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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number: 001-39801

XOMA Royalty Corporation

(Exact name of Registrant as specified in its charter)

Delaware

52-2154066

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

 

 

2200 Powell Street, Suite 310

Emeryville, California

94608

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (510) 204-7200

Former name, former address and former fiscal year, if changed since last report: XOMA Corporation

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol(s):

Name of each exchange on which registered:

Common Stock, $0.0075 par value

XOMA

The Nasdaq Global Market

8.625% Series A Cumulative Perpetual Preferred Stock, par value $0.05

XOMAP

The Nasdaq Global Market

Depositary Shares (each representing 1/1000th interest in a share of 8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05)

XOMAO

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

As of August 8, 2024, the registrant had 11,704,467 shares of common stock, $0.0075 par value per share, outstanding.

Table of Contents

XOMA ROYALTY CORPORATION

FORM 10-Q

TABLE OF CONTENTS

Page

Glossary of Terms and Abbreviations

3

PART I

FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements

7

Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023

7

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)

8

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)

9

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited)

10

Notes to Condensed Consolidated Financial Statements (unaudited)

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

48

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4.

Controls and Procedures

60

PART II

OTHER INFORMATION

60

Item 1.

Legal Proceedings

60

Item 1A.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

Signatures

65

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Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS

Abbreviations

Definition

2010 Plan

The Company's 2010 Long Term Incentive and Stock Award Plan, as amended

2018 Common Stock ATM Agreement

At The Market Issuance Sales Agreement with HCW dated December 18, 2018

2021 Series B Preferred Stock ATM Agreement

At The Market Issuance Sales Agreement with B. Riley dated August 5, 2021

AAA

Assignment and Assumption Agreement

Affitech

Affitech Research AS

Affitech CPPA

The Company's Commercial Payment Purchase Agreement with Affitech dated October 6, 2021

Agenus

Agenus, Inc. and certain affiliates

Agenus RPA

The Company's Royalty Purchase Agreement with Agenus dated September 20, 2018

Alora

Alora Pharmaceuticals, LLC

Anti-TGFβ Antibody License Agreement

The Company's License Agreement with Novartis dated September 30, 2015

April 2022 Letter Agreement

The Letter Agreement to Officer Employment Agreement dated August 7, 2017, between the Company and Thomas Burns dated April 1, 2022

Aptevo

Aptevo Therapeutics Inc.

Aptevo CPPA

The Company’s Payment Interest Purchase Agreement with Aptevo dated March 29, 2023, referred to herein as “Aptevo Commercial Payment Purchase Agreement” or “Aptevo CPPA”

Aronora

Aronora, Inc.

Aronora RPA

The Company's Royalty Purchase Agreement with Aronora dated April 7, 2019

AstraZeneca

AstraZeneca plc

ASC

Accounting Standards Codification

ASC 450

ASC Topic 450, Contingencies

ASC 606

ASC Topic 606, Revenue from Contracts with Customers

ASC 805

ASC Topic 805, Business Combinations

ASC 815

ASC Topic 815, Derivatives and Hedging

ASC 825

ASC Topic 825, Financial Instruments

ASC 842

ASC Topic 842, Leases

ASU

Accounting Standards Update

Bayer

Bayer Pharma AG

Bayer License Agreement

Out-license agreement to Bayer HealthCare LLC from Daré dated January 10, 2020, related to the development and commercialization of OVAPRENE

Bioasis

Bioasis Technologies, Inc. and certain affiliates

Bioasis RPA

The Company's Royalty Purchase Agreement with Bioasis dated February 25, 2019

Black-Scholes Model

Black-Scholes Option Pricing Model

Blue Owl

Blue Owl Capital Corporation

Blue Owl Loan

Loan pursuant to the Blue Owl Loan Agreement

Blue Owl Loan Agreement

Loan agreement dated as of December 15, 2023, between XRL, the lenders from time to time party thereto and Blue Owl, as administrative agent

Board

The Company’s Board of Directors

B. Riley

B. Riley Securities, Inc.

Broadridge

Broadridge Corporate Issuer Solutions, LLC, rights agent under the Kinnate CVR Agreement

BVF

Biotechnology Value Fund, L.P.

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Table of Contents

Company

XOMA Royalty Corporation (formerly, XOMA Corporation), including its subsidiaries

CMO

Contract manufacturing organization

CPPA

Commercial Payment Purchase Agreement

CVR

Contingent value right

CRO

Contract research organization

Daré

Daré Bioscience, Inc.

