$XOMA
XOMA Royalty Corp

2024 Q1 Form 10-K Financial Statement

#000155837024002782 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.490M $1.833M $4.758M
YoY Change 240.96% 23.35% -21.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.461M $7.265M $25.61M
YoY Change 36.56% -4.04% 10.41%
% of Gross Profit
Research & Development $33.00K $25.00K $143.0K
YoY Change -38.89% -10.71% -6.54%
% of Gross Profit
Depreciation & Amortization $2.000K $230.0K $900.0K
YoY Change -99.12% 137.11% 765.38%
% of Gross Profit
Operating Expenses $8.494M $7.514M $46.61M
YoY Change -19.92% -2.36% 98.82%
Operating Profit -$7.004M -$41.85M
YoY Change -31.13% 140.31%
Interest Expense -$1.591M -$175.0K $1.017M
YoY Change -545.66% -181.78% 298.82%
% of Operating Profit
Other Income/Expense, Net $1.960M $1.586M
YoY Change 449.02% 437.63%
Pretax Income -$8.595M -$20.11M -$40.80M
YoY Change -12.41% 235.65% 138.6%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$8.595M -$21.48M -$40.83M
YoY Change -12.41% 192.44% 138.72%
Net Earnings / Revenue -576.85% -1171.69% -858.15%
Basic Earnings Per Share -$0.86 -$4.04
Diluted Earnings Per Share -$0.86 -$1.87 -$4.04
COMMON SHARES
Basic Shares Outstanding 11.63M 11.49M 11.47K
Diluted Shares Outstanding 11.58K 11.47K

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.6M $153.5M $153.5M
YoY Change 206.29% 163.84%
Cash & Equivalents $136.2M $153.3M
Short-Term Investments $413.0K $161.0K $161.0K
Other Short-Term Assets $430.0K $643.0K $643.0K
YoY Change -5.7% -11.31%
Inventory
Prepaid Expenses
Receivables $3.000K $1.004M $1.004M
Other Receivables $9.819M $14.22M $14.22M
Total Short-Term Assets $146.9M $169.3M $169.3M
YoY Change 225.89% 176.42% 176.42%
LONG-TERM ASSETS
Property, Plant & Equipment $40.00K $25.00K $403.0K
YoY Change 566.67% 257.14% 1019.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $533.0K $533.0K $6.633M
YoY Change 105.0% 105.0% 2451.15%
Total Long-Term Assets $72.53M $64.99M $64.99M
YoY Change -18.13% -17.87% -17.87%
TOTAL ASSETS
Total Short-Term Assets $146.9M $169.3M $169.3M
Total Long-Term Assets $72.53M $64.99M $64.99M
Total Assets $219.4M $234.3M $234.3M
YoY Change 64.16% 66.9% 66.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.515M $653.0K $653.0K
YoY Change 246.68% 24.62% 24.62%
Accrued Expenses $1.354M $2.822M $2.822M
YoY Change -78.15% -4.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.144M $5.543M $5.543M
YoY Change
Total Short-Term Liabilities $15.54M $19.50M $19.50M
YoY Change 53.95% 185.99% 185.99%
LONG-TERM LIABILITIES
Long-Term Debt $114.5M $118.5M $118.5M
YoY Change
Other Long-Term Liabilities $7.011M $7.563M $7.563M
YoY Change -22.48% -20.81%
Total Long-Term Liabilities $114.5M $118.5M $126.1M
YoY Change 1166.34% 1220.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.54M $19.50M $19.50M
Total Long-Term Liabilities $114.5M $118.5M $126.1M
Total Liabilities $137.1M $145.6M $145.6M
YoY Change 616.27% 789.42% 789.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.232B -$1.223B
YoY Change 3.32% 3.45%
Common Stock $87.00K $86.00K
YoY Change 1.16% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.34M $88.72M $88.72M
YoY Change
Total Liabilities & Shareholders Equity $219.4M $234.3M $234.3M
YoY Change 64.16% 66.9% 66.9%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$8.595M -$21.48M -$40.83M
YoY Change -12.41% 192.44% 138.72%
Depreciation, Depletion And Amortization $2.000K $230.0K $900.0K
YoY Change -99.12% 137.11% 765.38%
Cash From Operating Activities -$4.947M -$3.928M -$18.16M
YoY Change 0.47% 0.98% 40.99%
INVESTING ACTIVITIES
Capital Expenditures $17.00K $17.00K $17.00K
YoY Change -99.89% -99.89%
Acquisitions
YoY Change
Other Investing Activities -$7.229M $5.526M -$694.0K
YoY Change -0.07% -86.05%
Cash From Investing Activities -$7.246M $5.509M -$711.0K
YoY Change 0.17% -136.13% -96.48%
FINANCING ACTIVITIES
Cash Dividend Paid $1.368M $5.472M
YoY Change 0.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.616M
YoY Change
Cash From Financing Activities -4.956M 124.5M 120.6M
YoY Change 262.28% -9517.02% -2809.35%
NET CHANGE
Cash From Operating Activities -4.947M -3.928M -18.16M
Cash From Investing Activities -7.246M 5.509M -711.0K
Cash From Financing Activities -4.956M 124.5M 120.6M
Net Change In Cash -17.15M 126.1M 101.7M
YoY Change 26.79% -716.23% -370.9%
FREE CASH FLOW
Cash From Operating Activities -$4.947M -$3.928M -$18.16M
Capital Expenditures $17.00K $17.00K $17.00K
Free Cash Flow -$4.964M -$3.945M -$18.18M
YoY Change -79.39% -35.38%

