Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230383
Chunk: 7

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 7
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 additional equity securities. We may sell a significant number of
shares of our Common Stock at any time pursuant to this prospectus supplement and the accompanying prospectus or in one or more separate offerings. We cannot predict the effect that future sales of our Common Stock would have on the market price of
our Common Stock.

It is not possible to predict the aggregate proceeds resulting from sales made under the Sales Agreement.

Subject to certain limitations in the Sales Agreement and compliance with applicable law, we have the discretion to deliver a placement notice to Leerink
Partners at any time throughout the term of the Sales Agreement. The number of shares that are sold through Leerink Partners after delivering a placement notice will fluctuate based on a number of factors, including the market price of our Common
Stock during the sales period, any limits we may set with Leerink Partners in any applicable placement notice and the demand for our Common Stock. Because the price per share of each share sold pursuant to the Sales Agreement will fluctuate over
time, it is not currently possible to predict the number of shares that will ultimately be sold or the aggregate proceeds to be raised in connection with sales under the Sales Agreement.

Sales of Common Stock offered hereby will be in “at the market offerings,” and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares in this offering at different times will likely pay different prices, and accordingly may
experience different levels of dilution and different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices and number of shares sold in this offering, and there is no maximum sales
price. Pursuant to the parameters set by our board of directors, there will be a minimum sales price for shares of our Common Stock sold in this offering, which will limit our ability to make sales if the public trading price of our Common Stock
drops below that minimum sales price. Such minimum sales price may be below the price paid by investors in this offering. Further, our board of directors will retain the ability to increase or decrease such minimum sales price in the future.
Investors may experience a decline in the value of the shares they purchase in this offering as a result of sales made at prices lower than the prices they paid.

S-7

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus supplement and the accompanying prospectus, including the documents that we incorporate by reference herein and therein, contain
“forward-looking statements” within the meaning of Section 27A