XOMA(XOMA) - 2023 Q4 - Annual Results

Revenue and Financial Performance - XOMA reported total revenues of $1.8 million for Q4 2023 and $4.8 million for the full year, down from $6.0 million in 2022[5]. - The company recognized $2.5 million in milestone payments from two partners in 2023, compared to $4.0 million from four partners in 2022[5]. - XOMA received approximately $5.7 million in cash payments from royalties and milestone payments in Q4 2023, up from $0.8 million in Q4 2022[8]. - Net loss for 2023 was $40.8 million, worsening from a net loss of $17.1 million in 2022[26]. - The net loss for Q4 2023 was $20.1 million, compared to a net loss of $6.0 million in Q4 2022[11]. - Cash flows from operating activities showed a net cash used of $18.2 million in 2023, compared to $12.9 million in 2022[26]. Expenses and Liabilities - General and administrative expenses were $7.3 million for Q4 2023 and $25.6 million for the full year, an increase of $2.4 million from 2022 primarily due to higher stock-based compensation[6]. - The company incurred $15.8 million in impairment charges in 2023 due to the discontinuation of operations at Bioasis and the termination of the License Agreement for ebopiprant[9]. - Current liabilities rose significantly to $19.5 million in 2023, compared to $6.8 million in 2022, an increase of 186%[24]. - Total liabilities surged to $145.6 million in 2023, compared to $16.4 million in 2022, reflecting a dramatic increase of 786%[24]. - Payments of consideration under RPAs, AAAs, and CPPAs amounted to $14.7 million in 2023, up from $8.0 million in 2022[26]. - The company reported stock-based compensation expense of $9.1 million in 2023, compared to $3.6 million in 2022, an increase of 153%[26]. Assets and Equity - As of December 31, 2023, XOMA had cash and cash equivalents of $159.6 million, significantly up from $57.8 million at the end of 2022[12]. - Cash and cash equivalents at the end of 2023 were $159.6 million, a substantial increase from $57.8 million at the end of 2022, marking a growth of 176%[26]. - Total assets increased to $234.3 million in 2023, up from $140.4 million in 2022, representing a growth of 67%[24]. - Stockholders' equity decreased to $88.7 million in 2023 from $124.0 million in 2022, a decline of 29%[24]. Financing Activities - XOMA raised up to $140 million through a royalty-backed loan related to VABYSMO® in Q4 2023[1]. - The company raised $130 million through long-term debt issuance in 2023, significantly impacting financing activities[26]. - The company plans to acquire an economic interest in DSUVIA® for $8 million, which will provide 100% of royalties until $20 million is reached[15]. Future Outlook - XOMA anticipates FDA action dates for tovorafenib and arimoclomol NDAs on April 30, 2024, and September 21, 2024, respectively[4].