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XOMA Royalty Reports Second Quarter and Year to Date 2025 Financial Results听and Highlights Recent Business Achievements

Business development: Purchased mezagitamab royalty and milestone rights held by BioInvent International and will secure royalty economic interests in two early-stage partnered assets through XOMA Royalty鈥檚 recently announced acquisition of LAVA Therapeutics.

Company acquisitions: Announced XOMA Royalty鈥檚 acquisitions of Turnstone Biologics, LAVA Therapeutics, and HilleVax; acted as structuring agent and provided financing for XenoTherapeutics鈥� acquisition of ESSA Pharma; completed the sale of Kinnate pipeline assets and distributed upfront proceeds to Kinnate contingent value right (CVR) holders.

Key Pipeline advancements: Rezolute completed enrollment in Phase 3 sunRIZE study of ersodetug in patients with congenital hyperinsulinism; the Marketing Authorization Application (MAA) for Day One Biopharmaceuticals and Ipsen鈥檚 tovorafenib was accepted for review by the European Marketing Authority (EMA), resulting in a $4 million milestone payment to XOMA Royalty; Zevra Therapeutics submitted an MAA with EMA seeking marketing approval for arimoclomol as a treatment for Niemann-Pick Type C.

Cash receipts: In the first half of 2025, XOMA Royalty received $29.6 million in royalties and milestones from its partners, including $11.7 million during the second quarter.

EMERYVILLE, Calif., Aug. 13, 2025 (GLOBE NEWSWIRE) -- XOMA Royalty Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported its 2025 second quarter and year to date financial results and highlighted recent actions that have the potential to deliver shareholder value.

鈥淲e continue to add to our diversified portfolio of both early- and late-stage assets through disciplined capital deployment and creative financial structures,鈥� stated Owen Hughes, Chief Executive Officer of XOMA Royalty. 鈥淩ecently approved drugs are addressing key unmet patient needs, which is driving increased royalty receipts, and we await data from several key Phase 3 assets over the coming quarters.鈥�

Royalty and Milestone Acquisitions

Company Acquisitions

Pipeline Partner Updates through August 8, 2025

Anticipated 2025 Partner Events of Note

Second Quarter and Year to Date 2025 Financial Results

Tom Burns, Chief Financial Officer of XOMA Royalty, commented, 鈥淚n the first six months of 2025, we have received $29.6 million in cash from partners, of which $16.0 million were royalty payments related to commercial sales and $13.6 million in milestone payments and fees.听 In the second quarter, we received $11.7 million in cash, $2.6 million from our partners鈥� commercial sales and $9.0 million from milestones and fees.听 Our partners鈥� product marketing activities continue to be well executed and as new commercial opportunities within our portfolio emerge, our line of sight to becoming cash flow positive on a consistent basis exclusively from the cash payments received from royalties grows clearer.听 With this outlook, we deployed $1.8 million to repurchase 81,682 shares of our common stock in the second quarter, bringing the total number of shares repurchased in 2025 to over 107,500 shares.鈥�

Income and Revenue: Income and revenue for the three and six months ended June 30, 2025, were $13.1 million and $29.0 million, respectively, as compared with $11.1 million and $12.6 million for the corresponding periods of 2024.听 The increase in both periods presented was primarily driven by increased income related to VABYSMO and OJEMDA.

Research and Development (R&D) Expenses: R&D expenses for the three and six months ended June 30, 2025, were $0.1 million and $1.4 million, respectively, compared with $1.2 million for each of the corresponding periods of 2024.听 The R&D expenses in the first quarter of 2025 and the three- and six-month periods of 2024 were related to the clinical trial costs incurred subsequent to XOMA Royalty鈥檚 acquisition of Kinnate in April 2024 related to KIN-3248 and the associated wind-down activities.

General and Administrative (G&A) Expenses: G&A expenses for the three and six months ended June 30, 2025, were $7.8 million and $15.9 million, respectively, as compared with $11.0 million and $19.5 million for the corresponding periods of 2024.听 The decrease in the second quarter of 2025 compared to the second quarter of 2024 was primarily due to the $3.6 million in exit packages paid to Kinnate senior leadership in the second quarter of 2024.

In 2025, XOMA Royalty鈥檚 G&A expenses included non-cash stock-based compensation expenses during the three and six months ended June 30, 2025, of $1.6 million and $3.6 million, respectively, as compared to $2.7 million and $5.5 million for the corresponding periods of 2024.听 The 2024 periods reflect non-cash stock-based compensation related to the appointment of Mr. Hughes to full-time Chief Executive Officer and issuance of performance stock units.

Credit Losses on Purchased Receivables: In the second quarter of 2024, XOMA Royalty recorded a one-time, non-cash credit loss on purchased receivables of $9.0 million and a corresponding reduction of royalty receivables of $9.0 million associated with the Aronora assets.听 To date there have been no credit losses in 2025.

Amortization of Intangible Assets: Amortization of intangible assets relates to the IP acquired in the Company鈥檚 acquisitions of Pulmokine in November 2024 and the mezagitamab economics from the BioInvent transaction in May 2025.听 Amortization of non-cash intangible assets were $0.7 million and $1.2 million for the three and six months ended June 30, 2025.

