XOMA (XOMA) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	001-39801
Entity Registrant Name	XOMA Royalty Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2154066
Entity Address, Address Line One	2200 Powell Street
Entity Address, Address Line Two	Suite 310
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	510
Local Phone Number	204-7200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,782,723
Entity Central Index Key	0000791908
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, $0.0075 par value
Trading Symbol	XOMA
Security Exchange Name	NASDAQ
8.625% Series A Cumulative, Perpetual Preferred Stock
Title of 12(b) Security	8.625% Series A Cumulative Perpetual Preferred Stock, par value $0.05
Trading Symbol	XOMAP
Security Exchange Name	NASDAQ
Series B Depositary Shares
Title of 12(b) Security	Depositary Shares (each representing 1/1000th interest in a share of 8.375% Series B Cumulative Perpetual Preferred Stock, par value $0.05)
Trading Symbol	XOMAO
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 142,050	$ 153,290
Short-term restricted cash	80	160
Short-term equity securities	785	161
Trade and other receivables, net	1,045	1,004
Short-term royalty and commercial payment receivables	12,682	14,215
Prepaid expenses and other current assets	2,379	483
Total current assets	159,021	169,313
Long-term restricted cash	4,686	6,100
Property and equipment, net	34	25
Operating lease right-of-use assets	335	378
Long-term royalty and commercial payment receivables	54,207	57,952
Exarafenib milestone asset (Note 4)	3,125
Other assets - long term	1,932	533
Total assets	223,340	234,301
Current liabilities:
Accounts payable	1,131	653
Accrued and other liabilities	2,451	2,768
Contingent consideration under RPAs, AAAs and CPPAs	4,000	7,000
Operating lease liabilities	434	54
Unearned revenue recognized under units-of-revenue method	1,924	2,113
Preferred stock dividend accrual	1,368	1,368
Current portion of long-term debt	9,826	5,543
Total current liabilities	21,134	19,499
Unearned revenue recognized under units-of-revenue method - long-term	5,589	7,228
Exarafenib milestone contingent consideration (Note 4)	3,125
Long-term operating lease liabilities	594	335
Long-term debt	108,089	118,518
Total liabilities	138,531	145,580
Commitments and Contingencies (Note 10)
Stockholders' equity:
Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,755,223 and 11,495,492 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	88	86
Additional paid-in capital	1,317,657	1,311,809
Accumulated other comprehensive income	104
Accumulated deficit	(1,233,089)	(1,223,223)
Total stockholders' equity	84,809	88,721
Total liabilities and stockholders' equity	223,340	234,301
8.625% Series A Cumulative, Perpetual Preferred Stock
Stockholders' equity:
Preferred Stock	49	49
8.375% Series B Cumulative, Perpetual Preferred Stock
Stockholders' equity:
Preferred Stock
Convertible preferred stock
Stockholders' equity:
Preferred Stock

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.05	$ 0.05
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.0075	$ 0.0075
Common stock, shares authorized (in shares)	277,333,332	277,333,332
Common stock, shares issued (in shares)	11,755,223	11,495,492
Common stock, shares outstanding (in shares)	11,755,223	11,495,492
8.625% Series A Cumulative, Perpetual Preferred Stock
Preferred stock, dividend rate (as a percent)	8.625%	8.625%
Preferred stock, shares issued (in shares)	984,000	984,000
Preferred stock, shares outstanding (in shares)	984,000	984,000
8.375% Series B Cumulative, Perpetual Preferred Stock
Preferred stock, dividend rate (as a percent)	8.375%	8.375%
Preferred stock, shares issued (in shares)	1,600	1,600
Preferred stock, shares outstanding (in shares)	1,600	1,600
Convertible preferred stock
Preferred stock, shares issued (in shares)	5,003	5,003
Preferred stock, shares outstanding (in shares)	5,003	5,003

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income and revenues:
Income from purchased receivables	$ 6,463		$ 11,895
Revenue from contracts with customers	25	$ 225	6,050	$ 1,350
Revenue recognized under units-of-revenue method	709	605	1,828	1,575
Total income and revenues	7,197	830	19,773	2,925
Operating expenses:
Research and development	817	25	2,011	118
General and administrative	8,020	6,368	27,485	18,341
Royalty purchase agreement asset impairment	14,000		23,000	1,575
Arbitration settlement costs				4,132
Amortization of intangible assets		224		673
Total operating expenses	22,837	6,617	52,496	24,839
Loss from operations	(15,640)	(5,787)	(32,723)	(21,914)
Other income (expense):
Gain on the acquisition of Kinnate			19,316
Change in fair value of embedded derivative related to RPA			8,100
Interest expense	(3,493)		(10,446)
Other income (expense), net	1,890	278	5,900	1,192
Net loss	(17,243)	(5,509)	(9,853)	(20,722)
Net loss attributable to common stockholders, basic	(18,611)	(6,877)	(13,957)	(24,826)
Net loss attributable to common stockholders, diluted	$ (18,611)	$ (6,877)	$ (13,957)	$ (24,826)
Net loss per share attributable to common stockholders, Basic (in dollars per share)	$ (1.59)	$ (0.60)	$ (1.20)	$ (2.17)
Net loss per share attributable to common stockholders, Diluted (in dollars per share)	$ (1.59)	$ (0.60)	$ (1.20)	$ (2.17)
Weighted average shares used in computing net loss per share attributable to common stockholders, Basic	11,712	11,473	11,645	11,466
Weighted average shares used in computing net loss per share attributable to common stockholders, Diluted	11,712	11,473	11,645	11,466

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net Income (Loss)	$ (17,243)	$ (5,509)	$ (9,853)	$ (20,722)
Net unrealized gain on available-for-sale debt securities	104		104
Comprehensive loss	$ (17,139)	$ (5,509)	$ (9,749)	$ (20,722)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock Series A	Preferred Stock Series B	Preferred Stock Convertible preferred stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2022	$ 49			$ 86	$ 1,306,271		$ (1,182,392)	$ 124,014
Balance at beginning of period (in shares) at Dec. 31, 2022	984,000	2,000	5,000	11,454,000
Increase (Decrease) in Stockholders' Equity
Issuance of common stock related to 401(k) contribution					123			123
Issuance of common stock related to 401(k) contribution (in shares)				7,000
Stock-based compensation expense					1,570			1,570
Preferred stock dividends					(1,368)			(1,368)
Net income (loss)							(9,813)	(9,813)
Balance at end of period at Mar. 31, 2023	$ 49			$ 86	1,306,596		(1,192,205)	114,526
Balance at end of period (in shares) at Mar. 31, 2023	984,000	2,000	5,000	11,461,000
Balance at beginning of period at Dec. 31, 2022	$ 49			$ 86	1,306,271		(1,182,392)	124,014
Balance at beginning of period (in shares) at Dec. 31, 2022	984,000	2,000	5,000	11,454,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)								(20,722)
Balance at end of period at Sep. 30, 2023	$ 49			$ 86	1,308,943		(1,203,114)	105,964
Balance at end of period (in shares) at Sep. 30, 2023	984,000	2,000	5,000	11,472,000
Balance at beginning of period at Dec. 31, 2022	$ 49			$ 86	1,306,271		(1,182,392)	124,014
Balance at beginning of period (in shares) at Dec. 31, 2022	984,000	2,000	5,000	11,454,000
Balance at end of period at Dec. 31, 2023	$ 49			$ 86	1,311,809		(1,223,223)	88,721
Balance at end of period (in shares) at Dec. 31, 2023	984,000	2,000	5,000	11,495,000
Balance at beginning of period at Mar. 31, 2023	$ 49			$ 86	1,306,596		(1,192,205)	114,526
Balance at beginning of period (in shares) at Mar. 31, 2023	984,000	2,000	5,000	11,461,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options					153			153
Exercise of stock options (in shares)				8,000
Issuance of common stock related to ESPP					50			50
Issuance of common stock related to ESPP (in shares)				3,000
Stock-based compensation expense					2,163			2,163
Preferred stock dividends					(1,368)			(1,368)
Net income (loss)							(5,400)	(5,400)
Balance at end of period at Jun. 30, 2023	$ 49			$ 86	1,307,594		(1,197,605)	110,124
Balance at end of period (in shares) at Jun. 30, 2023	984,000	2,000	5,000	11,472,000
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense					2,717			2,717
Preferred stock dividends					(1,368)			(1,368)
Net income (loss)							(5,509)	(5,509)
Balance at end of period at Sep. 30, 2023	$ 49			$ 86	1,308,943		(1,203,114)	105,964
Balance at end of period (in shares) at Sep. 30, 2023	984,000	2,000	5,000	11,472,000
Balance at beginning of period at Dec. 31, 2023	$ 49			$ 86	1,311,809		(1,223,223)	88,721
Balance at beginning of period (in shares) at Dec. 31, 2023	984,000	2,000	5,000	11,495,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options				$ 1	621			622
Exercise of stock options (in shares)				135,000
Issuance of common stock related to 401(k) contribution					118			118
Issuance of common stock related to 401(k) contribution (in shares)				7,000
