XOMA
XOMA Royalty Corp.XOMA Royalty Corp. operates as a biotechnology royalty aggregator in Europe, the United States, and the Asia Pacific. The company engages in helping biotech companies for enhancing human health. It acquires the potential future economics associated with pre-commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. The company focuses on early to mid-stage clinical assets primarily in Phase 1 and 2 with commercial sales potential that are licensed to
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 15.0 | 8.3 | -- | 2.7 | -- | 3.0 | -0.0 | 116.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 17.0 | 11.6 | -- | 5.1 | -- | 6.0 | -0.0 | 113.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 13.0 | 5.9 | -- | 0.7 | -- | 0.7 | -0.0 | 107.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 16.0 | 11.2 | -- | 4.8 | -- | 5.6 | -0.0 | 107.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 12.5 | 6.3 | -- | 1.9 | -- | 1.9 | -0.0 | 101.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 14.0 | 9.1 | -- | 3.5 | -- | 4.2 | -0.0 | 99.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 10.5 | 3.7 | -- | -0.5 | -- | -1.6 | -0.0 | 95.6 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 12.3 | 0.4 | -0.5 | 4.5 | 6.0 | 6.0 | -0.0 | 95.0 | 124.7 | 17.4 | -1.2% | 0.1x | 17.2x |
| Est | 2025-Q4 | 11.0 | 6.1 | -- | 1.1 | -- | 2.2 | -0.0 | 97.2 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 1.4 | 10.1 | 2.2 | 6.1 | -5.5 | -5.5 | -0.0 | 82.9 | 131.6 | 18.1 | 5.6% | 3.3x | 10.9x |
| Act | 2025-Q3 | 9.4 | 18.3 | -1.3 | 14.1 | -0.3 | -0.3 | -0.0 | 92.0 | 131.9 | 18.1 | -3.4% | 5.5x | 31.4x |
| Act | 2025-Q2 | 13.1 | 13.1 | 4.6 | 6.9 | 6.4 | 6.4 | -0.0 | 83.9 | 114.6 | 17.8 | 14.7% | 4.0x | -- |
| Act | 2025-Q1 | 15.9 | 6.4 | 5.9 | 2.4 | 2.2 | 2.2 | -0.0 | 92.7 | 114.5 | 14.7 | 20.2% | 1.8x | -- |
| Act | 2024-Q4 | 8.7 | -26.5 | -7.3 | -4.0 | -2.9 | -2.9 | -0.0 | 105.2 | 119.2 | 11.9 | -15.8% | -7.8x | -- |
| Act | 2024-Q3 | 7.2 | -13.8 | -15.6 | -17.2 | -8.7 | -8.7 | -0.0 | 142.8 | 118.9 | 11.7 | -51.6% | -3.9x | -- |
| Act | 2024-Q2 | 5.7 | 19.4 | -10.1 | 16.0 | 2.7 | 2.7 | -0.0 | 144.6 | 121.9 | 11.7 | -28.9% | 5.7x | 152.3x |
| Act | 2024-Q1 | 1.5 | -5.0 | -7.0 | -8.6 | -5.5 | -5.5 | -0.0 | 136.8 | 121.1 | 11.6 | -23.1% | -1.4x | -- |
| Act | 2023-Q4 | 1.8 | -7.0 | -19.9 | -20.1 | -3.9 | -3.9 | -0.0 | 153.5 | 124.5 | 11.5 | -64.1% | -12.4x | -- |
| Act | 2023-Q3 | 0.8 | -5.6 | -5.8 | -5.5 | -2.1 | -2.1 | -0.0 | 33.7 | 0.0 | 11.5 | -264.1% | -- | -- |
| Act | 2023-Q2 | 1.7 | -4.2 | -6.0 | -5.4 | -7.2 | -7.2 | -0.0 | 31.8 | 0.0 | 11.5 | -181.3% | -- | -- |
| Act | 2023-Q1 | 0.4 | -5.8 | -10.2 | -9.8 | -4.9 | -4.9 | -0.0 | 44.6 | 0.1 | 11.5 | -227.6% | -- | -- |
| Act | 2022-Q4 | 1.5 | -6.1 | -6.2 | -6.0 | -3.9 | -3.9 | -0.0 | 58.2 | 0.0 | 11.5 | -89.3% | -- | -- |
| Act | 2022-Q3 | 0.5 | -4.4 | -4.4 | -4.2 | -3.7 | -3.7 | -0.0 | 78.7 | 0.1 | 11.5 | -50.5% | -- | -- |
| Act | 2022-Q2 | 1.0 | -4.8 | -4.8 | -4.7 | -4.3 | -4.3 | -0.0 | 83.7 | 0.1 | 11.4 | -47.8% | -- | -- |
| Act | 2022-Q1 | 3.1 | -2.1 | -2.1 | -2.3 | -1.0 | -1.0 | -0.0 | 88.3 | 0.2 | 11.3 | -18.1% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 18.40 | — | -287.2% | -17 | n/m | n/m | n/m | 32.3× |
| 2023 | 18.50 | -21.1% | -474.2% | -23 | n/m | n/m | n/m | 33.8× |
| 2024 | 26.28 | +384.6% | -112.1% | -26 | n/m | n/m | n/m | 13.7× |
