XOMA Royalty Reports Third Quarter 2024 Financial Results and Recent Activities

XOMA Royalty Corporation (NASDAQ: XOMA) recently disclosed its financial outcomes for the third quarter of 2024 and highlighted key events that have shaped its operations. The company revealed that Zevra’s MIPLYFFA™ received FDA approval, becoming the latest addition to its commercial asset portfolio. Additionally, XOMA Royalty entered into an agreement with Twist Bioscience, securing a 50% stake in future milestones and royalties, expanding its early-stage program portfolio significantly.

According to Owen Hughes, the Chief Executive Officer of XOMA Royalty, “September’s approval of MIPLYFFA™ contributes to our growing commercial royalty portfolio, and the recent agreement with Twist Bioscience broadens our early-stage portfolio diversification.”

Key Third Quarter Developments
– Zevra Therapeutics’ MIPLYFFA™ gained FDA approval for treating Niemann-Pick disease type C.
– Rezolute initiated the sunRIZE Phase 3 trial for ersodetug and received FDA clearance for another Phase 3 study.
– Johnson & Johnson presented promising Phase 2 data for TAR-200 in muscle-invasive bladder cancer patients.

Anticipated 2024 Events
– Takeda will host an R&D Day highlighting the late-stage pipeline, including discussions on mezagitamab.

Financial Results
XOMA Royalty reported total income and revenues of $7.2 million for Q3 2024, which included significant contributions from its commercial products. Research and development expenses were $0.8 million, reflecting transitory clinical trial costs. General and administrative expenses stood at $8.0 million, primarily due to post-acquisition costs. Notably, the company recorded a $14.0 million impairment charge related to the Agenus Royalty Purchase Agreement.

Looking Forward
At the end of Q3 2024, XOMA Royalty had cash and cash equivalents of $146.8 million, including restricted cash. The company received $9.9 million in cash from royalty and commercial payments during the quarter and incurred a net cash outflow of $8.6 million from operating activities.

XOMA Royalty Corporation acts as a biotechnology royalty aggregator, aiming to support biotech companies in advancing human health through strategic acquisitions of future economic interests associated with therapeutic candidates. For further updates and information, visit their website at www.xoma.com or follow XOMA Royalty Corporation on LinkedIn.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read XOMA’s 8K filing here.

About XOMA

XOMA Corporation operates as a biotech royalty aggregator in the United States and the Asia Pacific. It has a portfolio of economic rights to future potential milestone and royalty payments associated with partnered commercial and pre-commercial therapeutic candidates. The company also focuses on early to mid-stage clinical assets primarily in Phase 1 and 2 with commercial sales potential that are licensed to partners; and acquires milestone and royalty revenue streams on late-stage clinical or commercial assets.