Daré RPAs

The Company's Traditional RPA and Synthetic RPA with Daré dated April 29, 2024

Daré Organon License Agreement

Out-license agreement to Organon from Daré dated March 31, 2022, related to the development and commercialization of XACIATO, as amended on July 4, 2023

Day One

Day One Biopharmaceuticals

DSUVIA®

sufentanil sublingual tablet (DZUVEO in European market)

DoD

U.S. Department of Defense

EMA

European Medicines Agency

ESPP

2015 Employee Stock Purchase Plan, as amended

Exchange Act

U.S. Securities Exchange Act of 1934

FDA

U.S. Food and Drug Administration

FDIC

Federal Deposit Insurance Corporation

Fortis

Fortis Advisors LLC, representative of the Kinnate CVR holders under the Kinnate CVR Agreement

GAAP

Generally accepted accounting principles

G&A

General and administrative

Gevokizumab License Agreement

The Company's License Agreement with Novartis dated August 24, 2017

HCRP

Healthcare Royalty Partners II, L.P.

HCW

H.C. Wainwright & Co., LLC

ImmunityBio

ImmunityBio, Inc. (formerly NantCell, Inc.)

ImmunityBio License Agreement

Out-license agreement to ImmunityBio from LadRx dated July 27, 2017, related to the development and commercialization of Aldoxorubicin, as amended on September 27, 2018, terminated on June 3, 2024

IRA

Inflation Reduction Act

IP

Intellectual Property

IPR&D

In-Process Research and Development

IXINITY®

coagulation factor IX (recombinant)

Janssen

Janssen Biotech, Inc.

Kinnate

Kinnate Biopharma Inc.

Kinnate CVR Agreement

The Contingent Value Rights Agreement by and between the Company, Broadridge, and Fortis dated April 3, 2024

Kinnate Merger Agreement

The Agreement and Plan of Merger by and among the Company, XRA, and Kinnate dated February 16, 2024

Kuros

Kuros Biosciences AG, Kuros US LLC and Kuros Royalty Fund (US) LLC, collectively

Kuros RPA

The Company's Royalty Purchase Agreement with Kuros dated July 14, 2021

LadRx

LadRx Corporation (formerly CytRx Corporation)

LadRx Agreements

LadRx AAA and LadRx RPA

LadRx AAA

The Company’s Assignment and Assumption Agreement with LadRx dated June 21, 2023

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Table of Contents

LadRx RPA

The Company’s Royalty Purchase Agreement with LadRx dated June 21, 2023 and subsequently amended on June 3, 2024

Medexus

Medexus Pharmaceuticals, Inc.

Merck KGaA License Agreement

In-license agreement from Merck KGaA to ObsEva related to ebopiprant dated June 10, 2015 and subsequently amended on July 8, 2016 (assumed by the Company as part of the ObsEva IP Acquisition Agreement)

NDA

New Drug Application

Novartis

Novartis Pharma AG, Novartis International Pharmaceutical Ltd., Novartis Institutes for Biomedical Research, Inc. and/or Novartis Vaccines and Diagnostics, Inc.

ObsEva

ObsEva SA

ObsEva IP Acquisition Agreement

Company's IP Acquisition Agreement with ObsEva dated November 21, 2022

OJEMDA™

tovorafenib

Organon

Organon International GmbH

OVAPRENE®

An investigational hormone-free monthly intravaginal contraceptive

Palo

Palobiofarma, S.L.

Palo RPA

The Company's Royalty Purchase Agreement with Palo dated September 26, 2019

Pfizer

Pfizer, Inc.

Pierre Fabre

Pierre Fabre Médicament, SAS

PSU

Performance stock unit

R&D

Research and development

Regeneron

Regeneron Pharmaceuticals, Inc.

Rezolute

Rezolute, Inc., formerly Antria Bio, Inc.

Rezolute License Agreement

The Company's License Agreement with Rezolute dated December 6, 2017, as amended in March 2018, January 2019 and March 2020

RPA

Royalty Purchase Agreement

Roche

F. Hoffmann-La Roche AG

RSU

Restricted stock unit

SEC

U.S. Securities and Exchange Commission

Series A Preferred Stock

The 8.625% Series A cumulative, perpetual preferred stock issued in December 2020

Series B Preferred Stock

The 8.375% Series B cumulative, perpetual preferred stock issued in April 2021

Series A and Series B Preferred Stock

Series A Preferred Stock and Series B Preferred Stock, collectively

Series B Depositary Shares

The depositary shares, each representing 1/1000th interest in a share of Series B Preferred Stock

Series X Preferred Stock

The Series X Convertible Preferred Stock

Sildenafil Cream

Sildenafil Cream, 3.6%

Sonnet

Sonnet BioTherapeutics, Inc. (formerly Oncobiologics, Inc.)

