$XOMA
XOMA Royalty Corp

2024 Q4 Form 10-Q Financial Statement

#000155837024014755 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $7.197M
YoY Change 767.11%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.020M
YoY Change 25.9%
% of Gross Profit
Research & Development $817.0K
YoY Change 3168.0%
% of Gross Profit
Depreciation & Amortization $3.000K
YoY Change -98.64%
% of Gross Profit
Operating Expenses $22.84M
YoY Change 245.13%
Operating Profit -$15.64M
YoY Change 170.26%
Interest Expense -$1.706M
YoY Change -709.29%
% of Operating Profit
Other Income/Expense, Net $1.890M
YoY Change 579.86%
Pretax Income -$17.24M
YoY Change 212.94%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.24M
YoY Change 213.0%
Net Earnings / Revenue -239.59%
Basic Earnings Per Share -$1.59
Diluted Earnings Per Share -$1.59
COMMON SHARES
Basic Shares Outstanding 11.78M 11.70M
Diluted Shares Outstanding 11.71M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.8M
YoY Change 323.84%
Cash & Equivalents $142.1M
Short-Term Investments $785.0K
Other Short-Term Assets $2.459M
YoY Change 207.38%
Inventory
Prepaid Expenses
Receivables $1.045M
Other Receivables $12.68M
Total Short-Term Assets $159.0M
YoY Change 360.86%
LONG-TERM ASSETS
Property, Plant & Equipment $34.00K
YoY Change 580.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.932M
YoY Change 370.07%
Total Long-Term Assets $64.32M
YoY Change -28.21%
TOTAL ASSETS
Total Short-Term Assets $159.0M
Total Long-Term Assets $64.32M
Total Assets $223.3M
YoY Change 79.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.131M
YoY Change 55.36%
Accrued Expenses $2.885M
YoY Change 31.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $9.826M
YoY Change
Total Short-Term Liabilities $21.13M
YoY Change 104.51%
LONG-TERM LIABILITIES
Long-Term Debt $108.1M
YoY Change
Other Long-Term Liabilities $9.308M
YoY Change 19.33%
Total Long-Term Liabilities $108.1M
YoY Change 1285.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.13M
Total Long-Term Liabilities $108.1M
Total Liabilities $138.5M
YoY Change 664.1%
SHAREHOLDERS EQUITY
Retained Earnings -$1.233B
YoY Change 2.49%
Common Stock $88.00K
YoY Change 2.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.81M
YoY Change
Total Liabilities & Shareholders Equity $223.3M
YoY Change 79.98%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$17.24M
YoY Change 213.0%
Depreciation, Depletion And Amortization $3.000K
YoY Change -98.64%
Cash From Operating Activities -$8.625M
YoY Change 310.71%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.522M
YoY Change 73.13%
Cash From Investing Activities $9.522M
YoY Change 73.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.001M
YoY Change 192.04%
NET CHANGE
Cash From Operating Activities -8.625M
Cash From Investing Activities 9.522M
Cash From Financing Activities -4.001M
Net Change In Cash -3.104M
YoY Change -252.91%
FREE CASH FLOW
Cash From Operating Activities -$8.625M
Capital Expenditures $0.00
Free Cash Flow -$8.625M
YoY Change

Facts In Submission

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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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XOMA Royalty Corporation
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
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CY2024Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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CY2024Q3 us-gaap Net Income Loss
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CY2024Q3 us-gaap Stockholders Equity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2023Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
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CY2023Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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xoma Income From Purchased Receivables Under Effective Interest Rate Method Current
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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xoma Impairment Of Long Term Rights Receivable Non Current
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xoma Impairment Of Long Term Rights Receivable Non Current
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xoma Gain Loss On Asset Acquisition
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xoma Changes In Estimated Fair Value Of Contingent Consideration
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xoma Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
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xoma Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
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us-gaap Amortization Of Intangible Assets
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us-gaap Depreciation Nonproduction
DepreciationNonproduction
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us-gaap Depreciation Nonproduction
DepreciationNonproduction
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us-gaap Amortization Of Financing Costs And Discounts
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xoma Operating Lease Payments Non Cash
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us-gaap Equity Securities Fv Ni Realized Gain Loss
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xoma Change In Fair Value Of Available For Sale Debt Securities Cash Equivalents
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us-gaap Increase Decrease In Accounts And Other Receivables
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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xoma Cash Acquired From Asset Acquisition
CashAcquiredFromAssetAcquisition
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xoma Payment Of Consideration Under Agreements Investing Activities
PaymentOfConsiderationUnderAgreementsInvestingActivities
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xoma Payment Of Consideration Under Agreements Investing Activities
PaymentOfConsiderationUnderAgreementsInvestingActivities
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xoma Receipts Under Agreements Investing Activities
ReceiptsUnderAgreementsInvestingActivities
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xoma Receipts Under Agreements Investing Activities
ReceiptsUnderAgreementsInvestingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Long Term Debt
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2429000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10061000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3901000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12734000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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xoma Fair Value Of Assets Acquired Milestone Asset
FairValueOfAssetsAcquiredMilestoneAsset
2922000
CY2024Q3 xoma Asset Acquisition Milestone Contingent Consideration Liability Noncurrent
AssetAcquisitionMilestoneContingentConsiderationLiabilityNoncurrent
2922000
xoma Operating Lease Right Of Use Assets Obtained In Exchange For Lease Liabilities In Acquisition
OperatingLeaseRightOfUseAssetsObtainedInExchangeForLeaseLiabilitiesInAcquisition
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xoma Operating Lease Fair Value Basis Reduction In Right Of Use Assets In Acquisition
OperatingLeaseFairValueBasisReductionInRightOfUseAssetsInAcquisition
824000
xoma Accrual Of Contingent Consideration Under Purchase Agreements
AccrualOfContingentConsiderationUnderPurchaseAgreements
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xoma Accrual Of Contingent Consideration Under Purchase Agreements
AccrualOfContingentConsiderationUnderPurchaseAgreements
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xoma Accrual Of Contingent Consideration Under Assignment And Assumption Agreements
AccrualOfContingentConsiderationUnderAssignmentAndAssumptionAgreements
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xoma Estimated Fair Value Of Contingent Consideration Under Asset Acquisition
EstimatedFairValueOfContingentConsiderationUnderAssetAcquisition
1000000
CY2024Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1368000
CY2023Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1368000
us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Description of Business</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 Royalty 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. On July 10, 2024, the Company changed its name from XOMA Corporation to XOMA Royalty Corporation. 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. 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. 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 expects most of its future income and 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-weight:bold;margin:0pt 0pt 12pt 0pt;">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 September 30, 2024, the Company had cash, cash equivalents, and restricted cash of $146.8 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;">Based on the Company’s current cash balance and its planned spending, such as on royalties and other acquisitions, the Company has evaluated and concluded its financial condition is sufficient to fund its planned operations,  commitments, and contractual obligations for a period of at least one year following the date that these condensed consolidated financial statements are issued.</p>
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
146800000
us-gaap Substantial Doubt About Going Concern Within One Year
SubstantialDoubtAboutGoingConcernWithinOneYear
false
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;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, income, revenue and expenses, and related disclosures. Management routinely evaluates its estimates including, but not limited to, those related to income from purchased receivables, revenue from contracts with customers, revenue recognized under the units-of-revenue method, royalty and commercial payment receivables, projected cash flows associated with income under the EIR method, the Exarafenib milestone asset and contingent consideration, legal contingencies, contingent consideration for purchased receivables, amortization of the Blue Owl Loan, 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 income from purchased receivables, amortization of the payments received from HCRP, and amortization of the Blue Owl Loan. Estimates related to income from purchased receivables is based on the best information available to the Company from its partners or other third parties and changes in expected cash flows for royalty and commercial receivables under the EIR method. Any changes to the estimated payments made by partners can result in a material adjustment to income reported. 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. 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>
CY2024Q3 us-gaap Cash
Cash
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CY2023Q4 us-gaap Cash
Cash
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CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
138032000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
28352000
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
142050000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
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CY2024Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2024Q3 us-gaap Restricted Cash
RestrictedCash
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CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest Noncurrent
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterestNoncurrent
0
CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest Noncurrent
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterestNoncurrent
0
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
0
CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
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CY2024Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
104000
CY2024Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2024Q3 xoma Restricted Cash Released To Unrestricted Cash
RestrictedCashReleasedToUnrestrictedCash
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CY2024Q3 xoma Purchased Receivables Cost Recovery Method Net Current
PurchasedReceivablesCostRecoveryMethodNetCurrent
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CY2023Q4 xoma Purchased Receivables Cost Recovery Method Net Current
PurchasedReceivablesCostRecoveryMethodNetCurrent
