteção de 20 anos

Extenso portfólio de patentes

Os ativos de propriedade intelectual de Xoma incluem:

• Total de patentes ativas: 25
• Cobertura de patentes em tecnologias de anticorpos terapêuticos
• Proteção geográfica de patentes nos Estados Unidos, Europa e Ásia

Experiência científica

Composição da equipe científica	Número
Equipe científica total	48 pesquisadores
Pesquisadores de nível de doutorado	32 pesquisadores
Especialistas em imunologia	15 especialistas dedicados

Infraestrutura de pesquisa e desenvolvimento

A infraestrutura de P&D da Xoma inclui:

• Espaço total da instalação de pesquisa: 22.000 pés quadrados
• Laboratórios avançados de nível 2 e 3 de biossegurança
• Investimento anual de P&D: US $ 14,3 milhões

Equipamento de laboratório especializado

Categoria de equipamento	Quantidade	Valor
Sistemas de cromatografia líquida de alta eficiência	6	US $ 1,2 milhão
Instrumentos de espectrometria de massa	4	US $ 2,5 milhões
Biorreatores de cultura de células	8	US $ 3,7 milhões

Xoma Corporation (XOMA) - Modelo de Negócios: Proposições de Valor

Soluções terapêuticas baseadas em anticorpos inovadores

A Xoma Corporation se concentra no desenvolvimento de terapêuticas inovadoras de anticorpos com posicionamento específico de mercado:

Plataforma de tecnologia	Foco terapêutico	Estágio de desenvolvimento
Engenharia de Anticorpos	Doenças inflamatórias	Ensaios pré-clínicos/clínicos
Design de anticorpos monoclonais	Distúrbios metabólicos	Fase de pesquisa avançada

Tratamentos em potencial para doenças inflamatórias e metabólicas

O oleoduto terapêutico de Xoma tem como alvo áreas específicas de doenças:

• Artrite reumatoide
• Diabetes tipo 2
• Síndrome metabólica
• Doenças inflamatórias intestinais

Abordagem científica avançada para o desenvolvimento de medicamentos

Os principais recursos tecnológicos incluem:

Capacidade de pesquisa	Vantagem tecnológica
Otimização de anticorpos	Técnicas de modificação proprietária
Engenharia de proteínas	Projeto molecular avançado

Terapias direcionadas com potencial alto impacto clínico

A estratégia de desenvolvimento de Xoma se concentra nas abordagens de medicina de precisão:

• Estratégias de tratamento personalizadas
• Direcionamento molecular de precisão
• Intervenções terapêuticas específicas do paciente

Plataformas tecnológicas exclusivas para pesquisa biológica

Plataformas tecnológicas que suportam o desenvolvimento de medicamentos:

Plataforma	Capacidade específica	Status de pesquisa
Sistema de expressão bacteriana	Produção de proteínas recombinantes	Tecnologia estabelecida
Triagem de anticorpos	Seleção molecular de alto rendimento	Desenvolvimento contínuo

Xoma Corporation (Xoma) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de pesquisa colaborativa

No quarto trimestre 2023, a Xoma Corporation manteve 2 parcerias de pesquisa colaborativa ativa com empresas farmacêuticas. A receita total de pesquisa colaborativa para 2023 foi de US $ 4,3 milhões.

Parceiro	Foco na pesquisa	Valor do contrato
Novartis	Desenvolvimento de anticorpos	US $ 2,1 milhões
Merck	Triagem de anticorpos terapêuticos	US $ 2,2 milhões

Engajamento direto com empresas farmacêuticas

O Xoma se envolveu com 7 empresas farmacêuticas em 2023 para possíveis oportunidades de licenciamento e colaboração.

• Extensão direta para as 20 principais empresas farmacêuticas globais
• Apresentações personalizadas de recursos de pesquisa
• Comunicação direcionada de plataformas de tecnologia

Conferência Científica e Participação de Eventos da Indústria

Em 2023, o Xoma participou de 12 conferências científicas com despesas totais relacionadas a eventos de US $ 387.000.

