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

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 10
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 Preferred Stock, and any Series B Preferred Stock subsequently selected for redemption that has been tendered for                                                                                               |

S-7

| conversion will be redeemed on the related date of redemption instead of converted on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable. |

| Because each depositary share represents a 1/1000th interest in a share of the Series B Preferred Stock, the number of shares of Common Stock ultimately received for each depositary share will be equal to the number of                          
 shares of Common Stock received upon conversion of each share of Series B Preferred Stock divided by 1000. In the event that the conversion would result in the issuance of fractional shares of Common Stock, we will pay the holder of depositary 
 shares cash in lieu of such fractional shares.                                                                                                                                                                                                      |

| For a definition of “Change of Control Conversion Right”, “Change of Control Conversion Date,” “Common Stock Price,” “Delisting Event Conversion Right,” and                                                                                
 “Delisting Event Conversion Date” and for a description of the adjustments and provisions for the receipt of alternative consideration that may be applicable to the Delisting Event Conversion Right or Change of Control Conversion Right 
 described above, see “Description of Series B Preferred Stock and the Depositary Shares—Conversion Rights.”                                                                                                                                 |

| Except as provided above in connection with a Delisting Event or Change of Control, shares of the Series B Preferred Stock are not convertible into or exchangeable for any other securities or property. |

| No Maturity, Sinking Fund or Mandatory Redemption | The Series B Preferred Stock underlying the depositary shares does not have any stated maturity date and is not subject to mandatory redemption at the option of the holder or any sinking fund. We are not required to set aside funds to redeem the 
 Series B Preferred Stock. Accordingly, the Series B Preferred Stock and depositary shares will remain outstanding indefinitely unless we decide to redeem them pursuant to our Optional Redemption or Special Optional Redemption Rights, or they are 
 converted in connection with a Delisting Event or Change of Control.                                                                                                                                                                                  |

| Limited Voting Rights | Holders of the depositary shares representing interests in the Series B Preferred Stock generally will have no voting rights. However, if we do not pay                                                                                                       
 dividends or other distributions on any outstanding shares of Series B Preferred Stock for six or more quarterly dividend periods (whether or not declared or consecutive), holders of Series B Preferred Stock (voting separately as a class with all        
 other outstanding series of preferred stock upon which like voting rights have been conferred and