Recent News
On September 22, 2025 XOMA declared quarterly cash dividends for its Series A and Series B preferred shares, payable on or about October 15, 2025. On September 15, 2025 XOMA completed its tender offer to acquire HilleVax, making HilleVax a wholly owned subsidiary. XOMA extended an offer to acquire LAVA Therapeutics and reminded shareholders of the November 12, 2025 tender deadline. Management presented a company update at the H.C. Wainwright conference in early September 2025 describing portfolio additions and upcoming Phase 3 readouts.
Technical Analysis
The directional system shows a bullish tilt: DI+ registered a dip-and-reverse while DI- moved lower, and ADX at 24.0 signals an emerging trend strength that supports a near-term directional bias aligned with growing royalty receipts.
MACD trades negative at -0.57 but produced a dip-and-reversal, indicating bullish momentum recovery; the MACD remains below the signal line (-0.54), so momentum improvement appears in its early phase rather than fully confirmed by a crossover.
MRO reads -2.97, indicating the price sits below target and carries modest upside potential toward target convergence; the negative value implies an inclination for price to move higher toward that target over time.
RSI sits at 49.86 with a dip-and-reversal, suggesting buyers regained influence without overbought conditions; that supports continuation of the emerging bullish bias from the directional indicators.
Price structure remains constructive versus longer-term averages: the close at $33.62 sits above the 200-day average ($27.82) yet below the 50-day average ($35.92) and marginally under the 20-day average ($33.73), implying consolidation with upside risk if short-term averages roll higher. Volume shows pickup versus 10-day and 200-day averages, supporting conviction behind recent directional moves.
Fundamental Analysis
Cash and liquidity appear supportive of acquisition and royalty strategy: cash stands at $75,060,000 and cash and short-term investments at $83,861,000, while the current ratio equals 4.88x, above the industry peer mean of 3.50x. Net debt totals $38,813,000 and interest coverage sits at 3.84x, indicating the company covers interest expense but carries material leverage relative to operating cashflow.
Profitability metrics show mixed signals. Operating margin equals 85.57% and return on sales equals 85.57%, reflecting accounting recognition of milestone/royalty economics; EBIT margin equals 2.31%, which sits above the industry peer mean of -0.75% and the industry peer median of 0.24% and remains inside the industry peer range up to 3.39%. Return on equity equals 9.95%, above the industry peer mean of 0.76% and the industry peer median of 4.03%.
Top-line dynamics present contrasting entries: reported revenue growth reads 24.60%, while revenue growth QoQ equals -70.83% and revenue growth YoY equals -91.20%; present the raw figures without reconciling timing differences in recognition of milestone receipts. Receivables turnover fell YoY by 93.16%, while days sales outstanding equal 62.44 days.
Earnings and market multiples show notable divergence. Reported EPS equals $0.44 versus an estimate of -$0.15, producing an EPS surprise of 393.33%. Trailing PE equals 58.6x and price-to-sales equals 63.02x; price-to-book sits at 3.67x, below the industry peer mean of 5.28x and the industry peer median of 6.29x. Free cash flow registered -$14,144,000 and free cash flow yield equals -4.17%.
Balance sheet leverage measures higher than typical peers: debt-to-assets equals 51.28% versus an industry peer mean of 17.18%, and debt-to-equity equals 1.24x compared with an industry peer mean of 0.20x. Cash conversion and operating cashflow present partial offsets: operating cashflow equals $6,470,000 and cash flow to earnings equals 134.86%.
