标记临床研究 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE OR For the transition period from __________to__________Commission File Number:001-39801TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE XOMA Royalty Corporation(Exact name of Registrant as specified in its charter) 52-2154066(I.R.S. EmployerIdentification No.) Delaware(State or other jurisdiction ofincorporation or organization) 2200 Powell Street,Suite310Emeryville,California(Address of principal executive offices) Registrant’s telephone number, including area code: (510)204-7200 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorterperiod that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the ExchangeAct.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As ofMay 8, 2025, the registrant had11,966,889shares of common stock, $0.0075 par value per share, outstanding. XOMA ROYALTY CORPORATION FORM10-Q TABLE OF CONTENTS Glossary of Terms and Abbreviations 3 Item1.Condensed Consolidated Financial Statements7Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) andDecember31, 20247Condensed Consolidated Statements of Operations for theThree Months EndedMarch 31, 2025 and 2024(unaudited)8Condensed Consolidated Statements of Comprehensive Income (Loss) for theThree Months Ended March 31, 2025 and 2024 (unaudited)9Condensed Consolidated Statements of Stockholders’ Equity for the ThreeMonths Ended March 31, 2025 and 2024 (unaudited)10Condensed Consolidated Statements of Cash Flows for the Three Months EndedMarch 31, 2025 and 2024 (unaudited)11Notesto Condensed Consolidated Financial Statements (unaudited)12Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations46Item3.Quantitative and Qualitative Disclosures About Market Risk53Item4.Controls and Procedures53 GLOSSARY OF TERMS AND ABBREVIATIONS Table of Contents PARTI-FINANCIAL INFORMATION ITEM1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS XOMA ROYALTY CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March31,December31,20252024⁽¹⁾ASSETS(unaudited)Current assets:Cash and cash equivalents$90,265$101,654Short-term restricted cash1,4101,330Investment in equity securities2,3823,529Trade and other receivables, net5,5441,839Short-term royalty and commercial payment receivables under the EIR method12,24014,763Short-term royalty and commercial payment receivables under the cost recovery method413413Prepaid expenses and other current assets9712,076Total current assets113,225125,604Long-term restricted cash3,3523,432Property and equipment, net2932Operating lease right-of-use assets304319Long-term royalty and commercial payment receivables under the EIR method4,8574,970Long-term royalty and commercial payment receivables under the cost recovery method59,91655,936Exarafenib milestone asset (Note 4)3,3073,214Investment in warrants605—Intangible assets, net25,36525,909Other assets - long term1,7901,861Total assets$212,750$221,277 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:Accounts payable$2,319$1,053Accrued and other liabilities1,2215,752Contingent consideration under RPAs, AAAs, and CPPAs—3,000Operating lease liabilities459446Unearned revenue recognized under units-of-revenue method1,3701,361Preferred stock dividend accrual1,3681,368Current portion of long-term debt13,69711,394Total current liabilities20,43424,374Unearned revenue recognized under units-of-revenue method – long-term4,0844,410Exarafenib milestone contingent consideration (Note 4)3,3073,214Long-term operating lease liabilities362483Long-term debt99,934106,875Total liabilities128,121139,356 Commi