Revenue remains highly volatile, evidenced by an 83.6% sequential decline in 2025Q4, even as the company maintains gross margins consistently exceeding 90%.
XOMA Royalty Corp. (XOMA) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 36.23M | 52.15M | 28.49M | 4.76M | 6.03M | 38.16M | 29.39M | 18.37M | 5.3M | 52.69M | 5.56M | 55.45M | 18.87M | 35.45M | 33.78M | 58.2M | 33.64M | 98.43M | 67.99M | 84.25M | 29.5M | 18.67M | 3.67M | 24.41M | 29.95M | 17.28M | 6.66M | 2.4M | 6.3M | 18.4M | 3.6M |
| Revenue Growth % | -3.33% | 83.06% | 498.72% | -21.06% | -84.21% | 29.86% | 59.96% | 246.67% | -89.94% | 846.98% | -89.97% | 193.9% | -46.78% | 4.94% | -41.95% | 72.99% | -65.82% | 44.78% | -19.31% | 185.62% | 58.01% | 409.39% | -84.99% | -18.49% | 73.33% | 159.48% | 177.46% | -61.9% | -65.76% | 411.11% | 200% |
| Cost of Goods Sold | 2.43M | 2.96M | 206K | 143K | 274K | 171K | 170K | 1.25M | 1.68M | 7.88M | 1.4M | 20.7M | 29.47M | 27.36M | 143K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.37M | 0 | 0 | 0 | 1.87M | -1.2M | -1.6M | -2M | -2.1M |
| COGS % of Revenue | - | 5.68% | 0.72% | 3.01% | 4.55% | 0.45% | 0.58% | 6.82% | 31.74% | 14.95% | 25.16% | 37.33% | 156.19% | 77.18% | 0.42% | - | - | - | - | - | - | - | 446.74% | - | - | - | 28.07% | -50% | -25.4% | -10.87% | -58.33% |
| Gross Profit | 33.8M | 49.18M | 28.28M | 4.62M | 5.75M | 37.99M | 29.21M | 17.12M | 3.62M | 44.81M | 4.16M | 34.75M | -10.6M | 8.09M | 33.64M | 58.2M | 33.64M | 98.43M | 67.99M | 84.25M | 29.5M | 18.67M | -12.71M | 24.41M | 29.95M | 17.28M | 4.79M | 3.6M | 7.9M | 20.4M | 5.7M |
| Gross Margin % | 93.29% | 94.3% | 99.28% | 96.99% | 95.45% | 99.55% | 99.42% | 93.18% | 68.26% | 85.05% | 74.84% | 62.67% | -56.19% | 22.82% | 99.58% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | -346.74% | 100% | 100% | 100% | 71.93% | 150% | 125.4% | 110.87% | 158.33% |
| Gross Profit Growth % | - | 73.89% | 512.81% | -19.78% | -84.86% | 30.03% | 70.68% | 373.24% | -91.93% | 976.25% | -88.02% | 427.77% | -231.05% | -75.95% | -42.2% | 72.99% | -65.82% | 44.78% | -19.31% | 185.62% | 58.01% | 246.91% | -152.06% | -18.49% | 73.33% | 260.73% | 33.06% | -54.43% | -61.27% | 257.89% | 39.02% |
| Operating Expenses | 28.82M | 37.79M | 68.26M | 46.46M | 23.17M | 20.46M | 16.8M | 21M | 20.25M | 32.21M | 62.56M | 91.47M | 100.61M | 93.33M | 85.19M | 92.15M | 100.66M | 81.87M | 106.72M | 86.8M | 70.18M | 54.69M | 81.76M | 81.95M | 62.03M | 44.61M | 34.21M | 48.8M | 50.8M | 37.5M | 34M |
| OpEx % of Revenue | - | 72.47% | 239.61% | 976.52% | 384.39% | 53.62% | 57.17% | 114.33% | 382.05% | 61.13% | 1124.3% | 164.97% | 533.31% | 263.26% | 252.17% | 158.35% | 299.23% | 83.17% | 156.97% | 103.02% | 237.92% | 292.97% | 2230.86% | 335.7% | 207.11% | 258.17% | 513.68% | 2033.33% | 806.35% | 203.8% | 944.44% |
| Selling, General & Admin | 39.8M | 36.09M | 34.48M | 27.18M | 23.19M | 20.46M | 16.8M | 21M | 18.56M | 24.34M | 18.32M | 20.62M | 19.87M | 18.48M | 16.86M | 24.01M | 23.25M | 23.74M | 24.14M | 20.58M | 18.09M | 14.8M | 31.98M | 24.49M | 19.41M | 8.68M | 6.07M | 6.1M | 5.4M | 5.6M | 5.5M |