Sonnet Collaboration Agreement

The Company's Collaboration Agreement with Sonnet dated July 23, 2012, as amended in May 2019

SVB

Silicon Valley Bank

Takeda

Takeda Pharmaceutical Company Limited

Takeda Collaboration Agreement

The Company's Collaboration Agreement with Takeda dated November 1, 2006, as amended in February 2007 and February 2009

Talphera

Talphera, Inc. (formerly AcelRx Pharmaceuticals, Inc. or “AcelRx”)

Talphera APA

Asset Purchase Agreement dated March 12, 2023 between AcelRx (now Talphera) and Vertical related to the sale of DSUVIA from Talphera to Vertical

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Table of Contents

Talphera CPPA

The Company’s Payment Interest Purchase Agreement with Talphera dated January 11, 2024, referred to herein as “Talphera Commercial Payment Purchase Agreement” or “Talphera CPPA”

Talphera Marketing Agreement

Marketing Agreement dated April 3, 2023 between AcelRx (now Talphera) and Vertical

TGFβ

transforming growth factor beta

U.S.

United States

VABYSMO®

faricimab-svoa

Vertical

Vertical Pharmaceuticals, LLC, a wholly-owned subsidiary of Alora

Viracta

Viracta Therapeutics, Inc.

Viracta RPA

The Company's Royalty Purchase Agreement with Viracta dated March 22, 2021, as amended March 4, 2024

XACIATO™

Clindamycin phosphate vaginal gel 2%

XOMA

XOMA Royalty Corporation (formerly, XOMA Corporation), a Delaware corporation, including subsidiaries

XRA

XRA 1 Corp. a wholly-owned subsidiary of the Company

XRL

XRL 1 LLC, a wholly-owned subsidiary of the Company

Zevra

Zevra Therapeutics, Inc. (formerly KemPharm Denmark A/S)

Zevra APA

Asset Purchase Agreement dated May 13, 2011 between LadRx and Orphazyme ApS, and assigned to Zevra as of June 1, 2022, related to the sale of arimoclomol from LadRx to Zevra (assumed by the Company as part of LadRx AAA)

6

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

XOMA ROYALTY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

June 30, 

December 31, 

    

2024

    

2023(1)

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$

143,904

$

153,290

Short-term restricted cash

160

Short-term equity securities

696

161

Trade and other receivables, net

 

526

 

1,004

Short-term royalty and commercial payment receivables

14,257

14,215

Prepaid expenses and other current assets

 

2,820

 

483

Total current assets

 

162,203

 

169,313

Long-term restricted cash

6,016

 

6,100

Property and equipment, net

 

37

 

25

Operating lease right-of-use assets

349

378

Long-term royalty and commercial payment receivables

 

69,731

 

57,952

Exarafenib milestone asset (Note 4)

 

2,922

 

Other assets - long term

 

2,022

 

533

Total assets

$

243,280

$

234,301

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

982

$

653

Accrued and other liabilities

 

4,869

 

2,768

Contingent consideration under RPAs, AAAs and CPPAs

3,000

7,000

Operating lease liabilities

421

54

Unearned revenue recognized under units-of-revenue method

 

2,259

 

2,113

Preferred stock dividend accrual

1,368

1,368

Current portion of long-term debt

5,716

5,543

Total current liabilities

 

18,615

 

19,499

Unearned revenue recognized under units-of-revenue method – long-term

 

5,963

 

7,228

Exarafenib milestone contingent consideration (Note 4)

2,922

Long-term operating lease liabilities

710

335

Long-term debt

115,077

118,518

Total liabilities

 

143,287

 

145,580

Commitments and Contingencies (Note 10)

Stockholders’ equity:

Preferred Stock, $0.05 par value, 1,000,000 shares authorized:

8.625% Series A cumulative, perpetual preferred stock, 984,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023

49

49

8.375% Series B cumulative, perpetual preferred stock, 1,600 shares issued and outstanding as of June 30, 2024 and December 31, 2023

 

Convertible preferred stock, 5,003 shares issued and outstanding as of June 30, 2024 and December 31, 2023

 

 

Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,658,383 and 11,495,492 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

87

 

86

Additional paid-in capital

 

1,315,703

 

1,311,809

Accumulated deficit

 

(1,215,846)

 

(1,223,223)

Total stockholders’ equity

 

99,993

 

88,721

Total liabilities and stockholders’ equity

$

243,280

$

234,301

The accompanying notes are an integral part of these condensed consolidated financial statements.