Valuation summary: The current valuation as determined by WMDST labels the stock under-valued, reflecting a combination of sizeable cash balances, growing royalty receipts and realized milestone payments that support valuation despite elevated leverage and negative free cash flow in the most recent period.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-13 |
| NEXT REPORT DATE: | 2025-11-11 |
| CASH FLOW | Begin Period Cash Flow | $ 95.0 M |
| Operating Cash Flow | $ 6.5 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 6.7 M | |
| Dividends Paid | $ -1.37 M | |
| Cash Flow Delta | $ -16.54 M | |
| End Period Cash Flow | $ 78.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.4 M | |
| Forward Revenue | $ -207.37 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 3.0 K | |
| Depreciation and Amortization | $ 658.0 K | |
| Research and Development | $ 69.0 K | |
| Total Operating Expenses | $ 776.0 K | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ 13.1 M | |
| EBIT | $ 12.4 M | |
| Operating Income | $ 4.6 M | |
| Interest Income | — | |
| Interest Expense | $ 3.2 M | |
| Net Interest Income | $ -3.24 M | |
| Income Before Tax | $ 9.2 M | |
| Tax Provision | — | |
| Tax Rate | 21.0 % | |
| Net Income | $ 9.2 M | |
| Net Income From Continuing Operations | $ 9.2 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.15 | |
| EPS Actual | $ 0.44 | |
| EPS Difference | $ 0.59 | |
| EPS Surprise | 393.333 % | |
| Forward EPS | $ -0.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 223.5 M | |
| Intangible Assets | $ 45.4 M | |
| Net Tangible Assets | $ 47.0 M | |
| Total Current Assets | $ 104.9 M | |
| Cash and Short-Term Investments | $ 83.9 M | |
| Cash | $ 75.1 M | |
| Net Receivables | $ 1.8 M | |
| Inventory | — | |
| Long-Term Investments | $ 72.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.1 M | |
| Short-Term Debt | $ 11.7 M | |
| Total Current Liabilities | $ 21.5 M | |
| Net Debt | $ 38.8 M | |
| Total Debt | $ 114.6 M | |
| Total Liabilities | $ 131.0 M | |
| EQUITY | ||
| Total Equity | $ 92.4 M | |
| Retained Earnings | $ -1.23 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.72 | |
| Shares Outstanding | 12.062 M | |
| Revenue Per-Share | $ 0.45 | |
| VALUATION | Market Capitalization | $ 339.0 M |
| Enterprise Value | $ 369.7 M | |
| Enterprise Multiple | 28.252 | |
| Enterprise Multiple QoQ | -39.367 % | |
| Enterprise Multiple YoY | 250.057 % | |
| Enterprise Multiple IPRWA | high: 47.216 XOMA: 28.252 median: 12.571 mean: 5.39 low: -68.907 |
|
| EV/R | 68.727 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.418 | |
| Asset To Liability | 1.706 | |
| Debt To Capital | 0.554 | |
| Debt To Assets | 0.513 | |
| Debt To Assets QoQ | -4.681 % | |
| Debt To Assets YoY | 2082.043 % | |
| Debt To Assets IPRWA | high: 0.995 XOMA: 0.513 mean: 0.172 median: 0.065 low: 0.0 |
|
| Debt To Equity | 1.24 | |
| Debt To Equity QoQ | -8.363 % | |
| Debt To Equity YoY | 2068.229 % | |
| Debt To Equity IPRWA | high: 1.577 XOMA: 1.24 mean: 0.202 median: 0.036 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.668 | |
| Price To Book QoQ | 12.606 % | |
| Price To Book YoY | 24.118 % | |
| Price To Book IPRWA | high: 16.592 median: 6.295 mean: 5.277 XOMA: 3.668 low: -10.064 |
|
| Price To Earnings (P/E) | 58.594 | |
| Price To Earnings QoQ | -84.748 % | |
| Price To Earnings YoY | 94.265 % | |
| Price To Earnings IPRWA | XOMA: 58.594 high: 44.732 mean: -11.239 median: -13.453 low: -73.374 |
|
| PE/G Ratio | 0.093 | |
| Price To Sales (P/S) | 63.015 | |
| Price To Sales QoQ | -1.265 % | |
| Price To Sales YoY | 20.622 % | |
| Price To Sales IPRWA | high: 517.227 XOMA: 63.015 mean: 56.249 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -209.83 | |
| Forward PE/G | -0.331 | |
