Company: XOMAP
Filing Date: 2025-07-23
Form Type: CORRESP
Source: 0001193125-25-163561
Chunk: 2

Company: XOMA Royalty Corp
Filing Date: 2025-07-23
Form: CORRESP
Chunk 2
---
cess and Net Cash Shortfall will be calculated. Refer to Item 1001 of Regulation 
 M-A and to Item 1004(a)(1)(ii) of Regulation M-A.                                                                                                                                                                       |

Response:In response to the Staff’s comment, Purchaser has revised the first bullet point and included a new second bullet under the caption “What Is the CVR and How Does It Work” in the Revised Tender Offer Materials with the following language (see page 3 of the Revised Offer to Purchase):

| • |     | “At or prior to the Offer Closing Time, Purchaser, Merger Sub, the rights agent (the “Rights                                                                                   
 Agent”) and the representative of the holders of the CVRs (the “Representative”) will enter into the CVR Agreement, governing the terms of the CVRs. Each CVR will represent a |

| contractual right to receive contingent cash payments equal to a pro rata share of: (i)(a) the net tax receivables from Canadian federal and territory/provincial tax authorities and/or                                       
 Québec Scientific Research and Experimental Development (“SR&ED”) tax credit program as tax refunds up to $850,000 (excluding the $55,610 Québec SR&ED amount that has been scheduled on Schedule 1.01 of the Merger           
 Agreement) and (b) the payments received from the landlord under the Sublease, dated November 16, 2022, between Turnstone and Medivis, Inc., as a return of security deposit up to $260,000 ((a) and (b) together, the “Legacy 
 Receivable Amount”), plus (ii) Net Cash Excess (as defined below), if any, and minus (iii) Net Cash Shortfall (as defined below), if any. “Net Cash Excess” means if Final Net Cash is greater than Closing Net Cash           
 (each as defined in the Merger Agreement and calculated in accordance with Section 2.01(c) of the Merger Agreement), then the amount equal to (a) Final Net Cash, minus (b) Closing Net Cash. “Net Cash Shortfall” means       
 if Final Net Cash is less than Closing Net Cash, then the amount equal to (a) Closing Net Cash, minus (b) Final Net Cash.                                                                                                      |

| • |     | For illustrative purposes only, assuming that: (a) Turnstone receives $510,000 in tax refunds from Canadian                                                                                                                                               
 tax authorities (i.e., 60% of