Stock-based compensation expense					2,856			2,856
Preferred stock dividends					(1,368)			(1,368)
Repurchase of common stock							(13)	(13)
Repurchase of common stock (in shares)				(1,000)
Net income (loss)							(8,595)	(8,595)
Balance at end of period at Mar. 31, 2024	$ 49			$ 87	1,314,036		(1,231,831)	82,341
Balance at end of period (in shares) at Mar. 31, 2024	984,000	2,000	5,000	11,636,000
Balance at beginning of period at Dec. 31, 2023	$ 49			$ 86	1,311,809		(1,223,223)	$ 88,721
Balance at beginning of period (in shares) at Dec. 31, 2023	984,000	2,000	5,000	11,495,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)								246,599
Repurchase of common stock								$ (13)
Repurchase of common stock (in shares)								(660)
Net unrealized gain on available-for-sale debt securities								$ 104
Net income (loss)								(9,853)
Balance at end of period at Sep. 30, 2024	$ 49			$ 88	1,317,657	$ 104	(1,233,089)	84,809
Balance at end of period (in shares) at Sep. 30, 2024	984,000	2,000	5,000	11,755,000
Balance at beginning of period at Mar. 31, 2024	$ 49			$ 87	1,314,036		(1,231,831)	82,341
Balance at beginning of period (in shares) at Mar. 31, 2024	984,000	2,000	5,000	11,636,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options					250			250
Exercise of stock options (in shares)				15,000
Issuance of common stock related to ESPP					95			95
Issuance of common stock related to ESPP (in shares)				7,000
Stock-based compensation expense					2,690			2,690
Preferred stock dividends					(1,368)			(1,368)
Net income (loss)							15,985	15,985
Balance at end of period at Jun. 30, 2024	$ 49			$ 87	1,315,703		(1,215,846)	99,993
Balance at end of period (in shares) at Jun. 30, 2024	984,000	2,000	5,000	11,658,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options				$ 1	732			733
Exercise of stock options (in shares)				97,000
Stock-based compensation expense					2,590			2,590
Preferred stock dividends					(1,368)			$ (1,368)
Repurchase of common stock (in shares)								0
Net unrealized gain on available-for-sale debt securities						104		$ 104
Net income (loss)							(17,243)	(17,243)
Balance at end of period at Sep. 30, 2024	$ 49			$ 88	$ 1,317,657	$ 104	$ (1,233,089)	$ 84,809
Balance at end of period (in shares) at Sep. 30, 2024	984,000	2,000	5,000	11,755,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (9,853)	$ (20,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Income from purchased receivables under effective interest rate method	(9,985)
Stock-based compensation expense	8,136	6,450
Royalty purchase agreement asset impairment	23,000	1,575
Gain on the acquisition of Kinnate	(19,316)
Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs		(75)
Common stock contribution to 401(k)	118	123
Amortization of intangible assets		673
Depreciation	8	2
Accretion of long-term debt discount and debt issuance costs	996
Non-cash lease expense	45	115
Change in fair value of equity securities	(624)	121
Change in fair value of available-for-sale debt securities classified as cash equivalents	104
Changes in assets and liabilities:
Trade and other receivables, net	(41)	(42)
Prepaid expenses and other assets	(72)	(202)
Accounts payable and accrued liabilities	(1,348)	(554)
Operating lease liabilities	(185)	(120)
Unearned revenue recognized under units-of-revenue method	(1,828)	(1,575)
Net cash used in operating activities	(10,845)	(14,231)
Cash flows from investing activities:
Net cash acquired in Kinnate acquisition	18,926
Payments of consideration under RPAs, AAAs and CPPAs	(37,000)	(14,650)
Receipts under RPAs, AAAs and CPPAs	26,263	8,428
Purchase of property and equipment	(17)
Net cash provided by (used in) investing activities	8,172	(6,222)
Cash flows from financing activities:
Principal payments - debt	(6,902)
Debt issuance costs and loan fees paid in connection with long-term debt	(740)
Payment of preferred stock dividends	(4,104)	(4,104)
Repurchases of common stock	(13)
Proceeds from exercise of options and other share-based compensation	4,127	208
Taxes paid related to net share settlement of equity awards	(2,429)	(5)
Net cash used in financing activities	(10,061)	(3,901)
Net decrease in cash, cash equivalents and restricted cash	(12,734)	(24,354)
Cash, cash equivalents and restricted cash as of the beginning of the period	159,550	57,826
Cash, cash equivalents and restricted cash as of the end of the period	146,816	33,472
Supplemental Cash Flow Information:
Cash paid for interest	9,985
Right-of-use assets obtained in exchange for operating lease liabilities		85
Non-cash investing and financing activities:
Estimated initial fair value of the Exarafenib milestone asset in Kinnate acquisition	2,922
Estimated initial fair value of the Exarafenib milestone contingent consideration in Kinnate acquisition	2,922
Right-of-use assets obtained in exchange for operating lease liabilities in Kinnate acquisition	824
Relative fair value basis reduction of right-of-use assets in Kinnate acquisition	(824)
Accrual of contingent consideration under the Affitech CPPA	3,000	3,000
Accrual of contingent consideration under the LadRx AAA	1,000
Estimated fair value of contingent consideration under the LadRx Agreements		1,000
Preferred stock dividend accrual	$ 1,368	$ 1,368

Description of Business

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2024
Description of Business
Description of Business	1. Description of Business XOMA Royalty Corporation, a Delaware corporation, is a biotech royalty aggregator with a sizable portfolio of economic rights to future potential milestone and royalty payments associated with partnered commercial and pre-commercial therapeutic candidates. On July 10, 2024, the Company changed its name from XOMA Corporation to XOMA Royalty Corporation. The Company’s portfolio was built through the acquisition of rights to future milestone payments, royalties, and commercial payments, since its royalty aggregator business model was implemented in 2017, combined with out-licensing its proprietary products and platforms from its legacy discovery and development business. The Company’s drug royalty aggregator business is primarily focused on early to mid-stage clinical assets in Phase 1 and 2 with significant commercial sales potential that are licensed to large-cap partners. XOMA also acquires milestone and royalty revenue streams on late-stage or commercial assets that are designed to address unmet markets or have a therapeutic advantage, have long duration of market exclusivity, and are expected to generate royalty or milestone payments to the Company in a relatively short timeframe. The Company expects most of its future income and revenue to be based on milestone payments the Company may receive for milestones and royalties associated with these programs. Liquidity and Financial Condition The Company has incurred significant operating losses and negative cash flows from operations since its inception. As of September 30, 2024, the Company had cash, cash equivalents, and restricted cash of $146.8 million primarily related to financing cash inflows received in December 2023 pursuant to the Blue Owl Loan Agreement (see Note 8). Based on the Company’s current cash balance and its planned spending, such as on royalties and other acquisitions, the Company has evaluated and concluded its financial condition is sufficient to fund its planned operations, commitments, and contractual obligations for a period of at least one year following the date that these condensed consolidated financial statements are issued.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
Basis of Presentation and Significant Accounting Policies	Sep. 30, 2024