(1)The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Table of Contents

XOMA ROYALTY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited)

(in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2024

    

2023

    

2024

    

2023

Income and revenues:

Income from purchased receivables

$

5,432

$

$

5,432

$

Revenue from contracts with customers

5,025

1,125

6,025

1,125

Revenue recognized under units-of-revenue method

 

629

 

533

 

1,119

 

970

Total income and revenues

 

11,086

 

1,658

 

12,576

 

2,095

Operating expenses:

 

 

 

 

Research and development

 

1,161

 

39

 

1,194

 

93

General and administrative

 

11,004

 

5,777

 

19,465

 

11,973

Royalty purchase agreement asset impairment

9,000

1,575

9,000

1,575

Arbitration settlement costs

 

 

 

 

4,132

Amortization of intangible assets

224

449

Total operating expenses

 

21,165

 

7,615

 

29,659

 

18,222

Loss from operations

 

(10,079)

 

(5,957)

 

(17,083)

 

(16,127)

Other income (expense):

 

 

 

 

Gain on the acquisition of Kinnate

 

19,316

 

 

19,316

 

Change in fair value of embedded derivative related to RPA

8,100

8,100

Interest expense

 

(3,402)

 

 

(6,953)

 

Other income (expense), net

 

2,050

 

557

 

4,010

 

914

Net income (loss) and comprehensive income (loss)

$

15,985

$

(5,400)

$

7,390

$

(15,213)

Net income (loss) available to (attributable to) common stockholders (Note 3):

Basic

$

10,224

$

(6,768)

$

3,253

$

(17,949)

Diluted

$

14,617

$

(6,768)

$

4,654

$

(17,949)

Net income (loss) per share available to (attributable to) common stockholders:

Basic

$

0.88

$

(0.59)

$

0.28

$

(1.57)

Diluted

$

0.84

$

(0.59)

$

0.27

$

(1.57)

Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders:

Basic

11,643

11,466

11,611

11,463

Diluted

17,321

11,466

17,263

11,463

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

XOMA ROYALTY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in thousands)

Series A 

Series B

Convertible

Additional

Total

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Paid-In

Accumulated

Stockholders’

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

     

Shares

  

Amount

 

Capital

Deficit

  

Equity

Balance, December 31, 2023

984

$

49

2

$

5

$

 

11,495

$

86

$

1,311,809

$

(1,223,223)

$

88,721

Exercise of stock options

 

 

 

 

135

1

 

621

 

 

622

Issuance of common stock related to 401(k) contribution

 

 

 

 

7

 

118

 

 

118

Stock-based compensation expense

 

 

 

 

 

2,856

 

 

2,856

Preferred stock dividends

 

 

 

 

 

(1,368)

 

 

(1,368)

Repurchase of common stock

 

 

 

 

(1)

 

 

(13)

 

(13)

Net loss and comprehensive loss

 

 

 

 

 

 

(8,595)

 

(8,595)

Balance, March 31, 2024

984

$

49

2

$

5

$

 

11,636

$

87

$

1,314,036

$

(1,231,831)

$

82,341

Exercise of stock options

 

 

15

250

250

Issuance of common stock related to ESPP

 

 

7

95

95

Stock-based compensation expense

 

 

2,690

2,690

Preferred stock dividends

 

 

(1,368)

(1,368)

Net income and comprehensive income

 

 

15,985

15,985

Balance, June 30, 2024

984

$

49

2

$

5

$

 

11,658

$

87

$

1,315,703

$

(1,215,846)

$

99,993

Series A 

Series B

Convertible

Additional

Total

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Paid-In

Accumulated

Stockholders’

Shares

  

Amount

  

Shares

  

Amount

  

Shares

  

Amount

     

Shares

  

Amount

 

Capital

Deficit

  

Equity

Balance, December 31, 2022

984

$

49

2

$

5

$

 

11,454

$

86

$

1,306,271

$

(1,182,392)

$

124,014

Issuance of common stock related to 401(k) contribution

 

 

 

 

7

 

 

123

 

 

123

Stock-based compensation expense

 

 

 

 

 

 

1,570

 

 

1,570

Preferred stock dividends

 

 

 

 

 

 

(1,368)

 

 

(1,368)

Net loss and comprehensive loss

 

 

 

 

 

 

 

(9,813)

 

(9,813)

Balance, March 31, 2023

984

$

49

2

$

5

$

 

11,461

$

86

$

1,306,596

$

(1,192,205)

$

114,526

Exercise of stock options

 

 

8

153

153

Issuance of common stock related to ESPP

 

 

3

50

50

Stock-based compensation expense

 

 

2,163

2,163

Preferred stock dividends

 

 

(1,368)

(1,368)

Net loss and comprehensive loss

 

 

(5,400)

(5,400)

Balance, June 30, 2023

984

$

49

2

$

5

$

 

11,472

$

86

$

1,307,594

$

(1,197,605)

$

110,124

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents

XOMA ROYALTY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Six Months Ended June 30, 

    

2024

    

2023

Cash flows from operating activities:

Net income (loss)

$

7,390

$

(15,213)

Adjustments to reconcile net income (loss) to net cash used in operating activities: