$XOMA
XOMA Royalty Corp

2017 Q3 Form 10-Q Financial Statement

#000156459017021836 Filed on November 06, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $36.18M $524.0K $635.0K
YoY Change 5598.11% -98.91% -69.38%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.260M $5.180M $4.050M
YoY Change 79.26% 9.98% -28.06%
% of Gross Profit
Research & Development $310.0K $8.250M $8.670M
YoY Change -96.42% -39.34% -50.62%
% of Gross Profit
Depreciation & Amortization $60.00K $170.0K $180.0K
YoY Change -66.67% -19.05% -57.14%
% of Gross Profit
Operating Expenses $7.562M $13.43M $12.73M
YoY Change -40.58% -26.62% -45.12%
Operating Profit $28.65M -$17.46M -$12.09M
YoY Change -336.93% -160.75% -48.93%
Interest Expense -$200.0K -$960.0K -$980.0K
YoY Change -79.59% 57.38% -4.85%
% of Operating Profit -0.7%
Other Income/Expense, Net -$600.0K -$21.00K -$433.0K
YoY Change 38.57% -99.38% -101.87%
Pretax Income $28.05M -$17.48M -$12.53M
YoY Change -323.95% -168.95% 2509.38%
Income Tax $1.706M
% Of Pretax Income 6.08%
Net Earnings $26.34M -$17.48M -$12.53M
YoY Change -310.33% -168.95% 2509.38%
Net Earnings / Revenue 72.81% -3335.88% -1972.44%
Basic Earnings Per Share $2.06 -$2.89 -$2.08
Diluted Earnings Per Share $1.98 -$2.89 -$2.08
COMMON SHARES
Basic Shares Outstanding 7.786M 6.047M 6.029M
Diluted Shares Outstanding 8.275M 6.029M

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.70M $25.74M $20.62M
YoY Change 131.35% -61.15% -35.57%
Cash & Equivalents $47.70M $25.74M $20.62M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $300.0K $900.0K $1.300M
YoY Change -76.92% -52.63% -55.17%
Inventory
Prepaid Expenses
Receivables $913.0K $474.0K $800.0K
Other Receivables $113.0K $92.00K $0.00
Total Short-Term Assets $49.10M $27.16M $22.63M
YoY Change 117.02% -62.39% -69.54%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $1.036M $1.402M
YoY Change -92.87% -48.12% -65.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $481.0K $700.0K
YoY Change -28.57% -27.56% 5.42%
Total Long-Term Assets $600.0K $1.517M $2.075M
YoY Change -71.08% -42.99% -56.42%
TOTAL ASSETS
Total Short-Term Assets $49.10M $27.16M $22.63M
Total Long-Term Assets $600.0K $1.517M $2.075M
Total Assets $49.70M $28.68M $24.70M
YoY Change 101.21% -61.7% -68.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.000M $5.689M $4.500M
YoY Change -11.11% -16.72% -20.56%
Accrued Expenses $1.400M $8.100M $4.300M
YoY Change -67.44% 9.46% -55.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $17.86M $12.46M
YoY Change -100.0% 202.12% 202.23%
Total Short-Term Liabilities $14.22M $32.51M $23.00M
YoY Change -38.16% 39.54% -61.11%
LONG-TERM LIABILITIES
Long-Term Debt $14.32M $25.31M $32.80M
YoY Change -56.34% -40.8% -26.23%
Other Long-Term Liabilities $17.10M $69.00K $100.0K
YoY Change 17000.0% -89.75% -81.79%
Total Long-Term Liabilities $14.32M $25.38M $32.90M
YoY Change -56.47% -41.56% -26.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.22M $32.51M $23.00M
Total Long-Term Liabilities $14.32M $25.38M $32.90M
Total Liabilities $28.55M $75.89M $55.90M
YoY Change -48.93% -1.69% -48.35%
SHAREHOLDERS EQUITY
Retained Earnings -$1.194B
YoY Change 4.7%
Common Stock $1.146B
YoY Change 0.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.100M -$47.21M -$31.20M
YoY Change
Total Liabilities & Shareholders Equity $49.70M $28.68M $24.70M
YoY Change 101.21% -61.7% -68.75%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $26.34M -$17.48M -$12.53M
YoY Change -310.33% -168.95% 2509.38%
Depreciation, Depletion And Amortization $60.00K $170.0K $180.0K
YoY Change -66.67% -19.05% -57.14%
Cash From Operating Activities $30.67M $7.000M -$12.05M
YoY Change -354.52% -75.67% -36.68%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$30.00K $0.00
YoY Change -175.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $620.0K
YoY Change -100.0% -100.0% 3000.0%
Cash From Investing Activities -$20.00K -$30.00K $630.0K
YoY Change -103.17% -100.61% -1675.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.450M -1.840M -1.820M
YoY Change -344.51% -2400.0% -1313.33%
NET CHANGE
Cash From Operating Activities 30.67M 7.000M -12.05M
Cash From Investing Activities -20.00K -30.00K 630.0K
Cash From Financing Activities 4.450M -1.840M -1.820M
Net Change In Cash 35.10M 5.130M -13.24M
YoY Change -365.11% -84.8% -30.02%
FREE CASH FLOW
Cash From Operating Activities $30.67M $7.000M -$12.05M
Capital Expenditures -$20.00K -$30.00K $0.00
Free Cash Flow $30.69M $7.030M -$12.05M
YoY Change -354.69% -75.53% -36.48%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q4 xoma Accrued Restructuring Costs Current
AccruedRestructuringCostsCurrent
3594000
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
69000
CY2016Q4 us-gaap Liabilities
Liabilities
75887000
CY2017Q3 xoma Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
1601000
CY2016Q4 xoma Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
4215000
CY2017Q3 us-gaap Interest Payable Current
InterestPayableCurrent
140000
CY2017Q3 us-gaap Liabilities Current
LiabilitiesCurrent
14224000
CY2017Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
17101000
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14322000
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
46000
CY2017Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1706000
CY2017Q3 xoma Restructuring Income Charges
RestructuringIncomeCharges
29000
xoma Restructuring Income Charges
RestructuringIncomeCharges
-3451000
xoma Restructuring Income Charges
RestructuringIncomeCharges
-15000
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-135000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
28050000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1706000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
26344000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16038000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16418000
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.06
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.98
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7786000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7424000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8275000
us-gaap Depreciation
Depreciation
289000
us-gaap Depreciation
Depreciation
603000
xoma Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
DefinedContributionPlanIssuanceOfCommonStockForServicesOrClaims
506000
xoma Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
DefinedContributionPlanIssuanceOfCommonStockForServicesOrClaims
785000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
444000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1075000
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
126000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1123000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-1447000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-384000
CY2017Q3 xoma Accrued Restructuring Costs Current
AccruedRestructuringCostsCurrent
444000
us-gaap Operating Income Loss
OperatingIncomeLoss
-44099000
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
32506000
CY2016Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
18000000
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
254000
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
17855000
CY2017Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
6287000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
28677000
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.05
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0075
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
277333332
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6114145
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-47210000
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6114145
CY2016Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1146357000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1193613000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-650000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
585000
us-gaap Interest Expense Debt
InterestExpenseDebt
2991000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12525000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
17621000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-36050000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1706000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-12525000
us-gaap Net Income Loss
NetIncomeLoss
15915000
us-gaap Net Income Loss
NetIncomeLoss
-36050000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12525000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6609000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-36050000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12525000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6669000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-36050000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6.00
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.00
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6029000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6010000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6029000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7617000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6010000
us-gaap Share Based Compensation
ShareBasedCompensation
4893000
us-gaap Share Based Compensation
ShareBasedCompensation
6200000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
45000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1475000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-262000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-79000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
460000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-3313000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-493000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-676000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4247000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4100000
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-3150000
us-gaap Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
-440000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
143000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
175000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1706000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-9857000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2306000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-500000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
7911000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-40687000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1614000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
622000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
1590000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
636000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
29959000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
45000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
16380000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5057000
xoma End Of Term Fee Paid To Lender
EndOfTermFeePaidToLender
1150000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
51000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
84000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
41000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
12337000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5096000
us-gaap Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
167000
us-gaap Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
-2000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
22005000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-45149000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65767000
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20618000
us-gaap Interest Paid
InterestPaid
518000
us-gaap Interest Paid
InterestPaid
1724000
xoma Non Cash Repayment Of Principal And Accrued Interest Under The Servier Loan
NonCashRepaymentOfPrincipalAndAccruedInterestUnderTheServierLoan
14346000
xoma Interest Added Principal Balances Long Term Debt
InterestAddedPrincipalBalancesLongTermDebt
236000
xoma Interest Added Principal Balances Long Term Debt
InterestAddedPrincipalBalancesLongTermDebt
194000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="text-align:justify;margin-bottom:4pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Description of Business </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">XOMA Corporation (referred to as &#8220;XOMA&#8221; or the &#8220;Company&#8221;), a Delaware corporation, has a long history of discovering and developing innovative therapeutics derived from its unique platform of antibody technologies. The Company has historically advanced product candidates into the earlier stages of development and then sought to license product candidates to licensees who assume the responsibilities of later stage development, approval and commercialization. In 2016, XOMA focused its research and development efforts to advancing a portfolio of product candidates that have the potential to treat a variety of endocrine diseases, including the advancement of X358 for the treatment of congenital hyperinsulinism and hypoglycemia in hyperinsulinemic patients following bariatric surgery. In addition, XOMA has historically licensed antibody technologies on a non-exclusive basis to other companies who desire to access the antibody platform for their own discovery efforts. In March 2017, the Company revised its strategy to instead focus on building out its portfolio of programs that are fully funded by other biotechnology and pharmaceutical companies and for which milestone and royalty payments are potentially due.&nbsp;&nbsp;The result is a focus by the Company on out-licensing its un-partnered product candidates to partners who will continue the development and commercialization of these assets. The Company expects that a significant portion of any future revenue will be based on payments it may receive from its licensees. In addition, the Company intends to acquire potential milestone and royalty revenue streams on additional assets.&nbsp;&nbsp;</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Management Plans<font style="margin-left:36pt;"></font></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;text-indent:4.54%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred operating losses since its inception resulting in an accumulated deficit of $1.2 billion, it has working capital of $34.9 million and $14.3 million in total outstanding debt at September 30, 2017.<font style="font-size:12pt;"> </font>As of June 30, 2017, there was a substantial doubt about the Company&#8217;s ability to continue as a going concern since it did not have sufficient financial resources available to fund its operations and make scheduled loan payments beyond August 2018. The Company alleviated this concern in August 2017, when it entered into license agreements with Novartis Pharma AG (&#8220;Novartis AG&#8221;) in which the Company received total cash proceeds of $25.7 million. Concurrently, Novartis AG settled the Company&#8217;s outstanding debt with Les Laboratories Servier (&#8220;Servier Loan&#8221;) and extended the maturity date of the Company&#8217;s debt to Novartis Institutes for BioMedical Research, Inc. (&#8220;NIBR&#8221;) from September 30, 2020 to September 30, 2022 (see Notes 4 and 8).&nbsp;&nbsp;&#160;In conjunction with the license agreements, the Company and Novartis AG also entered into a common stock purchase agreement in which the Company received total cash proceeds of $5.0 million (see Note 12). As of September 30, 2017, the Company had $47.7 million in cash and cash equivalents, which is available to fund its operations through the next 12 months from the date the condensed consolidated financial statements are issued.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:4pt;text-indent:4.54%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company&#8217;s common stock, which itself is subject to a number of pharmaceutical development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. <font style="font-size:9pt;"> </font></p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;font-style:italic;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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, debt amendments, long-lived assets, restructuring liabilities, legal contingencies, 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. Actual results may differ significantly from these estimates. Under the Company&#8217;s contracts with the National Institute of Allergy and Infectious Diseases (&#8220;NIAID&#8221;), a part of the National Institutes of Health (&#8220;NIH&#8221;), the Company billed NIAID using NIH&#8217;s provisional rates and thus is subject to future audits at the discretion of NIAID&#8217;s contracting office. These audits can result in an adjustment to revenue previously reported which potentially could be significant. In March 2016, the Company effected the novation of its remaining active contract with NIAID to Ology Bioservices, Inc. (&#8220;Ology Bioservices&#8221;) (formerly known as Nanotherapeutics, Inc.) (see Note 6). The billings made prior to the effective date of the novation of such contract are still subject to future audits, which may result in significant adjustments to reported revenues. </p></div>