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with U.S. GAAP for financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial reporting. As permitted under those rules, certain footnotes or other financial information can be condensed or omitted. These condensed consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal and recurring adjustments that are necessary for a fair statement of the Company’s consolidated financial information. The interim results of operations are not necessarily indicative of the results that may be expected for the full year, or for any other future annual or interim period. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, revenue and expenses, and related disclosures. Management routinely evaluates its estimates including, but not limited to, those related to income from purchased receivables, revenue from contracts with customers, revenue recognized under the units-of-revenue method, royalty and commercial payment receivables, projected cash flows associated with income under the EIR method, the Exarafenib milestone asset and contingent consideration, legal contingencies, contingent consideration for purchased receivables, amortization of the Blue Owl Loan, accrued expenses, and stock-based compensation. The Company bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates, including estimates such as the Company’s income from purchased receivables, amortization of the payments received from HCRP, and amortization of the Blue Owl Loan. Estimates related to income from purchased receivables is based on the best information available to the Company from its partners or other third parties and changes in expected cash flows for royalty and commercial receivables under the EIR method. Any changes to the estimated payments made by partners can result in a material adjustment to income reported. Under the contracts with HCRP, the amortization for the reporting period is calculated based on the payments expected to be made by the licensees to HCRP over the term of the arrangement. Any changes to the estimated payments by the licensees to HCRP can result in a material adjustment to revenue previously reported. The Company’s amortization of the Blue Owl Loan is calculated based on the commercial payments expected to be received from Roche for VABYSMO under the Affitech CPPA. Any changes to the estimated commercial payments from Roche can result in a material adjustment to the interest expense and term loan balance reported. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows (in thousands): September 30, December 31, 2024 2023 Unrestricted cash $ 4,018 $ 124,938 Unrestricted cash equivalents 138,032 28,352 Total unrestricted cash and cash equivalents $ 142,050 $ 153,290 Short-term restricted cash 80 160 Long-term restricted cash 4,686 6,100 Total restricted cash $ 4,766 $ 6,260 Total unrestricted and restricted cash and cash equivalents $ 146,816 $ 159,550 Cash and Cash Equivalents Cash consists of bank deposits held in business checking and interest-bearing deposit accounts. Cash equivalent balances are defined as highly liquid financial instruments with an original maturity of three months or less that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Cash equivalents held by the Company are in money market funds and U.S. treasury bills, and are classified as available-for-sale. Allowances are recorded for available-for-sale debt securities with unrealized losses. The amount of credit losses that can be recognized for available-for-sale debt securities is limited to the amount by which carrying value exceeds fair value, and previously recognized credit losses are reversed if the fair value increases. As of September 30, 2024, all investments in debt securities were held in U.S. treasury bills and classified as available-for-sale. There was no allowance for credit losses on investments in debt securities for the three and nine months ended September 30, 2024. There were no investments in debt securities as of December 31, 2023 and during the year ended December 31, 2023. Cash equivalents classified as available-for-sale debt securities consisted of the following (in thousands): September 30, 2024 Amortized Unrealized Unrealized Estimated Fair Cost Basis Gains Losses Value U.S. treasury bills $ 25,033 $ 104 $ — $ 25,137 Total debt securities $ 25,033 $ 104 $ — $ 25,137 December 31, 2023 Amortized Unrealized Unrealized Estimated Fair Cost Basis Gains Losses Value U.S. treasury bills $ — $ — $ — $ — Total debt securities $ — $ — $ — $ — Restricted Cash The restricted cash balance may only be used to pay interest expense, administrative fees, and other allowable expenses pursuant to the Blue Owl Loan. Cash accounts with any type of restriction are classified as restricted cash. If restrictions are expected to be lifted or to be used to pay a third party in the next twelve months, the restricted cash account is classified as current. On December 15, 2023, XRL deposited $6.3 million into reserve accounts in connection with the funding of the Blue Owl Loan (see Note 8), of which $5.8 million was deposited into a reserve account for interest and administrative fees and $0.5 million was deposited into an operating reserve account to cover operating expenses of XRL. In September 2024, upon receipt of a specified threshold of commercial payments from Roche’s VABYSMO, $1.25 million was released from restricted cash to unrestricted cash pursuant to the terms of the Blue Owl Loan Agreement. Payments of interest under the Blue Owl Loan Agreement are made semi-annually using commercial payments received since the immediately preceding interest payment date under the Affitech CPPA. On each interest payment date, if the commercial payments received are less than the total interest due for the respective quarter, XRL is expected to cover the shortfall in interest payment due from the reserve account. Payments of administrative fees under the Blue Owl Loan Agreement are made semi-annually on January 1 and July 1 of each year from the reserve account. XOMA will be required to fund an additional $0.8 million into the administrative fee escrow account on July 1, 2027. Purchase of Rights to Future Milestones, Royalties, and Commercial Payments The Company has purchased rights to receive a portion of certain future developmental, regulatory and commercial sales milestones, royalties, and option fees on sales of products currently in clinical development or recently commercialized. The Company acquired such rights from various entities and recorded the amount paid for these rights as royalty and commercial payment receivables (see Note 5). In addition, the Company may be obligated to make contingent payments related to certain product development milestones, fees upon exercise of options related to future license products and sales-based milestones. The contingent payments are evaluated to determine if they are freestanding instruments or embedded derivatives. If the contingent payments fall within the scope of ASC 815, the contingent payments are measured at fair value at the inception of the arrangement and are subject to remeasurement to fair value each reporting period. Any changes in the estimated fair value are recorded in the condensed consolidated statements of operations. Contingent consideration payments that do not fall within the scope of ASC 815 are recognized when the amounts are probable and estimable according to ASC 450. Cost Recovery Method When the purchase of rights to future milestones, royalties, and commercial payments involves future cash flows which cannot be reliably estimated, the Company accounts for such rights on a non-accrual basis using the cost recovery method. The Company’s assessment of whether cash flows can be reliably estimated depends on a number of factors. For example, the Company has generally determined that rights related to programs in preclinical or clinical stages of development or that have had a very short commercialization period during which payments have not yet been received, generally have uncertain cash flows and therefore are accounted for under the cost recovery method. The related receivable balance is classified as noncurrent or current based on whether payments are probable and reliably estimable to be received in the near term. Under the cost recovery method, any milestone or royalty payment received is recorded as a direct reduction of the recorded receivable balance. When the recorded receivable balance in royalty and commercial payment receivables has been fully collected, any additional amounts collected are recognized as income from purchased receivables. Receivables from such income from purchased receivables are included in trade and other receivables, net on the condensed consolidated balance sheet and totaled $1.0 million and zero as of September 30, 2024 and December 31, 2023, respectively. Effective Interest Rate Method The Company accounts for rights to future milestones, royalties, and commercial payments related to commercial products which have an established reliable sales pattern under the EIR method. The EIR is calculated by forecasting the expected cash flows to be received over the life of the asset relative to the receivable’s carrying amount at the time when the Company determines that there are reliable cash flows. The carrying amount of a receivable is made up of the opening balance, which is increased by accrued income and decreased by cash receipts in the period to arrive at the ending balance. The EIR is recalculated at each reporting period as differences between expected cash flows and actual cash flows are realized and as there are changes to the expected future cash flows. Receivables related to income from purchased receivables under the EIR method, all which were short-term receivables, totaled $8.3 million and zero as of September 30, 2024 and December 31, 2023, respectively. Income from Purchased Receivables Income from purchased receivables includes both amounts recognized under the EIR method