Business
XOMA Reports Second Quarter 2023 Financial Results and Provides Update on its Royalty Monetization Strategy
Completed two royalty acquisitions in the first half of 2023 adding one cash flow generating asset, one NDA-ready asset, and a Phase 2 asset Two portfolio
About this update from Xoma Royalty Corporation
[{"type":"text","content":"Completed two royalty acquisitions in the first half of 2023 adding one cash flow generating asset, one NDA-ready asset, and a Phase 2 asset Two portfolio assets are now generating cash flows from commercial sales Company expects at least one partner to file a New Drug Application in third quarter of 2023 EMERYVILLE, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- XOMA Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported its second quarter 2023 financial results and highlighted recent operational achievements as XOMA accelerates its differentiated biotech royalty and milestone acquisition strategy. “XOMA is increasingly being recognized for enabling innovative biotech companies to unlock value in the face of a challenging financing environment. To date, the team has added three new assets to XOMA’s royalty and milestone portfolio to complement the growing cash flows generated by VABYSMO® (faricimab),” stated Owen Hughes, Executive Chairman of XOMA. “And over the ensuing quarters, the potential approval of arimoclomol, a first-in-class molecule for Niemann-Pick Disease Type C (NPC) and tovorafenib for relapsed or progressive pediatric low-grade glioma, as well as the expansion of IXINITY’s label into the pediatric population with Hemophilia B, should address critical unmet needs for patients and drive increasing cash flows for XOMA shareholders.” “We see a great opportunity to continue expanding XOMA’s portfolio and building shareholder value, as the biotech industry’s desire for non-dilutive capital is greater than ever. Our team has been sourcing and reviewing more royalty and milestone acquisition opportunities than ever,” said Brad Sitko, Chief Investment Officer of XOMA. “We are acting quickly on these opportunities to continue building XOMA’s portfolio with value-creating acquisitions.” Second Quarter 2023 Financial Results XOMA recorded total revenues of $1.7 million for the second quarter of 2023 and $1.0 million for the second quarter of 2022. The increase for the three months ended June 30, 2023, as compared to the same period in 2022, was primarily due to $1.1 million of milestones earned during the quarter pursuant to the license agreement with Janssen. Research and development (“R&D”) expenses were $39,000 and $40,000, respectively, for the second quarters of 2023 and 2022. General and administrative (“G&A”...