Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230383
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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)

$75,000,000

Common Stock

We have entered into a
sales agreement (the “Sales Agreement”) with Leerink Partners LLC (“Leerink Partners”), dated October 3, 2025, relating to shares of our common stock, $0.0075 par value per share (“Common 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 shares of our Common Stock having an aggregate gross sales price of up to $75,000,000
through or to Leerink Partners, acting as sales agent or principal.

Our Common Stock is listed on the Nasdaq Global Market under the symbol
“XOMA.” On October 1, 2025, the last reported sale price of our Common Stock on the Nasdaq Global Market was $39.23 per share.

Sales of
our Common Stock, if any, under this prospectus supplement and accompanying prospectus may be made in sales deemed to be “at the market offerings” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, or the
Securities Act. Leerink Partners is not required to sell any specific number or dollar amount of securities, but will act as a sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually
agreed terms between Leerink Partners and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.

The
compensation to Leerink Partners for sales of Common Stock sold pursuant to the Sales Agreement will be an amount up to 3.0% of the gross proceeds of any shares of Common Stock sold under the Sales Agreement. In connection with the sale of the
Common Stock on our behalf, Leerink Partners will be deemed to be an “underwriter” within the meaning of the Securities Act and the compensation of Leerink Partners will be deemed to be underwriting commissions or discounts. We have also
agreed to provide indemnification and contribution to Leerink Partners with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act.

Investing in our Common Stock involves a high degree of risk