and under the cost recovery method. For amounts recognized under the EIR method, the accretable yield is recognized as income from purchased receivables at the effective rate of return over the expected life of the royalty and commercial payment receivable. The application of the prospective approach to measure income requires judgment in forecasting the expected future cash flows. The amounts and duration of forecasted expected future cash flows used to calculate and measure income are largely impacted by research analyst coverage, commercial performance of the product, and contract or patent duration. Income from purchased receivables from the cost recovery method includes income from milestone and royalty payments related to royalty and commercial payment transactions for which the cost has been fully recovered or impaired. The excess milestone and royalty payment received over a remaining receivable balance is recognized as income. If the information upon which such income amounts are derived is provided to the Company from partners or other third parties in arrears, the Company estimates the income earned during the period based upon the best information available such that the income recognized is not expected to be subsequently reversed in future periods. Allowance for Current Expected Credit Losses The Company evaluates the long-term royalty and commercial payment receivables on a collective (i.e., pool) basis if they share similar risk characteristics. The Company evaluates a royalty and commercial payment receivable individually if its risk characteristics are not similar to other royalty and commercial payment receivables. The Company regularly reviews public information on clinical trials, press releases, and updates from its partners to identify any impairment indicators or changes in expected recoverability of the long-term royalty and commercial payment receivable asset. At each reporting date, if the Company determines expected future cash flows discounted to the current period are less than the carrying value of the asset, the Company will record an impairment charge. The impairment charge will be recognized as an allowance expense that increases the long-term royalty and commercial payment receivable asset’s cumulative allowance, which reduces the net carrying value of the long-term royalty and commercial payment receivable asset. In a subsequent period, if there is an increase in expected future cash flows, or if the actual cash flows are greater than previously expected, the Company will reduce the previously established cumulative allowance. Amounts not expected to be collected are written off against the allowance at the time that such a determination is made. Revenue from Contracts with Customers The Company recognizes revenue from all contracts with customers according to ASC 606, except for contracts that are within the scope of other standards, such as leases and financial instruments. The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract on whether each promised good or service is distinct to determine those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation based on relative fair values, when (or as) the performance obligation is satisfied. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company recognizes revenue from its license and collaboration arrangements and royalties. The terms of the arrangements generally include payment to the Company of one or more of the following: non-refundable, upfront license fees, development, regulatory and commercial milestone payments, and royalties on net sales of licensed products. License of Intellectual Property If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, such as transfer of related materials, process, and know-how, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. Under the Company’s license agreements, the nature of the combined performance obligation is the granting of licenses to the customers as the other promises are not separately identifiable in the context of the arrangement. Since the Company grants the license to a customer as it exists at the point of transfer and is not involved in any future development or commercialization of the products related to the license, the nature of the license is a right to use the Company’s intellectual property as transferred. As such, the Company recognizes revenue related to the combined performance obligation upon completion of the delivery of the related materials, process, and know-how (i.e., at a point in time). Deferred revenue is recorded when upfront payments and fees are received prior to the satisfaction of performance obligations. Trade and other receivables, net is recorded when the Company has an unconditional right to consideration. Milestone Payments At the inception of each arrangement that includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. ASC 606 suggests two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. The Company uses the most likely amount method for development and regulatory milestone payments. If it is probable that a significant cumulative revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Royalties For arrangements that include sales-based royalties, including milestone payments based on the level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Revenue Recognized under Units-of-Revenue Method The Company has sold its rights to receive certain milestones and royalties on product sales. In the circumstance where the Company has sold its rights to future milestones and royalties under a license agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of milestone or royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment. Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period. Stock-Based Compensation The Company recognizes compensation expense for all stock-based payment awards made to the Company’s employees, consultants, and directors that are expected to vest based on estimated fair values. The valuation of stock option awards is determined at the date of grant using the Black-Scholes Model. The Black-Scholes Model requires inputs such as the expected term of the option, expected volatility, and risk-free interest rate. To establish an estimate of the expected term, the Company considers the vesting period and contractual period of the award and its historical experience of stock option exercises, post-vesting cancellations, and volatility. The estimate of expected volatility is based on the Company’s historical volatility. The risk-free rate is based on the yield available on U.S. Treasury zero-coupon issues corresponding to the expected term of the award. The Company records forfeitures when they occur. The valuation of RSUs is determined at the date of grant using the Company’s closing stock price. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award, or to the date on which retirement eligibility is achieved, if shorter. The grant date fair value of PSUs with market conditions is determined using the Monte Carlo valuation model. The Company records compensation expenses for PSUs based on graded expense attribution over the requisite service periods. Equity Securities The Company entered into a license agreement with Rezolute in December 2017, in which it received shares of common stock from Rezolute (see Note 4). Equity investments in Rezolute are classified in the condensed consolidated balance sheets as equity securities. The equity securities are measured at fair value, with changes in fair value recorded in the other income (expense), net line item of the condensed consolidated statement of operations at each reporting period. The Company remeasures its equity investments at each reporting period until such time that the investment is sold or disposed of. If the Company sells an investment, any realized gains and losses on the sale of the securities will be recognized in the condensed consolidated statement of operations in the period of sale. Asset Acquisitions As a first step, for each acquisition, the Company determines if it is an acquisition of a business or an asset acquisition under ASC 805. The guidance requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If the screen test is not met, the Company then further evaluates whether the assets or group of assets includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisitions of assets or a group of assets that do not meet the definition of a business are accounted for as asset acquisitions under ASC 805-50, using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values. If the fair value of net assets acquired, after allocating the excess of the fair value of net assets acquired to certain qualifying assets, exceeds the total cost of the acquisition, a bargain purchase gain is recognized in other income in the condensed consolidated