Facts In Submission

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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 0pt 12pt 0pt;">XOMA Corporation, 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 milestone payments, royalties and commercial payments, since its royalty aggregator business model was implemented in 2017 combined with out-licensing its proprietary products and platforms from its legacy discovery and development business. XOMA also acquires milestone and royalty revenue streams on late-stage or commercial assets that are designed to address unmet markets or have a therapeutic advantage, have long duration of market exclusivity, and are expected to generate royalty or milestone payments to the Company in a relatively short timeframe.  The Company’s drug royalty aggregator business is primarily focused on early to mid-stage clinical assets in Phase 1 and 2 with significant commercial sales potential that are licensed to large-cap partners. The Company expects most of its future revenue to be based on milestone payments the Company may receive for milestones and royalties associated with these programs. </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, 2023, the Company had unrestricted and restricted cash and cash equivalents of $159.6 million primarily related to financing cash inflows received in December 2023 pursuant to the Blue Owl Loan Agreement (see Note 8).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2023, the Company had unrestricted cash and cash equivalents of $153.3 million and restricted cash of $6.3 million. As of December 31, 2023, $0.2 million of restricted cash was classified as current and $6.1 million was classified as non-current. The restricted cash balance may only be used to pay interest expense, administrative fees and other allowable expenses pursuant to the Blue Owl Loan.</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 planned 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management routinely 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, amortization of the Blue Owl Loan, valuation of warrants, accrued expenses 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, including 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. In addition, the Company’s amortization of the Blue Owl Loan is calculated based on the commercial payments expected to be received from Roche for VABYSMO under the Affitech CPPA. Any changes to the estimated commercial payments from Roche can result in a material adjustment to the interest expense and term loan balance reported.</p>
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.88
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M14D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10638000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1961143
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.73
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y3M7D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
10606000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2800000
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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6813000
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5894000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-40831000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-17104000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-46303000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-46303000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22576000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-22576000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11471
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11471
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11413
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11413
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.04
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.04
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.98
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.98
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
131177
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11177
CY2023Q4 xoma Contractual Obligation Estimated Milestone Payments
ContractualObligationEstimatedMilestonePayments
6300000
CY2023Q4 xoma Contractual Obligation Estimated Milestone Payments Number Of Products
ContractualObligationEstimatedMilestonePaymentsNumberOfProducts
1
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Revenues
Revenues
4758000
CY2022 us-gaap Revenues
Revenues
6027000

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