Core Points - XOMA Royalty Corporation has extended its tender offer to purchase all outstanding shares of LAVA Therapeutics N.V. until October 17, 2025, with the acquisition expected to close in Q4 2025 [1][2] Group 1: Tender Offer Details - The tender offer includes a cash amount and a non-transferable contingent value right (CVR) per share, entitling shareholders to 75% of net proceeds from LAVA's partnered assets and any out-licensed or sold unpartnered programs [1] - LAVA shareholders who have already tendered their shares do not need to take further action due to the extension of the offer [3] - The closing of the offer is contingent upon the tender of at least 80% of LAVA's outstanding shares, adoption of certain resolutions by LAVA's shareholders, and other customary closing conditions [4] Group 2: Company Background - XOMA Royalty is a biotechnology royalty aggregator that acquires future economic rights associated with therapeutic candidates licensed to pharmaceutical companies, providing non-dilutive funding to sellers [5] - LAVA Therapeutics is a biopharmaceutical company focused on developing bispecific gamma delta T cell engagers using its proprietary Gammabody® platform, with partnerships with Johnson & Johnson and Pfizer [6][7]

Core Viewpoint - Mural Oncology plc has published a definitive proxy statement regarding its acquisition by XOMA Royalty Corporation, which is set to be voted on by shareholders in an upcoming meeting [1][2][3]. Group 1: Acquisition Details - The acquisition involves XRA 5 Corp., a wholly owned subsidiary of XOMA Royalty, acquiring the entire issued share capital of Mural through a scheme of arrangement sanctioned by the Irish High Court [2]. - The Proxy Statement includes essential information for Mural shareholders, such as the terms and conditions of the acquisition, voting instructions, and necessary legal disclosures [3][12]. Group 2: Shareholder Meetings - A scheme meeting for Mural shareholders is scheduled for October 24, 2025, at 10:30 a.m. Irish local time, followed by an extraordinary general meeting at 10:45 a.m. [6]. - Both meetings will take place at Ten Earlsfort Terrace, Dublin, Ireland [6]. Group 3: Company Background - Mural Oncology is a biotechnology company focused on developing cytokine-based immunotherapies for cancer treatment [7]. - The company has faced challenges, including the discontinuation of its nemvaleukin development after failing to meet primary endpoints in clinical trials [8].

Group 1 - XOMA Royalty's shares have increased by 14.8% in the past four weeks, closing at $37.59, with a mean price target of $69.67 indicating a potential upside of 85.3% [1] - The mean estimate includes three short-term price targets with a standard deviation of $29.84, where the lowest estimate suggests a 33% increase to $50.00, and the highest estimate predicts a surge of 176.7% to $104.00 [2] - Analysts show strong agreement on XOMA's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for XOMA's current year earnings has risen by 45.5% over the past month, with no negative revisions [12] - XOMA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for price movement [14]

Core Viewpoint - XOMA Royalty Corporation has successfully completed its tender offer to acquire HilleVax, Inc. for $1.95 per share in cash, along with a contingent value right, resulting in HilleVax becoming a wholly owned subsidiary of XOMA Royalty [1][3]. Group 1: Tender Offer Details - The tender offer expired on September 15, 2025, with 39,214,689 shares of HilleVax common stock validly tendered, representing approximately 77.48% of the outstanding shares [2]. - All conditions of the tender offer were satisfied or waived, and XOMA Royalty accepted for payment all validly tendered shares immediately after the expiration [2]. Group 2: Merger and Delisting - Following the tender offer, XRA 4 Corp., a subsidiary of XOMA Royalty, merged with HilleVax, converting all non-tendered shares into the right to receive the offer price [3]. - HilleVax common stock will cease trading on Nasdaq and will be delisted and deregistered under the Securities Exchange Act of 1934 [3]. Group 3: Company Overview - XOMA Royalty is a biotechnology royalty aggregator that helps biotech companies by acquiring future economic rights associated with therapeutic candidates, providing non-dilutive funding for their development [5].

Summary of XOMA Corporation FY Conference Call (September 08, 2025) Company Overview - **Company**: XOMA Corporation (NasdaqGM:XOMA) - **Industry**: Biotechnology - **Key Executives**: Owen Hughes (CEO), Brad Sitko (Chief Investment Officer) [1] Core Points and Arguments - **Portfolio Growth**: Since the arrival of the current management team in 2023, XOMA has expanded its revenue-generating assets from 1 to 6, with 11 assets currently in phase three development [2][3] - **Historical Context**: XOMA is noted as the longest-tenured publicly traded biotech company, having gone public in 1984 and originally focused on antibody discovery [3] - **Key Assets**: - **Resolute Program**: Developed in-house, showing a high response rate of 80-90% in phase two trials, with a significant royalty rate expected [4][5] - **Gossamer Asset**: In phase three, with data expected in February 2026 [6] - **Vabysmo**: A high-revenue drug with peak sales estimates of $6-10 billion, where XOMA holds a 50 basis point royalty [5][6] Financial Performance - **Cash Flow**: XOMA has been free cash flow positive in 2024 and anticipates the same for 2025, with royalties expected to drive profitability [12] - **Dividend Yield**: The company has the highest dividend yield among publicly traded royalty companies at approximately 8.5% [12] - **Capital Structure**: XOMA has utilized asset-backed loans and perpetual preferreds to avoid equity dilution, raising $130 million in late 2023 [13][14] Strategic Focus - **Acquisition Strategy**: XOMA is focused on acquiring early-stage assets and companies, aiming to build a diversified portfolio to mitigate risks associated with individual assets [21][22] - **Market Positioning**: The company differentiates itself by deploying smaller check sizes compared to larger competitors, allowing it to capitalize on opportunities without significant equity dilution [9][10] - **Risk Management**: XOMA acknowledges the inherent risks in biotech investments, emphasizing a cautious approach to new acquisitions and capital deployment [17][18] Upcoming Events - **Phase Three Data Announcements**: Key data releases for the Resolute program in December 2025 and Gossamer's Serolutum in February 2026 [25] - **New Studies**: Initiation of the mesoglobin map study by Takeda, with XOMA holding a 6% royalty on the asset [26] Additional Insights - **Market Dynamics**: The royalty financing space is becoming increasingly competitive, with several large players entering the market [9] - **Long-term Vision**: XOMA aims to leverage its existing portfolio and new acquisitions to enhance shareholder value while maintaining a focus on non-dilutive financing strategies [24][27]