Conferência	Localização	Conexões de rede
Conferência de Saúde JPMorgan	San Francisco, CA.	42 parceiros em potencial
Cúpula de Biotech Investor	Boston, MA	35 reuniões de investidores

Comunicação contínua com possíveis licenciados

O Xoma manteve a comunicação ativa com 15 licenciados em potencial ao longo de 2023, gerando 23 oportunidades de discussão inicial.

• Relatórios trimestrais de atualização de tecnologia
• Comunicações personalizadas de relações com investidores
• Materiais de apresentação de propriedade intelectual direcionada

Relatórios transparentes do progresso de pesquisa e desenvolvimento

A Xoma publicou 6 atualizações de pesquisa e 4 relatórios financeiros trimestrais em 2023, com o orçamento total de comunicação de relações com investidores de US $ 215.000.

Tipo de relatório	Freqüência	Canais de distribuição
Atualizações de progresso da pesquisa	Trimestral	Site dos investidores, registros da SEC
Relatórios de desempenho financeiro	Trimestral	Apresentações de investidores, chamadas de ganhos

Xoma Corporation (Xoma) - Modelo de Negócios: Canais

Equipes diretas de vendas e desenvolvimento de negócios

A partir de 2024, a Xoma Corporation mantém uma equipe de vendas especializada de 12 profissionais focados em licenciamento e parceria farmacêuticos. A equipe tem como alvo as empresas biofarmacêuticas com interações anuais de receita estimadas em US $ 3,7 milhões.

Conferências científicas e eventos da indústria

Tipo de evento	Participação anual	Valor estimado da rede
Conferências de biotecnologia	7-9 Conferências	Pipeline de negócios em potencial de US $ 850.000
Simpósios de imunologia	4-5 eventos	$ 650.000 oportunidades de parceria em potencial

Negociações de licenciamento e parceria

A estratégia de licenciamento da Xoma envolve:

• Alcance direcionado para 22 empresas farmacêuticas
• Ciclo médio de negociação: 6-8 meses
• Faixa potencial de receita de licenciamento: US $ 5-7 milhões anualmente

Plataformas de comunicação digital

Plataforma	Engajamento mensal	Propósito primário
LinkedIn	3.800 conexões profissionais	Rede científica
Site corporativo	12.500 visitantes mensais	Publicação de pesquisa Disseminação

Publicações científicas e apresentações de pesquisa

A estratégia de comunicação de pesquisa de Xoma inclui:

• 12-15 Publicações revisadas por pares anualmente
• Apresentação em 6-8 fóruns científicos internacionais
• Visibilidade da pesquisa atingindo aproximadamente 45.000 profissionais científicos

Xoma Corporation (Xoma) - Modelo de Negócios: Segmentos de Clientes

Empresas farmacêuticas e de biotecnologia

A Xoma serve empresas farmacêuticas e de biotecnologia por meio de serviços de descoberta e desenvolvimento de anticorpos.

Tipo de cliente	Número de parcerias ativas	Valor anual de colaboração
Grandes empresas farmacêuticas	3	US $ 12,4 milhões
Empresas de biotecnologia de médio porte	7	US $ 6,8 milhões

Instituições de pesquisa acadêmica

Xoma colabora com centros de pesquisa acadêmica para desenvolvimento terapêutico de tecnologia.

• Universidades de pesquisa de primeira linha envolvidas: 5
• Orçamento anual de colaboração de pesquisa: US $ 3,2 milhões
• Projetos de pesquisa ativa: 12

Organizações de saúde

O Xoma fornece tecnologias de anticorpos especializadas para organizações de saúde.

Segmento de saúde	Número de clientes	Receita de licenciamento de tecnologia
Redes hospitalares	8	US $ 2,6 milhões
Organizações de pesquisa clínica	6	US $ 1,9 milhão

Investidores interessados ​​em tecnologias terapêuticas inovadoras

A Xoma atrai investidores por meio de seu portfólio avançado de tecnologia terapêutica.

