Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230383
Chunk: 35

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 35
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 supplement will apply and will supersede the information in this prospectus.

We may
sell the securities directly to you, through agents we select, or through underwriters and dealers we select. If agents, underwriters or dealers are used to sell the securities, we will name them and describe their compensation in a prospectus
supplement or sales agreement prospectus. Each prospectus supplement will provide the amount, price, terms and plan of distribution relating to the securities to be sold pursuant to such prospectus supplement.

You should read this prospectus, the applicable prospectus supplement and any related free writing prospectus carefully, as well as any documents incorporated
by reference, before you invest in any of the securities being offered.

Our common stock, $0.0075 par value, is listed on The Nasdaq Global Market under
the symbol “XOMA,” our 8.625% Series A Cumulative Perpetual Preferred Stock is listed on the Nasdaq Global Market under the symbol “XOMAP,” and our depositary shares, each representing a 1/1000 fractional interest in a share of our 8.375% Series B Cumulative Perpetual Preferred Stock, are listed on the Nasdaq Global Market under the symbol “XOMAO.” On March 7, 2024, the last
reported sale price for our common stock was $25.12 per share. We recommend that you obtain current market quotations for our common stock prior to making an investment decision.

Investing in our securities involves a high degree of risk. Before making any investment in our securities, you should consider carefully the risks and uncertainties described in the section entitled “ Risk Factors” beginning on page 4 of this prospectus and any applicable prospectus supplement, and under similar headings in the other documents that are incorporated by reference into this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus is June 17, 2024

Table of Contents

|                                                   |     | Page |    |
| ABOUT THIS PROSPECTUS                             |     |      |  1 |
| SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS |     |      |  2 |
| THE COMPANY                                       |     |      |  3 |
| RISK FACTORS                                      |     |      |  4 |
| USE OF PROCEEDS