Business Development - XOMA Royalty has completed acquisitions of Turnstone Biologics and HilleVax, and announced acquisitions of LAVA Therapeutics and Mural Oncology [1][6] - The company acted as a structuring agent for XenoTherapeutics' acquisition of ESSA Pharma [1] Key Pipeline Advancements - Zevra Therapeutics submitted a Marketing Authorization Application (MAA) for arimoclomol to treat Niemann-Pick Type C [2] - Rezolute Bio expects to announce topline data in December from its Phase 3 ersodetug trial for congenital hyperinsulinism [2] - Gossamer Bio anticipates topline results from its Phase 3 trial of seralutunib in pulmonary atrial hypertension in February 2026 [2] Financial Performance - In the first nine months of 2025, XOMA Royalty received $43.9 million in royalties and milestones, with $14.3 million received in the third quarter [3][10] - Income for the three and nine months ended September 30, 2025, was $9.4 million and $38.4 million, respectively, compared to $7.2 million and $19.8 million for the same periods in 2024 [10] - Net income for the three and nine months ended September 30, 2025, was $14.1 million and $25.6 million, compared to net losses of $17.2 million and $9.9 million in the corresponding periods of 2024 [17] Cash Position - As of September 30, 2025, XOMA Royalty had cash and cash equivalents of $130.6 million, including $85.4 million in restricted cash [18][19] - The company received $14.3 million in cash receipts from royalties and commercial payments in the third quarter of 2025 [20] Acquisitions and Royalty Interests - XOMA Royalty will secure economic interests in partnered assets from LAVA Therapeutics, including PF-08046052 and JNJ-89853413 [5] - The acquisition of Mural Oncology is expected to close in the fourth quarter of 2025, with cash payments ranging from $2.035 to $2.24 per share [6] Research and Development Expenses - R&D expenses for the three and nine months ended September 30, 2025, were $69 thousand and $1.4 million, respectively [11] - The increase in R&D expenses in 2025 was primarily related to clinical trial costs following the acquisition of Kinnate [11] General and Administrative Expenses - G&A expenses for the three and nine months ended September 30, 2025, were $9.7 million and $25.7 million, respectively [12] - The increase in G&A expenses for the three months ended September 30, 2025, was due to higher business development costs [12]

Company Overview - Daré Bioscience's mission is to challenge the status quo and prioritize women's health [3] - The company aims to meet the increasing demand for evidence-based treatments with scientific rigor and rapid commercialization [4] Product Pipeline and Market Opportunity - Sildenafil Cream (Rx) is designed for her sexual experience, addressing an $11 billion erectile dysfunction market opportunity [17] - Vaginal probiotic suppositories (non-Rx) are designed to maintain a healthy vaginal microbiome, capitalizing on the growing vaginal health awareness [17] - Monthly estradiol + progesterone vaginal ring (Rx) is designed to support her through menopause, targeting a $25-45 billion U S compounded hormone therapy market [17] Investment Thesis - Only approximately 1% of healthcare research spending is invested in non-oncologic female conditions [25] - Women's health products make up 27% of total blockbuster products while contributing to 35% of total blockbuster sales [26] - Women control 80% of U S healthcare purchasing decisions [27] Key Products and Milestones - Targeting availability of DARE to PLAY Sildenafil Cream by prescription in Q4 2025 via 503B-registered partner [98] - Ovaprene® Phase 3 study enrollment is ongoing, with an interim data review scheduled for July 2025 [98] - XACIATO (clindamycin phosphate) vaginal gel 2% is Daré's first FDA-approved product [86]