XOMA(US:XOMA)2024-11-07 12:45Financial Performance - XOMA Royalty reported total income and revenues of $7.2 million for Q3 2024, a significant increase from $0.8 million in Q3 2023[6] - The company recorded a net loss of $17.2 million in Q3 2024, compared to a net loss of $5.5 million in Q3 2023, primarily due to a $14.0 million non-cash impairment charge[12] - Total income and revenues for the three months ended September 30, 2024, were $7,197,000, compared to $830,000 for the same period in 2023, representing a significant increase[18] - The net loss attributable to common stockholders for the three months ended September 30, 2024, was $(18,611,000), compared to $(6,877,000) for the same period in 2023, representing an increase in loss of 170%[18] - Net loss for the nine months ended September 30, 2024, was $9,853,000 compared to a loss of $20,722,000 for the same period in 2023[20] Cash Flow and Liquidity - Cash receipts for Q3 2024 totaled $9.9 million, with cumulative cash receipts of $42.3 million for the first nine months of 2024[1] - On September 30, 2024, XOMA Royalty had cash and cash equivalents of $146.8 million, down from $159.6 million at the end of 2023[13] - Cash and cash equivalents as of September 30, 2024, were $142,050,000, a decrease from $153,290,000 as of December 31, 2023[19] - Cash used in operating activities was $10,845,000, an improvement from $14,231,000 in the prior year[20] - Cash, cash equivalents, and restricted cash at the end of the period totaled $146,816,000, up from $33,472,000 in the previous year[20] Expenses - XOMA Royalty's R&D expenses were $0.8 million in Q3 2024, a notable increase from $25,000 in Q3 2023[7] - General and administrative expenses rose to $8.0 million in Q3 2024, up from $6.4 million in Q3 2023, largely due to costs associated with the Kinnate acquisition[8] - Operating expenses for the three months ended September 30, 2024, totaled $22,837,000, up from $6,617,000 in the same period of 2023, indicating a rise of 245%[18] - Stock-based compensation expense increased to $8,136,000 from $6,450,000 year-over-year[20] Assets and Liabilities - Total assets decreased to $223,340,000 as of September 30, 2024, from $234,301,000 as of December 31, 2023[19] - Total liabilities as of September 30, 2024, were $138,531,000, down from $145,580,000 as of December 31, 2023[19] Acquisitions and Investments - The FDA approved Zevra's MIPLYFFA™ (arimoclomol) for Niemann-Pick disease Type C, adding to XOMA's commercial royalty portfolio[2] - XOMA Royalty acquired a 50% economic interest in TWIST Bioscience's portfolio, which includes over 60 early-stage assets across approximately 30 partners, through a $15 million royalty monetization agreement[4] - The company recognized a gain of $19,316,000 on the acquisition of Kinnate during the nine months ended September 30, 2024[18] - Net cash acquired in the Kinnate acquisition amounted to $18,926,000[20] - Estimated initial fair value of the Exarafenib milestone asset in the Kinnate acquisition was $2,922,000[20] Other Income - The company recorded total other income, net, of $1.9 million in Q3 2024, compared to $0.3 million in Q3 2023, reflecting a $1.3 million increase in investment income[11] - Total interest expense for Q3 2024 was $3.5 million, related to the Blue Owl Loan established in December 2023[10] - Payments of consideration under RPAs, AAAs, and CPPAs totaled $37,000,000, compared to $14,650,000 in the previous year[20] - Net cash provided by investing activities was $8,172,000, a recovery from a cash outflow of $6,222,000 in the prior year[20] - The company recognized a royalty purchase agreement asset impairment of $23,000,000[20]