XOMA Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>XOMA Corp has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

XOMA Corp (XOMAP) filed a Annual Report (10-K) with the SEC on March 8, 2024. XOMA Corp filed its 2023 Form 10-K on March 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 2200 Powell Street, Suite 310, Emeryville, CA 94608. XOMA Corp operates in the Pharmaceutical Preparations industry (SIC 2834). The report includes details on various agreements and events, including subsequent events related to Talphera.

Why It Matters

For investors and stakeholders tracking XOMA Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of XOMA Corp's financial health, strategic initiatives, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed information within the report, including executive compensation, revenue segments, and risk factors, allows for a thorough analysis of the company's operational performance and its position within the pharmaceutical industry.

Risk Assessment

Risk Level: medium — XOMA Corp shows moderate risk based on this filing. The company's financial health and future prospects are subject to various risks inherent in the pharmaceutical industry, including regulatory hurdles, market competition, and the success of its product pipeline, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand XOMA Corp's performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240308 — Filing Date (Date the 10-K was filed)
• 0000791908 — Central Index Key (XOMA Corp's unique identifier)
• 2834 — Standard Industrial Classification (Industry code for Pharmaceutical Preparations)
• 510-204-7239 — Business Phone (Contact number for XOMA Corp)

Key Players & Entities

• XOMA Corp (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240308 (date) — Filing date
• 2200 POWELL STREET SUITE 310 EMERYVILLE CA 94608 (address) — Business address
• PHARMACEUTICAL PREPARATIONS (industry) — Standard Industrial Classification
• Talphera (company) — Mentioned in relation to subsequent events
• U.s.DepartmentOfDefense (organization) — Mentioned in relation to subsequent events
• AloraPharmaceuticals (company) — Mentioned in relation to subsequent events

FAQ

Risk Factors

• Credit Loss Expense and Impairment of Intangible Assets [medium — financial]: The company reports on credit loss expense and impairment of intangible assets, specifically related to long-term rights receivable.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.0075 — ch registered Common Stock, par value $0.0075 XOMA The Nasdaq Global Market 8.6
• $0.05 — ve Perpetual Preferred Stock, par value $0.05 XOMAP The Nasdaq Global Market De

Filing Documents

• xoma-20231231x10k.htm (10-K) — 3823KB
• xoma-20231231xex4d9.htm (EX-4.9) — 101KB
• xoma-20231231xex10d10.htm (EX-10.10) — 10KB
• xoma-20231231xex10d16.htm (EX-10.16) — 121KB
• xoma-20231231xex10d63.htm (EX-10.63) — 681KB
• xoma-20231231xex10d64.htm (EX-10.64) — 215KB
• xoma-20231231xex10d65.htm (EX-10.65) — 125KB
• xoma-20231231xex21d1.htm (EX-21.1) — 6KB
• xoma-20231231xex23d1.htm (EX-23.1) — 3KB
• xoma-20231231xex31d1.htm (EX-31.1) — 10KB
• xoma-20231231xex31d2.htm (EX-31.2) — 11KB
• xoma-20231231xex32d1.htm (EX-32.1) — 8KB
• xoma-20231231xex97.htm (EX-97) — 39KB
• xoma-20231231xex10d16002.jpg (GRAPHIC) — 1KB
• xoma-20231231xex10d65003.jpg (GRAPHIC) — 49KB
• 0001558370-24-002782.txt (&nbsp;) — 16461KB
• xoma-20231231.xsd (EX-101.SCH) — 125KB
• xoma-20231231_cal.xml (EX-101.CAL) — 74KB
• xoma-20231231_def.xml (EX-101.DEF) — 642KB
• xoma-20231231_lab.xml (EX-101.LAB) — 896KB
• xoma-20231231_pre.xml (EX-101.PRE) — 893KB
• xoma-20231231x10k_htm.xml (XML) — 2220KB

Business

Business 9 Item 1A .

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 54 Item 1C. Cybersecurity 54 Item 2.

Properties

Properties 55 Item 3.