| SG&A % of Revenue | - | 69.21% | 121.03% | 571.27% | 384.79% | 53.62% | 57.17% | 114.33% | 350.31% | 46.19% | 329.3% | 37.19% | 105.3% | 52.12% | 49.92% | 41.26% | 69.11% | 24.11% | 35.51% | 24.43% | 61.32% | 79.27% | 872.5% | 100.32% | 64.79% | 50.24% | 91.14% | 254.17% | 85.71% | 30.43% | 152.78% |
| Research & Development | 468K | 1.71M | 2.88M | 143K | 153K | 171K | 170K | 1.25M | 1.68M | 7.88M | 44.23M | 70.85M | 80.75M | 74.85M | 68.32M | 68.14M | 77.41M | 58.13M | 82.58M | 66.22M | 52.09M | 39.9M | 49.78M | 57.46M | 42.62M | 35.93M | 30.01M | 41.5M | 43.8M | 29.9M | 26.4M |
| R&D % of Revenue | - | 3.28% | 10.09% | 3.01% | 2.54% | 0.45% | 0.58% | 6.82% | 31.74% | 14.95% | 795% | 127.78% | 428.01% | 211.14% | 202.25% | 117.08% | 230.11% | 59.06% | 121.46% | 78.59% | 176.6% | 213.7% | 1358.36% | 235.38% | 142.31% | 207.93% | 450.61% | 1729.17% | 695.24% | 162.5% | 733.33% |
| Other Operating Expenses | -1M | -11K | 30.9M | 19.14M | -177K | -171K | -170K | -1.25M | 4.34M | 1.11M | 1.51M | 44K | -31K | -197K | 0 | 0 | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.87M | 1.2M | 1.6M | 2M | 2.1M |
| Operating Income | 4.97M | 11.38M | -39.98M | -41.85M | -17.41M | 17.53M | 12.42M | -3.88M | -16.86M | 17.03M | -61.56M | -39.72M | -81.83M | -58.2M | -56.62M | -33.95M | -67.1M | 12.96M | -38.73M | -2.54M | -40.68M | -36.02M | -78.1M | -57.54M | -32.08M | -27.33M | -29.42M | -45.2M | -42.9M | -17.1M | -28.3M |
| Operating Margin % | 13.73% | 21.83% | -140.33% | -879.53% | -288.93% | 45.94% | 42.25% | -21.15% | -318.12% | 32.32% | -1106.36% | -71.64% | -433.75% | -164.18% | -167.62% | -58.35% | -199.47% | 13.17% | -56.97% | -3.02% | -137.92% | -192.97% | -2130.86% | -235.7% | -107.11% | -158.17% | -441.75% | -1883.33% | -680.95% | -92.93% | -786.11% |
| Operating Income Growth % | - | 128.48% | 4.47% | -140.31% | -199.34% | 41.18% | 419.59% | 76.95% | -198.98% | 127.67% | -54.96% | 51.46% | -40.59% | -2.79% | -66.76% | 49.4% | -617.78% | 133.46% | -1422.56% | 93.75% | -12.93% | 53.87% | -35.73% | -79.37% | -17.36% | 7.09% | 34.92% | -5.36% | -150.88% | 39.58% | -7.6% |
| EBITDA | 8.29M | 14.36M | -39.76M | -40.95M | -17.14M | 17.7M | 12.59M | -3.86M | -16.83M | 17.34M | -60.79M | -38.19M | -79.98M | -55.63M | -52.5M | -28.6M | -61.38M | 19.79M | -30.61M | 4.19M | -34.51M | -30.25M | -73.54M | -53.55M | -29.96M | -26.08M | -31.29M | -44M | -41.3M | -15.1M | -26.2M |
| EBITDA Margin % | 22.9% | 27.53% | -139.57% | -860.61% | -284.39% | 46.37% | 42.84% | -21.01% | -317.55% | 32.9% | -1092.54% | -68.88% | -423.92% | -156.92% | -155.41% | -49.14% | -182.46% | 20.11% | -45.03% | 4.97% | -117% | -162.04% | -2006.63% | -219.35% | -100.03% | -150.92% | -469.82% | -1833.33% | -655.56% | -82.07% | -727.78% |
| EBITDA Growth % | 131.56% | 136.11% | 2.9% | -138.9% | -196.86% | 40.58% | 426.11% | 77.06% | -197.07% | 128.52% | -59.17% | 52.25% | -43.76% | -5.96% | -83.58% | 53.41% | -410.16% | 164.64% | -830.67% | 112.14% | -14.09% | 58.87% | -37.34% | -78.73% | -14.89% | 16.65% | 28.9% | -6.54% | -173.51% | 42.37% | -11.97% |
