Xoma Royalty Corporation · NASDAQ:XOMA
Xoma Royalty — Q4 2025 Earnings Presentation
16 slides from Xoma Royalty's earnings presentation, Mar 18, 2026
Slide 1: Corporate Presentation: The Biotech Royalty Aggregator
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'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 3
Slide 4: 2025 Year in Review
2025 YEAR IN REVIEW Increasing Portfolio Optionality Through Creative Deal Making Opportunistically 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 22 R O Y A L T Y + ASSETS D-F
Slide 5: Commercial Portfolio
COMMERCIAL PORTFOLIO Provide Stable & Growing Royalty Streams FY25 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 $12.4M $231M $910M Niemann-Pick Mid-single digit $2.9M $130M $392M Disease Type C Hemop
Slide 6: 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) >$3B in future poten
Slide 7: 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 8: Evolution of XOMA Royalty
EVOLUTION OF XOMA ROYALTY Growing Cash Receipts and Portfolio Optionality Without Shareholder Dilution Assets: 2023 TODAY Commercial: 1 7(1) 7x LATE STAGE Phase 3 / Registrational: 2 14(2) Phase 2 & Earlier: 57 100+ TOTAL: ~60 >120 2x PORTFOLIO SIZE Financial: Royalty Receipts(3): ~$9M ~$34M ~4x ROY
Slide 9: Takeda Strategic Revenue Sharing Agreement
TAKEDA STRATEGIC REVENUE SHARING AGREEMENT Economic Interests in 9 Programs added to XOMA Royalty Portfolio Therapeutic Area(s) Potential Asset Mechanism(s) / Indication(s) Royalties Milestones CD-38 antibody, Autoimmune Takeda Revenue Share Assets – AMPA positive diseases, neurology, Low to mid- $1
Slide 10: XOMA M&A Transactions
XOMA M&A TRANSACTIONS 9 Acquisitions Since 2024, Accessing 9 Different Royalties, Plus IP A P R 2 0 2 4 N O V 2 0 2 5 A U G 2 0 2 5 S E P 2 0 2 5 O C T 2 0 2 5 1 5 partnered assets ≤$281M milestones Next gen TILs Norovirus vaccine 15% to XOMA Neoantigen Platform N A S D A Q : K N T E P R I V A T E N
Slide 11: Royalty Transaction Case Study
XOMA ROYALTY TRANSACTION CASE STUDY Viracta Therapeutics | DAY101 (now OJEMDA ) Date: March 2021 Consideration to Viracta: • $13.5M upfront + $20M in milestones XOMA Royalty Receives: • mid-single digit royalties on DAY101 (OJEMDA) • ≤$54M in pre-commercialization milestone payments Future Royalty +
Slide 12: 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 <$25M PRECLINICAL PHASE 1 PHASE 2 PHASE 3 APPROVAL COMMERCIAL 12
Slide 13: Growing Portfolio Receipts
GROWING PORTFOLIO RECEIPTS XOMA Royalty Cash Receipts ($M) FY2025 Comments $50.5 $46.4 ▪ Royalty receipts +68% $16.9 ▪ 4 programs each contributed >$1.5M in royalty receipts, $26.4 including 2 approved within last 2 years $15.6 ▪ 6 programs contributed to $33.6 milestone receipts $6.6 $20.0 $9.0 FY
Slide 14: Royalty Financial Highlights
XOMA ROYALTY FINANCIAL HIGHLIGHTS FY2025 PORTFOLIO RECEIPTS NON-DILUTIVE CAPITAL1 >$50M ~$12M FY25 positive cash flow from operations Provided by acquisitions since Jan 2025 BUSINESS DEVELOPMENT2 SHARE REPURCHASE ~$25M $16M BioInvent (mezagitamab), Castle Creek (D-Fi) Retired ~648k shares @ $24.75 a
Slide 15: Royalty Snapshot: Current Capitalization
XOMA ROYALTY SNAPSHOT: Current Capitalization $26.61 / SHARE 17.6M SHARES (FULLY DILUTED TREASURY METHOD) $469M MARKET CAP (FULLY DILUTED) ~$568M $69M PERPETUAL PREFERREDS ENTERPRISE $113M VALUE ROYALTY BACKED LOAN $83M CASH (YE25) Note: Share Price as of market close 3/16/2026 15
Slide 16: Royalty – What We Do
XOMA ROYALTY – WHAT WE DO Royalties Science Milestones Structuring The Biotech Royalty Aggregator 16