Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 11

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 11
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 are exercisable) will be entitled to elect two additional directors to our Board of Directors to serve until all unpaid dividends or other                  
 distributions have been fully paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the |

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| outstanding shares of Series B Preferred Stock, voting as a separate class. See “Description of Series B Preferred Stock and Depositary Shares—Limited Voting Rights” beginning                              
 on page S-26 of this prospectus supplement. In any matter in which the Series B Preferred Stock may vote, each share of Series B Preferred Stock shall be entitled to one vote. As a result, each depositary 
 share will be entitled to 1/1000th of a vote.                                                                                                                                                                |

| Use of Proceeds | We intend to use the net proceeds from this offering to fund future dividends and the remaining net proceeds to acquire additional potential royalty and milestone revenue streams, for working capital and other general corporate purposes. See 
 “Use of Proceeds” on page S-16 of this prospectus supplement.                                                                                                                                                                                     |

| Risk Factors | Investing in our depositary shares involves significant risks. Please read the information contained in and incorporated by reference under the heading “Risk Factors” on page S-10 of this                                                             
 prospectus supplement, and under similar headings in the other documents that are incorporated by reference into this prospectus supplement and any free writing prospectus that we authorize for use in connection with this offering, before deciding 
 whether to invest in our depositary shares.                                                                                                                                                                                                             |

| U.S. Federal Income Tax Considerations | Federal income tax considerations of owning and disposing of the depositary shares representing interests in the Series B Preferred Stock are summarized in “U.S. Federal Income Tax Considerations” in this prospectus supplement. |

| Nasdaq Global Market Symbol | “XOMAO.” |

| Form | The depositary shares will be issued and maintained in book-entry form registered in the name of the nominee of The Depository Trust Company (“DTC”), except under limited circumstances. |

| Depositary | Equiniti Trust Company, LLC |

The number of depositary shares to be outstanding after this offering is based on 1,600,000 depositary shares as of June 30, 2025.

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RISK FACTORS

Investing in our depositary shares involves a high degree of risk. Before deciding whether to invest