statements of operations. Contingent payments in asset acquisitions are evaluated whether they are freestanding instruments or embedded derivatives. If the contingent payments fall within the scope of ASC 815, the contingent payments are measured at fair value at the acquisition date, and are subject to remeasurement to fair value each reporting period. The estimated fair value at the acquisition date is included in the cost of the acquired assets. Any subsequent changes in the estimated fair value are recorded in the condensed consolidated statements of operations. Contingent consideration payments that are related to IPR&D assets are expensed as incurred. Contingent consideration payments that do not fall within the scope of ASC 815 are recognized when the amount is probable and estimable according to ASC 450. Cash payments related to acquired assets are reflected as an investing cash flow in the Company’s condensed consolidated statements of cash flows. Leases The Company leases its headquarters in Emeryville, California and acquired a lease from the Kinnate acquisition. The Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the lease commencement date and thereafter if modified. For leases acquired in asset acquisitions, the Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the acquisition date and thereafter if modified. The lease term includes any renewal options and termination options that the Company is reasonably certain to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. The Company estimated its incremental borrowing rate by adjusting the interest rate on its fully collateralized debt for the lease term length. Rent expense for the operating lease is recognized on a straight-line basis, over the reasonably assured lease term based on total lease payments and is included in G&A expense in the condensed consolidated statements of operations. The Company has elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and thus are recognized in rent expense when incurred. The Company has also elected not to record on the consolidated balance sheets a lease for which the term is 12 months or less and does not include a purchase option that the Company is reasonably certain to exercise. Long-Term Debt Long-term debt represents the Company’s term loan under the Blue Owl Loan Agreement, which the Company has accounted for as a debt financing arrangement. Interest expense is accrued using the EIR method over the estimated period the loan will be repaid. The allocated debt discount and debt issuance costs have been recorded as a direct deduction from the carrying amount of the related debt in the consolidated balance sheets and are being amortized and recorded as interest expense throughout the expected life of the Blue Owl Loan using the EIR method. The Company considered whether there were any embedded features in the Blue Owl Loan Agreement that require bifurcation and separate accounting as derivative financial instruments pursuant to ASC 815. See Note 8. Warrants The Company has issued warrants to purchase shares of its common stock in connection with its financing activities. The Company classifies these warrants as equity and recorded the warrants at fair value as of the date of issuance on the Company’s consolidated balance sheet with no subsequent remeasurement. The issuance date fair value of the outstanding warrants was estimated using the Black-Scholes Model. The Black-Scholes Model required inputs such as the expected term of the warrants, expected volatility, and risk-free interest rate. These inputs were subjective and required significant analysis and judgment. For the estimate of the expected term, the Company used the full remaining contractual term of the warrant. The estimate of expected volatility assumption is based on the historical price volatility observed on the Company’s common stock. The risk-free rate is based on the yield available on U.S. Treasury zero-coupon issues corresponding to the expected term of the warrants. Income Taxes The Company accounts for income taxes using the liability method under which deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount which is more likely than not to be realizable. The recognition, derecognition and measurement of a tax position is based on management’s best judgment given the facts, circumstances, and information available at each reporting date. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Net Income (Loss) per Share Available to (Attributable to) Common Stockholders The Company calculates basic and diluted income (loss) per share available to (attributable to) common stockholders using the two-class method. The Company’s convertible Series X Preferred Stock participate in any dividends declared by the Company on its common stock and are therefore considered to be participating securities. The Company’s Series A and Series B Preferred Stock do not participate in any dividends or distribution by the Company on its common stock and are therefore not considered to be participating securities. Under the two-class method, net income, as adjusted for any accumulated dividends on Series A and Series B Preferred Stock for the period, is allocated to each class of common stock and participating security as if all of the net income for the period had been distributed. Undistributed earnings allocated to participating securities are subtracted from net income in determining net income available to common stockholders. During periods of loss, the Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. Basic net income (loss) per share available to (attributable to) common stockholders is then calculated by dividing the net inco

Condensed Consolidated Financia

Condensed Consolidated Financial Statements Details	9 Months Ended
Condensed Consolidated Financial Statements Details	Sep. 30, 2024
Condensed Consolidated Financial Statement Details
Condensed Consolidated Financial Statements Detail	3. Condensed Consolidated Financial Statements Details Equity Securities As of September 30, 2024 and December 31, 2023, equity securities consisted of an investment in Rezolute’s common stock of $0.8 million and $0.2 million, respectively (see Note 4). For the three and nine months ended September 30, 2024, the Company recognized a gain of $0.1 million and $0.6 million, respectively, due to the change in fair value of its investment in Rezolute’s common stock, which is included in the other income (expense), net line item of the condensed consolidated statements of operations. For both the three and nine months ended September 30, 2023, the Company recognized a loss of $0.1 million due to the change in fair value of its investment in Rezolute. Accrued and Other Liabilities Accrued and other liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued incentive compensation $ 1,171 $ 1,203 Other accrued liabilities 445 625 Accrued legal and accounting fees 637 791 Accrued payroll and benefits 198 149 Total $ 2,451 $ 2,768 Net Loss Per Share Attributable to Common Stockholders The following table includes the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Net loss $ (17,243) $ (5,509) $ (9,853) $ (20,722) Less: Series A accumulated dividends (530) (530) (1,591) (1,591) Less: Series B accumulated dividends (838) (838) (2,513) (2,513) Net loss attributable to common stockholders, basic $ (18,611) $ (6,877) $ (13,957) $ (24,826) Net loss attributable to common stockholders, diluted $ (18,611) $ (6,877) $ (13,957) $ (24,826) Denominator Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 11,712 11,473 11,645 11,466 Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted 11,712 11,473 11,645 11,466 Net loss per share attributable to common stockholders, basic $ (1.59) $ (0.60) $ (1.20) $ (2.17) Net loss per share attributable to common stockholders, diluted $ (1.59) $ (0.60) $ (1.20) $ (2.17) Potentially dilutive securities are excluded from the calculation of diluted net loss per share attributable to common stockholders if their inclusion is anti-dilutive. The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share attributable to common stockholders (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible preferred stock 5,003 5,003 5,003 5,003 Common stock options 1,473 1,804 1,775 1,781 Warrants for common stock 131 6 131 6 Total 6,607 6,813 6,909 6,790 For PSUs with market conditions, if the market conditions have not been satisfied by the end of the reporting period, the number of shares that would be issuable based on the market price at the end of the reporting period, as if the end of the reporting period were the end of the contingency period, will be included in the calculation of diluted earnings per share if the effect is dilutive. No shares would be issuable based on the market price of $26.48 per share as of September 30, 2024.