| 2025 | 26.59 | +72.7% | 120.1% | 48 | 10.9× | 186.2× | 16.0× | 11.8× |
| TTM | 41.71 | -3.3% | 115.5% | 42 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 41.71 | +46.3% | 0.6% | 0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
XOMA is an interesting niche royalty aggregator with a potentially attractive long-duration portfolio of 120+ biotech assets, anchored by Vabysmo royalties. However, the investment case is severely complicated by: (1) extreme revenue lumpiness and dependence on third-party clinical outcomes, (2) high-cost debt (~10% interest) that consumes a large share of near-term cash flows, (3) massive dilution from Series X preferred and warrants, (4) inflated reported earnings from non-recurring bargain purchase gains, and (5) a tiny employee base managing an increasingly complex portfolio. The TREMFYA litigation could be a meaningful catalyst, and the Twist Bioscience agreement offers long-dated optionality. At ~$27/share, the stock is pricing in meaningful portfolio appreciation that hasn't yet materialized in recurring cash flows. The seralutinib failure highlights the fragility of the model. Net-net, this is a speculative hold — the optionality is real but so are the structural risks.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $25.00 | $14.50/$19.50 | 0 | --/$5.00 | 0 |
| $30.00 | $9.50/$14.50 | 0 | --/$5.00 | 0 |
| $35.00 | $4.50/$9.50 | 0 | --/$5.00 | 0 |
| $40.00 | $0.20/$5.00 | 0 | --/$5.00 | 0 |
| $45.00 | --/$5.00 | 0 | $1.50/$6.50 | 0 |
| $50.00 | --/$5.00 | 0 | $6.50/$11.40 | 0 |
| $55.00 | --/$5.00 | 0 | $11.50/$16.40 | 0 |
| $60.00 | --/$5.00 | 0 | $16.50/$21.40 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 12.6% of float, sold 2.1%. 4 filers moved >1% of shares (4 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BVF INC/IL | $81.3M | $18.60 | +$0 | −$12.3M | -0.3% | $3.14B |
| MORGAN STANLEY | $53.4M | $23.48 | −$392K | +$18.2M | -0.3% | $1.65T |
| FMR LLC | $40.9M | $24.74 | +$4.4M | +$6.7M | -0.0% | $1.89T |
| BlackRock, Inc.Passive | $20.3M | $26.65 | +$1.1M | +$3.6M | -0.2% | $5.69T |
| Woodline Partners LP | $20.1M | $29.05 | +$11.8M | +$14.8M | -0.1% | $26.43B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $17.2M | $31.37 | +$17.2M | +$17.2M | — | $4.04T |
| Opaleye Management Inc. | $9.4M | $21.91 | +$232K | +$1.5M | +1.0% | $759M |
| GW&K Investment Management, LLC | $7.3M | $31.37 | +$7.3M | +$7.3M | +2.3% | $11.34B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $7.2M | $22.63 | +$257K | +$1.4M | +2.3% | $1.61T |
| MILLENNIUM MANAGEMENT LLC | $6.4M | $27.22 | +$6.0M | +$6.0M | -0.5% | $127.40B |
| STATE STREET CORPPassive | $6.1M | $23.41 | +$572K | +$1.5M | -0.2% | $2.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $4.2M | $28.25 | +$2.8M | +$3.5M | -0.4% | $480.92B |
| TLS Advisors LLC | $3.6M | $22.94 | +$2.1M | −$131K | -0.3% | $42.1M |
| CITADEL ADVISORS LLC | $3.1M | $28.39 | +$2.9M | +$2.8M | -0.4% | $138.22B |
| NORTHERN TRUST CORPPassive | $2.9M | $21.33 | +$97K | +$139K | -0.2% | $755.34B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $2.7M | $31.37 | +$2.7M | +$2.7M | — | $1.91T |
| Bank of New York Mellon Corp | $2.4M | $23.84 | +$207K | +$536K | -0.2% | $543.21B |
| UBS Group AG | $2.3M | $28.22 | +$1.5M | +$2.1M | -0.3% | $562.11B |
| Stonepine Capital Management, LLC | $2.2M | $19.64 | −$1.4M | −$1.9M | -6.0% | $113M |
