$XOMA
XOMA Royalty Corp

2023 Q1 Form 10-K Financial Statement

#000155837023003259 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $437.0K $1.486M $6.027M
YoY Change -85.93% -95.87% -84.21%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.196M $7.571M $23.19M
YoY Change 21.11% 36.71% 13.35%
% of Gross Profit
Research & Development $54.00K $28.00K $153.0K
YoY Change -3.57% -33.33% -10.53%
% of Gross Profit
Depreciation & Amortization $226.0K $97.00K $104.0K
YoY Change 11200.0% 9600.0% 1385.71%
% of Gross Profit
Operating Expenses $10.61M $7.696M $23.44M
YoY Change 105.09% 37.92% 13.62%
Operating Profit -$10.17M -$17.41M
YoY Change 392.49% -199.34%
Interest Expense $357.0K $214.0K $255.0K
YoY Change -269.19% -149.77% -118.96%
% of Operating Profit
Other Income/Expense, Net $357.0K $5.000K $295.0K
YoY Change -266.05% -133.56%
Pretax Income -$9.813M -$5.991M -$17.10M
YoY Change 330.39% -120.01% -207.55%
Income Tax -$15.00K -$15.00K
% Of Pretax Income
Net Earnings -$9.813M -$7.344M -$17.10M
YoY Change 330.39% -124.61% -208.27%
Net Earnings / Revenue -2245.54% -494.21% -283.79%
Basic Earnings Per Share -$0.98 -$1.98
Diluted Earnings Per Share -$0.98 -$0.64 -$1.98
COMMON SHARES
Basic Shares Outstanding 11.46M 11.45M 11.41M
Diluted Shares Outstanding 11.46K 11.41M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.61M $58.16M
YoY Change -49.5% -38.19%
Cash & Equivalents $44.30M $57.83M
Short-Term Investments $311.0K $335.0K
Other Short-Term Assets $456.0K $725.0K
YoY Change -63.4% -72.76%
Inventory
Prepaid Expenses
Receivables $6.000K $0.00 $1.000K
Other Receivables $0.00 $2.366M
Total Short-Term Assets $45.07M $61.25M $61.25M
YoY Change -49.7% -36.83% -36.83%
LONG-TERM ASSETS
Property, Plant & Equipment $6.000K $7.000K $36.00K
YoY Change -50.0% -46.15% -83.1%
Goodwill
YoY Change
Intangibles $14.93M $15.15M
YoY Change
Long-Term Investments
YoY Change
Other Assets $260.0K $260.0K $260.0K
YoY Change -13.62% -13.62% -13.62%
Total Long-Term Assets $88.59M $79.13M $79.13M
YoY Change 27.38% 13.71% 13.71%
TOTAL ASSETS
Total Short-Term Assets $45.07M $61.25M $61.25M
Total Long-Term Assets $88.59M $79.13M $79.13M
Total Assets $133.7M $140.4M $140.4M
YoY Change -16.02% -15.72% -15.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $437.0K $524.0K $524.0K
YoY Change -44.47% -51.12% -51.12%
Accrued Expenses $6.196M $2.952M
YoY Change 497.49% 310.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.09M $6.818M $6.818M
YoY Change 27.93% -47.42% -47.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.044M $9.550M
YoY Change -20.29% -18.51%
Total Long-Term Liabilities $9.044M $9.550M
YoY Change -20.29% -18.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.09M $6.818M $6.818M
Total Long-Term Liabilities $9.044M $9.550M
Total Liabilities $19.14M $16.37M $16.37M
YoY Change -0.51% -33.7% -33.7%
SHAREHOLDERS EQUITY
Retained Earnings -$1.192B -$1.182B
YoY Change 2.11% 1.47%
Common Stock $86.00K $86.00K
YoY Change 0.0% 1.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.5M $124.0M $124.0M
YoY Change
Total Liabilities & Shareholders Equity $133.7M $140.4M $140.4M
YoY Change -16.02% -15.72% -15.72%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$9.813M -$7.344M -$17.10M
YoY Change 330.39% -124.61% -208.27%
Depreciation, Depletion And Amortization $226.0K $97.00K $104.0K
YoY Change 11200.0% 9600.0% 1385.71%
Cash From Operating Activities -$4.924M -$3.890M -$12.88M
YoY Change 388.01% -112.69% -156.79%
INVESTING ACTIVITIES
Capital Expenditures $15.25M $15.25M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$7.234M $0.00 -$4.974M
YoY Change 44.68% -100.0% -81.23%
Cash From Investing Activities -$7.234M -$15.25M -$20.22M
YoY Change 44.68% 154.12% -23.69%
FINANCING ACTIVITIES
Cash Dividend Paid $1.368M $5.472M
YoY Change 0.0% 56.39%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.368M -1.322M -4.451M
YoY Change 86.12% -8.13% -134.68%
NET CHANGE
Cash From Operating Activities -4.924M -3.890M -12.88M
Cash From Investing Activities -7.234M -15.25M -20.22M
Cash From Financing Activities -1.368M -1.322M -4.451M
Net Change In Cash -13.53M -20.46M -37.55M
