XOMA Corp Pref Share 8.625 Perp 12/15/21 | 8-K: FY2025 Q4 Revenue: USD 13.76 M

Revenue: As of FY2025 Q4, the actual value is USD 13.76 M.

EPS: As of FY2025 Q4, the actual value is USD 0.26.

EBIT: As of FY2025 Q4, the actual value is USD 5.209 M.

Portfolio Receipts

XOMA Royalty’s total portfolio receipts for fiscal year 2025 were > $50 million . The company reported approximately $12 million in non-dilutive capital provided by acquisitions since January 2025 .

Royalty and Milestone Receipts

Total royalty receipts grew from $9.0 million in fiscal year 2023 to $16.9 million in fiscal year 2024, and further to $33.6 million in fiscal year 2025, representing a +68% increase in royalty receipts for fiscal year 2025 . Milestone receipts were $6.6 million in fiscal year 2023, $20.0 million in fiscal year 2024, and $15.6 million in fiscal year 2025 . In fiscal year 2025, four programs each contributed > $1.5 million in royalty receipts, and six programs contributed to milestone receipts . Overall, XOMA Royalty has received > $140 million in milestones since 2017 .

Cash Flow and Capitalization

In fiscal year 2025, XOMA Royalty achieved positive cash flow from operations . The company’s beginning cash was ~$57 million in 2023, increasing to ~$83 million, representing 45% more cash . The company also executed a share repurchase program, buying back > $16 million or ~648,000 shares . As of the market close on March 16, 2026, XOMA Royalty’s market capitalization (fully diluted) was ~$469 million, with an enterprise value of $568 million . The company reported $83 million in cash (YE25), $69 million in perpetual preferreds, and $113 million in royalty-backed loans .

Acquisition and Investment Activity

Since January 2025, XOMA Royalty accumulated approximately $11.7 million of cash and cash equivalents, net of transaction costs, from completing or serving as structuring agent on seven acquisitions . Acquisitions since January 2025 include $20 million upfront for BioInvent (mezagitamab) and $5 million contributed to Castle Creek royalty financing for D-Fi . In a transaction for Viracta Therapeutics’ DAY101 (OJEMDA), XOMA Royalty received $35.9 million in milestone and royalty receipts from 4Q’23 to December 31, 2025, achieving an approximate 33% IRR and 2.7x MOIC .

Outlook / Guidance

XOMA Royalty anticipates > $3 billion in future potential milestones . Key portfolio events expected in 2026 include regulatory guidance on sales ramps, authorization, registration pathways decisions, data announcements for various clinical phases, and product launches for specific assets . The company expects to continue growing cash receipts and portfolio optionality without shareholder dilution .