<SEC-DOCUMENT>0000921895-25-000176.txt : 20250128
<SEC-HEADER>0000921895-25-000176.hdr.sgml : 20250128
<ACCEPTANCE-DATETIME>20250128171929
ACCESSION NUMBER:		0000921895-25-000176
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250128
DATE AS OF CHANGE:		20250128

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XOMA Royalty Corp
		CENTRAL INDEX KEY:			0000791908
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				522154066
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-38028
		FILM NUMBER:		25565782

	BUSINESS ADDRESS:	
		STREET 1:		2200 POWELL STREET
		STREET 2:		SUITE 310
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
		BUSINESS PHONE:		510-204-7239

	MAIL ADDRESS:	
		STREET 1:		2200 POWELL STREET
		STREET 2:		SUITE 310
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA Corp
		DATE OF NAME CHANGE:	20120119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA LTD /DE/
		DATE OF NAME CHANGE:	19990107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA CORP /DE/
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOTECHNOLOGY VALUE FUND L P
		CENTRAL INDEX KEY:			0000918923
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				363924731
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		44 MONTGOMERY STREET
		STREET 2:		40TH FL
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		3125066500

	MAIL ADDRESS:	
		STREET 1:		44 MONTGOMERY STREET
		STREET 2:		40TH FL
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
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<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <dateOfEvent>01/24/2025</dateOfEvent>
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          <com:street1>2200 POWELL STREET</com:street1>
          <com:street2>SUITE 310</com:street2>
          <com:city>EMERYVILLE</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94608</com:zipCode>
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            <com:zipCode>94104</com:zipCode>
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          <personName>KENNETH A. SCHLESINGER, ESQ.</personName>
          <personPhoneNum>212-451-2300</personPhoneNum>
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            <com:street1>OLSHAN FROME WOLOSKY LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
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            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001102444</reportingPersonCIK>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001803806</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BVF II GP LLC</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
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        <sharedDispositivePower>1532861.00</sharedDispositivePower>
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        <percentOfClass>13.0</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001660683</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Biotechnology Value Trading Fund OS LP</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
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      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001660684</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BVF Partners OS Ltd.</reportingPersonName>
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        <sharedDispositivePower>0.00</sharedDispositivePower>
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        <typeOfReportingPerson>CO</typeOfReportingPerson>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001803809</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BVF GP HOLDINGS LLC</reportingPersonName>
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        <legalProceedings>N</legalProceedings>
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        <sharedVotingPower>2983026.00</sharedVotingPower>
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        <sharedDispositivePower>2983026.00</sharedDispositivePower>
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        <typeOfReportingPerson>OO</typeOfReportingPerson>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001055947</reportingPersonCIK>
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        <sharedDispositivePower>2983026.00</sharedDispositivePower>
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        <percentOfClass>25.3</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001056807</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BVF INC/IL</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
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        <percentOfClass>25.3</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001233840</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>LAMPERT MARK N</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
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        <percentOfClass>25.3</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
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    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, $0.0075 par value</securityTitle>
        <issuerName>XOMA Royalty Corp</issuerName>
        <issuerPrincipalAddress>
          <com:street1>2200 POWELL STREET</com:street1>
          <com:street2>SUITE 310</com:street2>
          <com:city>EMERYVILLE</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94608</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item3>
        <fundsSource>Item 3 is hereby amended and restated to read as follows:

The Shares purchased by BVF and BVF2 were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions, except as otherwise noted. The aggregate purchase price of the 1,450,165 Shares owned directly by BVF is approximately $13,236,029, including brokerage commissions. The aggregate purchase price of the 1,532,861 Shares owned directly by BVF2 is approximately $17,633,338, including brokerage commissions. Trading Fund OS and the Partners Managed Accounts no longer own Shares.

The aggregate purchase price of the 2,313 shares of Series X Preferred Stock owned directly by BVF is approximately $9,321,390, including brokerage commissions. The aggregate purchase price of the 1,506 shares of Series X Preferred Stock owned directly by BVF2 is approximately $6,069,180, including brokerage commissions. The aggregate purchase price of the 412 shares of Series X Preferred Stock owned directly by Trading Fund OS is approximately $1,660,360, including brokerage commissions. The aggregate purchase price of the 772 shares of Series X Preferred Stock held in the Partners Managed Accounts is approximately $3,111,160, including brokerage commissions.</fundsSource>
      </item3>
      <item5>
        <percentageOfClassSecurities>Item 5(a) is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based on 11,782,723 Shares outstanding as of November 4, 2024, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2024.

