XOMA(XOMA) - 2024 Q4 - Annual Results

Financial Performance - Total cash receipts for 2024 amounted to $46.3 million, including $20.0 million in royalties and commercial payments[17] - The company recorded total income and revenues of $28.5 million for the full year 2024, a significant increase from $4.8 million in 2023[7] - Total income and revenues for 2024 reached $28,487,000, a significant increase from $4,758,000 in 2023, representing a growth of approximately 498%[24] - The company reported a gain of $19,316,000 from the acquisition of Kinnate, contributing positively to the financial results[24] - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth[29] Expenses and Losses - R&D expenses increased to $2.9 million for the full year 2024, up from $0.1 million in 2023, primarily due to clinical trial costs related to Kinnate[9] - G&A expenses for the full year 2024 were $34.5 million, compared to $25.6 million in 2023, largely due to acquisition-related costs[10] - Net loss for the full year 2024 was $13.8 million, a reduction from a net loss of $40.8 million in 2023[16] - Credit losses totaled $30.9 million for the year 2024, significantly impacting net loss figures[12] - The net loss for 2024 was $13,821,000, a reduction from a net loss of $40,831,000 in 2023, indicating an improvement of about 66%[24] - Total operating expenses for 2024 were $68,463,000, up from $46,606,000 in 2023, marking an increase of approximately 47%[24] Cash and Assets - The company had cash and cash equivalents of $106.4 million as of December 31, 2024, down from $159.6 million in 2023[17] - Cash and cash equivalents decreased to $101,654,000 as of December 31, 2024, down from $153,290,000 in 2023, a decline of about 34%[26] - Total assets decreased to $221,277,000 in 2024 from $234,301,000 in 2023, a decline of about 6%[26] - The company’s accumulated deficit increased to $1,237,057,000 as of December 31, 2024, compared to $1,223,223,000 in 2023[26] Acquisitions and Portfolio Growth - XOMA Royalty doubled its royalty and milestone portfolio to over 120 assets through five transactions in 2024[1] - XOMA Royalty completed two whole company acquisitions in 2024, adding approximately $7.8 million in cash and five assets to its portfolio[3] - FDA approvals were received for Day One's OJEMDA™ and Zevra's MIPLYFFA™, contributing to the company's royalty income[1] User and Market Growth - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[29] - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 15% to 18%[29] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[29] - Market expansion plans include entering two new international markets by Q3 2024, targeting a potential user base of 3 million[29] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[29] Customer and Operational Improvements - Customer retention rates improved to 85%, up from 80% in the previous quarter, reflecting enhanced customer satisfaction[29] - The company aims to reduce operational costs by 10% through efficiency improvements in the next year[29] - A new marketing strategy is expected to increase brand awareness by 30% in the upcoming quarter[29] - The weighted average shares used in computing basic net loss per share increased to 11,701,000 in 2024 from 11,471,000 in 2023[24] - The company recognized $6,650,000 in revenue from contracts with customers in 2024, compared to $2,650,000 in 2023, representing an increase of approximately 150%[24]