Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230383
Chunk: 5

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 5
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 a Delisting Event or a Change of Control as described below under “Description of Capital Stock–Preferred Stock–8.625% Series A Cumulative Perpetual Preferred Stock” as of 
 June 30, 2025; and                                                                                                                                                                                                     |

| • |     | up to 2,004,800 shares of our Common Stock issuable upon the conversion of outstanding shares of 8.375% Series B                                                                                                       
 cumulative, perpetual preferred stock upon a Delisting Event or a Change of Control as described below under “Description of Capital Stock–Preferred Stock–8.375% Series B Cumulative Perpetual Preferred Stock” as of 
 June 30, 2025.                                                                                                                                                                                                         |

S-5

RISK FACTORS

Investing in our Common Stock involves a high degree of risk. Before deciding whether to invest in our Common Stock, you should consider carefully the risks and uncertainties described below and under the heading “Risk Factors” contained in our most recent Annual Report on Form 10-K,as revised and supplemented by our Quarterly Reports on Form 10-Qfiled since the filing of our most recent Annual Report on Form 10-K,each of which is incorporated by reference herein, and any subsequent reports we file after the date of this prospectus supplement, all other information contained or incorporated by reference into this prospectus supplement and the accompanying prospectus and any free writing prospectus that we have authorized for use in connection with, before deciding whether to purchase any of the Common Stock being offered under this prospectus supplement. Each of the risk factors could adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment in our Common Stock, and the occurrence of any of these risks might cause you to lose all or part of your investment. Moreover, the risks described are not the only ones that we face. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. Please also read carefully the section below titled “Special Note Regarding Forward-Looking Statements.”

Additional Risks Related to This Offering

Management will have broad discretion as to the use of the proceeds from this offering, and may not use the proceeds effectively.

Because we have not designated the amount of net proceeds from this offering to be used for any particular purpose, our management will have broad discretion
as to the application of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of the offering. Our management may use