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XOMA Royalty Corporation (XOMA+0.82%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total income and revenues of $7.2 million for the quarter, compared to $0.8 million in the same quarter the previous year. The increase is attributed to income from purchased receivables related to sales of VABYSMO and OJEMDA.
Operating expenses for the quarter were $22.8 million, up from $6.6 million in the previous year. This increase is primarily due to higher general and administrative expenses and a $14.0 million impairment charge related to the Agenus (AGEN+6.21%) Royalty Purchase Agreement.
The company reported a net loss of $17.2 million for the quarter, compared to a net loss of $5.5 million in the same quarter the previous year. The loss is attributed to increased operating expenses and interest expenses related to the Blue Owl (OWL+0.27%) Loan.
XOMA completed the acquisition of Kinnate Biopharma, resulting in a gain of $19.3 million due to the fair value of net assets acquired exceeding the purchase consideration.
The company received $7.4 million and $9.5 million in commercial payments from sales of VABYSMO during the first and second halves of 2024, respectively, under the Affitech Commercial Payment Purchase Agreement.
XOMA entered into a new royalty purchase agreement with Twist Bioscience (TWST+1.41%), acquiring 50% of certain contingent payments related to Twist's early-stage programs for a $15.0 million upfront payment.
Cash and cash equivalents were $142.0 million as of September 30, 2024, down from $153.3 million at the end of 2023. The decrease is attributed to net cash used in operating and financing activities.
The company has a stock repurchase program authorized to purchase up to $50.0 million of its common stock through January 2027, with $13,000 spent on repurchases as of September 30, 2024.
XOMA's management believes the current financial resources are sufficient to fund planned operations, commitments, and obligations for at least one year following the filing date of this report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XOMA Royalty Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.