Free cash flow generation is inconsistent, swinging from a $6.4M inflow in 2025Q2 to a $5.5M outflow in 2025Q4, reflecting the unpredictable timing of milestone-based cash receipts.
| 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 |
|---|
| Cash from Operations | 6.63M | 2.87M | -13.75M | -18.16M | -12.88M | 22.68M | 10.09M | -285K | -12.64M | 2.69M | -33.69M | -30.89M | -78.28M | -45.91M | -40.77M | -29.06M | -52.54M | 7.43M | -32.98M | 4.54M | -33.27M | -44.19M | -44.83M | -47.54M | -34.84M | -22.42M | -22.46M | -43.1M | -37.7M | -12M | -22.4M |
| Operating CF Margin % | - | 5.51% | -48.26% | -381.63% | -213.69% | 59.43% | 34.34% | -1.55% | -238.61% | 5.1% | -605.48% | -55.71% | -414.94% | -129.52% | -120.67% | -49.94% | -156.17% | 7.55% | -48.5% | 5.39% | -112.79% | -236.7% | -1223.11% | -194.73% | -116.33% | -129.76% | -337.3% | -1795.83% | -598.41% | -65.22% | -622.22% |
| Operating CF Growth % | 316.27% | 120.88% | 24.29% | -40.99% | -156.79% | 124.71% | 3641.05% | 97.75% | -570.74% | 107.97% | -9.05% | 60.54% | -70.49% | -12.63% | -40.27% | 44.68% | -806.62% | 122.55% | -825.84% | 113.65% | 24.71% | 1.42% | 5.7% | -36.44% | -55.39% | 0.17% | 47.89% | -14.32% | -214.17% | 46.43% | 22.49% |
| Net Income | 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 |
| Depreciation & Amortization | 3.32M | 2.97M | 216K | 934K | 104K | 7K | 22K | 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 |
| Stock-Based Compensation | 3.92M | 9.27M | 10.31M | 9.22M | 3.61M | 6.2M | 3.96M | 4.95M | 3.9M | 7.3M | 7.64M | 9.73M | 10.77M | 5.1M | 4.28M | 7.76M | 4.91M | 4.39M | 4.93M | 2.86M | 978K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 153K | 103K | -5.66M | 0 | 0 | 0 | 0 | -187K | 0 | 1.72M | -9.92M | -21.78M | -46.83M | 62.94M | 11.31M | 2.38M | 362K | 2.51M | -4.83M | -7.88M | -967K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -20M | -29.82M | -2.01M | 13.41M | 694K | 1.56M | -7.38M | 1.01M | -251K | -13.04M | 1.56M | 1.41M | 2.7M | 2.45M | 4.44M | -1.9M | 3.13M | -69K | 7.84M | 10.68M | 10.17M | -38.19M | 1.66M | 9.93M | 5.05M | 5.95M | 145K | -100K | -100K | 0 | 100K |
| Working Capital Changes | -7.67M | -11.37M | -2.79M | -898K | -181K | -886K | 187K | -4.09M | -2.98M | -8.2M | 19.79M | -1.17M | -8.48M | 5.08M | 6.14M | -9.92M | 2.09M | -6.79M | -3.79M | 4.48M | 2.22M | -14.56M | 27.9M | -2.8M | -8.76M | -1.58M | 8.68M | 1.6M | 8M | 1.8M | 4.5M |
| Change in Receivables | 1.6M | -2.43M | -835K | -1M | 208K | 1.58M | 1.14M | -1.56M | -1.03M | 169K | 3.53M | -761K | 472K | 7.39M | 4.06M | 0 | -4.55M | 9.46M | -4.55M | -52K | 0 | 0 | 0 | -1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.56M | 0 | 0 | 0 | 0 | 0 | -1.81M | 0 | 0 | -5.94M | 284K | -3.46M | 572K | 0 | 0 | 0 | 1.31M | -7K | -1.3M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -9.96M | -10.6M | 1.6M | 0 | 1.84M | 765K | -542K | -242K | -1.16M | -6.55M | -3.94M | -1.62M | -3.77M | 2.9M | 4.49M | -2.14M | -290K | -2.84M | 2.98M | 2.81M | -1.46M | 3.73M | 0 | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 64.13M | 50.89M | -28.26M | -711K | -20.22M | -26.5M | -209K | -19.3M | -15.01M | 1.61M | 612K | 4.45M | 19.68M | 18.84M | -42.02M | -3.3M | -339K | 10.57M | 3.19M | -8.83M | -8.44M | -27.38M | -2.64M | -1.18M | -11.63M | -7.13M | -1.01M | 15.4M | 600K | 26.3M | -40.4M |
| Capital Expenditures | -21.27M | 0 | -20K | -17K | -15.25M | -26.5M | -9K | -19.3M | -15.01M | -8K | -59K | -430K | -325K | -1.17M | -2.51M | -3.3M | -339K | -270K | -8.06M | -9.47M | -8.51M | -4.84M | -2.64M | -2.68M | -10.13M | -7.38M | -1.52M | -1M | -900K | -1.6M | -1.1M |
