Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 23

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 23
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 other distribution on the Series B Preferred Stock at any time that:

| • |     | the terms and provisions of any of our agreements, including any agreement relating to our indebtedness, 
 prohibits such authorization, payment or setting apart for payment;                                      |

| • |     | the terms and provisions of any of our agreements, including any agreement relating to our indebtedness, provides                          
 that such authorization, payment or setting apart for payment thereof would constitute a breach of, or a default under, such agreement; or |

| • |     | the law restricts or prohibits the authorization or payment. |

Notwithstanding the foregoing, dividends on the Series B Preferred Stock will accumulate whether or not:

| • |     | the terms and provisions of any of our agreements relating to our indebtedness prohibit such authorization, 
 payment or setting apart for payment;                                                                       |

| • |     | we have earnings; |

| • |     | there are funds legally available for the payment of the dividends; and |

| • |     | the dividends are authorized. |

No interest, or sums in lieu of interest, will be payable in respect of any dividend payment or payments on the Series B Preferred Stock, which may be in arrears, and holders of the Series B Preferred Stock will not be S-18

entitled to any dividends in excess of the full cumulative dividends described above. Any dividend payment made on the Series B Preferred Stock shall first be credited against the earliest
accumulated but unpaid dividends due with respect to those shares.

We will not pay or declare and set apart for payment any dividends (other than a
dividend paid in Common Stock or other stock ranking junior to the Series B Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding up) or declare or make any distribution of
cash or other property on Common Stock or other stock that ranks junior to or on parity with the Series B Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding up or redeem
or otherwise acquire Common Stock or other stock that ranks junior to or on parity with the Series B Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding up (except
(i) by conversion into or exchange for Common Stock or other stock ranking junior to the Series B Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding up, (ii) for
the redemption of shares of our stock