The company demonstrates structural efficiency with gross margins consistently exceeding 90%, though revenue remains highly volatile, evidenced by an 83.6% sequential decline in 2025Q4.
| 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 | 27.41M | 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 % | -36.12% | 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 | 1.55M | 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 | 25.86M | 49.19M | 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 % | 94.35% | 94.32% | 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 % | - | 73.93% | 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 | 20.89M | 37.8M | 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 | - | 72.49% | 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 | -2M | 0 | 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 % | 18.15% | 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 | 17.54M | 12.59M | -1.97M | -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 % | 30.26% | 27.53% | -139.57% | -860.61% | -284.39% | 45.95% | 42.84% | -10.72% | -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 % | 123.51% | 136.11% | 2.9% | -138.9% | -197.74% | 39.31% | 738.98% | 88.29% | -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 | 7K | 172K | 1.92M | 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 | 38.53M | 11.38M | -5.64M | -23.46M | -17.12M | 17.53M | 13.64M | -63K | -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 | -12.44M | -9.56M | -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 | -7.92M | -11.26M | -2.37M | 0 | -1.88M | 0 | 0 | -2.68M | 0 | 0 | 0 | 0 |
| Interest Income | 843K | 3.47M | 0 | 0 | 694K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 859K | 1.87M | 1.68M | 1.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.28M | 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 | 6.89M | 9.78M | 12.93M | 4.25M | 0 | 1.88M | 0 | 0 | 2.68M | 0 | 6.5M | 0 | 900K |
| 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 | 760K | 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 | -77.71M | -56.78M | -31.21M | -25.37M | -26.73M | -44M | -49.4M | -15.7M | -29.2M |
| Pretax Margin % | 123.72% | 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% | -2120.41% | -232.58% | -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 | 846K | 1.11M | 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% | -1.09% | -1.96% | -3.75% | -2.79% | 0.01% | -1.36% | -8.7% | 8.28% | -2.74% |
| 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 |
| Net Margin % | 123.34% | 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 % | 1282.58% | 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) | 1.94 | 1.46 | -1.65 | -4.04 | -1.98 | 0.65 | 0.78 | -0.88 | -1.18 | 0.73 | -4.72 | -1.82 | -3.38 | -10.95 | -6.27 | -2.89 | -6.07 | 0.07 | -3.99 | -1.09 | -4.58 | 0.03 | -6.97 | -5.18 | -2.93 | -2.47 | -2.60 | -4.04 | -4.17 | -1.39 | -2.57 |
| EPS Growth % | 468.97% | 188.48% | 59.16% | -104.04% | -404.62% | -16.67% | 188.64% | 25.42% | -261.64% | 115.47% | -159.34% | 46.15% | 69.13% | -74.64% | -116.96% | 52.39% | -8685.57% | 101.77% | -266.06% | 76.2% | -15366.67% | 100.43% | -34.56% | -76.79% | -18.62% | 5% | 35.64% | 3.12% | -200% | 45.91% | -29.15% |
| EPS (Basic) | - | 1.53 | -1.65 | -4.04 | -1.98 | 0.69 | 0.82 | -0.88 | -1.18 | 0.75 | -4.72 | -1.82 | -3.38 | -10.95 | -6.27 | -2.89 | -6.07 | 0.07 | -3.99 | -1.09 | -4.58 | 0.03 | -6.97 | -5.18 | -2.93 | -2.47 | -2.60 | -4.04 | -4.17 | -1.39 | -2.57 |
| Diluted Shares Outstanding | 17.42M | 17.98M | 11.7M | 11.47M | 11.41M | 12.19M | 11.5M | 8.76M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M |
| Basic Shares Outstanding | 11.89M | 17.98M | 11.7M | 11.47M | 11.41M | 11.29M | 10.67M | 8.76M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M | 11.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Lumpy Milestone Revenue Dependency
As evidenced by the quarterly data, XOMA's revenue trajectory remains highly erratic, characterized by a 83.6% sequential decline in 2025Q4 followed by a rebound, reflecting the inherent lumpiness of milestone-based payments rather than a consistent, organic growth trend across its diversified portfolio of clinical-stage royalty assets.
The reliance on transactional milestone payments creates significant quarter-over-quarter variance that complicates trend analysis. Investors should monitor whether the company can successfully transition from these one-time events to recurring, sales-based royalties, as the current revenue profile appears driven by partner-led clinical progress rather than commercial product adoption.
According to the provided financial statements, XOMA consistently maintains gross margins exceeding 90%, a structural hallmark of its royalty-aggregator model where the absence of manufacturing or clinical development costs allows for nearly all top-line revenue to flow directly to the gross profit line without traditional COGS burdens.
This high-margin profile provides significant operational flexibility, yet it does not guarantee bottom-line profitability due to the substantial G&A expenses required to manage the portfolio. The stability of these margins suggests that the core business model is well-insulated from inflationary pressures on physical goods or labor.
Based on reported figures, XOMA's net income exhibits extreme volatility, with quarterly swings from a $20.1M loss in 2023Q4 to a $16.0M profit in 2024Q2, suggesting that reported earnings are heavily influenced by non-operating items, fair value adjustments, and potential tax asset utilization rather than core operational performance.
The lack of correlation between operating income and net income warrants further investigation into the nature of these non-operating gains and losses. Analysts should be cautious in using GAAP net income as a proxy for cash-generating ability, as these accounting adjustments may mask the underlying burn rate of the business.
As indicated by the income statement data, XOMA's SG&A expenses remain consistently high relative to revenue, often exceeding $8M to $10M per quarter, which suggests that the company's fixed cost structure requires a higher and more consistent revenue base to achieve sustainable, long-term operating leverage.
The inability to scale SG&A efficiently against lumpy revenue streams creates periods of significant operating losses. Management's expense discipline appears focused on maintaining the infrastructure for portfolio management, but this fixed-cost burden remains a primary headwind to achieving consistent operating profitability.
While the portfolio approach is intended to mitigate risk, the concentration of assets in Phase 1 and 2, as noted in company intelligence, suggests that the income statement remains vulnerable to high clinical attrition rates that could permanently impair the value of future royalty streams.
Short-term revenue spikes may distract from the reality that the majority of the underlying assets may never reach commercialization. Investors should monitor the clinical success rates of the partner programs, as a failure to advance these assets will eventually lead to a depletion of the milestone pipeline.
Quick answers to the most common questions about buying XOMAP stock.
For fiscal year 2025, XOMA Corporation (XOMAP) reported total revenue of $52.1M. This represents a 1348.6% increase compared to $3.6M in 1996.
XOMA Corporation (XOMAP) is profitable, generating $31.7M in net income for the fiscal year ending 2025 with a net profit margin of 60.8%.
XOMA Corporation (XOMAP) 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 Corporation (XOMAP) 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.