XOMA Corporation (XOMA) Corporate presentation summary

Business model and strategy

• Aggregates biotech royalties and milestone rights, focusing on early- to mid-stage clinical assets.

• Employs a compounding model with low expenses, low share count, and high EPS to drive share price appreciation.

• Differentiates from peers by targeting smaller capital transactions and earlier-stage assets.

Portfolio growth and deal activity

• Added 24 new assets in 2025, including multiple acquisitions and royalty agreements across Phase 2 and 3 programs.

• Returned ~$16M to shareholders via buybacks and secured over $475M in Section 174 tax deductions.

• Portfolio now exceeds 100 assets, with over $140M in milestones received since 2017 and $2B in future potential milestones.

Commercial portfolio and revenue streams

• Generates stable and growing royalty streams from marketed products such as Vabysmo, ojemda, Miplyffa, and Ixinity.

• 2025 royalty and milestone receipts totaled ~$49-50M, with peak sales estimates for key products reaching up to $8.3B.