Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230393
Chunk: 4

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 4
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 candidates.
Our portfolio was built through the acquisition of rights to future milestone payments, royalties, and commercial payments, since our royalty aggregator business model was implemented in 2017. These acquisitions build upon out-licensing agreements for proprietary products and platforms held within our portfolio.

Our drug royalty aggregator
business is primarily focused on early to mid-stage clinical assets in Phase 1 and 2 development, which we believe have significant commercial sales potential and that are licensed to well-funded partners with
established expertise in developing and commercializing drugs. We also acquire milestone and royalty revenue streams on late-stage or commercial assets that are designed to address unmet markets or have a therapeutic advantage over other treatment
options, and have long duration of market exclusivity. We expect most of our future income and revenue to be based on payments we may receive for milestones and royalties associated with these assets as well as the periodic recognition of income
under the Effective Interest Rate method.

Corporation Information

We were incorporated in Delaware in 1981 and became a Bermuda-exempted company in December 1998. Effective December 31, 2011, we changed our jurisdiction
of incorporation from Bermuda to Delaware and changed our name from XOMA Ltd. to XOMA Corporation. Effective July 10, 2024, we changed our name from XOMA Corporation to XOMA Royalty Corporation. Effective May 30, 2025, we changed our
jurisdiction of incorporation from Delaware to Nevada.

Our principal executive offices are located at 2200 Powell Street, Suite 310, Emeryville,
California 94608. Our telephone number at our principal executive offices is (510) 204-7200. Our website address is www.xoma.com. Information found on, or accessible through, our website is not a part of, and
is not incorporated into, this prospectus supplement, and you should not consider it part of this prospectus supplement. Our website address is included in this document as an inactive textual reference only.

Implications of Being a Smaller Reporting Company

We are
a “smaller reporting company,” meaning that the market value of our common stock, $0.0075 par value per share (“Common Stock”), held by non-affiliates is less than $700.0 million
and our annual revenue is less than $100.0 million during the most recently completed fiscal year. We will continue to be a smaller reporting

S-2

company so long as either (i) the market