Gain on Acquisition of Kinnate: In the second quarter of 2024, XOMA Royalty recorded a $19.3 million gain on the acquisition of Kinnate due to the fair value of net assets that exceeded total purchase consideration.

Interest Expense: For the three and six months ended June 30, 2025, interest expense was $3.2 million and $6.7 million, respectively, as compared with $3.4 million and $7.0 million for the corresponding periods of 2024. Interest expense relates to the Blue Owl Loan established in December 2023.

Other Income, net: For the three and six months ended June 30, 2025, other income, net was $7.8 million and $7.7 million, respectively, as compared with $2.1 million and $4.0 million for the corresponding periods of 2024.听 The increases for the periods presented were primarily driven by increases in the fair value of XOMA Royalty鈥檚 investments in equity securities.

Net Income: XOMA Royalty reported net income of $9.2 million and $11.6 million for the three and six months ended June 30, 2025, as compared to $16.0 and $7.4 million in the corresponding periods of 2025.

Cash Position: On June 30, 2025, XOMA Royalty had cash and cash equivalents of $78.5 million (including $3.4 million in restricted cash), compared with cash and cash equivalents of $106.4 million (including $4.8 million in restricted cash) on December 31, 2024.

In the second quarter of 2025, XOMA Royalty received $11.7 million in cash receipts including $2.6 million in royalties and commercial payments and $9.0 million in milestones and fees.听 During the second quarter of 2025, XOMA Royalty deployed $20 million to acquire additional economics in mezagitamab, repurchased approximately 81,700 shares of XOMA Royalty common stock for a cost of $1.8 million, and paid $1.4 million in dividends on the XOMA Royalty Perpetual Preferred stocks.听 In the first six months of 2025, XOMA Royalty received $29.6 million in cash receipts, including $16.0 million in royalties and commercial payments and $13.6 million in milestone payments and fees.听 During the first half of 2025, XOMA Royalty deployed $25.0 million to acquire additional assets for its royalty and milestone portfolio, repurchased approximately 107,500 shares of its common stock for a cost of $2.4 million, and paid $2.7 million in dividends on the XOMA Royalty Perpetual Preferred stocks.

About XOMA Royalty Corporation
XOMA Royalty is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA Royalty acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies.听 When XOMA Royalty acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes.听 The Company has an extensive and growing portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate).听 For more information about the Company and its portfolio, please visit or follow XOMA Royalty Corporation on .

Forward-Looking Statements/Explanatory Notes
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the timing and amount of potential commercial payments to XOMA Royalty and other developments related to VABYSMO庐 (faricimab-svoa), OJEMDA鈩� (tovorafenib), MIPLYFFA鈩� (arimoclomol), XACIATO鈩� (clindamycin phosphate) vaginal gel 2%, IXINITY庐 [coagulation factor IX (recombinant)], DSUVIA庐 (sufentanil sublingual tablet), and Sildenafil Cream, 3.6%; the potential occurrences of the events listed under 鈥淎nticipated 2025 Events of Note鈥�; the anticipated timings of regulatory filings and approvals related to assets in XOMA Royalty鈥檚 portfolio; and the potential of XOMA Royalty鈥檚 portfolio of partnered programs and licensed technologies generating substantial milestone and royalty proceeds over time.听 In some cases, you can identify such forward-looking statements by terminology such as 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥渟eek,鈥� 鈥減roject,鈥� 鈥渆xpect,鈥� 鈥渕ay,鈥� 鈥渨ill鈥�, 鈥渨ould,鈥� 鈥渃ould鈥� or 鈥渟hould,鈥� the negative of these terms or similar expressions.听 These forward-looking statements are not a guarantee of听XOMA Royalty鈥檚听performance, and you should not place undue reliance on such statements.听 These statements are based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry, including those related to the fact that our product candidates subject to out-license agreements are still being developed, and our licensees may require substantial funds to continue development which may not be available; we do not know whether there will be, or will continue to be, a viable market for the products in which we have an ownership or royalty interest; and if the therapeutic product candidates to which we have a royalty interest do not receive regulatory approval, our third-party licensees will not be able to market them.听 Other potential risks to XOMA Royalty meeting these expectations are described in more detail in XOMA Royalty's most recent filing on Form 10-Q and in other filings with the Securities and Exchange Commission.听 Consider such risks carefully when considering XOMA Royalty's prospects.听 Any forward-looking statement in this press release represents XOMA Royalty's beliefs and assumptions only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date.听 XOMA Royalty disclaims any obligation to update any forward-looking statement, except as required by applicable law.

EXPLANATORY NOTE: Any references to 鈥減ortfolio鈥� in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development.听 Any references to 鈥渁ssets鈥� in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development.

As of the date of this press release, the commercial assets in XOMA Royalty鈥檚 milestone and royalty portfolio are VABYSMO庐 (faricimab-svoa), OJEMDA鈩� (tovorafenib), MIPLYFFA鈩� (arimoclomol), XACIATO鈩� (clindamycin phosphate) vaginal gel 2%, IXINITY庐 [coagulation factor IX (recombinant)], and DSUVIA庐 (sufentanil sublingual tablet).听 All other assets in the milestone and royalty portfolio are investigational compounds.听 Efficacy and safety have not been established. There is no guarantee that any of the investigational compounds will become commercially available.

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