As of the date hereof, the Reporting Persons and the Partners Managed Accounts hold an aggregate of 5,003 shares of Series X Preferred Stock, convertible into an aggregate of 5,003,000 Shares. Each share of Series X Preferred Stock is convertible into 1,000 Shares. The Reporting Persons and the Partners Managed Accounts do not have the right to convert any portion of the Series X Preferred Stock held by them to the extent that, after giving effect to such conversion, they, together with their Attribution Parties (as defined in the Series X Preferred Stock Certificate of Designation of Preferences, Rights and Limitations), would beneficially own a number of Shares in excess of 19.99% of the number of Shares outstanding immediately after giving effect to the issuance of Shares pursuant to such conversion (the "Series X Beneficial Ownership Limitation"). As of the date hereof, the Series X Beneficial Ownership Limitation prohibits the conversion of all the Series X Preferred Stock held by the Reporting Persons and the Partners Managed Accounts.

As of the date hereof, (i) BVF beneficially owned 1,450,165 Shares, excluding 2,313,000 Shares issuable upon the conversion of certain Series X Preferred Stock held by it, representing percentage ownership of approximately 12.3% of the Shares outstanding, (ii) BVF2 beneficially owned 1,532,861 Shares, excluding 1,506,000 Shares issuable upon the conversion of certain Series X Preferred Stock held by it, representing percentage ownership of approximately 13.0% of the Shares outstanding, (iii) Trading Fund OS beneficially owned 0 Shares, excluding 412,000 Shares issuable upon the conversion of certain Series X Preferred Stock held by it, representing percentage ownership of 0% of the Shares outstanding, and (iv) 0 Shares were held in the Partners Managed Accounts, excluding 772,000 Shares issuable upon the conversion of certain Series X Preferred Stock held in the Partners Managed Accounts, representing percentage ownership of 0% of the Shares outstanding.

BVF GP, as the general partner of BVF, may be deemed to beneficially own the 1,450,165 Shares beneficially owned by BVF, representing percentage ownership of approximately 12.3% of the Shares outstanding.

BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,532,861 Shares beneficially owned by BVF2, representing percentage ownership of approximately 13.0% of the Shares outstanding.

Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own 0 Shares, representing percentage ownership of 0% of the Shares outstanding.

BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 2,983,026 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 25.3% of the Shares outstanding.

Partners, as the investment manager of BVF and BVF2, may be deemed to beneficially own the 2,983,026 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 25.3% of the Shares outstanding.

BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 2,983,026 Shares beneficially owned by Partners, representing percentage ownership of approximately 25.3% of the Shares outstanding.

Mr. Lampert, as a director and officer of BVF Inc. may be deemed to beneficially own the 2,983,026 Shares beneficially owned by BVF Inc., representing percentage ownership of approximately 25.3% of the Shares outstanding.</percentageOfClassSecurities>
        <numberOfShares>Item 5(b) is hereby amended and restated to read as follows:

BVF shares with BVF GP voting and dispositive power over the Shares beneficially owned by BVF. BVF2 shares with BVF2 GP voting and dispositive power over the Shares beneficially owned by BVF2. Each of BVF GP and BVF2 GP shares with BVF GPH voting and dispositive power over the Shares each such entity beneficially owns. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares they may be deemed to beneficially own with BVF, BVF GP, BVF2, BVF2 GP and BVF GPH.</numberOfShares>
        <transactionDesc>Item 5(c) is hereby amended to add the following:

On January 24, 2025, the Reporting Persons sold an aggregate of 650,717 Shares for a price of $26.10 per Share in a private transaction as follows: 339,679 Shares sold by BVF, 85,776 Shares sold by BVF2, 75,287 Shares sold by Trading Fund OS, and 149,975 Shares sold by one of the Partners Managed Accounts. There were no other transactions by the Reporting Persons in the securities of the Issuer during the past sixty days.</transactionDesc>
      </item5>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>BIOTECHNOLOGY VALUE FUND L P</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BVF I GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BIOTECHNOLOGY VALUE FUND II LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BVF II GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Biotechnology Value Trading Fund OS LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BVF Partners OS Ltd.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BVF GP HOLDINGS LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BVF PARTNERS L P/IL</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BVF INC/IL</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert, Authorized Signatory</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>LAMPERT MARK N</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark N. Lampert</signature>
          <title>Mark N. Lampert</title>
          <date>01/28/2025</date>
        </signatureDetails>
      </signaturePerson>
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