Company: XOMAP
Filing Date: 2025-06-27
Form Type: SC TO-C
Source: 0001193125-25-149747
Chunk: 1

Company: XOMA Royalty Corp
Filing Date: 2025-06-27
Form: SC TO-C
Chunk 1
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ger, dated as of June 26, 2025, among Parent, XRA 3 Corp., a Delaware corporation and a wholly owned
subsidiary of Parent, and Turnstone (the “”).

The press release filed herewith as Exhibit 99.1 is
neither an offer to purchase nor a solicitation of an offer to sell securities. The Offer for the Shares described in this filing has not commenced. At the time the Offer is commenced, Parent will file a tender offer statement on Schedule TO with
the Securities and Exchange Commission (“”), and Turnstone will file a solicitation/recommendation statement on Schedule 14D-9, with respect to the Offer.

Cautionary Note Regarding Forward-Looking Statements

This communication contains forward-looking statements related to Parent and Turnstone and the acquisition by Parent of Turnstone, including
express or implied forward-looking statements about the future operations and performance of Turnstone and Parent. These forward-looking statements are within the meaning of U.S. federal securities laws, including, without limitation, statements
regarding the anticipated timing of and closing of the proposed Offer, the merger and related transactions contemplated by the Merger Agreement (collectively referred to as the “transactions”). The words “anticipate,”
“approximately,” “look to,” “plan,” “expect,” “may,” “will,” “could” or “should,” the negative of these terms or similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific. Parent cautions that a number of important factors, including those described in this communication, could cause actual results to differ materially from those contemplated in any forward-looking
statements. Any forward-looking statements in this communication are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to
differ materially from those expressed or implied by any forward-looking statements contained in this communication, including, without limitation, the impact of actions of other parties with respect to the transactions; the possibility that
competing offers will be made; the outcome of any legal proceedings that have been or could be instituted against Parent, Turnstone or their respective directors; the risk that the transactions may not be completed in a timely manner, or at all,
which may adversely affect Turnstone’s or