Financial 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[13] - The company reported a net loss of $9,853 thousand for the three months ended September 30, 2024, compared to a net loss of $20,722 thousand for the same period in 2023, indicating an improvement of approximately 52.4%[24] - The company recognized a gain of $19,316 thousand on the acquisition of Kinnate, contributing positively to the financial results[24] Cash Flow and Assets - Cash receipts totaled $9.9 million in Q3 2024, and $42.3 million for the first nine months of 2024[2] - 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[14] - Cash, cash equivalents, and restricted cash decreased from $159,550 thousand at the beginning of the period to $146,816 thousand at the end of the period, a decrease of about 8.3%[24] - Total current assets decreased from $169,313 thousand as of December 31, 2023, to $159,021 thousand as of September 30, 2024, representing a decline of approximately 6.4%[22] Expenses - General and administrative expenses increased to $8.0 million in Q3 2024 from $6.4 million in Q3 2023, largely due to costs associated with the Kinnate acquisition[9] - Research and development expenses were $0.8 million in Q3 2024, up from $25,000 in Q3 2023, reflecting costs related to the KIN-3248 clinical trial[7] - Total interest expense for Q3 2024 was $3.5 million, related to the Blue Owl Loan established in December 2023[11] - Stock-based compensation expense increased from $6,450 thousand in the nine months ended September 30, 2023, to $8,136 thousand in the same period of 2024, an increase of approximately 26.1%[24] Liabilities and Equity - Total liabilities decreased from $145,580 thousand as of December 31, 2023, to $138,531 thousand as of September 30, 2024, reflecting a reduction of approximately 4.8%[22] - Total stockholders' equity decreased from $88,721 thousand as of December 31, 2023, to $84,809 thousand as of September 30, 2024, a decline of about 4.5%[22] Acquisitions and Approvals - XOMA Royalty acquired a 50% economic interest in TWIST Bioscience's portfolio of over 60 licensed early-stage assets[2] - The FDA approved Zevra's MIPLYFFA™ (arimoclomol), adding to XOMA's commercial royalty portfolio[4] - Cash flows from investing activities included net cash acquired in the Kinnate acquisition amounting to $18,926 thousand[24] Future Outlook - The company anticipates significant future developments, including ongoing clinical trials and potential regulatory approvals for its partnered programs[16] - The company made principal payments of $6,902 thousand on debt during the financing activities[24]
XOMA(XOMAO) - 2024 Q3 - Quarterly Results