| Forward P/S | -1647.59 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.594 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.025 | |
| Asset Turnover Ratio QoQ | 23.982 % | |
| Asset Turnover Ratio YoY | 0.9 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 mean: 0.115 median: 0.113 XOMA: 0.025 low: -0.001 |
|
| Receivables Turnover | 1.461 | |
| Receivables Turnover Ratio QoQ | 24.973 % | |
| Receivables Turnover Ratio YoY | -93.163 % | |
| Receivables Turnover Ratio IPRWA | high: 6.517 XOMA: 1.461 median: 1.422 mean: 1.409 low: 0.012 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 62.436 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.064 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 194.7 M | |
| Net Invested Capital | $ 206.3 M | |
| Invested Capital | $ 206.3 M | |
| Net Tangible Assets | $ 47.0 M | |
| Net Working Capital | $ 83.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.901 | |
| Current Ratio | 4.881 | |
| Current Ratio QoQ | -11.905 % | |
| Current Ratio YoY | -43.98 % | |
| Current Ratio IPRWA | high: 25.128 XOMA: 4.881 mean: 3.496 median: 1.991 low: 0.021 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.757 | |
| Cost Of Debt | 2.232 % | |
| Interest Coverage Ratio | 3.84 | |
| Interest Coverage Ratio QoQ | 128.216 % | |
| Interest Coverage Ratio YoY | -32.612 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 44.548 XOMA: 3.84 median: 2.742 low: -1580.294 |
|
| Operating Cash Flow Ratio | 0.577 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.719 | |
| Dividend Payout Ratio | 0.149 | |
| Dividend Rate | $ 0.11 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.032 % | |
| Revenue Growth | 24.6 % | |
| Revenue Growth QoQ | -70.829 % | |
| Revenue Growth YoY | -91.197 % | |
| Revenue Growth IPRWA | high: 303.4 % XOMA: 24.6 % mean: 20.671 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | 633.333 % | |
| Earnings Growth QoQ | -658.825 % | |
| Earnings Growth YoY | -420.393 % | |
| Earnings Growth IPRWA | XOMA: 633.333 % high: 175.0 % median: 11.33 % mean: 2.404 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 231.028 % | |
| EBIT Margin QoQ | 70.955 % | |
| EBIT Margin YoY | -32.623 % | |
| EBIT Margin IPRWA | high: 338.783 % XOMA: 231.028 % median: 23.755 % mean: -75.278 % low: -5123.44 % |
|
| Return On Sales (ROS) | 85.574 % | |
| Return On Sales QoQ | -36.678 % | |
| Return On Sales YoY | -75.043 % | |
| Return On Sales IPRWA | high: 89.247 % XOMA: 85.574 % median: 28.85 % mean: -79.046 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -14.14 M | |
| Free Cash Flow Yield | -4.173 % | |
| Free Cash Flow Yield QoQ | -622.932 % | |
| Free Cash Flow Yield YoY | -552.113 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.337 % XOMA: -4.173 % low: -74.318 % |
|
| Free Cash Growth | -743.494 % | |
| Free Cash Growth QoQ | 323.313 % | |
| Free Cash Growth YoY | 379.872 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.256 % mean: 3.841 % low: -183.577 % XOMA: -743.494 % |
|
| Free Cash To Net Income | -1.539 | |
| Cash Flow Margin | 230.433 % | |
| Cash Flow To Earnings | 1.349 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.214 % | |
| Return On Assets QoQ | 286.251 % | |
| Return On Assets YoY | -39.007 % | |
| Return On Assets IPRWA | high: 36.544 % XOMA: 4.214 % median: 1.616 % mean: -1.397 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | 6.153 % | |
| Return On Equity (ROE) | 0.099 | |
| Return On Equity QoQ | 255.341 % | |
| Return On Equity YoY | -37.814 % | |
| Return On Equity IPRWA | high: 1.117 XOMA: 0.099 median: 0.04 mean: 0.008 low: -1.572 |
|
| DuPont ROE | 10.385 % | |
| Return On Invested Capital (ROIC) | 4.759 % | |
| Return On Invested Capital QoQ | 104.688 % | |
| Return On Invested Capital YoY | -143.154 % | |
| Return On Invested Capital IPRWA | high: 53.785 % XOMA: 4.759 % median: 3.175 % mean: 1.485 % low: -71.959 % |
|