| Simcoe Capital LLC | $2.1M | $31.37 | +$2.1M | +$2.1M | +6.9% | $109M |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 68.9%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2024 Q3 | 7M | -1M | -8M | $-0.44 | $-0.66 – $-0.32 | 3 |
| 2024 Q4 | 9M | -1M | -5M | $-0.29 | $-0.47 – $-0.09 | 3 |
| 2025 Q1 | 7M | -1M | -4M | $-0.24 | $-0.29 – $-0.17 | 4 |
| 2025 Q2 | 9M | -1M | -3M | $-0.15 | $-0.45 – $0.07 | 3 |
| 2025 Q3 | 11M | -2M | -1M | $-0.04 | $-0.50 – $0.42 | 3 |
| 2025 Q4 | 11M | -2M | -2M | $-0.11 | $-0.26 – $0.04 | 4 |
| 2026 Q1 | 14M | -2M | 3M | $0.17 | $-0.14 – $0.44 | 2 |
| 2026 Q2 | 14M | -2M | 3M | $0.18 | $-0.13 – $0.42 | 2 |
| 2026 Q3 | 15M | -2M | 5M | $0.26 | $0.16 – $0.36 | 2 |
| 2026 Q4 | 16M | -2M | 5M | $0.30 | $0.26 – $0.33 | 1 |
Corporate
Executive Compensation (2012-2014)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-12-04 | BUY | Hughes Owen | director, officer: Chief Executive Officer | 100,000 | $25.05 | $2.50M | $2.56M |
| 2025-09-22 | SELL | BURNS THOMAS M. | officer: SVP, Finance & CFO | 4,330 | $35.99 | $156K | $1.08M |
| 2025-06-30 | BUY | Sitko Bradley | officer: Chief Investment Officer | 2,000 | $25.39 | $51K | $179K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| SWITZERLAND | $6.7M | +10% |
| UNITED STATES | $5.6M | -3% |
Filing Risk Analysis
Filing Risk Scores
XOMA: The Asset Acquisition Shell Game and Related-Party Piggy Bank
Counter-Thesis
Counter-Thesis & Recent News
In March 2026, XOMA reported preliminary 2025 cash receipts of $49M–$50M, a record high driven by commercial royalties from Vabysmo, Ojemda, and Miplyffa. The company also retired 648,048 shares (~$16M) in 2025, signaling aggressive capital return. Leerink Partners recently raised its price target to $50 (Feb 2026), citing a potential settlement windfall from ongoing litigation against Janssen Biotech regarding TREMFYA (Stock Titan, Investing.com).
The bear thesis rests on 'lumpy' revenue and high debt. Critics point to the recent Phase 3 failure of seralutinib (Gossamer Bio), which forced analysts to cut 2030 revenue estimates by 19%. Bears argue the company's reliance on third-party clinical success makes cash flows unpredictable and highly sensitive to individual trial setbacks (Public.com, Investing.com).
XOMA maintains a high debt-to-equity ratio of approximately 123%, significantly above the industry average of 40%. Additionally, the company recorded a $14M non-cash impairment related to the Agenus agreement in late 2024 and is currently undergoing a CFO transition (Jeffrey Trigilio took over in Jan 2026), which can introduce execution risk during a period of high acquisition activity (Simply Wall St, XOMA Corp).
XOMA faces competition from larger royalty aggregators like Royalty Pharma and Ligand, who may outbid them for high-quality late-stage assets. Furthermore, potential shifts in FDA reimbursement policies and drug pricing legislation under the current administration could compress royalty margins for the biotech partners XOMA relies upon (XOMA 2025 Stockholder Letter).
Sentiment among institutional analysts remains a 'Strong Buy' (75% consensus), focusing on XOMA's role as a 'bespoke' capital provider for biotechs seeking non-dilutive funding. Management’s decision to buy back over $16M in stock suggests a high internal confidence in the current valuation and the terminal value of their 120+ asset portfolio (Minichart, Public.com).