XOMA Corporation (XOMA) Q4 2025 earnings summary

Executive summary

• Expanded royalty and milestone asset portfolio to over 120 assets, doubling since 2023, with seven commercial-stage products and 14 in registrational or Phase 3 stages.

• Achieved foundational progress in 2025, adding 22 assets and acquiring multiple platform technologies for potential out-licensing.

• Completed nine acquisitions since 2024, accessing new royalties, intellectual property, and generating $12M in non-dilutive capital.

• Positive operating cash flow enabled $16M in share buybacks, retiring over 5% of outstanding shares (648,048 shares at $24.75 average price).

• Portfolio includes several promising launches and geographic expansion opportunities, with a focus on early- to mid-stage clinical assets.

Financial highlights

• Full-year GAAP income and revenue reached $52.1M, up from $28.5M in 2024, with net income of $31.7M reversing a prior-year loss.

• Cash receipts grew 9% to over $50M, with $34M from royalties and $17M from milestone payments.

• Year-end 2025 cash position was $83M, with $133.7M including restricted cash.

• G&A expenses were $36M, including $1.1M in litigation costs and higher business development expenses.

• Interest expense was $13M, partially offset by $3.5M investment income.

Outlook and guidance

• Anticipates break-even operating cash flows from royalty receipts alone by 2027.

• Multiple late-stage pipeline catalysts and regulatory decisions expected in 2026, including key data readouts and product launches.

• OJEMDA FY2026 revenue guidance is $225–$250M.

• Expects continued disciplined capital allocation and portfolio expansion.