Business
XOMA Reports First Quarter 2023 Financial Results and Provides Update on the Acceleration of its Differentiated Royalty Monetization Strategy
First quarter with incoming cashflows from two commercial assets Completed first royalty asset acquisition under new leadership EMERYVILLE, Calif., May 09,
About this update from Xoma Royalty Corporation
[{"type":"text","content":"First quarter with incoming cashflows from two commercial assets Completed first royalty asset acquisition under new leadership EMERYVILLE, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- XOMA Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported its first quarter 2023 financial results and highlighted recent operational achievements as the Company accelerates XOMA’s differentiated biotech royalty and milestone acquisition strategy. “We are increasing our efforts to be a provider of capital to emerging biotech companies, often enabling these companies to unlock value in the face of a challenging market backdrop for innovative, early stage companies,” stated Owen Hughes, Executive Chairman of XOMA. “In the first quarter, the team acted rapidly and decisively to add a second cashflow-generating, long-duration asset to XOMA’s milestone and royalty portfolio. We will continue to reinvest our incoming cashflows and milestone payments to accelerate our royalty monetization strategy.” “The first five months of 2023 have demonstrated both the royalty potential within and the opportunities to grow our royalty and milestone aggregator business model. In February, we received a payment related to the commercial sales of Vabysmo® (faricimab) during the second half of 2022. In March, we acquired the IXINITY® [coagulation factor IX (recombinant)] commercial payment stream held by Aptevo and will begin recording those commercial payments in the second quarter of 2023,” said Brad Sitko, Chief Investment Officer of XOMA. “The team and I are actively identifying additional royalty and milestone acquisition agreements that can deliver significant value to XOMA and our shareholders.” First Quarter 2023 Financial Results XOMA recorded total revenues of $0.4 million for the first quarter of 2023, compared with $3.1 million in the first quarter of 2022. In the first quarter of 2022, XOMA recognized $2.0 million in revenue related to a milestone event under the Company’s license agreement with Rezolute and a $0.8 million milestone earned pursuant to its Takeda Collaboration Agreement. XOMA did not recognize milestone revenue during the three months ended March 31, 2023. Research and development (“R&D”) expenses were $54,000 and $56,000, respectively, for the first quarters of 2023 and 2022. General and administrative (“G&A”) expenses were $6.2 ...