What are the investment strengths of XOMA Royalty Corp (XOMA)?

78% operating margin TTM with minimal R&D (2.3M) creates high-leverage exposure to partner drug success without clinical risk ROE 22% and ROIC 10% TTM positive vs industry medians deeply negative (-39% ROE) - rare profitable biotech model

What are the investment risks for XOMA Royalty Corp (XOMA)?

Interest expense 13.4M exceeds operating income 9.9M excluding one-time gains - debt service unsustainable on operations alone Revenue declined -0.9% 5yr CAGR vs industry +7% median - royalty stream not growing organically

XOMA Royalty Corp

XOMA

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XOMA Royalty Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-10

Snapshot

Net margin 172% TTM (21.6M net income on 12.6M revenue) - royalty model generates income exceeding revenue via non-operating gains[Net Margin TTM]
Debt/equity 1.22 with 13.4M interest expense TTM consuming 107% of revenue - leverage is structural risk[Debt to Equity]
FCF negative (-15.3M TTM) despite profitable operations - 20.7M capex/acquisitions driving cash burn[Free Cash Flow TTM]

Watch Triggers

Interest Expense TTM: Exceeds operating income for 2+ consecutive quarters — Signals debt refinancing need or equity dilution risk
Total Revenue TTM: Falls below 10M or rises above 20M — Indicates royalty portfolio contraction or milestone acceleration
Cash and Equivalents: Drops below 30M — Would require capital raise within 18 months at current burn

Bull Case

78% operating margin TTM with minimal R&D (2.3M) creates high-leverage exposure to partner drug success without clinical risk

Operating Margin TTMResearch and Development TTM

ROE 22% and ROIC 10% TTM positive vs industry medians deeply negative (-39% ROE) - rare profitable biotech model

ROE TTMROIC TTM

Bear Case

Interest expense 13.4M exceeds operating income 9.9M excluding one-time gains - debt service unsustainable on operations alone

Interest Expense TTMOperating Income TTM

Revenue declined -0.9% 5yr CAGR vs industry +7% median - royalty stream not growing organically

Total Revenue 5yr Growth

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

45%

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Forward Thesis

Royalty portfolio value hinges on milestone payments and partner drug approvals, not operating execution

1-3ymed

18M M&A spend TTM signals active portfolio expansion
Operating income 9.9M sustainable vs volatile net income
45M cash provides 3yr runway at current burn

Operating margin 78% TTM vs industry median 0%Net income 21.6M includes non-operating itemsCash 45M vs current debt 14M

Valuation Context

Caveats

Public Strategies Rankings

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XOMA Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$755.38M		—
Enterprise Value	$804.03M		—
P/E Ratio	29		—
Total Revenue - TTM	$11.66M	+14.1%	—
Earnings Per Share (diluted) - TTM	$1.46		—
Operating Margin - TTM	97.6%	+186.4%	—
Net Margin - TTM	272%	+407.2%	—
Free Cash Flow - TTM	$-17.85M		—
Return on Common Equity - TTM	38.3%	+54.5%	—
Beta 5Y (Monthly)	unknown		—

