Sign in

Private company

XOMA Royalty Corp

XOMA Royalty Corp is a royalty aggregator.1 It is headquartered in Emeryville, California.1

Last updated Oct 21, 2026.

Overview

  • IndustryPharmaceutical Preparations1
  • HeadquartersEmeryville, California1
  • Incorporated inNV2
  • Business address2200 Powell Street, Suite 310, Emeryville, Ca 946082
  • Filer categoryNon-accelerated filer, Smaller reporting company2

See how the biggest companies compare on our leaderboards

XOMA is a royalty aggregator that plays a distinctive role in helping biotech companies achieve their goal of improving human health. We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products. In return the drug developer or marketer receives non-dilutive, non-recourse funding. We seek to generate stockholder value by maintaining a diversified portfolio to mitigate single-asset, binary risk and by operating under a capital efficient and low corporate cost structure.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

110.0%Operating margin5
306.4%Net margin5
55.6%Revenue growth, 20255
37.8%Return on equity5
1.15×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development5¢$1.7M
  • Income tax0¢$103.0K
  • Profit95¢$31.7M

Out of $10.3M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid25¢$5.5M
  • Share buybacks75¢$16.0M

Out of $2.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue6789105$10.3M in 2025−40% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $17.3M$17.3M20192020: $27.9M$27.9M2020+62%2021: $36.5M$36.5M2021+31%2022: $4.2M$4.2M2022−89%2023: $2.6M$2.6M2023−36%2024: $6.7M$6.7M2024+151%2025: $10.3M$10.3M2025+56%
Operating income6789105$11.4M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$3.9M-$3.9M20192020: $12.4M$12.4M20202021: $17.5M$17.5M2021+41%2022: -$17.4M-$17.4M20222023: -$41.8M-$41.8M2023+140%2024: -$40.0M-$40.0M2024−4%2025: $11.4M$11.4M2025
Net income6789105$31.7M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M$40.0M2019: -$2.0M-$2.0M20192020: $13.3M$13.3M20202021: $15.8M$15.8M2021+19%2022: -$17.1M-$17.1M20222023: -$40.8M-$40.8M2023+139%2024: -$13.8M-$13.8M2024−66%2025: $31.7M$31.7M2025
Fiscal year2019202020212022202320242025
Revenue$17.3M6$27.9M7$36.5M8$4.2M9$2.6M10$6.7M5$10.3M5
Research and development$1.3M6$170.0K7$171.0K8$153.0K9$143.0K10$2.9M5$1.7M5
Selling, general and admin
Operating expenses$20.6M8$23.4M9$46.6M10$68.5M5$40.8M5
Operating income-$3.9M6$12.4M7$17.5M8-$17.4M9-$41.8M10-$40.0M5$11.4M5
Interest
Income before tax$15.9M8-$17.1M9-$40.8M10-$19.5M5$31.8M5
Income tax$06-$1.5M7$91.0K8-$15.0K9$010-$5.7M5$103.0K5
Net income-$2.0M6$13.3M7$15.8M8-$17.1M9-$40.8M10-$13.8M5$31.7M5
Earnings per share-$0.236$0.827$0.698-$1.989-$4.0410-$1.655$1.535
Earnings per share (diluted)-$0.236$0.787$0.658-$1.989-$4.0410-$1.655$1.465
Shares (weighted, basic)11.3M shares811.4K shares911.5M shares1011.7M shares512.1M shares5
Shares (weighted, diluted)12.2M shares811.4K shares911.5M shares1011.7M shares518.0M shares5

Compare XOMA Royalty Corp with another company

Corporate structure

XOMA Royalty Corp sits at the top of its group. 14 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of XOMA Royalty Corp

