Company: XOMAP
Filing Date: 2025-10-03
Form Type: 424B5
Source: 0001193125-25-230383
Chunk: 4

Company: XOMA Royalty Corp
Filing Date: 2025-10-03
Form: 424B5
Chunk 4
---
 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 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 company so long as either (i) the

S-2

market value of our Common Stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million
during the most recently completed fiscal year and the market value of our Common Stock held by non-affiliates is less than $700.0 million. As a smaller reporting company, we may choose to present only
the two most recent fiscal years of audited financial statements in our Annual Report and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

S-3

THE OFFERING

| Common Stock Offered By Us | Shares of our Common Stock having an aggregate offering price of up to $75 million. |

| Common Stock to be Outstanding After 
 the Offering                         | Up to 13,974,268 shares of our Common Stock, assuming sales of 1,911,802 shares of our Common Stock in this offering at an assumed offering price of $39.23 per share, which was the last reported sale price of our Common Stock on Nasdaq on 
 October 1, 2025. The actual number of shares issued will vary depending on the sales prices at which our Common Stock is sold under this offering.                                                                                             |

| Plan of Distribution | “At the market offering” that may be made from time to time through our sales agent, Leerink Partners. See “Plan of Distribution” on page S-24 of this prospectus supplement. |

| Use of Proceeds | We currently intend to use the net proceeds from this offering primarily to acquire additional potential royalty and milestone revenue streams, for working