XOMA Corporation operates as a biotech royalty aggregator, acquiring economic rights to future milestone and royalty payments from pre-commercial clinical candidates and commercial therapies licensed to pharmaceutical and biotechnology companies. This model provides sellers with non-dilutive, non-recourse funding to advance drug development or for general corporate purposes, while XOMA Royalty builds a diversified portfolio spanning multiple therapeutic areas and development stages. The company focuses on development-stage assets with significant commercial potential, partnered with well-capitalized entities, including royalties on marketed products and clinical programs. XOMA Corporation also engages in transactions with distressed biotechs, acquiring and monetizing their intellectual property to generate returns. With over 120 assets, it plays a key role in the biotech financing ecosystem by bridging funding gaps and supporting innovation in human health therapies across regions including the United States, Europe, and Asia Pacific. Founded in 1981 and headquartered in Emeryville, California, XOMA Corporation maintains a lean operation dedicated to royalty aggregation.