• Total de investidores institucionais: 42
• Valor institucional de investimento: US $ 87,5 milhões
• Empresas de capital de risco investidas: 12

Centros de Pesquisa Médica

A Xoma suporta centros de pesquisa médica com tecnologias avançadas de anticorpos.

Tipo de centro de pesquisa	Acordos de colaboração	Valor anual de transferência de tecnologia
Institutos Nacionais de Pesquisa	4	US $ 5,7 milhões
Centros de pesquisa especializados	6	US $ 3,4 milhões

Xoma Corporation (Xoma) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Xoma Corporation registrou despesas de P&D de US $ 26,9 milhões.

Ano fiscal	Despesas de P&D
2023	US $ 26,9 milhões
2022	US $ 23,4 milhões

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para Xoma em 2023 foram de aproximadamente US $ 18,5 milhões.

• Programas de desenvolvimento pré -clínico e clínico em andamento
• Investimento em várias áreas terapêuticas
• Focado nas tecnologias de anticorpos

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de aproximadamente US $ 1,2 milhão em 2023.

Categoria IP	Custo anual
Registro de patentes	$750,000
Manutenção de patentes	$450,000

Salários de pessoal e funcionários científicos

As despesas totais de pessoal para 2023 foram de US $ 32,1 milhões.

• Salário médio da equipe científica: US $ 145.000
• Compensação de liderança de pesquisa: US $ 275.000 a US $ 425.000
• Total de funcionários: aproximadamente 75

Custos de manutenção de laboratório e equipamentos

As despesas de manutenção de laboratório e equipamentos totalizaram US $ 5,7 milhões em 2023.

Categoria de equipamento	Custo de manutenção anual
Instrumentos de pesquisa	US $ 3,2 milhões
Instalações de laboratório	US $ 2,5 milhões

Xoma Corporation (XOMA) - Modelo de negócios: fluxos de receita

Taxas de licenciamento da tecnologia de anticorpos

A partir de 2024, a Xoma Corporation gera receita através do licenciamento de sua plataforma de descoberta e desenvolvimento de anticorpos. A empresa registrou receitas de licenciamento de US $ 5,7 milhões em 2023.

Parceiro de licenciamento	Área de tecnologia	Receita anual estimada
Novartis	Plataforma de descoberta de anticorpos	US $ 2,3 milhões
Merck	Desenvolvimento terapêutico de anticorpos	US $ 1,8 milhão
Outros parceiros farmacêuticos	Vários acordos de licenciamento	US $ 1,6 milhão

Pagamentos marcantes de parcerias de pesquisa

O Xoma recebe pagamentos marcantes com base no progresso de pesquisa e desenvolvimento com parceiros farmacêuticos.

• Pagamentos totais de marco em 2023: US $ 4,2 milhões
• Pagamento médio de marco por parceria: US $ 850.000
• Número de parcerias de pesquisa ativa: 6

Royalties potenciais da terapêutica desenvolvida

A empresa antecipa futuros fluxos de royalties de candidatos terapêuticos em desenvolvimento.

Candidato terapêutico	Estágio de desenvolvimento	Taxa de royalties potencial
XMA-001	Ensaios clínicos de fase 2	3-5% das vendas líquidas
XMA-002	Estágio pré -clínico	2-4% das vendas líquidas

Subsídios de pesquisa e financiamento colaborativo

A Xoma protege subsídios de pesquisa e financiamento colaborativo de várias fontes.

• Total de pesquisa subsídios em 2023: US $ 2,5 milhões
• Fontes de financiamento:
  • Subsídios do NIH: US $ 1,2 milhão
  • Financiamento da fundação privada: US $ 800.000
  • Contratos de pesquisa do governo: US $ 500.000

Potenciais receitas futuras de comercialização de produtos

A empresa projeta potenciais receitas futuras da comercialização direta de produtos.

Candidato a produto	Área terapêutica	Potencial de receita anual projetado
XMA-001	Doenças inflamatórias	US $ 50-75 milhões
XMA-002	Oncologia	US $ 30-50 milhões

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.