  • XOMA Royalty Corp Emeryville, California
    • Generation Bio Co. Subsidiary · Delaware, United States
    • Generation Bio Securities Corp. Subsidiary · Massachusetts, United States
    • HilleVax, Inc. Subsidiary · Delaware, United States
    • Kinnate Biopharma Inc. Subsidiary · Delaware, United States
    • LAVA Therapeutics New Topco B.V. Subsidiary · Netherlands
    • Mural Oncology plc Subsidiary · Ireland
    • Pulmokine, Inc. Subsidiary · Delaware, United States
    • Turnstone Biologics Corp. Subsidiary · Delaware, United States
    • XOMA (US) LLC Subsidiary · Delaware, United States
    • XOMA Technology Ltd. Subsidiary · Bermuda
    • XOMA UK Limited Subsidiary · United Kingdom
    • XRA 5 Corp. Subsidiary · Delaware, United States
    • XRL 1 LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What XOMA Royalty Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$21.0K5 Dec 31, 2025$32.0K5 Dec 31, 2024−34.4%
Operating-lease assets (leased space)$256.0K5 Dec 31, 2025$319.0K5 Dec 31, 2024−19.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$82.9M5 Dec 31, 2025$101.7M5 Dec 31, 2024−18.4%
Debt securities available for sale$6.3M5 Dec 31, 2025$20.4M5 Dec 31, 2024−68.9%
Equity securities at fair value$382.0K5 Dec 31, 2025$3.5M5 Dec 31, 2024−89.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$44.8M5 Dec 31, 2025$25.9M5 Dec 31, 2024+72.7%
Finite-lived intangibles, gross$47.9M5 Dec 31, 2025$26.1M5 Dec 31, 2024+83.5%
Accumulated amortization$3.2M5 Dec 31, 2025$206.0K5 Dec 31, 2024+1437.4%
Finite-lived intangibles, net$44.8M5 Dec 31, 2025$25.9M5 Dec 31, 2024+72.7%

Properties, in its own words

We lease 1,620 rentable square feet of space for our corporate headquarters in Emeryville, California, which expires in April 2029. We believe our facilities are adequate to meet our current requirements.

Item 2 of the 10-K filed Mar 18, 2026.4

Leadership

Who has led XOMA Royalty Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. John L. Castello2006–2008
  2. Steven B. Engle2007–2011
  3. John Varian2011–2016
  4. James R. Neal2017–2022
  5. Owen Hughes2023–now

Chair

  1. Steven B. Engle2008–2011
  2. Owen Hughes2023

President

  1. John L. Castello2006–2008
  2. Steven B. Engle2007–2011

Chief financial officer

  1. J. David Boyle Ii.2006–2008
  2. Fred Kurland2009–2015
  3. Thomas M. Burns2015–2026
  4. Jeffrey Trigilio2026–now
2010201520202025
Board members and other officers (34)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Generation Bio Co. Delaware3
  • Generation Bio Securities Corp. Massachusetts3
  • HilleVax, Inc. Delaware3
  • Kinnate Biopharma Inc. Delaware3
  • LAVA Therapeutics New Topco B.V. Netherlands3
  • Mural Oncology plc Ireland3
  • Pulmokine, Inc. Delaware3
  • Turnstone Biologics Corp. Delaware3
  • XOMA (US) LLC Delaware3
  • XOMA Technology Ltd. Bermuda3
  • XOMA UK Limited United Kingdom3
  • XRA 5 Corp. Delaware3
  • XRL 1 LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • XOMA CorpFeb 14, 2012 to Jul 9, 20242
  • XOMA LTD /DE/Dec 13, 2001 to Jan 17, 20122
  • XOMA CORP /DE/Apr 23, 1996 to Mar 19, 19982

