Core Insights - XOMA Royalty Corporation has made significant acquisitions, including mezagitamab royalty rights from BioInvent International and partnered assets through the acquisition of LAVA Therapeutics, enhancing its portfolio of early- and late-stage assets [1][2][5]. Business Development - XOMA Royalty acquired future royalty and milestone rights for mezagitamab from BioInvent for $20 million, with an additional $10 million contingent on regulatory milestones, potentially earning up to $16.25 million in milestones from Takeda and mid-single digit royalties on future sales [5]. - The acquisition of LAVA Therapeutics will secure economic interests in two partnered assets, PF 08046052 (developed by Pfizer) and JNJ-89853413 (developed by Johnson & Johnson) [5]. Company Acquisitions - XOMA Royalty has entered into definitive agreements to acquire Turnstone Biologics for $0.34 per share plus a contingent value right (CVR) [7]. - The acquisition of HilleVax is set at $1.95 per share, with additional CVR payments based on future cash distributions and potential sales of norovirus programs [7][8]. - The acquisition of LAVA Therapeutics is expected to close in Q4 2025, with a cash payment between $1.16 and $1.24 per share plus a CVR for future proceeds [8]. Key Pipeline Advancements - Rezolute completed enrollment in the Phase 3 sunRIZE study for ersodetug, receiving a $5 million milestone payment [3][9]. - The Marketing Authorization Application (MAA) for tovorafenib by Day One Biopharmaceuticals was accepted for review by the EMA, resulting in a $4 million milestone payment to XOMA Royalty [3][9]. - Zevra Therapeutics submitted an MAA to the EMA for arimoclomol as a treatment for Niemann-Pick Type C [3]. Financial Performance - In the first half of 2025, XOMA Royalty received $29.6 million in royalties and milestones, with $11.7 million in the second quarter [4][12]. - Income for the second quarter of 2025 was reported at $13.1 million, an increase from $11.1 million in the same period of 2024 [12]. - General and administrative expenses decreased to $7.8 million in Q2 2025 from $11.0 million in Q2 2024, primarily due to prior exit packages [14]. Cash Position - As of June 30, 2025, XOMA Royalty had cash and cash equivalents of $78.5 million, down from $106.4 million at the end of 2024 [20][32]. - The company repurchased approximately 81,700 shares for $1.8 million in Q2 2025, totaling over 107,500 shares repurchased in 2025 [21].