Business
XOMA Reports Third Quarter 2023 Financial Results and Highlights Upcoming Events Expected to Drive Shareholder Value
Received $6.6 million in cash receipts during the quarter related to our growing royalty base and certain development milestones One New Drug Application
About this update from Xoma Royalty Corporation
[{"type":"text","content":"Received $6.6 million in cash receipts during the quarter related to our growing royalty base and certain development milestones One New Drug Application (NDA) was filed in the third quarter; another is anticipated prior to year-end Company anticipates the initiation of multiple Phase 3 programs by year-end EMERYVILLE, Calif., Nov. 07, 2023 (GLOBE NEWSWIRE) -- XOMA Corporation (Nasdaq: XOMA), the biotech royalty aggregator, reported its third quarter 2023 financial results and highlighted recent portfolio activities expected to drive long-term shareholder value. “Our existing royalty portfolio continues to mature, driven by increasing cash receipts of VABYSMO® and IXINITY® and the advancement of several assets, most notably the New Drug Application (NDA) filing of tovorafenib by Day One Biopharmaceuticals,” stated Owen Hughes, Executive Chairman of XOMA. “With additional regulatory and development milestones forthcoming by year-end, we believe a solid foundation for future growth is upon us.” Key Third Quarter Events PartnerEventDay One Biopharmaceuticals Tovorafenib NDA filed in mid-SeptemberZevra TherapeuticsZevra confirmed arimoclomol NDA to be filed in 4QMedexusPediatric label expansion accepted for review - 1H 2024 decision Financial ResultsXOMA recorded total revenues of $0.8 million for the third quarter of 2023 and $0.5 million for the third quarter of 2022. The increase for the three months ended September 30, 2023, as compared to the same period in 2022, was primarily due to $0.2 million of milestone revenue earned under XOMA’s license agreement with Janssen. General and administrative (“G&A”) expenses were $6.4 million for the third quarter of 2023, compared to $4.8 million for the third quarter of 2022. The additional $1.6 million during the third quarter of 2023 reflects an increase in stock-based compensation expenses of $1.9 million, partially offset by a decrease of $0.6 million for legal and consulting costs. In the third quarter of 2023, G&A expenses included $2.7 million in non-cash stock-based compensation expense, compared with $0.8 million in the third quarter of 2022. The increase in the 2023 period reflects $1.1 million of stock-based compensation expense related to the issuance of performance-based stock unit awards and $0.9 million related to stock options granted to our new executives at the beginning ...