Timeline

  1. Jul 14, 20268-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer54
  2. Jun 12, 20268-K Regulation FD disclosure; Other events55
  3. May 22, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote56
  4. May 18, 20268-K Entered a material agreement57
  5. Apr 27, 20268-K Entered a material agreement; Other events58
  6. Apr 27, 20268-K Completed an acquisition or sale; Other events59
  7. Mar 18, 20268-K Results of operations; Regulation FD disclosure60
  8. Mar 2, 20268-K Results of operations; Regulation FD disclosure61
  9. Feb 9, 20268-K Completed an acquisition or sale; Other events62
  10. Feb 2, 20268-K Completed an acquisition or sale; Other events63
  11. Jan 15, 20268-K Executive or director change; Regulation FD disclosure64
  12. Jan 12, 20268-K Regulation FD disclosure65
  13. Jan 5, 2023New chief executive Owen Hughes becomes CEO14
  14. May 22, 2017New chief executive James R. Neal becomes CEO15
  15. Oct 28, 2011New chief executive John Varian becomes CEO16
  16. Aug 13, 2007New chief executive Steven B. Engle becomes CEO17
  17. Jan 4, 2006New chief executive John L. Castello becomes CEO18

Calendar

When it reported results

  1. Mar 18, 2026Reported quarterly or annual results60
  2. Mar 2, 2026Reported quarterly or annual results61
  3. Nov 12, 2025Reported quarterly or annual results66
  4. Aug 13, 2025Reported quarterly or annual results67
  5. May 13, 2025Reported quarterly or annual results68
  6. Mar 17, 2025Reported quarterly or annual results69
  7. Nov 7, 2024Reported quarterly or annual results70
  8. Aug 13, 2024Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

308 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 71 major events, 106 insider forms, 28 large holders, 84 other. The latest 20:

  1. Aug 7, 2026SCHEDULE 13G/A EDGAR
  2. Aug 7, 2026SCHEDULE 13G/A EDGAR
  3. Aug 7, 2026SCHEDULE 13G/A EDGAR
  4. Aug 6, 2026SCHEDULE 13G/A EDGAR
  5. Jul 31, 2026SCHEDULE 13G/A EDGAR
  6. Jul 30, 2026SCHEDULE 13G/A EDGAR
  7. Jul 27, 202615-12G EDGAR
  8. Jul 22, 2026EFFECT EDGAR
  9. Jul 20, 2026S-8 POS EDGAR
  10. Jul 20, 2026S-8 POS EDGAR
  11. Jul 20, 2026S-8 POS EDGAR
  12. Jul 20, 2026S-8 POS EDGAR
  13. Jul 20, 2026S-8 POS EDGAR
  14. Jul 20, 2026S-8 POS EDGAR
  15. Jul 20, 2026S-8 POS EDGAR
  16. Jul 20, 2026S-8 POS EDGAR
  17. Jul 20, 2026S-8 POS EDGAR
  18. Jul 20, 2026S-8 POS EDGAR
  19. Jul 20, 2026S-8 POS EDGAR
  20. Jul 20, 2026S-8 POS EDGAR

The 308 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 32 buys and 15 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 4, 2025Hughes OwenChief Executive OfficerBuy100,000$25.05$2.5MForm 4
Sep 22, 2025BURNS THOMAS M.SVP, Finance & CFOSale4,330$35.99$155.8KForm 4
Jun 30, 2025Sitko BradleyChief Investment OfficerBuy2,000$25.39$50.8KForm 4
May 20, 2025Hughes OwenChief Executive OfficerSale25,637$25.38$650.7KForm 4
May 20, 2025BURNS THOMAS M.SVP, Finance & CFOSale10,482$25.38$266.0KForm 4
May 16, 2025BVF GP HOLDINGS LLC10% ownerSale392,723$27.10$10.6MForm 4
Apr 7, 2025Sitko BradleyChief Investment OfficerBuy2,000$24.70$49.4KForm 4
Apr 7, 2025LIMBER JOSEPH MDirectorBuy5,243$25.60$134.2KForm 4
Apr 4, 2025LIMBER JOSEPH MDirectorBuy6,822$25.40$173.3KForm 4
Apr 3, 2025LIMBER JOSEPH MDirectorBuy17,935$25.24$452.6KForm 4
Apr 1, 2025BURNS THOMAS M.SVP, Finance & CFOBuy1,000$25.46$25.5KForm 4
Mar 31, 2025Sitko BradleyChief Investment OfficerBuy1,245$21.04$26.2KForm 4
Mar 21, 2025Sitko BradleyChief Investment OfficerBuy4,134$23.89$98.8KForm 4
Jan 24, 2025BIOTECHNOLOGY VALUE FUND L P10% ownerSale650,717$26.10$17.0MForm 4
Jan 8, 2025Sitko BradleyChief Investment OfficerBuy545$25.64$14.0KForm 4
Dec 31, 2024Sitko BradleyChief Investment OfficerBuy300$25.90$7.8KForm 4
Nov 13, 2024BURNS THOMAS M.SVP, Finance & CFOSale9,775$29.94$292.7KForm 4
Nov 13, 2024Hughes OwenChief Executive OfficerSale21,881$29.95$655.3KForm 4
Oct 3, 2023Sitko BradleyChief Investment OfficerBuy250$13.89$3.5KForm 4
Oct 2, 2023Hughes OwenChief Executive OfficerBuy1,000$13.83$13.8KForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Owen Hughes51$707.9K$1.1M81
2025Bradley Sitko$563.0K$853.5K81
2025Thomas M. Burns$508.2K$724.9K81
2024CEO$566.5K$5.8M81
2024CIO$520.0K$788.9K81
2024Former SVPFinance & CFO$472.0K$674.2K81

