Revenue Performance - For the three months ended September 30, 2023, total revenues were $830,000, an increase of $379,000 compared to $451,000 in the same period of 2022[257]. - For the nine months ended September 30, 2023, total revenues were $2.925 million, a decrease of $1.616 million compared to $4.541 million in the same period of 2022[257]. - The company expects most future revenue to be based on payments from milestones and royalties related to partnered clinical assets[245]. Net Loss and Deficit - The company reported a net loss of $5.5 million for the three months ended September 30, 2023, and an accumulated deficit of $1.2 billion as of September 30, 2023[246]. - The company had an accumulated deficit of $1.2 billion as of September 30, 2023[273]. Expenses - G&A expenses for the three months ended September 30, 2023, were $6.4 million, an increase of $1.6 million compared to $4.8 million in the same period of 2022[261]. - R&D expenses were $25,000 for the three months ended September 30, 2023, consistent with $29,000 for the same period in 2022[260]. - Arbitration settlement costs amounted to $4.1 million for the nine months ended September 30, 2023[265]. Cash Flow - Cash and cash equivalents decreased by $24.4 million from $57.8 million as of December 31, 2022, to $33.5 million as of September 30, 2023[268]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $14.2 million, an increase of $5.2 million compared to $8.9 million for the same period in 2022[270]. - Net cash used in investing activities for the nine months ended September 30, 2023, was $6.2 million, primarily due to a $9.6 million payment for the acquisition of payment rights[271]. Milestones and Agreements - The company earned a $5.0 million milestone related to the FDA's acceptance of Day One Biopharmaceuticals' NDA for tovorafenib on October 30, 2023[247]. - The company acquired rights to potential regulatory and commercial milestones of up to $52.5 million related to arimoclomol and up to $342.7 million related to aldoxorubicin[248]. - The company may pay up to an additional $6.0 million in regulatory and commercial milestones related to the LadRx Agreements[289]. - The Organon License Agreement is set to terminate on January 21, 2024, with no material early termination penalties payable by either party[290]. Other Income and Investment - Investment income increased by $0.1 million and $0.9 million for the three and nine months ended September 30, 2023, respectively, due to higher market interest rates[266]. - Total other income (expense), net was $278,000 for the three months ended September 30, 2023, compared to $194,000 for the same period in 2022, reflecting an increase of $84,000[266]. Contingent Consideration - The company has potential contingent consideration of $4.0 million recorded on its consolidated balance sheets as of September 30, 2023[281]. - The company expects to incur incremental undiscounted costs of $0.5 million associated with the new lease expected to commence in the fourth quarter of 2023[279].
XOMA(XOMAO) - 2023 Q3 - Quarterly Report