Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
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Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
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Filed Pursuant to Rule 424(b)(5)
Registration No. 333-277794

PROSPECTUS SUPPLEMENT

(To Prospectus dated June 17, 2024)

### XOMA ROYALTY CORPORATION
$50,000,000

Depositary Shares

Each Representing 1/1000th of a Share of 8.375% Series B Cumulative Perpetual Preferred Stock

(Liquidation Preference Equivalent to $25.00 Per Depositary Share)

We have entered into a sales agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright” or the
“Sales Agent”) on October 3, 2025, relating to the sale of depositary shares (the “depositary shares” or “Series B Depositary Shares”), each representing a 1/1000th fractional interest in a share of 8.375% Series
B Cumulative Perpetual Preferred Stock (the “Series B Preferred Stock”). In accordance with the terms of the Sales Agreement, pursuant to this prospectus supplement and the accompanying prospectus, from time to time we may offer and sell
Series B Depositary Shares having an aggregate gross sales price of up to $50,000,000 through or to Wainwright, acting as sales agent or principal. As a holder of the depositary shares, you will be entitled to all proportional rights, preferences
and privileges of the Series B Preferred Stock represented thereby, including dividend, voting, redemption and liquidation rights and preferences. The proportionate liquidation preference of each depositary share is $25.00.

We will pay cumulative distributions on the Series B Preferred Stock underlying the depositary shares, from, and including, the date of original issuance under
the Sales Agreement, in the amount of $2.09375 per depositary share each year, which is equivalent to 8.375% of the $25.00 liquidation preference per depositary share. Dividends on the Series B Preferred Stock will be payable quarterly in arrears,
on or about the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day).

Sales of the
depositary shares, if any, under this prospectus supplement and the accompanying prospectus may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of