SEC filer profile

How XOMA Royalty Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARXOMA Royalty Corp1
  • CIK0000791908
  • Employer ID (EIN)52-21540664
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address2200 Powell Street, Suite 310, Emeryville, CA 946081
  • Phone510-204-72391
  • Shares outstanding12,541,030 as of May 7, 202613
  • Public float$167.8M as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, San Francisco, California PCAOB ID 34; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 23, 19961
  • Filings1,564 in all: 4 (632), 8-K (273), 10-Q (73), 5 (41), 424B5 (40), SC 13G/A (40), 3 (34), 8-K/A (28)1
    All 58 form types

    10-K (26), DEF 14A (26), CORRESP (24), SC 13G (24), SC 13D/A (22), CT ORDER (21), 4/A (19), UPLOAD (19), S-3 (18), DEFA14A (16), EFFECT (14), S-8 (14), S-8 POS (14), SC TO-T/A (14), 424B3 (11), S-3/A (11), SCHEDULE 13G/A (11), 10-Q/A (10), PRE 14A (9), NO ACT (7), POS AM (6), ARS (5), SC TO-C (5), SC TO-T (5), SCHEDULE 13D/A (5), SCHEDULE 13G (5), 10-K/A (4), S-4/A (4), FWP (3), S-4 (3), 25-NSE (2), 425 (2), 8-A12B (2), CERT (2), RW (2), SC 13D (2), SC TO-I/A (2), SEC STAFF LETTER (2), 10-C (1), 15-12G (1), 424A (1), 424B4 (1), 8-A12G (1), 8-K12G3 (1), DEFM14A (1), PRER14A (1), S-3MEF (1), S-4MEF (1), SC TO-I (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 18, 2026
    Quarterly report (10-Q) May 12, 2026
    Proxy statement (DEF 14A) Mar 30, 2026
    Latest 8-K (8-K) Jul 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0075XOMAThe Nasdaq Global Market
8.625% Series A Cumulative Perpetual Preferred Stock, par value $0.05XOMAPThe Nasdaq Global Market
Depositary Shares (each representing 1/1000th interest in a share of 8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05)XOMAOThe Nasdaq Global Market

From the cover page of the 10-K filed Mar 18, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks XOMA Royalty Corp names in Item 1A of its 10-K filed Mar 18, 2026: 65 risks under these headings, as written.4

