Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 58

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 58
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 aggregator; |

| • |     | the assumptions underlying our business model; |

| • |     | the extent to which issued and pending patents may protect the products and processes in which we have an 
 ownership or royalty interest and prevent the use of the covered subject matter by third parties;         |

| • |     | the potential of our existing product candidates to lead to the development of commercial products; |

| • |     | our ability to receive potential milestone or royalty payments under license and collaboration agreements and the 
 amount and timing of receipt of those payments;                                                                   |

| • |     | our ability to locate suitable assets to acquire; |

| • |     | uncertainties related to the acquisition of interest in development-stage and clinical-stage product candidates; |

| • |     | fluctuations in, and our ability to predict, our operating results and cash flows; |

| • |     | the sufficiency of our capital resources; and |

| • |     | other risks and uncertainties, including those listed or incorporated by reference in “Risk Factors”                        
 and the additional risk factors contained in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. |

Forward-looking statements are inherently uncertain and you should not place undue reliance on these statements, which speak only as of the date that they were made. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. Except as required by law, we do not undertake any obligation to revise or update publicly any forward-looking statements after the date of this prospectus to reflect later events or circumstances or to reflect the occurrence of unanticipated events, or otherwise. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this prospectus. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. 2

THE COMPANY

XOMA is a biotech royalty aggregator. We have a sizable portfolio of economic rights to future potential milestone and royalty payments associated with
partnered commercial and pre-commercial therapeutic candidates. Our portfolio was built through the acquisition of rights to future milestones, royalties and commercial payments since our royalty aggregator
business model