| D&A (Non-Cash Add-back) | 3.32M | 2.97M | 216K | 900K | 274K | 167K | 172K | 25K | 30K | 304K | 769K | 1.53M | 1.86M | 2.58M | 4.12M | 5.36M | 5.72M | 6.83M | 8.12M | 6.73M | 6.17M | 5.77M | 4.55M | 3.99M | 2.12M | 1.25M | -1.87M | 1.2M | 1.6M | 2M | 2.1M |
| EBIT | 46.84M | 44.85M | -5.64M | -23.46M | -17.12M | 16.35M | 13.64M | -3.88M | -12.56M | 17.49M | -49.6M | -16.97M | -34.02M | -119.49M | -66.8M | -30.3M | -68.38M | 11.16M | -38.63M | -2.54M | -40.68M | -36.02M | -78.1M | -57.54M | -32.08M | -27.33M | -29.42M | -45.2M | -42.9M | -17.2M | -28.3M |
| Net Interest Income | -12.08M | -13.03M | -13.84M | -569K | 694K | -461K | -1.84M | -1.92M | -922K | -1.24M | -3.95M | -3.77M | -4.3M | -4.63M | -4.39M | -2.46M | -385K | -4.84M | -6.14M | 0 | -11.26M | -2.37M | 0 | -1.88M | 0 | 0 | -2.68M | 0 | 0 | 0 | 0 |
| Interest Income | 843K | 0 | 0 | 0 | 694K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 859K | 0 | 1.68M | 1.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.92M | 13.03M | 13.84M | 569K | 0 | 461K | 1.84M | 1.92M | 922K | 1.24M | 3.95M | 4.18M | 4.28M | 4.63M | 4.34M | 2.46M | 385K | 4.89M | 7M | 0 | 12.93M | 4.25M | 0 | 1.88M | 0 | 0 | 2.68M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 28.94M | 20.43M | 20.5M | 1.02M | 295K | -1.64M | -619K | 1.9M | 3.42M | -773K | 8.03M | 19.12M | 43.53M | -65.87M | -14.52M | 1.23M | -1.63M | -6.68M | -6.89M | -9.78M | -11.16M | 38.81M | -846K | -1.11M | 871K | 1.96M | 2.68M | 1.2M | -6.5M | 1.5M | -900K |
| Pretax Income | 33.91M | 31.82M | -19.48M | -40.83M | -17.12M | 15.89M | 11.8M | -1.98M | -13.44M | 16.26M | -53.53M | -20.61M | -38.3M | -124.07M | -71.14M | -32.73M | -68.73M | 6.28M | -45.63M | -12.33M | -51.84M | 2.78M | -78.94M | -58.65M | -31.21M | -25.37M | -26.73M | -44M | -49.4M | -15.7M | -29.2M |
| Pretax Margin % | 93.61% | 61.01% | -68.38% | -858.15% | -284.04% | 41.64% | 40.15% | -10.79% | -253.65% | 30.86% | -962.08% | -37.16% | -203.02% | -349.98% | -210.58% | -56.24% | -204.3% | 6.38% | -67.11% | -14.63% | -175.74% | 14.9% | -2153.94% | -240.26% | -104.2% | -146.84% | -401.44% | -1833.33% | -784.13% | -85.33% | -811.11% |
| Income Tax | 104K | 103K | -5.66M | 0 | -15K | 91K | -1.5M | 0 | -98K | 1.66M | 0 | 0 | 0 | -14K | -74K | 15K | 27K | 5.73M | -383K | 0 | 0 | 3K | 0 | 0 | 1.17M | 709K | -4K | 600K | 4.3M | -1.3M | 800K |
| Effective Tax Rate % | 0.31% | 0.32% | 29.05% | 0% | 0.09% | 0.57% | -12.72% | 0% | 0.73% | 10.22% | 0% | 0% | 0% | 0.01% | 0.1% | -0.05% | -0.04% | 91.24% | 0.84% | 0% | 0% | 0.11% | 0% | 0% | -3.75% | -2.79% | 0.01% | -1.36% | -8.7% | 8.28% | -2.74% |
| Net Income | 31.51M | 31.71M | -13.82M | -40.83M | -17.1M | 15.8M | 13.3M | -1.98M | -13.34M | 14.6M | -53.53M | -20.61M | -38.3M | -124.06M | -71.06M | -32.74M | -68.76M | 550K | -45.24M | -12.33M | -51.84M | 2.78M | -78.94M | -58.65M | -33.25M | -28.04M | -29.41M | -45.8M | -47.2M | -15.8M | -29.1M |
