Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 51

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 51
---
 offer our Series B Depositary Shares described in this prospectus, excluding commissions and any discounts payable to the Agent and any other
deductions described in the paragraph above, will be approximately $0.3 million.

Settlement for sales of shares in return for payment of the net proceeds
to us is expected to occur on the second business day that is also a trading day following the trade date on which such sales were made, in either case unless another date shall be agreed to in writing by us and the Agent.

The offering of Series B Depositary Shares pursuant to the Sales Agreement will terminate upon the earlier of (1) the sale of all of the Series B
Depositary Shares subject to the Sales Agreement and (2) the termination of the Sales Agreement by us or the Agent. The Sales Agreement may be terminated either by us or the Agent upon the giving of five (5) days prior notice to the other
party and in the sole discretion of us or the Agent, as the case may be.

We have agreed to provide indemnification and contribution to the Agent against
certain liabilities, including liabilities under the Securities Act.

S-36

The Agent shall be under no obligation to purchase our shares on a principal basis pursuant to the Sales
Agreement.

In connection with the sale of Series B Depositary Shares on our behalf, the Agent will be deemed to be an
“underwriter” within the meaning of the Securities Act, and the compensation paid to the Agent will be deemed to be underwriting commissions or discounts.

S-37

LEGAL MATTERS

The validity of the securities offered hereby will be passed upon for us by Gibson, Dunn & Crutcher LLP, San Francisco, California, and, with respect
to matters of Nevada law, by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, Nevada. H.C. Wainwright & Co., LLC is being represented in connection with this offering by Duane Morris LLP, New York, New York.

EXPERTS

The
financial statements of XOMA Royalty Corporation as of December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, incorporated by reference in this prospectus supplement, have been audited by
Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in
accounting