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 significant increase in revenue, reaching $1.2 billion, representing a 15% 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 KIN-3248[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] - 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 rose to $68,463,000 in 2024, up from $46,606,000 in 2023, marking an increase of approximately 47%[24] Cash and Assets - XOMA Royalty 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 in 2024 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] Acquisitions and Portfolio Growth - XOMA Royalty doubled its royalty and milestone portfolio to over 120 assets through five transactions in 2024[1] - The company completed two whole company acquisitions in 2024, adding approximately $7.8 million in cash and five assets to its portfolio[3] - The company reported a gain of $19,316,000 from the acquisition of Kinnate, contributing positively to the financial results[24] Credit Losses - Credit losses totaled $30.9 million for the full year 2024, significantly higher than $1.6 million in 2023[12] - The company recognized $30,904,000 in credit losses on purchased receivables in 2024, compared to $1,575,000 in 2023, indicating a significant increase in credit risk[24] Future Outlook and Strategies - The company anticipates substantial milestone and royalty proceeds from its portfolio of partnered programs and licensed technologies over time[19] - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 10% to 12%[29] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[29] - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[29] - Market expansion efforts are underway in Europe, targeting a 20% increase in market share by the end of the year[29] - The company is considering strategic acquisitions to bolster its product offerings and market presence[29] - A new marketing strategy has been implemented, aiming to increase brand awareness by 30% within the next six months[29] - The company plans to enhance its customer support services, allocating an additional $10 million to improve response times and service quality[29] Regulatory Approvals - FDA approvals were received for Day One's OJEMDA™ and Zevra's MIPLYFFA™, contributing to milestone payments of $9.0 million and $8.1 million, respectively[4] User Growth - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[29] Gross Margin - The gross margin improved to 45%, up from 42% in the previous quarter, reflecting better cost management[29]
XOMA(XOMAO) - 2024 Q4 - Annual Results