Company: XOMAP
Filing Date: 2025-07-23
Form Type: CORRESP
Source: 0001193125-25-163561
Chunk: 3

Company: XOMA Royalty Corp
Filing Date: 2025-07-23
Form: CORRESP
Chunk 3
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 the maximum refund amount), and $156,000 from Medivis, Inc. as a return of the security deposit under the Sublease Agreement (also 60% of the maximum amount), and (b) Final Net Cash is $3,000,000 and Closing Net         
 Cash is $3,000,000, such that there is no Net Cash Excess or Net Cash Shortfall, then the aggregate amount payable under the CVRs would be $666,000 or approximately $0.03 per CVR (based on (i) 23,140,691 Shares issued and outstanding, and (ii) 1,135 
 Shares underlying Turnstone RSUs).”                                                                                                                                                                                                                       |

| 5. | On page 3, disclosure indicates that the “offeror estimates that the amount that will be payable (on a pre-tax basis) under the CVRs will be approximately $0.03 per CVR.” Revise the Offer to Purchase to explain the basis for the offeror’s belief with respect to the CVRs. |

Response:In response to the Staff’s comment, Purchaser has revised the disclosure in the Revised Tender Offer Materials to explain the basis for the offeror’s belief with respect to the CVRs (see pages 2 and 3 of the Revised Offer to Purchase): “We cannot predict whether any CVR Proceeds will be received or, if any CVR Proceeds are received, the amount or timing of any such receipt. In connection with the Offer, the offeror did not engage any independent valuation firm to conduct an analysis of the potential value of the CVR Proceeds or receive any material non-publicinformation assessing the value of the CVR Proceeds. The offeror is relying on Turnstone’s estimate of the CVR Proceeds that would be payable. Accordingly, in making a decision to tender your Shares in the Offer, you should understand that there can be no assurance whether there will be any payments under the CVR Agreement or with respect to the amount and timing of such payments (if any). You should also understand that, as discussed below, it is estimated that the amount that will be payable under the CVRs will be approximately $0.03 per CVR.Turnstone has determined that the maximum payout for the CVR is estimated to be up to $0.05 per CVR, assuming payment in full of the tax refund and lease deposit and no positive or negative adjustment to the CVR Proceeds because of a Net Cash Excess or a Net Cash