Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 38

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 38
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 to, the Series B Preferred Stock; or |

| • |     | the amendment, alteration or repeal or change of any provision of our articles of incorporation, including the                                                                                                                                           
 certificate of designation establishing the Series B Preferred Stock, as a result of a merger, consolidation, reorganization or other business combination, if the Series B Preferred Stock (or shares into which the Series B Preferred Stock have been 
 converted in any successor entity to us) remain outstanding with the terms thereof materially unchanged.                                                                                                                                                 |

No Maturity, Sinking Fund or Mandatory Redemption The Series B Preferred Stock has no maturity date and we are not required to redeem the Series B Preferred Stock at any time. Accordingly, the Series B Preferred Stock will remain outstanding indefinitely, unless we decide, at our option, to exercise our redemption right or, under circumstances where the holders of the depositary shares representing interests in the Series B Preferred Stock have a conversion right, such holders convert the Series B Preferred Stock into our Common Stock. The Series B Preferred Stock is not subject to any sinking fund. S-27

Surrender of Depositary Shares for Shares of Series B Preferred Stock

Under certain circumstances, holders may be required to surrender depositary receipts to the depositary or us. In the event of such a surrender of depositary
shares, the holder will be entitled to receive the number of whole or fractional shares of Series B Preferred Stock represented by the depositary shares. See “Description of Depositary Shares—Withdrawal of Stock” and
“—Amendment and Termination of the Deposit Agreement” in the accompanying prospectus.

Depositary Share Listing

Our Series B Depositary Shares are trading on the Nasdaq Global Market under the symbol “XOMAO.”

Transfer Agent

The transfer agent and registrar for the
Series B Depositary Shares is Equiniti Trust Company, LLC.

S-28

BOOK-ENTRY PROCEDURES

The depositary shares will be issued in fully registered form in the name of Cede & Co., as nominee of DTC. One or more fully registered global
depositary receipts will be issued representing in the aggregate the total number of the depositary shares. Such global depositary receipt will be deposited with or on behalf of DTC and may not be transferred except as a whole by DTC to a nominee of
DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any nominee to a successor of DTC or a nominee of such successor.

So long as