| CapEx % of Revenue | 77.61% | - | 0.07% | 0.36% | 252.98% | 69.44% | 0.03% | 105.06% | 283.19% | 0.02% | 1.06% | 0.78% | 1.72% | 3.3% | 7.43% | 5.68% | 1.01% | 0.27% | 11.86% | 11.24% | 28.84% | 25.95% | 72.11% | 10.97% | 33.83% | 42.72% | 22.81% | 41.67% | 14.29% | 8.7% | 30.56% |
| Acquisitions | 59.14M | 3.85M | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 1.61M | 49K | 4.86M | 0 | 0 | 0 | 0 | -11.25M | 0 | 0 | 0 | 0 | -271K | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 19.27M | 47.13M | -23.75M | -694K | -4.97M | 0 | -200K | 0 | -15M | 1.61M | 49K | 18K | 20M | 20.01M | 463K | 0 | -3.53M | 9.54M | -3.53M | -1.69M | -4.33M | 271K | 0 | -2.8M | -1.5M | 0 | 506K | 0 | 0 | 100K | 100K |
| Cash from Financing | -27.05M | -26.46M | -11.13M | 120.59M | -4.45M | 12.84M | 19.79M | 30.49M | 29.94M | 13.26M | -6.94M | 13.8M | 35.56M | 83.39M | 79.78M | 43.98M | 66.27M | -3.61M | 16.8M | -1.21M | 48.91M | 68.57M | -13.54M | 97.27M | 15.42M | 61.83M | 39.98M | 34.3M | 11.8M | 21.7M | 43.7M |
| Debt Issued (Net) | -11.92M | -10.6M | -6.9M | 130M | 0 | -4.25M | -5.31M | 8.55M | 7.49M | -16.43M | -7M | 13.83M | -5.92M | -3.13M | 2.29M | 28.84M | 0 | -52.94M | 9.22M | -1.87M | 48.51M | 68.42M | -18.62M | 9.42M | 7.76M | 11.87M | 5.67M | 6.2M | -400K | 9.5M | 13M |
| Equity Issued (Net) | -6.81M | -7.33M | -13K | -148K | 0 | 40M | 24.6M | 22M | 22.33M | 30.18M | 57K | 171K | 41.44M | 84.34M | 76.5M | 15.14M | 66.27M | 49.32M | 7.58M | 654K | 401K | 151K | 5.08M | 87.84M | 7.65M | 48.13M | 34.31M | 28.1M | 12.2M | 12.2M | 30.7M |
| Dividends Paid | -5.53M | -5.47M | -5.47M | -5.47M | -5.47M | -3.5M | 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 |
| Share Repurchases | -15.76M | -16.04M | -13K | -148K | 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 |
| Other Financing | -2.79M | -3.07M | 1.26M | -3.79M | 1.02M | -19.42M | 506K | -54K | 120K | -490K | 0 | -201K | 35K | 2.18M | 993K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.83M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 8.07M | 27.29M | -53.13M | 101.72M | -37.55M | 9.01M | 29.68M | 10.91M | 2.31M | 17.73M | -40.02M | -12.68M | -23.21M | 56.31M | -3M | 11.04M | 13.39M | 14.4M | -12.99M | -5.5M | 7.2M | -3M | -61M | 48.55M | -31.06M | 32.28M | 16.5M | 6.6M | -25.3M | 36M | -19.1M |
| Free Cash Flow | 6.63M | 2.87M | -13.77M | -18.18M | -28.13M | -3.82M | 8.88M | -19.59M | -27.65M | 2.68M | -33.75M | -31.32M | -78.61M | -47.08M | -43.27M | -32.37M | -52.88M | 7.17M | -41.03M | -4.93M | -41.78M | -49.03M | -47.47M | -50.22M | -44.97M | -29.8M | -23.98M | -44.1M | -38.6M | -13.6M | -23.5M |
| FCF Margin % | 24.2% | 5.51% | -48.33% | -381.99% | -466.67% | -10.02% | 30.23% | -106.61% | -521.8% | 5.08% | -606.54% | -56.49% | -416.66% | -132.81% | -128.1% | -55.62% | -157.18% | 7.28% | -60.36% | -5.85% | -141.62% | -262.65% | -1295.23% | -205.7% | -150.17% | -172.48% | -360.11% | -1837.5% | -612.7% | -73.91% | -652.78% |
| FCF Growth % | 199.24% | 120.85% | 24.25% | 35.38% | -635.9% | -143.03% | 145.36% | 29.17% | -1132.49% | 107.94% | -7.75% | 60.15% | -66.95% | -8.8% | -33.7% | 38.79% | -837.98% | 117.46% | -733.03% | 88.21% | 14.8% | -3.29% | 5.47% | -11.65% | -50.9% | -24.28% | 45.62% | -14.25% | -183.82% | 42.13% | 23.45% |
| FCF per Share | 0.38 | 0.16 | -1.18 | -1.58 | -2.46 | -0.31 | 0.77 | -2.23 | -2.44 | 0.24 | -2.98 | -2.76 | -6.94 | -4.16 | -3.82 | -2.86 | -4.67 | 0.63 | -3.62 | -0.43 | -3.69 | -4.33 | -4.19 | -4.43 | -3.97 | -2.63 | -2.12 | -3.89 | -3.41 | -1.20 | -2.07 |