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;font-style:italic;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Sale of Future Revenue Streams</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;color:#auto;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">&#160;<font style="font-size:10pt;">The Company has sold its rights to receive certain milestones and royalties on product sales. In the circumstance where the Company has sold its rights to future milestones and royalties under a license agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of milestone or royalty streams and recognizes such deferred revenue as contract and other revenue over the life of the underlying license agreement. The Company recognizes this revenue under the "units-of-revenue" method. Under this method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period&#8217;s cash payment.</font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:4pt;text-indent:4.54%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company&#8217;s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;font-style:italic;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Risk </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Cash equivalents and receivables are financial instruments which potentially subject the Company to concentrations of credit risk, as well as liquidity risk for certain cash equivalents, such as money market funds. The Company has not encountered any such liquidity issues during 2017. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:4pt;text-indent:4.54%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has not experienced any significant credit losses and does not generally require collateral on receivables. For the three months ended September 30, 2017, one customer represented 98% of total revenues. For the nine months ended September 30, 2017, one customer represented 96% of total revenues. For the three months ended September 30, 2016, three customers represented 51%, 37% and 12% of total revenues, respectively. For the nine months ended September 30, 2016, four customers represented 30%, 21%, 18%, and 10% of total revenues, respectively. As of September 30, 2017, two customers represented 55%<font style="font-size:12pt;">&#160;</font>and 45% of the trade receivables balance. As of December 31, 2016, one customer represented 85% of the trade receivables balance.&nbsp;&nbsp;</p></div>
CY2016Q4 xoma Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
458000
CY2017Q3 xoma Accrued Incentive Compensation
AccruedIncentiveCompensation
396000
CY2017Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
231000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
385000
CY2017Q3 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
746000
CY2016Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
707000
CY2017Q3 xoma Working Capital
WorkingCapital
34900000
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
14300000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2016Q3 us-gaap Contractual Obligation
ContractualObligation
0
CY2017Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
39800000
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
77000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1083000
xoma Deemed Dividends On Convertible Preferred Stock
DeemedDividendsOnConvertiblePreferredStock
5603000
CY2016Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
474000
CY2017Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
113000
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
92000
CY2017Q3 xoma Equipment And Furniture Gross
EquipmentAndFurnitureGross
722000
CY2016Q4 xoma Equipment And Furniture Gross
EquipmentAndFurnitureGross
14023000
CY2017Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
334000
CY2016Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
4200000
CY2017Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
913000
CY2016Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
554000
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1056000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14577000
CY2017Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
959000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13541000
CY2017Q3 xoma Equipment Sold And Disposed During Period
EquipmentSoldAndDisposedDuringPeriod
100000
xoma Equipment Sold And Disposed During Period
EquipmentSoldAndDisposedDuringPeriod
500000
CY2017Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
151000
CY2016Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1582000
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
10306000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3703000
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
380000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
60000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
489000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
193000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
332000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5052000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1464000
CY2017Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
17312
CY2016Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
498556
CY2017Q3 xoma Contractual Obligation Estimated Milestone Payments
ContractualObligationEstimatedMilestonePayments
15500000
xoma Lessee Leasing Arrangements Operating Leases Expiry Month And Year
LesseeLeasingArrangementsOperatingLeasesExpiryMonthAndYear
2023-04
CY2017Q3 xoma Operating Leases Number Of Successive Renewal Options
OperatingLeasesNumberOfSuccessiveRenewalOptions
2
us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P5Y
CY2017Q3 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P63M
CY2017Q3 xoma Operating Lease Commencement Date
OperatingLeaseCommencementDate
2017-10-01
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1300000
CY2017Q3 xoma Lease Payments Term
LeasePaymentsTerm
2022-11
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2038000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1729000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4893000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6200000
CY2017Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
24900000
CY2017Q3 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.185
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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