XOMA Dividend History

No dividends

XOMA Stock Splits

2 stock splits

10/18/1620:1 split

08/18/1015:1 split

XOMA SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/18/26	12/31/25	Unknown	0001104659-26-030872
11/12/25	09/30/25	10-Q	0001104659-25-109782
08/13/25	06/30/25	10-Q	0001558370-25-011305
05/13/25	03/31/25	10-Q	0001558370-25-007494
03/17/25	12/31/24	Unknown	0001558370-25-003131
11/07/24	09/30/24	10-Q	0001558370-24-014755
08/13/24	06/30/24	10-Q	0001558370-24-011980
05/09/24	03/31/24	10-Q	0001558370-24-007470
03/08/24	12/31/23	10-K	0001558370-24-002782
11/07/23	09/30/23	10-Q	0001558370-23-017861
08/08/23	06/30/23	10-Q	0001558370-23-013756
05/09/23	03/31/23	10-Q	0001558370-23-008670
03/09/23	12/31/22	10-K	0001558370-23-003259
11/03/22	09/30/22	10-Q	0001558370-22-016142
08/04/22	06/30/22	10-Q	0001558370-22-012065
05/05/22	03/31/22	10-Q	0001558370-22-007241
03/08/22	12/31/21	10-K	0001558370-22-003022
11/04/21	09/30/21	10-Q	0001558370-21-014454
08/05/21	06/30/21	10-Q	0001558370-21-010395
05/06/21	03/31/21	10-Q	0001558370-21-006088
03/10/21	12/31/20	10-K	0001558370-21-002676
11/05/20	09/30/20	10-Q	0001558370-20-012713
08/06/20	06/30/20	10-Q	0001558370-20-009672
05/05/20	03/31/20	10-Q	0001558370-20-005102
03/10/20	12/31/19	10-K	0001558370-20-002286
11/05/19	09/30/19	10-Q	0001564590-19-040075
08/06/19	06/30/19	10-Q	0001564590-19-029005
05/06/19	03/31/19	10-Q	0001564590-19-016040
03/07/19	12/31/18	10-K	0001564590-19-006621
11/07/18	09/30/18	10-Q	0001564590-18-027722
08/07/18	06/30/18	10-Q	0001564590-18-019989
05/09/18	03/31/18	10-Q	0001564590-18-012453
03/07/18	12/31/17	10-K	0001564590-18-004731
11/06/17	09/30/17	10-Q	0001564590-17-021836
08/08/17	06/30/17	10-Q	0001564590-17-016575
05/09/17	03/31/17	10-Q	0001564590-17-009892
03/16/17	12/31/16	10-K	0001564590-17-004563
11/09/16	09/30/16	10-Q	0001564590-16-028488
08/03/16	06/30/16	10-Q	0001564590-16-022355
05/04/16	03/31/16	10-Q	0001564590-16-017643
03/09/16	12/31/15	10-K	0001564590-16-014295
11/06/15	09/30/15	10-Q	0001564590-15-009798
08/10/15	06/30/15	10-Q	0001140361-15-030673
05/07/15	03/31/15	10-Q	0001140361-15-018207
03/11/15	12/31/14	10-K	0001140361-15-011358
11/06/14	09/30/14	10-Q	0001140361-14-040510
08/07/14	06/30/14	10-Q	0001140361-14-031256
05/07/14	03/31/14	10-Q	0001140361-14-019362
03/12/14	12/31/13	10-K	0001140361-14-012373
11/07/13	09/30/13	10-Q	0001140361-13-041100
08/07/13	06/30/13	10-Q	0001140361-13-030851
05/08/13	03/31/13	10-Q	0001140361-13-019452
08/07/14	03/31/13	10-Q/A	0001140361-14-031254
03/12/13	12/31/12	10-K	0001140361-13-012019
11/07/12	09/30/12	10-Q	0001140361-12-046115
08/07/12	06/30/12	10-Q	0001140361-12-035459
05/08/12	03/31/12	10-Q	0001140361-12-023627
03/14/12	12/31/11	10-K	0001140361-12-015529
11/09/11	09/30/11	10-Q	0001140361-11-052661
08/04/11	06/30/11	10-Q	0001140361-11-039687
05/05/11	03/31/11	10-Q	0001140361-11-025283
03/10/11	12/31/10	10-K	0001140361-11-015740
11/09/11	09/30/10	10-Q	0001140361-11-052661
08/09/10	06/30/10	10-Q	0001193125-10-183354
05/06/10	03/31/10	10-Q	0001193125-10-110878
03/11/10	12/31/09	10-K	0001193125-10-053878
11/04/10	09/30/09	10-Q	0001140361-10-043640
11/09/09	09/30/09	10-Q	0001193125-09-229289
08/06/09	06/30/09	10-Q	0001193125-09-167169
05/07/09	03/30/09	10-Q	0001193125-09-103327
03/11/09	12/31/08	10-K	0001193125-09-051006
11/10/08	09/30/08	10-Q	0001193125-08-231703
08/07/08	06/30/08	10-Q	0001193125-08-170089
05/12/08	03/30/08	Unknown	--
03/11/08	12/31/07	10-K	0001193125-08-052901
11/08/07	09/30/07	10-Q	0001193125-07-238920
08/08/07	06/30/07	10-Q	0001193125-07-175562
05/10/07	03/30/07	Unknown	--
03/08/07	12/31/06	10-K	0001193125-07-049517
11/09/06	09/30/06	10-Q	0001193125-06-230323
08/09/06	06/30/06	10-Q	0001193125-06-167684
05/10/06	03/30/06	Unknown	--
03/08/06	12/31/05	10-K	0001193125-06-048409
11/02/05	09/30/05	10-Q	0001193125-05-214375
08/08/05	06/30/05	10-Q	0001193125-05-160702
05/09/05	03/30/05	Unknown	--
03/15/05	12/31/04	10-K	0001193125-05-050055
11/09/04	09/30/04	10-Q	0001193125-04-191267
08/09/04	06/30/04	10-Q	0001193125-04-135945
05/10/04	03/30/04	Unknown	--
03/15/04	12/31/03	4	0001221231-03-000020
11/12/03	09/30/03	10-Q	0000950162-03-001498
08/13/03	06/30/03	8-K	0000950162-03-000971
05/15/03	03/30/03	Unknown	--
03/14/03	12/31/02	10-K	0000950162-03-000544
11/14/02	09/30/02	10-Q	0000950162-02-001547
08/14/02	06/30/02	10-Q	0000950162-02-001021
05/15/02	03/30/02	Unknown	--
04/01/02	12/31/01	10-K	0000950162-02-000460
11/14/01	09/30/01	Unknown	--
08/09/01	06/30/01	Unknown	--
03/31/01	03/30/01	Unknown	--
12/31/00	12/31/00	Unknown	--
09/30/00	09/30/00	Unknown	--
06/30/00	06/30/00	Unknown	--
03/31/00	03/30/00	Unknown	--