XOMA(US:XOMA)2020-09-18 17:50Business Model & Portfolio - XOMA acquires pre-commercial drug royalties, focusing on development-stage assets with blockbuster potential licensed to large-cap partners[8] - The company's portfolio includes 65+ assets in >30 disclosed indications and is growing[8] - XOMA's strategy involves acquiring milestone and royalty rights to high-potential, fully funded assets, focusing on mid-stage clinical assets[20] - The average royalty rate in XOMA's portfolio is approximately 2.5%, with royalty terms of 8-12 years post-commercialization[43] Transactions & Investments - XOMA's investment in Agenus' royalty interest totaled $15 million[29], securing 33% of future milestones[28] - The company invested $9 million in Aronora's royalty interest[34], gaining 100% of future milestones[33] - XOMA's investment in Palobiofarma's assets amounted to $10 million[38], acquiring 100% of clinical-stage assets[36] Financial Highlights & Strategy - In 2019, XOMA received $15.8 million from partners[80] - The company completed a $22 million Rights Offering, backstopped by BVF Partners[80] - XOMA maintains a lean cost infrastructure, with core G&A expenses of approximately $1 million per month[81] Partnered Programs - XOMA's portfolio includes 42 assets with large-cap partners[44] - >90% of XOMA's current royalty portfolio covers the next generation of emerging and novel I-O targets[48]