XOMA Royalty Corporation $(XOMA)$, a biotech royalty aggregator, has reported its financial results for the second quarter and year to date 2025. The company received $11.7 million in cash receipts during the second quarter, including $2.6 million from royalties and commercial payments and $9.0 million from milestones and fees. For the first six months of 2025, XOMA Royalty received $29.6 million in cash, comprising $16.0 million in royalties and commercial payments and $13.6 million in milestone payments and fees. In terms of expenses, the company's general and administrative expenses included non-cash stock-based compensation of $1.6 million for the second quarter and $3.6 million for the first half of 2025, showing a decrease from the previous year's corresponding periods. The company has been actively involved in business development, having acquired mezagitamab royalty and milestone rights from BioInvent International and securing royalty economic interests in two early-stage partnered assets through the acquisition of LAVA Therapeutics. Additionally, XOMA Royalty announced acquisitions of Turnstone Biologics, LAVA Therapeutics, and HilleVax, and acted as a structuring agent and provided financing for XenoTherapeutics' acquisition of ESSA Pharma. The company also completed the sale of Kinnate pipeline assets, distributing upfront proceeds to Kinnate contingent value right holders. There have been no credit losses reported in 2025.