Acquisitions, Licensing and Oth

Acquisitions, Licensing and Other Arrangements	9 Months Ended
Acquisitions, Licensing and Other Arrangements	Sep. 30, 2024
Acquisitions, Licensing and Other Arrangements
Acquisitions, Licensing and Other Arrangements	4. Acquisitions, Licensing, and Other Arrangements Kinnate Acquisition On February 16, 2024, the Company entered into the Kinnate Merger Agreement, pursuant to which the Company acquired Kinnate through a tender offer for (i) $2.5879 in cash per share of Kinnate common stock, plus (ii) one non-transferable contractual CVR per share of Kinnate common stock. The merger closed on April 3, 2024 (the “Kinnate Merger Closing Date”), and XRA merged with and into Kinnate. Following the merger, Kinnate continued as the surviving entity in the merger and a wholly-owned subsidiary of the Company. Each Kinnate CVR represents the right to receive potential payments pursuant to the terms and subject to the conditions of the Kinnate CVR Agreement. Prior to the Kinnate Merger Closing Date, on February 27, 2024, Kinnate sold one of its lead clinical drug candidates, exarafenib and related IP to Pierre Fabre for an upfront cash consideration of $0.5 million and contingent consideration of $30.5 million upon the achievement of a certain specified milestone (the “Exarafenib Sale”). Kinnate CVR holders are entitled to 100% of the proceeds of the $30.5 million contingent consideration from the Exarafenib Sale less any deductible expenses, if any, until the fifth anniversary of the Kinnate Merger Closing Date, together with 85% of net proceeds, if any, from any license or other disposition of any or all rights to any product, product candidate or research program active at Kinnate as of the closing that occurs within one year of the Kinnate Merger Closing Date, in each case subject to and in accordance with the terms of the Kinnate CVR Agreement. Under the Kinnate CVR Agreement, the Company is responsible for the collection and disbursement of any proceeds that Kinnate CVR holders could be entitled to Broadridge, the Kinnate CVR holders’ rights agent. As part of the Kinnate Merger Agreement, XOMA acquired an IPR&D asset related to KIN-3248, a Fibroblast Growth Factor Receptors inhibitor, designed for the treatment of patients with intrahepatic cholangiocarcinoma, and urothelial carcinoma, as well as certain other solid tumors; the molecule is currently in a Phase 1 clinical study. Additionally, XOMA acquired pre-clinical intangible assets related to IP for the following: (i) KIN-8741, a highly selective c-MET inhibitor with broad mutational coverage, including acquired resistance mutations, in certain solid tumors driven by exon 14-altered and/or amplified c-MET; (ii) KIN-7136, a brain-penetrant MEK inhibitor; and (iii) CDK4, a potential brain-penetrant, selective CDK4 inhibitor. As of April 3, 2024, the Company concluded that the potential milestone from the Exarafenib Sale payable from Pierre Fabre to the Company of $30.5 million (the Exarafenib milestone asset) did not meet the definition of a derivative under ASC 815. The Exarafenib milestone asset met the definition of a financial asset and the Company elected to apply the fair value option in accordance with ASC 825 and recorded an initial estimated fair value of $2.9 million for the Exarafenib milestone asset (Note 6). Subsequent changes in the estimated fair value of the Exarafenib milestone asset, if any, are expected to be recorded in the condensed consolidated statements of operations. As of April 3, 2024, the Company concluded that the potential milestone from the Exarafenib Sale of $30.5 million payable by the Company to the Kinnate CVR holders (the Exarafenib milestone contingent consideration) met the definition of a derivative under ASC 815 and the Company recorded an initial estimated fair value of $2.9 million for the Exarafenib milestone contingent consideration (Note 6). Subsequent changes in the estimated fair value of the Exarafenib milestone contingent consideration, if any, are expected to be recorded in the condensed consolidated statements of operations. Contingent consideration related to the IPR&D asset for KIN-3248 and pre-clinical intangible assets for KIN-8741, KIN-7136, and CDK4 could be payable if the Company licenses or otherwise disposes of any or all rights to any product, product candidate or research program active at Kinnate as of the Kinnate Merger Closing Date within one year of the Kinnate Merger Closing Date. Any contingent consideration related to KIN-3248 is expected to be expensed as incurred. The Company concluded that any contingent consideration related to KIN-8741, KIN-7136, and CDK4 did not meet the definition of a derivative under ASC 815, and as such, the Company expects to recognize any related contingent consideration when probable and estimable. In August 2021, Kinnate entered into an agreement to lease office space located in San Francisco, California. The lease commenced in January 2022 and expires on June 30, 2026. In February 2024, Kinnate entered into a lease assignment agreement with an assignee to assign the remainder of the lease commitment for the leased office space. Kinnate remained liable for lease payments should the assignee default, however Kinnate was not liable for the property taxes, insurance, and common area maintenance. As part of the Kinnate Merger Agreement, the Company acquired both the lease agreement and the related lease assignment agreement. As of April 3, 2024, the Company concluded that the leased office space in San Francisco should be accounted for as an acquired lease and, in accordance with ASC 805, the Company retained the historical operating lease classification for the lease. In accordance with ASC 842, the Company accounted for the lease as if it had commenced on the Kinnate Merger Closing Date. The Company recognized operating lease liabilities of $0.8 million as of April 3, 2024. As of April 3, 2024, the Company concluded that the lease assignment agreement should be accounted for as a sublease in accordance with ASC 842. As the assignee makes lease payments, the Company expects to record sublease income in the other income (expense), net line item in its condensed consolidated statement of operations. The total purchase consideration for Kinnate, as of April 3, 2024, was as follows (in thousands): Closing cash payment (1) $ 122,646 Estimated fair value of the Exarafenib milestone contingent consideration (2) 2,922 Transaction costs 809 Total purchase consideration $ 126,377 (1) (2) The Kinnate acquisition was accounted for as an asset acquisition under ASC 805 as the assets did not satisfy the definition of a “business” under ASC 805. As such, the Company recognized the acquired assets and liabilities based on the total purchase consideration, on a relative fair value basis, after allocating the excess of the fair value of net assets acquired to certain qualifying assets (principally, the acquired IPR&D asset, intangible assets, and the right-of-use asset). On a relative fair value basis, the fair value of the IPR&D asset intangible assets The following table shows the allocation of the purchase consideration based on the relative fair value of assets acquired and liabilities assumed by the Company as of April 3, 2024 (in thousands): Cash and cash equivalents $ 142,381 Prepaid expenses and other current assets 3,223 Exarafenib milestone asset 2,922 Accrued and other liabilities (2,009) Operating lease liabilities (322) Long-term operating lease liabilities (502) Net assets acquired $ 145,693 Reconciliation of net assets acquired to total purchase consideration: Net assets acquired $ 145,693 Less: Gain on the acquisition of Kinnate (19,316) Total purchase consideration $ 126,377 Subsequent to the acquisition, the Company incurred $3.6 million in severance charges related to the acquisition which was included in G&A expense in the condensed consolidated statement of operations for the nine months ended September 30, 2024. As of September 30, 2024, the Company had fully paid the $3.6 million related to these severance charges. Unaudited pro forma net loss was $9.9 million and $25.1 million for the nine months ended September 30, 2024 and year ended December 31, 2023, respectively. There was no adjustment to the unaudited pro forma total income and revenues for the nine months ended September 30, 2024 and year ended December 31, 2023 as Kinnate had no historical sales through December 31, 2023. The unaudited pro forma financial information has been prepared from historical financial