0
CY2024Q3 xoma Purchased Receivables Effective Interest Rate Method Net Current
PurchasedReceivablesEffectiveInterestRateMethodNetCurrent
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CY2023Q4 xoma Purchased Receivables Effective Interest Rate Method Net Current
PurchasedReceivablesEffectiveInterestRateMethodNetCurrent
0
CY2024Q3 xoma Purchased Receivables Effective Interest Rate Method Net Current
PurchasedReceivablesEffectiveInterestRateMethodNetCurrent
8300000
CY2023Q4 xoma Purchased Receivables Effective Interest Rate Method Net Current
PurchasedReceivablesEffectiveInterestRateMethodNetCurrent
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2024Q3 us-gaap Treasury Stock Common Value
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0
us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Concentration of Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Cash, cash equivalents, restricted cash, and receivables are financial instruments which potentially subject the Company to concentrations of credit risk, as well as liquidity risk. </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 maintains cash balances at commercial banks. Balances commonly exceed the amount insured by the FDIC. The Company has not experienced any losses in such accounts.</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 monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business but does not generally require collateral on receivables. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">For the three months ended September 30, 2024, three partners represented 75%, 14% and 10% of total income and revenues, respectively. For the nine months ended September 30, 2024, three partners represented 50%, 25% and 10% of total income and revenues, respectively. For the three months ended September 30, 2023, two partners represented 73% and 24% of total income and revenues, respectively. For the nine months ended September 30, 2023, two partners represented 54% and 44% of total income and revenues, respectively. One partner represented 96% of the trade and other receivables, net as of September 30, 2024. One partner represented 100% of the trade and other receivables, net as of December 31, 2023.</p>
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2024Q3 us-gaap Treasury Stock Common Value
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us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Concentration of Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Cash, cash equivalents, restricted cash, and receivables are financial instruments which potentially subject the Company to concentrations of credit risk, as well as liquidity risk. </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 maintains cash balances at commercial banks. Balances commonly exceed the amount insured by the FDIC. The Company has not experienced any losses in such accounts.</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 monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business but does not generally require collateral on receivables. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">For the three months ended September 30, 2024, three partners represented 75%, 14% and 10% of total income and revenues, respectively. For the nine months ended September 30, 2024, three partners represented 50%, 25% and 10% of total income and revenues, respectively. For the three months ended September 30, 2023, two partners represented 73% and 24% of total income and revenues, respectively. For the nine months ended September 30, 2023, two partners represented 54% and 44% of total income and revenues, respectively. One partner represented 96% of the trade and other receivables, net as of September 30, 2024. One partner represented 100% of the trade and other receivables, net as of December 31, 2023.</p>
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CY2023Q4 us-gaap Accrued Bonuses Current
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CY2024Q3 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q3 us-gaap Accrued Professional Fees Current
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CY2023Q4 us-gaap Accrued Professional Fees Current
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CY2024Q3 xoma Accrued Salaries And Employee Benefits Current
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CY2023Q4 xoma Accrued Salaries And Employee Benefits Current
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CY2024Q3 xoma Accrued And Other Liabilities Current
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CY2023Q4 xoma Accrued And Other Liabilities Current
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CY2024Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18611000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-18611000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-24826000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11712000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11473000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11645000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11466000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11645000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11466000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.59
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.17
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.59
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.17
CY2024Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1171000
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
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CY2024Q3 us-gaap Other Accrued Liabilities Current
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us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
660
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
13000
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5900000
CY2024Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2024Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001558370-24-014755.txt Edgar Link pending
0001558370-24-014755-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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