Company: XOMAP
Filing Date: 2025-06-27
Form Type: SC TO-C
Source: 0001193125-25-149747
Chunk: 2

Company: XOMA Royalty Corp
Filing Date: 2025-06-27
Form: SC TO-C
Chunk 2
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 Parent’s respective businesses and the price of their respective common stock; the failure to satisfy all of the closing conditions of the transactions contemplated by the Merger Agreement; the
occurrence of the events giving rise to payments under the Contingent Value Rights (“”) Agreement; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; the
effect of the announcement or pendency of the transactions on Turnstone’s and Parent’s respective businesses and operating results; risks that the transactions may disrupt Turnstone’s or Parent’s respective current plans and
business operations; risks related to the diverting of management’s attention from Turnstone’s and Parent’s respective ongoing business operations; general economic and market conditions and the other risks identified in
Turnstone’s and Parent’s respective filings with the SEC and subsequent filings with the SEC. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the transactions and/or
Turnstone and Parent’s ability to successfully complete the transactions and, with respect to any CVR payment amounts, the consideration ultimately paid to Turnstone stockholders (including whether any payments will be payable at all). In
addition, unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Parent cautions investors not to place undue reliance on any forward-looking statements. Any forward-looking statements
contained in this communication represent Parent’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Parent disclaims any obligation to publicly update or revise any such
statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking
statements.

Additional Information and Where to Find It The tender offer for the Shares of Turnstone referenced in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares, nor is it a substitute for the tender offer materials that Parent will file with the SEC. At the time the tender offer is commenced, Parent will file tender offer materials on Schedule TO, and, thereafter, Turnstone will file a Solicitation/Recommendation Statement on Schedule 14D-9with the SEC with respect to the tender offer. The Offer will be made only pursuant to the tender offer materials (including an offer to purchase, a related letter of