| Net Margin % | 86.97% | 60.81% | -48.52% | -858.15% | -283.79% | 41.4% | 45.25% | -10.79% | -251.8% | 27.7% | -962.08% | -37.16% | -203.02% | -349.94% | -210.36% | -56.26% | -204.38% | 0.56% | -66.55% | -14.63% | -175.74% | 14.89% | -2153.94% | -240.26% | -111.01% | -162.28% | -441.69% | -1908.33% | -749.21% | -85.87% | -808.33% |
| Net Income Growth % | 1202.1% | 329.45% | 66.15% | -138.72% | -208.27% | 18.8% | 770.94% | 85.15% | -191.42% | 127.27% | -159.78% | 46.2% | 69.13% | -74.57% | -117.04% | 52.38% | -12601.09% | 101.22% | -267.07% | 76.22% | -1965.46% | 103.52% | -34.59% | -76.42% | -18.57% | 4.66% | 35.78% | 2.97% | -198.73% | 45.7% | -29.33% |
| Net Income (Continuing) | 33.81M | 31.71M | -13.82M | -40.83M | -17.1M | 15.8M | 13.3M | -1.98M | -13.34M | 14.6M | -53.53M | -20.61M | -38.3M | -124.06M | -71.06M | -32.74M | -68.76M | 550K | -45.24M | -12.33M | -51.84M | 2.78M | -78.94M | -58.65M | -33.25M | -28.04M | -29.41M | -45.8M | -47.2M | -15.8M | -29.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.81 | 1.46 | -1.65 | -4.04 | -1.98 | 0.65 | 0.78 | -0.88 | -1.59 | 0.73 | -8.89 | -3.50 | -6.64 | -28.54 | -21.99 | -20.73 | -73.88 | 0.97 | -102.11 | -28.90 | -162.07 | 9.00 | -279.09 | -234.39 | -141.77 | -123.42 | -136.34 | -260.70 | -330.11 | -119.86 | -268.67 |
| EPS Growth % | 317.39% | 188.48% | 59.16% | -104.04% | -404.62% | -16.67% | 188.64% | 44.65% | -317.81% | 108.21% | -154% | 47.29% | 76.73% | -29.79% | -6.08% | 71.94% | -7716.49% | 100.95% | -253.32% | 82.17% | -1900.78% | 103.22% | -19.07% | -65.33% | -14.87% | 9.48% | 47.7% | 21.03% | -175.41% | 55.39% | 5.78% |
| EPS (Basic) | - | 1.53 | -1.65 | -4.04 | -1.98 | 0.69 | 0.82 | -0.88 | -1.59 | 0.75 | -8.89 | -3.50 | -7.13 | -28.60 | -22.00 | -20.73 | -73.88 | 1.00 | -102.11 | -28.90 | -162.07 | 9.00 | -279.09 | -234.39 | -141.77 | -123.42 | -136.34 | -260.70 | -330.11 | -119.86 | -268.67 |
| Diluted Shares Outstanding | 17.42M | 17.98M | 11.7M | 11.47M | 11.41M | 12.19M | 11.5M | 8.76M | 8.37M | 7.98M | 6.02M | 5.89M | 5.77M | 4.35M | 3.23M | 1.58M | 930.65K | 565.65K | 443.1K | 426.49K | 319.87K | 300.21K | 282.86K | 250.23K | 234.52K | 227.2K | 215.73K | 175.68K | 142.98K | 131.82K | 108.31K |
| Basic Shares Outstanding | 11.89M | 17.98M | 11.7M | 11.47M | 11.41M | 11.29M | 10.67M | 8.76M | 8.37M | 7.62M | 6.02M | 5.89M | 5.37M | 4.34M | 3.23M | 1.58M | 930.65K | 549.65K | 443.1K | 426.49K | 319.87K | 287.14K | 282.86K | 250.23K | 234.52K | 227.2K | 215.73K | 175.68K | 142.98K | 131.82K | 108.31K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XOMA stock.
For fiscal year 2025, XOMA Royalty Corp. (XOMA) reported total revenue of $52.1M. This represents a 1348.6% increase compared to $3.6M in 1996.
XOMA Royalty Corp. (XOMA) is profitable, generating $31.7M in net income for the fiscal year ending 2025 with a net profit margin of 60.8%.
XOMA Royalty Corp. (XOMA) reported an operating income of $11.4M, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
