Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 5

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 5
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 value of our Common Stock held by non-affiliates is less than $250.0 million or (ii) our annual
revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our Common Stock held by non-affiliates is less than $700.0 million. As a smaller reporting
company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

S-3

THE OFFERING

| Depositary Shares Offered By Us | Depositary shares, each representing a 1/1000th fractional interest in a share of 8.375% Series B Cumulative Perpetual Preferred Stock, having an aggregate offering price of up to $50 million. |

| Depositary Shares to be Outstanding After the Offering | Up to 3,551,600 depositary shares, assuming sales of 1,951,600 depositary shares in this offering at an assumed offering price of $25.62 per share, which was the last reported sale price of our depositary shares on Nasdaq on October 1, 2025. The 
 actual number of depositary shares issued will vary depending on the sales prices at which our depositary shares are sold under this offering.                                                                                                        |

| Plan of Distribution | “At the market offering” that may be made from time to time through or to the Agent, as sales agent or principal, subject to our instruction as to amount and timing. The Agent will make all sales using commercially reasonable efforts 
 consistent with its normal trading and sales practices on mutually agreed terms between the Agent and us. See “Plan of Distribution” on page S-36.                                                                                        |

| Ranking | The Series B Preferred Stock underlying the depositary shares will rank, as to dividend rights and rights upon our liquidation, dissolution or winding up: |

| 1) | Senior to all classes or series of our Common Stock and to all other equity securities issued by us other than                                 
 any equity securities issued by us with terms specifically providing that those equity securities rank senior to the Series B Preferred Stock; |

| 2) | Senior with respect to the payment of dividends and other distributions and on parity with respect to the 
 distribution of assets upon our liquidation, dissolution or winding up with our Series X Preferred Stock; |

| 3) | On parity with our 8.625% Series A Cumulative Perpetual Preferred Stock