Xoma Royalty Corporation · NASDAQ:XOMA
Xoma Royalty — Investor Presentation (February 2026)
11 slides from Xoma Royalty's investor presentation, February 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION THE ROYALTY NASDAQ COMMON: XOMA AGGREGATOR NASDAQ PERPETUAL PREFERRED SHARES: XOMAP, XOMAO FOR BIOTECH COMPANIES Q1 2026
Slide 2: Disclaimers
DISCLAIMERS Certain statements in this presentation are forward-looking statements 10-K and Form 10-Q. Consider such risks carefully when considering within the meaning of Section 27A of the Securities Act of 1933 and XOMA Royalty's prospects. Any forward-looking statements represent Section 21E of
Slide 3: XOMA Royalty – What We Do
XOMA ROYALTY – WHAT WE DO Royalties Science Milestones Structuring The Biotech Royalty Aggregator 3
Slide 4: XOMA Royalty's Business Model: The Compounding Effect
XOMA ROYALTY’S BUSINESS MODEL: Path to Sustained THE COMPOUNDING Profitability EFFECT GROWING # of ROYALTIES ↑ CASH RECEIPTS LOW EXPENSES LOW SHARE COUNT INFLECTION HIGH EPS POINT LOW EXPENSES SIGNIFICANT SHARE PRICE APPRECIATION 2023 future 4
Slide 5: XOMA Royalty Is Differentiated
XOMA ROYALTY IS DIFFERENTIATED Capital per transaction $200M+ Royalty Pharma $200M – $100M DRI Healthcare Trust $100M – FOCUSED ON Ligand HCRx $25M EARLY- to MID-STAGE CLINICAL ASSETS <$25M PRECLINICAL PHASE 1 PHASE 2 PHASE 3 APPROVAL COMMERCIAL 5
Slide 6: 2025 Year in Review
2025 YEAR IN REVIEW Increasing Portfolio Optionality Through Creative Deal Making Returning Excess Capital to Shareholders J A N 2 0 2 5 A P R 2 0 2 5 M A Y 2 0 2 5 J U L 2 0 2 5 O U T L I C E N S I N G R O Y A L T Y A C Q U I S I T I O N 1 ADDED Total 24 R O Y A L T Y + ASSETS D-Fi Royalty, Warrant
Slide 7: Building the Long-Term XOMA Royalty Business
BUILDING THE LONG-TERM XOMA ROYALTY BUSINESS >100 Assets seralutinib (PAH/PH-ILD) (1L pLGG) ersodetug (HI) mezagitamab (ITP/IgAN) >$140M volixibat (PBC/PSC)1 osavampator (MDD)2 milestones received OHB-607 (BPD) since 2017 rilvegostomig (cancer) UNDISCLOSED Anti-TL1A (UC/Crohn’s) >$2B in future poten
Slide 8: Commercial Portfolio
COMMERCIAL PORTFOLIO Provide Stable & Growing Royalty Streams 3Q25YTD FY26 Peak Sales Marketer Product Indication Royalties Receipts Sales Est1 Est1 Wet AMD, DME, 0.5% $22.5M $5.8B $8.3B RVO r/rpLGG Mid-single digit $8.5M $231M $910M Niemann-Pick Mid-single digit $2.0M $130M $392M Disease Type C Hem
Slide 9: Key Portfolio Events Anticipated in 2026
KEY PORTFOLIO EVENTS ANTICIPATED IN 2026 COMMERCIAL REGULATORY SALES RAMPS MARKETING REGULATORY GUIDANCE: + BUSINESS DEVELOPMENT AUTHORIZATION REGISTRATION PATHWAYS DECISIONS (EMA, Japan) SERALUTINIB ERSODETUG REC-4881 PULMONARY ARTERIAL CONGENITAL FAMILIAL ADENOMATOUS HYPERTENSION HYPERINSULINISM P
Slide 10: Royalty Snapshot: Current Capitalization
XOMA ROYALTY SNAPSHOT: Current Capitalization $25.53 / SHARE 17.6M SHARES (FULLY DILUTED TREASURY METHOD) $449M MARKET CAP (FULLY DILUTED) ~$549M $69M PERPETUAL PREFERREDS ENTERPRISE $113M VALUE ROYALTY BACKED LOAN $82M CASH (YE25) Note: Share Price as of market close 02/27/2026. 10
Slide 11: Preliminary FY2025 Financial Update
PRELIMINARY FY2025 FINANCIAL UPDATE Item Amounts (unaudited1) FY2025 cash received from royalties and milestones ~$49–50M Cash, cash equivalents, and restricted cash as of December 31, 2025 ~$133M2 Number of common shares repurchased and retired during FY 2025 648,048 Cash used to repurchase common