Legal Proceedings

Legal Proceedings 55 Item 4. Mine Safety Disclosures 56 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6. Reserved 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 66 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 67 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67 PART III Item 10. Directors, Executive Officers, and Corporate Governance 67 Item 11.

Executive Compensation

Executive Compensation 70 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 81 Item 14. Principal Accountant Fees and Services 82 PART IV Item 15. Exhibits and Financial Statement Schedules 83 Item 16. Form 10 K Summary 91

SIGNATURES

SIGNATURES 92 i Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Abbreviations Definition 2010 Plan the Company's 2010 Long Term Incentive and Stock Award Plan, as amended 2018 Common Stock ATM Agreement At The Market Issuance Sales Agreement with HCW dated December 18, 2018 2021 Series B Preferred Stock ATM Agreement At The Market Issuance Sales Agreement with B. Riley dated August 5, 2021 40 Act Investment Company Act of 1940 AAA Assignment and Assumption Agreement ACA The Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010 Affimed Affimed N.V. Affitech Affitech Research AS Affitech CPPA the Company's Commercial Payment Purchase Agreement with Affitech dated October 6, 2021 Agenus Agenus, Inc. and certain affiliates Agenus RPA the Company's Royalty Purchase Agreement with Agenus dated September 20, 2018 Alora Alora Pharmaceuticals Anti-TGF Antibody License Agreement the Company's License Agreement with Novartis dated September 30, 2015 April 2022 Letter Agreement the Letter Agreement to Officer Employment Agreement dated August 7, 2017, between XOMA Corporation and Thomas Burns dated April 1, 2022 Aptevo Aptevo Therapeutics Inc. Aptevo CPPA the Company's Payment Interest Purchase Agreement with Aptevo dated March 29, 2023, referred to herein as "Aptevo Commercial Payment Purchase Agreement" or "Aptevo CPPA" Aronora Aronora, Inc. Aronora RPA the Company's Royalty Purchase Agreement with Aronora dated April 7, 2019 AstraZeneca AstraZeneca plc ASC Accounting Standards Codification ASC 310 ASC Topic 310, Receivables ASC 326 ASC Topic 326, Financial Instruments – Credit Losses ASC 450 ASC Topic 450, Contingencies ASC 606 ASC Topic 606, Revenue from Contracts with Customers ASC 805 ASC Topic 805, Business Combinations ASC 815 ASC Topic 815, Derivatives and Hedging ASC 842 ASC Topic 842, Leases ASU Accounting Standards Update Bay

BUSINESS

Item 1. BUSINESS Overview and Strategy XOMA is a biotech royalty aggregator. We have a sizable portfolio of economic rights to future potential milestone and royalty payments associated with partnered commercial and pre-commercial therapeutic candidates. Our portfolio was built through the acquisition of rights to future milestones, royalties and commercial payments since our royalty aggregator business model was implemented in 2017 combined with out-licensing our proprietary products and platforms from our legacy discovery and development business. Our royalty aggregator business is primarily focused on early to mid-stage clinical assets, primarily in Phase 1 and 2, with significant commercial sales potential that are licensed to larger pharmaceutical partners. We also acquire milestone and royalty revenue streams on late-stage clinical assets 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 us in a short timeframe. We expect most of our future revenue to be based on payments we may receive for milestones and royalties associated with these programs. Our strategy is to expand our portfolio by acquiring additional potential milestone and royalty revenue streams from product candidates from third parties. We believe that expanding our portfolio through these acquisitions allows for further diversification across therapeutic areas and development stages. Royalty Portfolio The following tables highlight key assets included in our portfolio of potential future milestone and royalty payment streams. These tables do not include all assets because certain assets are subject to confidentiality agreements. Key Portfolio Assets COMPANY ASSET NAME TARGET ROYALTY RATE Alora DSUVIA (sufentanil sublingual tablet) m receptors 15% (Commercial) 37.5-75% (DoD) Day One DAY101 (tovorafenib) Pan-RAF Mid-sing

View Full Filing

View this 10-K filing on SEC EDGAR