Core Viewpoint - XOMA Royalty (XOMA) shares have increased by 22.2% in the past four weeks, closing at $34.76, with a potential upside of 86.1% based on Wall Street analysts' mean price target of $64.67 [1] Price Targets - The average price targets range from a low of $35.00 to a high of $104.00, with a standard deviation of $35.5, indicating variability among analysts [2] - The lowest estimate suggests a 0.7% increase from the current price, while the highest estimate indicates a potential upside of 199.2% [2] Analyst Consensus and Earnings Estimates - Analysts are optimistic about XOMA's earnings, with a positive trend in earnings estimate revisions, which historically correlates with stock price movements [4][9] - The Zacks Consensus Estimate for the current year has surged by 3671.4% over the past month, with three estimates revised upward and no negative revisions [10] Zacks Rank - XOMA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - While price targets are commonly referenced, they can mislead investors, and reliance solely on them may not yield satisfactory returns [5][8]

Core Viewpoint - XOMA Royalty Corporation will present a company update at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025 [1][2]. Company Overview - XOMA Royalty Corporation is a biotechnology royalty aggregator that aids biotech companies in improving human health by acquiring potential future economics associated with therapeutic candidates licensed to pharmaceutical or biotechnology firms [3]. - The company provides non-dilutive, non-recourse funding to sellers, allowing them to advance their internal drug candidates or for general corporate purposes [3]. - XOMA Royalty has a growing portfolio of assets, defined as the rights to receive potential future economics linked to the advancement of underlying therapeutic candidates [3].

Core Viewpoint - XOMA Royalty (XOMA) has experienced a recent decline in share price, but the formation of a hammer chart pattern suggests a potential trend reversal due to increased buying interest and positive earnings outlook from analysts [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, where the stock opens lower, makes a new low, but then closes near its opening price, suggesting that selling pressure may be exhausting [4][5]. - This pattern is significant as it occurs during a downtrend, signaling that bears may be losing control and bulls are gaining strength [5]. Fundamental Analysis - There has been a notable upward trend in earnings estimate revisions for XOMA, which is a bullish indicator suggesting potential price appreciation [7]. - The consensus EPS estimate for the current year has increased by 3671.4% over the last 30 days, indicating strong agreement among analysts regarding improved earnings potential [8]. - XOMA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Core Viewpoint - Mural Oncology plc has entered into a definitive agreement with XOMA Royalty Corporation for the acquisition of Mural's entire issued share capital, which is seen as beneficial for Mural shareholders following a strategic review process [1][52]. Transaction Details - The acquisition will provide Mural shareholders with a base cash price of $2.035 per share, with the potential for an additional cash amount of up to $0.205 per share based on Mural's Closing Net Cash exceeding estimated amounts [2][54]. - The total valuation of Mural's share capital in the acquisition is approximately $36.2 million, excluding any additional payments [4][56]. - The acquisition is expected to close by the end of 2025, subject to shareholder approval and High Court sanction [9][53]. Strategic Review Background - Mural Oncology is focused on developing cytokine-based immunotherapies for cancer treatment [13][63]. - Following unsuccessful clinical trials, Mural decided to explore strategic alternatives to maximize shareholder value, leading to the acquisition proposal from XOMA Royalty [14][64]. - The Mural Board evaluated various options, including liquidation and reverse takeovers, concluding that the acquisition was the best route for shareholder value [71][72]. Board Recommendations - The Mural Board, advised by Lucid Capital Markets, considers the acquisition terms fair and reasonable, recommending that shareholders vote in favor [8][73]. - Mural directors holding approximately 0.42% of shares have committed to vote in favor of the acquisition [7][74].

Group 1 - The proposed sale of HilleVax, Inc. to XOMA Royalty Corporation involves shareholders receiving $1.95 in cash per share, along with a non-transferable contingent value right for additional payments under certain conditions [1] - Kahn Swick & Foti, LLC is investigating whether the proposed consideration adequately reflects the value of HilleVax, indicating potential undervaluation [1] - The transaction is structured as a tender offer, emphasizing the importance of timely action for shareholders [3] Group 2 - Shareholders who believe the transaction undervalues HilleVax are encouraged to contact Kahn Swick & Foti for discussions regarding their legal rights [2] - Kahn Swick & Foti is led by former Louisiana Attorney General Charles C. Foti, Jr., highlighting the firm's legal expertise [3] - The investigation aims to ensure that the process leading to the proposed sale is fair and transparent for shareholders [1]