2024 Letter to Shareholders

As is the case with any emerging biotech portfolio, there were both positive and negative developments, although many of our key near-term drivers of value remain intact. Most importantly, in late December, we fundamentally changed the composition of our balance sheet, adding up to $140 million in non-dilutive capital by partially monetizing our VABYSMO® (faricimab) royalties, economics that we purchased in 2021 for $14 million. Interestingly, XOMA now has more cash on its balance sheet than at any point in its 43-year history.