| FCF Conversion (FCF/Net Income) | 0.20x | 0.09x | 0.99x | 0.44x | 0.75x | 1.44x | 0.76x | 0.14x | 0.95x | 0.18x | 0.63x | 1.50x | 2.04x | 0.37x | 0.57x | 0.89x | 0.76x | 13.52x | 0.73x | -0.37x | 0.64x | -15.90x | 0.57x | 0.81x | 1.05x | 0.80x | 0.76x | 0.94x | 0.80x | 0.76x | 0.77x |
| Interest Paid | 0 | 0 | 9.98M | 0 | 0 | 311K | 692K | 0 | 81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 9.98M | 0 | 76K | 0 | 0 | 0 | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 16K | 5.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lumpy Milestone Revenue Dependency
As reported in quarterly financial statements, XOMA's operating cash flow frequently decouples from net income, evidenced by the 2025Q4 period where the company reported $6.1M in net income while simultaneously suffering a $5.5M cash outflow, highlighting significant non-cash adjustments and working capital timing mismatches.
The persistent divergence between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash fair value adjustments rather than actual cash generation. Investors should monitor this gap closely, as it indicates that the company's accounting profitability may not be a reliable proxy for its ability to fund future royalty acquisitions.
Based on the provided cash flow data, XOMA's free cash flow trajectory is highly inconsistent, swinging from a positive $6.4M in 2025Q2 to a negative $5.5M in 2025Q4, reflecting the inherent unpredictability of milestone-driven revenue streams that characterize the firm's current clinical-stage royalty portfolio.
The lack of a stable free cash flow trend suggests that the company remains in a transitional phase where cash generation is dependent on sporadic clinical successes rather than recurring commercial royalties. This volatility complicates long-term valuation and necessitates a cautious approach when assessing the company's self-funding capabilities.
According to recent SEC filings, XOMA's working capital dynamics are characterized by significant quarterly fluctuations, such as the $7.5M cash drain observed in 2025Q4, which suggests that the timing of milestone receipts and associated payables creates meaningful, albeit temporary, pressure on the company's available liquidity.
These working capital swings appear to be a byproduct of the lumpy nature of milestone payments, which do not align neatly with the company's fixed operating expenses. The resulting cash flow instability warrants further investigation into whether these fluctuations are purely timing-related or indicative of underlying inefficiencies in contract settlement processes.
As indicated by historical cash flow statements, XOMA has utilized significant capital for asset acquisitions, including a $50.8M outlay in 2025Q3, while simultaneously maintaining a consistent dividend obligation of $1.4M per quarter, demonstrating a dual focus on portfolio expansion and shareholder return despite operational cash flow volatility.
The aggressive deployment of capital into new royalty rights suggests management's confidence in the long-term value of its clinical-stage assets. However, the combination of high acquisition spending and fixed dividend commitments may leave the company vulnerable if milestone payments fail to materialize as expected in future periods.
Quick answers to the most common questions about buying XOMAP stock.
XOMA Corporation (XOMAP) generated $2.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
XOMA Corporation (XOMAP) generated $2.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
XOMA Corporation (XOMAP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, XOMA Corporation (XOMAP) returned $5.5M to shareholders via cash dividends and spent $16.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.