statements that have been adjusted to give effect to the acquisition of Kinnate as though it had occurred on January 1, 2023. They include adjustments for severance expense and gain on the acquisition of Kinnate. The unaudited pro forma financial information is not intended to reflect the actual results of operations that would have occurred if the acquisition had occurred on January 1, 2023, nor is it indicative of future operating results. Takeda On November 1, 2006, the Company entered into the Takeda Collaboration Agreement with Takeda under which the Company agreed to discover and optimize therapeutic antibodies against multiple targets selected by Takeda. Under the terms of the Takeda Collaboration Agreement, the Company may receive an aggregate of up to $19.0 million relating to TAK-079 (mezagitamab) and 4% royalties on future sales of all products subject to this license. The Company’s right to receive milestone payments expires on the later of the receipt of payment from Takeda of the last amount to be paid under the agreement or the cessation by Takeda of all research and development activities with respect to all program antibodies, collaboration targets or collaboration products. The Company’s right to receive royalties expires on the later of 13.5 years from the first commercial sale of each royalty-bearing discovery product or the expiration of the last-to-expire licensed patent (or 12 years from first commercial sale if there is significant generic competition post patent-expiration). In February 2009, the Company expanded the existing collaboration to provide Takeda with access to multiple antibody technologies, including a suite of research and development technologies and integrated information and data management systems. The Company may receive milestones of up to $3.3 million per discovery product candidate and low single-digit royalties on future sales of all antibody products subject to this license. The Company’s right to receive milestone payments expires on the later of the receipt of payment from Takeda of the last amount to be paid under the agreement or the cessation by Takeda of all research and development activities with respect to all program antibodies, collaboration targets or collaboration products. The Company’s right to receive royalties expires on the later of 10 years from the first commercial sale of such royalty-bearing discovery product or the expiration of the last-to-expire licensed patent. In August 2021, Molecular Templates, Inc., assumed full rights to TAK-169 from Takeda, including full control of TAK-169 clinical development, per the terms of its terminated collaboration agreement with Takeda. The Company has received $3.0 million of milestone payments since the inception of the agreement and is eligible to receive additional milestone payments of up to $16.0 million under the Takeda Collaboration Agreement. As of September 30, 2024 and December 31, 2023, there were no contract assets or contract liabilities related to this arrangement and none of the costs to obtain or fulfill the contract were capitalized. The Company did not recognize any revenue related to this arrangement during the three and nine months ended September 30, 2024 and 2023. Rezolute On December 6, 2017, the Company entered into a license agreement with Rezolute pursuant to which the Company granted an exclusive global license to Rezolute to develop and commercialize RZ358 (previously known as “X358”) products for all indications. In addition, the Company entered into a common stock purchase agreement with Rezolute pursuant to which Rezolute agreed to issue to the Company, as consideration for receiving the license for RZ358, a certain number of its common stock in connection with any future equity financing activities. Under the terms of the license agreement, Rezolute is responsible for all development, regulatory, manufacturing, and commercialization activities associated with RZ358 and is required to make certain development, regulatory, and commercial milestone payments to the Company of up to an aggregate of $232.0 million based on the achievement of pre-specified criteria. Under the license agreement, the Company is also eligible to receive royalties ranging from the high single-digits to the mid-teens based upon annual net sales of any commercial product incorporating RZ358. The Company concluded that the development and regulatory milestone payments are solely dependent on Rezolute’s performance and achievement of the specified events. The Company determined that it is not probable that a significant cumulative revenue reversal will not occur in future periods for these future payments. Therefore, the remaining development and regulatory milestones are fully constrained and excluded from the transaction price until the respective milestone is achieved. Any consideration related to commercial milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the licenses granted to Rezolute and therefore, have also been excluded from the transaction price. At the end of each reporting period, the Company will update its assessment of whether an estimate of variable consideration is constrained and update the estimated transaction price accordingly. Rezolute’s obligation to pay royalties with respect to a particular RZ358 product and country will continue for the later of the date of expiration of the last valid patent claim covering the product in each country, or 12 years from the date of the first commercial sale of the product in each country. Rezolute’s future royalty obligations in the U.S. will be reduced by 20% if the manufacture, use or sale of a licensed product is not covered by a valid patent claim, until such a claim is confirmed. Pursuant to the license agreement, XOMA is eligible to receive a low single-digit royalty on sales of Rezolute’s other non-RZ358 products from its current programs, including RZ402 which has completed a Phase 2 clinical study. Rezolute’s obligation to pay royalties with respect to a particular Rezolute product and country will continue for the longer of 12 years from the date of the first commercial sale of the product in each country or for so long as Rezolute or its licensee is selling such product in any country, provided that any such licensee royalty will terminate upon the termination of the licensee’s obligation to make payments to Rezolute based on sales of such product in each country. The license agreement contains customary termination rights relating to material breach by either party. Rezolute also has a unilateral right to terminate the license agreement in its entirety on ninety days’ notice at any time. To the extent permitted by applicable laws, the Company has the right to terminate the license agreement if Rezolute challenges the licensed patents. No consideration was exchanged upon execution of the arrangement. In consideration for receiving the license for RZ358, Rezolute agreed to issue shares of its common stock and pay cash to the Company upon the occurrence of any future equity financing activities. The license agreement was subsequently amended in 2018, 2019, and 2020. Pursuant to the terms of the license agreement as amended, the Company received a total of $6.0 million upon Rezolute’s equity financing activities and $8.5 million in installment payments through October 2020. The Company also received 161,861 shares of Rezolute’s common stock (as adjusted for the 1 In January 2022, Rezolute dosed the last patient in its Phase 2b clinical trial for RZ358, which triggered a $2.0 million milestone payment due to the Company pursuant to the Rezolute License Agreement, as amended. In April 2024, Rezolute dosed the first patient in its Phase 3 trial of RZ358 and the Company earned a $5.0 million milestone pursuant to the Rezolute License Agreement, as amended. As of September 30, 2024 and December 31, 2023, there were no contract assets or contract liabilities related to this arrangement. None of the costs to obtain or fulfill the contract were capitalized. The Company recognized zero and $5.0 million in revenue from contracts with customers related to this arrangement during the three and nine months ended September 30, 2024. The Company did not recognize any revenue related to this arrangement during the three and nine months ended September 30, 2023. Janssen In August 2019, the Company entered into an agreement with Janssen pursuant to which the Company granted a non-exclusive license to Janssen to develop and commercialize certain product candidates, including XOMA’s