XOMA Royalty Corp (Xoma) discovers, researches, and develops therapeutic antibodies and other agents for the treatment of inflammatory, infectious, and oncology diseases. The company operates in a single business segment, the discovery and development of monoclonal antibody based therapeutics. The company's portfolio has grown through a combination of strategic acquisitions, royalties, and commercial payments since its royalty aggregation business model was launched.

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The company’s R&D efforts focus on the development of multiple active development projects across several therapeutic areas including inflammatory, autoimmune and infectious diseases and cancer. In FY2024, the company spent US$2.8 million on its R&D activities, which as a percentage of revenue stood at 10.1%.