  • Risks Related to our Royalty Aggregator Strategy
  • Our acquisitions of potential future royalty and/or milestone payments may not produce anticipated revenues or income and/or may be negatively affected by a default or bankruptcy of the licensor(s) or licensee(s) under the applicable license agreement(s) covering such potential royalties and/or milestones, and if such transactions are secured by collateral, we may be, or may become, under-secured by the collateral or such collateral may lose value and we will not be able to recuperate our capital expenditures associated with the acquisition.
  • As we acquire and invest in companies that hold royalty assets, we may not realize the expected business or financial benefits and the acquisitions could prove difficult to integrate, disrupt our business, dilute stockholder value and adversely affect our operating results and the market value of our common stock.
  • Many of our potential royalty acquisitions may be associated with product candidates that are in clinical development and have not yet been commercialized. To the extent that such products are not successfully developed and commercialized, our financial condition and results of operations may be negatively impacted. Acquisitions of potential royalties associated with development stage biopharmaceutical product candidates are subject to a number of additional uncertainties.
  • Actual or threatened epidemics, pandemics, outbreaks of disease, or other public health crises have in the past, and may in the future, adversely affect us and our licensees or royalty-agreement counterparties or their licensees, which could cause delays or elimination of our receipts of potential milestones and royalties under our licensing or royalty and milestone acquisition arrangements.
  • Risks Related to our Industry
  • Biopharmaceutical products are subject to sales risks.
  • Biopharmaceutical products are subject to substantial competition.
  • We depend on our licensees and royalty-agreement counterparties (and their licensees) for the determination of royalty and milestone payments. While we typically have primary or back-up rights to audit our licensees and royalty-agreement counterparties (and their licensees), our independent auditors may have difficulty determining the correct royalty calculation, we may not be able to detect errors and payment calculations may call for retroactive adjustments. We may have to exercise legal remedies, if available, to resolve any disputes resulting from any such audit.
  • The lack of liquidity of our acquisitions of future potential milestones and royalties may adversely affect our business and, if we need to sell any of our acquired assets, we may not be able to do so at a favorable price, if at all. As a result, we may suffer losses.
  • Our royalty aggregator strategy may require that we register with the SEC as an “investment company” in accordance with the Investment Company Act of 1940.
  • Our licensees or royalty-agreement counterparties or their licensees could be subject to natural disasters, public health crises, political crises and other catastrophic events that could hinder or disrupt development efforts.
The other 55 risks
  • Because many of the companies with which we do business also are in the biotechnology industry, the volatility of that industry can affect us indirectly as well as directly.
  • Risks Related to our Financial Results and Capital Requirements
  • We have sustained losses in the past, and we may sustain losses in the future.
  • Unstable market and macroeconomic conditions, including adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, may have adverse consequences on our business, financial condition and stock price.
  • Our royalty aggregator strategy may require us to raise additional funds to acquire milestone and royalty interests; we cannot be certain that funds will be available or available at an acceptable cost of capital, and if they are not available, we may be unsuccessful in acquiring milestone and royalty interests to sustain the business in the future.
  • We have an obligation to pay quarterly dividends to holders of our Series A Preferred Stock and Series B Preferred Stock, which we expect to be an on-going expenditure for us and may limit our ability to borrow additional funds.
  • The holders of preferred stock have rights that are senior to those of our common stockholders.
  • Information available to us about the intellectual property or biopharmaceutical products underlying the potential royalties we buy may be limited and therefore our ability to analyze each product and its potential future cash flow may be similarly limited.
  • Our future income is dependent upon numerous potential milestone and royalty-specific assumptions and, if these assumptions prove to be inaccurate, we may not achieve our expected rates of returns.
  • Reductions or declines in income from potential milestones and royalties, or significant reductions in potential milestone or royalty payments compared to expectations, or impairments in the value of potential milestones and royalties acquired, could have a material adverse effect on our financial condition and results of operations.
  • A large percentage of the calculated net present value of our portfolio is represented by a limited number of products. The failure of any one of these products to move forward in clinical development or commercialization may have a material adverse effect on our financial condition and results of operations.
  • The royalties that we acquire may fall outside the biopharmaceutical industry, and any such assets, and the cash flows therefrom, may not resemble the assets in our current portfolio.