XOMA Royalty Corp. (XOMA) generated $49.2M in gross profit for the year, representing a gross profit margin of 94.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Binary Milestone Revenue Volatility
Metrics are mathematically derived from official filings.
Lumpy Revenue Obscures Underlying Trends
As reported in recent financial filings, XOMA's revenue trajectory remains highly erratic, characterized by a 83.6% sequential decline in 2025Q4 followed by significant fluctuations, which underscores the inherent unpredictability of milestone-driven income streams compared to more stable, long-term commercial royalty payments from the company's diversified portfolio.
The extreme volatility in top-line performance suggests that XOMA's growth is currently tethered to the timing of clinical trial events rather than consistent commercial adoption of underlying assets. Investors should monitor whether the company can transition toward a higher proportion of sales-based royalties to smooth out these periodic revenue swings.
High Gross Margins Mask Inefficiency
Based on the company's reported figures, XOMA maintains exceptional gross margins consistently exceeding 90%, yet operating profitability remains inconsistent, as evidenced by the 2024Q4 operating margin of -83.2% which highlights the significant overhead required to manage a complex, early-stage portfolio of over 70 distinct royalty interests.
While the asset-light model avoids manufacturing costs, the high fixed-cost structure relative to current revenue suggests that the company has yet to achieve the necessary scale to leverage its corporate overhead. Future margin expansion appears contingent upon the successful commercialization of assets that require less intensive legal and monitoring resources.
Non-Operating Items Distort Net Income
According to historical income statements, XOMA's net income is frequently decoupled from operating performance, with significant quarterly swings such as the $14.1M profit in 2025Q3, largely driven by non-operating items and fair value adjustments rather than core royalty cash flows generated from the company's clinical asset base.
The reliance on non-recurring items makes GAAP net income a poor proxy for the underlying health of the business. Analysts should focus on adjusted metrics that strip out these accounting anomalies to better understand the true cash-generating capacity of the royalty portfolio.
Overhead Discipline Remains A Challenge
As indicated by recent quarterly data, SG&A expenses frequently consume a substantial portion of gross profit, with the company reporting $11.9M in SG&A during 2026Q1, which suggests that the cost of sourcing and managing early-stage biotech assets remains a persistent drag on overall corporate profitability.
The high level of professional fees and personnel costs required to maintain the portfolio warrants further investigation into the scalability of the current management model. Without a significant increase in royalty inflows, the current expense structure may continue to pressure the company's ability to generate consistent bottom-line growth.