XOMA Royalty Corp
XOMA, XOMAO, XOMAP · Pharmaceutical Preparations · 12.5M shares · +0%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$10M (gross $13K, SBC $10M)
Reference price $25.05 · est. market cap ~$314M — last insider purchase, 2025-12-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C65Capital-efficient pharma royalty aggregator with flattering accounting-driven returns but weak cash conversion and leverage.
Strengths
- Diversified portfolio (120+ assets, 7 commercial) mitigates single-asset binary risk; high reported ROE 37.8% and net margin 61%
- Lean cost structure with sponsors bearing R&D; positive operating margin (89th pct)
Risks
- Headline margins/ROE are inflated by non-cash fair-value gains; OCF margin only 5.5% and ROIC ~5%, with SBC 3.2x OCF (99th pct)
- Revenue down ~10%, elevated leverage (1.15x D/E, 87th pct), modest $83M cash, and a history of losses
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Revenue declineRevenue -10.5% YoY
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
21.8%
Net margin
60.8%
Return on equity
37.8%
Return on assets
11.6%
ROIC
5.0%
Revenue growth (QoQ)
-10.5%
Debt / equity
1.1×
Current ratio
3.4×
Tangible book value
$39M
Cash & investments
$83M
Stock comp / revenue
17.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-21 | WYSZOMIERSKI JACK L | Grant | 3.6K | — |
| 2026-05-21 | LIMBER JOSEPH M | Grant | 3.6K | — |
| 2026-05-21 | Hernday Natasha | Grant | 3.6K | — |
| 2026-05-21 | PERRY MATTHEW D | Grant | 3.6K | — |
| 2026-05-21 | Franklin Heather L | Grant | 3.6K | — |
| 2026-05-21 | Kosacz Barbara | Grant | 3.6K | — |
| 2026-05-14 | BVF PARTNERS L P/IL | Conversion | 2.3M | $4.03 |
| 2026-05-14 | BVF PARTNERS L P/IL | Conversion | 1.5M | $4.03 |
| 2026-05-14 | BVF PARTNERS L P/IL | Conversion | 412K | $4.03 |
| 2026-05-14 | BVF PARTNERS L P/IL | Conversion | 772K | $4.03 |
| 2026-04-20 | Trigilio Jeffrey | Option exercise | 12K | — |
| 2026-04-20 | Montano Maricel Perea | Option exercise | 3.4K | — |
| 2026-04-20 | Hughes Owen | Option exercise | 11K | — |
| 2026-04-20 | Sitko Bradley | Option exercise | 3.7K | — |
| 2026-04-13 | Trigilio Jeffrey | Option exercise | 4.0K | — |
| 2026-04-13 | Trigilio Jeffrey | Tax withheld | 1.6K | $36.76 |
| 2026-03-27 | LIMBER JOSEPH M | Option exercise | 3.0K | $11.20 |
| 2026-03-24 | WYSZOMIERSKI JACK L | Option exercise | 3.0K | $11.20 |
| 2026-03-16 | Hughes Owen | Grant | 82K | — |
| 2026-03-11 | Trigilio Jeffrey | Grant | 90K | — |
| 2026-03-11 | Montano Maricel Perea | Grant | 26K | — |
| 2026-03-11 | Sitko Bradley | Grant | 30K | — |
| 2026-03-11 | Sitko Bradley | Grant | 29K | — |
| 2025-12-04 | Hughes Owen | Buy | 100K | $25.05 |
| 2025-09-22 | BURNS THOMAS M. | Sell | 15 | $36.81 |
| 2025-09-22 | BURNS THOMAS M. | Sell | 15 | $36.93 |
| 2025-09-22 | BURNS THOMAS M. | Sell | 4.3K | $35.98 |
| 2025-09-19 | Sitko Bradley | Option exercise | 6.7K | — |
| 2025-09-19 | Hughes Owen | Option exercise | 36K | — |
| 2025-09-19 | BURNS THOMAS M. | Option exercise | 12K | — |
| 2025-09-19 | Montano Maricel Perea | Option exercise | 3.0K | — |
| 2025-09-10 | Montano Maricel Perea | Option exercise | 9.1K | — |
| 2025-06-30 | Sitko Bradley | Buy | 2.0K | $25.39 |
