10-K · March 18, 2026
XOMA’s 2025 10-K positions the company as a royalty aggregator pursuing portfolio expansion through acquisitions and license transactions (multiple purchase/merger agreements listed in 2024–2025). Financially, revenue…
Earnings analysis · 10-Q
XOMA earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
XOMA's Q1 2026 results show a decrease in total revenues to $12.3 million from $15.9 million in the prior year, with gross margins remaining stable at 100%. However, net income improved significantly to $4.5 million…
Read full summary
XOMA's Q1 2026 results show a decrease in total revenues to $12.3 million from $15.9 million in the prior year, with gross margins remaining stable at 100%. However, net income improved significantly to $4.5 million compared to a loss of $1.2 million in Q1 2025, leading to an EPS of $0.18. The company continues to focus on its royalty aggregation strategy and anticipates future revenue growth from milestone and royalty payments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.18
- Gross margin
- 100%
What stood out
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Revenue Growth from VABYSMO and MIPLYFFA
Revenues from VABYSMO increased to $11.9 million in Q1 2026, contributing to higher income from purchased receivables.
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Improved Net Income
Net income reached $4.5 million in Q1 2026, compared to a loss of $1.2 million in Q1 2025.
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Operating Cash Flow Positive
Operating cash flow increased to $6.1 million, a significant rise from $2.2 million in Q1 2025.
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Increased Cash Balances
Cash and cash equivalents rose to $85.6 million from $82.9 million at the end of 2025.
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Successful Acquisition Strategy
Completion of the Generation Bio acquisition for $34.4 million contributes strategic assets and expected future revenue.
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Gain on Acquisition
A gain of $3.5 million was recognized from the Generation Bio acquisition.
What to watch
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Merger Completion Risks
The pending merger with Ligand is subject to stockholder and regulatory approvals, with uncertainty around completion timing.
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Operational Uncertainties
Uncertainties related to the achievement of milestones by partners, impacting future revenue from royalties.
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High Accumulated Deficit
As of March 31, 2026, XOMA has an accumulated deficit of $1.2 billion, raising concerns about long-term sustainability.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 13, 2025
XOMA reported Q2 2025 total income and revenues of $13,129,000 and diluted EPS of $0.44. The company returned to operating profitability in the quarter with operating income of $4,603,000 versus an operating loss of…
10-Q · May 13, 2025
XOMA reported a sharp top-line increase with total income and revenues of $15,912,000 in Q1 2025 (versus $1,490,000 in Q1 2024), producing operating income of $5,929,000 and diluted EPS of $0.06. The quarter was driven…
10-Q · November 7, 2024
XOMA reported a strong top-line increase in Q3 2024 with total income and revenues of $7,197,000 versus $830,000 in Q3 2023, driven primarily by $6,463,000 of income from purchased receivables. However, operating losses…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.