YoY Change 100.56% -188.17% -516.63%
FREE CASH FLOW
Cash From Operating Activities -$4.924M -$3.890M -$12.88M
Capital Expenditures $15.25M $15.25M
Free Cash Flow -$19.14M -$28.13M
YoY Change -162.45% -224.02%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1. Description of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">XOMA, a Delaware corporation, is a biotech royalty aggregator with a sizable portfolio of economic rights to future potential milestone and royalty payments associated with partnered commercial and pre-commercial therapeutic candidates. The Company’s portfolio was built through the acquisition of rights to future milestones and royalties that the Company has made since the royalty aggregator business model was implemented in 2017 combined with outlicensing its proprietary products and platforms from its legacy discovery and development business. The Company’s drug royalty aggregator business is focused on early to mid-stage clinical assets primarily in Phase 1 and 2 with significant commercial sales potential that are licensed to large-cap partners. The Company expects that most of its future revenue will be based on payments the Company may receive for milestones and royalties related to these programs. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 18pt;">Liquidity and Financial Condition</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has incurred significant operating losses and negative cash flows from operations since its inception. As of December 31, 2022, the Company had cash and cash equivalents of $57.8 million. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Based on the Company’s current cash balance and its ability to control discretionary spending, such as milestone and royalty acquisitions, the Company has evaluated and concluded its financial condition is sufficient to fund its planned operations and commitments and contractual obligations for a period of at least one year following the date that these consolidated financial statements are issued.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to revenue recognition, revenue recognized under the units-of-revenue method, royalty and commercial payment receivables, intangible assets, legal contingencies, contingent consideration and stock-based compensation. The Company bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Actual results may differ significantly from these estimates, such as the Company’s amortization of the payments received from HCRP. Under the contracts with HCRP, the amortization for the reporting period is calculated based on the payments expected to be made by the licensees to HCRP over the term of the arrangement. Any changes to the estimated payments by the licensees to HCRP can result in a material adjustment to revenue previously reported.</p>
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WeightedAverageNumberOfDilutedSharesOutstanding
11413000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12192000
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.98
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.98
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11177
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11177
CY2022Q4 xoma Contractual Obligation Estimated Milestone Payments
ContractualObligationEstimatedMilestonePayments
6300000
CY2022Q4 xoma Contractual Obligation Estimated Milestone Payments Number Of Products
ContractualObligationEstimatedMilestonePaymentsNumberOfProducts
1
CY2021Q2 xoma Number Of Arbitration Proceedings Initiated
NumberOfArbitrationProceedingsInitiated
1
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022 us-gaap Revenues
Revenues
6027000
CY2021 us-gaap Revenues
Revenues
38160000

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
xoma-20221231x10k_htm.xml Edgar Link completed
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xoma-20221231.xsd Edgar Link pending
xoma-20221231x10k.htm Edgar Link pending
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xoma-20221231_cal.xml Edgar Link unprocessable
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