| 2025-05-21 | Kosacz Barbara | Grant | 6.0K | — |
| 2025-05-21 | WYSZOMIERSKI JACK L | Grant | 6.0K | — |
| 2025-05-21 | PERRY MATTHEW D | Grant | 6.0K | — |
| 2025-05-21 | Hernday Natasha | Grant | 6.0K | — |
| 2025-05-21 | Franklin Heather L | Grant | 6.0K | — |
| 2025-05-21 | Kosacz Barbara | Grant | 6.0K | — |
| 2025-05-20 | Hughes Owen | Sell | 26K | $25.38 |
| 2025-05-20 | BURNS THOMAS M. | Sell | 10K | $25.38 |
| 2025-05-19 | BURNS THOMAS M. | Option exercise | 18K | — |
| 2025-05-19 | Hughes Owen | Option exercise | 53K | — |
| 2025-05-16 | BVF PARTNERS L P/IL | Sell | 127K | $27.10 |
| 2025-05-16 | BVF PARTNERS L P/IL | Sell | 265K | $27.10 |
| 2025-04-07 | LIMBER JOSEPH M | Buy | 5.2K | $25.60 |
| 2025-04-07 | Sitko Bradley | Buy | 2.0K | $24.70 |
| 2025-04-04 | LIMBER JOSEPH M | Buy | 3.3K | $25.56 |
| 2025-04-04 | LIMBER JOSEPH M | Buy | 3.5K | $25.25 |
| 2025-04-03 | LIMBER JOSEPH M | Buy | 17K | $25.22 |
| 2025-04-03 | LIMBER JOSEPH M | Buy | 1.4K | $25.44 |
| 2025-04-01 | BURNS THOMAS M. | Buy | 1.0K | $25.46 |
| 2025-03-31 | Sitko Bradley | Buy | 245 | $25.39 |
| 2025-03-31 | Sitko Bradley | Buy | 1.0K | $19.98 |
| 2025-03-21 | Sitko Bradley | Buy | 1.3K | $20.65 |
| 2025-03-21 | Sitko Bradley | Buy | 2.8K | $25.43 |
| 2025-01-24 | BVF PARTNERS L P/IL | Sell | 86K | $26.10 |
| 2025-01-24 | BVF PARTNERS L P/IL | Sell | 340K | $26.10 |
| 2025-01-24 | BVF PARTNERS L P/IL | Sell | 75K | $26.10 |
| 2025-01-24 | BVF PARTNERS L P/IL | Sell | 150K | $26.10 |
| 2025-01-08 | Sitko Bradley | Buy | 313 | $25.60 |
| 2025-01-08 | Sitko Bradley | Buy | 82 | $25.60 |
| 2025-01-08 | Sitko Bradley | Buy | 75 | $25.90 |
| 2025-01-08 | Sitko Bradley | Buy | 75 | $25.60 |
| 2024-12-31 | Sitko Bradley | Buy | 300 | $25.90 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (7)
- Roche
- Day One Biopharmaceuticals
- Zevra Therapeutics
- Medexus Pharmaceuticals
- Talphera
- Organon
- Daré Bioscience
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-22 | Exec/director change5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-18 | Material agreementExhibits | filing ↗ |
| 2026-04-27 | Material agreementOtherExhibits | filing ↗ |
| 2026-04-27 | Acquisition/dispositionOtherExhibits | filing ↗ |
| 2026-03-18 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-02 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-09 | Acquisition/dispositionOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-12 | 0001193125-26-269734 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0001193125-26-235401 ↗ |
| 8-K | 2026-05-18 | 2026-05-16 | 0001193125-26-228031 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001104659-26-059369 ↗ |
| 8-K/A | 2026-04-27 | 2026-02-09 | 0001193125-26-181885 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001193125-26-179085 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0001193125-26-112338 ↗ |
| 10-K | 2026-03-18 | 2025-12-31 | 0001104659-26-030872 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001193125-26-084016 ↗ |
| 8-K | 2026-02-09 | 2026-02-09 | 0001193125-26-042836 ↗ |
| 8-K/A | 2026-02-02 | 2025-11-21 | 0001193125-26-033771 ↗ |
| 8-K | 2026-01-15 | 2026-01-09 | 0001193125-26-014142 ↗ |