  • Risks Related to Our Milestone and Royalty Streams
  • We may not be able to successfully identify and acquire potential milestone and royalty streams on other products, product candidates, programs, or other companies to grow and diversify our business, and, even if we are able to do so, we may not be able to successfully manage the risks associated with integrating any such products, product candidates, programs or companies into our business or we may otherwise fail to realize the anticipated benefits of these acquisitions.
  • If our potential royalty providers’ therapeutic product candidates do not receive regulatory approval, our potential royalty providers will be unable to market them.
  • Our potential milestone and royalty providers face uncertain results of clinical trials of product candidates.
  • Our potential milestone and royalty providers may seek to obtain orphan drug designation for certain future product candidates, but they may be unable to ultimately obtain such designations or to maintain the benefits associated with orphan drug designation, including market exclusivity, which may cause our milestone or royalty revenue or income, if any, to be reduced.
  • Biological products and product candidates of our potential milestone and royalty providers may face competition sooner than anticipated, which may materially impact the potential milestones and royalties we receive.
  • If the FDA approves generic versions of any of the products or product candidates of our potential milestone or royalty providers that receive marketing approval under NDAs, or does not grant their product candidates appropriate periods of data or market exclusivity before approving generic versions of our product candidates, the sales of their product candidates could be adversely affected, which may materially affect the potential milestones and royalties we receive.
  • New products and technologies of other companies may render some or all of our potential milestone and royalty providers’ product candidates noncompetitive or obsolete.
  • Our potential royalty providers may be unable to price our products effectively or obtain coverage and adequate reimbursement for sales of our products, which would prevent our potential royalty providers’ products from becoming profitable and negatively affect the royalties we may receive.
  • We do not know whether there will be, or will continue to be, a viable market for the product candidates in which we have an ownership or royalty interest.
  • Product liability claims may diminish the returns on biopharmaceutical products.
  • If we and/or our potential royalty providers are unable to protect our and/or their intellectual property, in particular patent protection for principal products, product candidates and processes in which we have an ownership or royalty interest, or fail to prevent the use of the covered subject matter by third parties, our potential royalty providers’ ability to compete in the market will be harmed, and we may not realize our profit potential.
  • No assurance can be given that our, or our partners or licensees’ patents will be extended upon expiration, which may have an effect on our financial condition and results of operation.
  • Litigation regarding intellectual property and/or the enforcement of our contractual rights against licensees and third parties can be costly and expose us to risks of counterclaims against us.
  • Risks Related to Our Reliance on Third Parties
  • We and our partners rely heavily on license and collaboration relationships, and any disputes or litigation with our partners or termination or breach of any of the related agreements could reduce the financial resources available to us, including our ability to receive milestone payments and future potential royalty and other revenues. License or collaboration agreements relating to products may, in some instances, be unilaterally terminated or disputes may arise which may affect our potential milestones, royalties and other payments.
  • Our potential milestone and royalty providers may rely on third parties to provide services in connection with their product candidate development and manufacturing programs. The inadequate performance by or loss of any of these service providers could affect our potential milestone and royalty providers’ product candidate development.
  • The marketers of biopharmaceutical products are, in certain instances, substantially responsible for the ongoing regulatory approval, commercialization, manufacturing and marketing of products.
  • Agreements with other third parties expose us to numerous risks and have caused us to incur additional liabilities.
  • Failure of our potential milestone and royalty providers’ product candidates to meet current Good Manufacturing Practice standards may cause delays in regulatory approval and penalties for noncompliance.
  • Certain of our technologies are in-licensed from third parties, so our and our licensees’ use of them may be restricted and subject to additional risks.
  • Risks Related to Employees, Location, Data Integrity, and Litigation
  • The loss of or changes in any of our key personnel could delay or prevent achieving our objectives.
  • Because we are a small biotech royalty aggregator with limited resources, we may not be able to attract and retain qualified personnel.
  • We rely and will continue to rely on outsourcing arrangements for many of our activities, including financial reporting and accounting and human resources.
  • Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements and insider trading.
  • If our information technology systems or data or those of our partners or contractors are compromised, our business could experience adverse consequences, including regulatory investigations or actions; litigation; fines and penalties; a disruption of our business operations; reputational harm; and loss of revenue, income, or profits.
  • Compliance with the stringent and changing obligations related to data privacy and security is an onerous and resource-intensive process. Our actual or perceived failure to comply with any data privacy or security obligations could lead to regulatory investigations or actions; litigation; fines and penalties; a disruption of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.
  • Our potential acquisitions of other companies could increase our exposure to litigation risk.
  • Risks Related to Government Regulation
  • Even after FDA approval, a product may be subject to additional testing or significant marketing restrictions, its approval may be withdrawn, or it may be removed voluntarily from the market.
  • The FDA’s and other regulatory authorities’ policies may change and additional government regulations may be enacted that could prevent, limit or delay regulatory approval of our royalty providers’ drug candidates, or change their continuing compliance obligations.
  • Healthcare reform measures and other statutory or regulatory changes could adversely affect our business.
  • We and our potential milestone and royalty providers are subject to various state and federal healthcare-related laws and regulations that if violated may impact the commercialization of our product candidates for which we possess milestone or royalty rights or could subject us to significant fines and penalties.
  • We are subject to the U.S. Foreign Corrupt Practices Act and other anti-corruption laws, as well as export control laws, import and customs laws, trade and economic sanctions laws and other laws governing our operations.
  • As we or our potential milestone and royalty providers do more business internationally, we expect to become subject to additional political, economic and regulatory uncertainties.
  • Disruptions at the FDA and other government agencies could negatively affect the review of our licensees’ or royalty-agreement counterparties’ regulatory submissions, which could negatively impact our business.
  • General Risk Factors
  • If securities or industry analysts do not publish research reports about our business or if they make adverse recommendations regarding an investment in our stock, our stock price and trading volume may decline.
  • Our share price may be volatile, which may subject us to litigation, and there may not be an active trading market for our common stock, Series A Preferred Stock or our Series B Preferred Stock.
  • Our results of operations and liquidity needs could be materially negatively affected by market fluctuations or an economic downturn, including as a result of tariff policies.
  • We have issued equity securities and may issue additional equity securities from time to time, that materially and adversely affect the price of our common stock, including our Series X Preferred Stock, Series A Preferred Stock and depositary shares representing interests in our Series B Preferred Stock.
  • We may sell additional equity or debt securities to fund our operations, which may result in dilution to our stockholders and impose restrictions on our business.
  • Our organizational documents contain provisions that may prevent transactions that could be beneficial to our stockholders and may insulate our management from removal.
  • As a public company in the U.S., we are subject to the Sarbanes-Oxley Act. We have determined our disclosure controls and procedures and our internal control over financial reporting are effective. We can provide no assurance that we will, at all times, in the future be able to report that our disclosure controls and internal controls over financial reporting are effective.
  • Our ability to use our NOL carryforwards and certain other tax attributes to offset taxable income or taxes may be limited.
  • Changes in tax laws or regulations that are applied adversely to us may have a material adverse effect on our business, cash flow, financial condition, or results of operations.
  • If the estimates we make, or the assumptions on which we rely, in preparing our consolidated financial statements prove inaccurate, our actual results may vary from those reflected in our accruals.
  • Stockholder and private lawsuits, and potential similar or related lawsuits, could result in substantial damages, divert management’s time and attention from our business, and have a material adverse effect on our business, financial condition and results of operations.

Legal proceedings

We are not currently engaged in any material legal proceedings. However, from time to time, we are involved in litigation, arbitration or other proceedings relating to claims arising from the ordinary course of business.

We may become involved in material legal proceedings in the future, and the potential impact on us of any on-going proceeding which we do not currently believe to be material could become material. Such matters are subject to significant uncertainties, and there can be no assurance that any legal proceedings in which we are or may become involved will not have a material adverse effect on our business, results of operations, financial position or cash flows.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77
  78. 78
  79. 79
  80. 80
  81. 81