Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230383
Chunk: 6

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 6
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 the net proceeds for corporate purposes that may not improve our financial
condition or market value.

You will experience immediate and substantial dilution.

The offering price per share in this offering may exceed the net tangible book value per share of our Common Stock outstanding prior to this offering. Assuming
that an aggregate of 1,911,802 shares of our Common Stock are sold at a price of $39.23 per share, the last reported sale price of our Common Stock on the Nasdaq Global Market on October 1, 2025, you will experience immediate dilution of $30.65
per share, representing the difference between the price you pay and our as adjusted net tangible book value per share as of June 30, 2025, after giving effect to this offering, and the assumed offering price. The exercise of outstanding stock
options and warrants may result in further dilution of your investment. See the section titled “Dilution” below for a more detailed illustration of the dilution you would incur if you participate in this offering.

You may experience future dilution as a result of future equity offerings.

To raise additional capital, we may at any time, including during the pendency of this offering, offer additional shares of our Common Stock or other
securities convertible into or exchangeable for our Common Stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per share that is less than the
price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our Common Stock, or
securities convertible or exchangeable into Common Stock, in future transactions may be higher or lower than the price per share paid by investors in this offering.

We do not intend to pay dividends in the foreseeable future on our Common Stock.

We have never paid cash dividends on our Common Stock and currently do not plan to pay any cash dividends in the foreseeable future on our Common Stock.

S-6

Sales of a significant number of shares of our Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common Stock.

Sales of a substantial number of shares of our Common Stock in
the public markets, or the perception that such sales could occur, could depress the market price of our Common Stock and impair our ability to raise capital through the sale of