Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 41

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 41
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 who acquire our depositary shares through the exercise of an option or otherwise as compensation, “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds, partnerships and other pass-through entities or arrangements, and investors in such pass-through entities or arrangements. Each holder is urged to consult its tax advisor to determine the U.S. federal, state, local, and other tax considerations that may be relevant to such holder. A “U.S. Holder” means a beneficial owner of our depositary shares that is for U.S. federal income tax purposes any of the following:

| • |     | an individual who is a citizen or resident of the United States; |

| • |     | a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created in or 
 organized under the laws of the United States, any state thereof, or the District of Columbia;             |

| • |     | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |

| • |     | a trust if it (1) is subject to the primary supervision of a U.S. court and the control of one or more                                                                                                                       
 “United States persons” (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person for U.S. federal income tax 
 purposes.                                                                                                                                                                                                                    |

For the purposes of this discussion, a “Non-U.S. Holder” is, for U.S. federal income tax purposes, a beneficial owner of our depositary shares that is neither a U.S. Holder, nor a partnership (or other entity or arrangement treated as a pass-through entity for U.S. federal income tax purposes). In general, and assuming that each obligation in the Deposit Agreement and any related agreement will be performed in accordance with its terms, for U.S. federal income tax purposes, if a holder holds depositary shares, S-30

it is intended that such holder will be treated as the owner of the underlying Series B Preferred Stock represented by those depositary shares. Accordingly, the following discussion addresses the
tax considerations of owning shares of 8.375% Series B Preferred Stock as if a holder owned such shares directly rather than through the ownership interests represented by the depositary shares which are being sold in this