patents and know-how. Under the agreement, Janssen made a one-time payment of $2.5 million to XOMA. Additionally, for each product candidate, the Company is entitled to receive milestone payments of up to $3.0 million upon Janssen’s achievement of certain clinical development and regulatory approval milestones. Additional milestone payments may be due for product candidates which are the subject of multiple clinical trials. Upon commercialization, the Company is eligible to receive a 0.75% royalty on net sales of each product. Janssen’s obligation to pay royalties with respect to a particular product and country will continue until the eighth-year-and-sixth-month anniversary of the first commercial sale of the product in such country. The agreement will remain in effect unless terminated by mutual written agreement. The Company concluded that the agreement should be accounted for separately from any prior arrangements with Janssen and that the license grant is the only performance obligation under the new agreement. The Company recognized the entire one-time payment of $2.5 million as revenue for the year ended December 31, 2019 as it had completed its performance obligation. The Company concluded that the development and regulatory milestone payments are solely dependent on Janssen’s performance and achievement of specified events and thus it is not probable that a significant cumulative revenue reversal will not occur in future periods for these future payments. Therefore, the development and regulatory milestones are fully constrained and excluded from the transaction price until the respective milestone is achieved. Any consideration related to royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Janssen and therefore, have also been excluded from the transaction price. At the end of each reporting period, the Company will update its assessment of whether an estimate of variable consideration is constrained and update the estimated transaction price accordingly. As of September 30, 2024 and December 31, 2023, there were no contract assets or contract liabilities related to this arrangement. None of the costs to obtain or fulfill the contract were capitalized. The Company did not recognize any revenue related to this arrangement during the three and nine months ended September 30, 2024. The Company recognized $0.2 million and $1.3 million in revenue from contracts with customers related to this arrangement during the three and nine months ended September 30, 2023. Novartis – Anti-TGFβ Antibody (NIS793) On September 30, 2015, the Company and Novartis entered into the Anti-TGFβ Antibody License Agreement under which the Company granted Novartis an exclusive, world-wide, royalty-bearing license to the Company’s anti-transforming growth factor beta (“TGFβ”) antibody program (now “NIS793”). Under the terms of the Anti-TGFβ Antibody License Agreement, Novartis has worldwide rights to NIS793 and is responsible for the development and commercialization of antibodies and products containing antibodies arising from NIS793. Unless terminated earlier, the Anti-TGFβ Antibody License Agreement will remain in effect, on a country-by-country and product-by-product basis, until Novartis’ royalty obligations end. The Anti-TGFβ Antibody License Agreement contains customary termination rights relating to material breach by either party. Novartis also has a unilateral right to terminate the Anti-TGFβ Antibody License Agreement on an antibody-by-antibody and country-by-country basis or in its entirety upon 180 days’ notice. The Company concluded that there were multiple promised goods and services under the Anti-TGFβ Antibody License Agreement, including the transfer of license, regulatory services, and transfer of materials, process, and know-how, which were determined to represent one combined performance obligation. The Company recognized the entire upfront payment of $37.0 million as revenue in the consolidated statement of comprehensive loss in 2015 as it had completed its performance obligations as of December 31, 2015. The Company was eligible to receive up to a total of $480.0 million in development, regulatory, and commercial milestones under the Anti-TGFβ Antibody License Agreement. During the year ended December 31, 2017, Novartis achieved a clinical development milestone pursuant to the Anti-TGFβ Antibody License Agreement, and as a result, the Company earned a $10.0 million milestone payment. The Company concluded that the development and regulatory milestone payments are solely dependent on Novartis’ performance and achievement of the specified events. The Company determined that it is not probable that a significant cumulative revenue reversal will not occur in future periods for these future payments. Therefore, the remaining development and regulatory milestones are fully constrained and excluded from the transaction price. Any consideration related to commercial milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the licenses granted to Novartis and therefore, have also been excluded from the transaction price. At the end of each reporting period, the Company will update its assessment of whether an estimate of variable consideration is constrained and update the estimated transaction price accordingly. The Company is also eligible to receive royalties on sales of licensed products, which are tiered based on sales levels and range from a mid-single-digit percentage rate to up to a low double-digit percentage rate. Novartis’ obligation to pay royalties with respect to a particular product and country will continue for the longer of the date of expiration of the last valid patent claim covering the product in that country, or ten years from the date of the first commercial sale of the product in that country. In August 2023, Novartis communicated to the Company its intent to discontinue development activities related to NIS793. As of September 30, 2024 and December 31, 2023, there were no contract assets or contract liabilities related to this arrangement. None of the costs to obtain or fulfill the contract were capitalized. The Company did not recognize any revenue related to this arrangement during the three and nine months ended September 30, 2024 and 2023. Novartis – Anti-IL-1β Antibody (VPM087) On August 24, 2017, the Company and Novartis entered into the Gevokizumab License Agreement under which the Company granted to Novartis an exclusive, worldwide, royalty-bearing license to gevokizumab (“VPM087”), a novel anti-Interleukin-1 (“IL-1”) beta allosteric monoclonal antibody and related know-how and patents. Under the terms of the Gevokizumab License Agreement, Novartis is solely responsible for the development and commercialization of VPM087 and products containing VPM087. On August 24, 2017, pursuant to a separate agreement (the “IL-1 Target License Agreement”), the Company granted to Novartis non-exclusive licenses to its intellectual property covering the use of IL-1 beta targeting antibodies in the treatment and prevention of cardiovascular disease and other diseases and conditions, and an option to obtain an exclusive license (the “Exclusivity Option”) to such intellectual property for the treatment and prevention of cardiovascular disease. Under the Gevokizumab License Agreement, the Company received total consideration of $30.0 million for the license and rights granted to Novartis. Of the total consideration, $15.7 million was paid in cash and $14.3 million (equal to €12.0 million) was paid by Novartis, on behalf of the Company, to settle the Company’s outstanding debt with Les Laboratories Servier (the “Servier Loan”). In addition, Novartis extended the maturity date on the Company’s debt to Novartis. The Company also received $5.0 million cash related to the sale of 539,131 shares of the Company’s common stock, at a purchase price of $9.2742 per share. The fair market value of the common stock issued to Novartis was $4.8 million, based on the closing stock price of $8.93 per share on August 24, 2017, resulting in a $0.2 million premium paid to the Company. Based on the achievement of pre-specified criteria, the Company is eligible to receive up to $438.0 million in development, regulatory, and commercial milestones under the Gevokizumab License Agreement. The Company is also eligible to receive royalties on sales of licensed products, which are tiered based on sales levels and range from the high single-digits to mid-teens. Under the IL-1 Target License Agreement, the Company received an upfront cash payment of $10.0 million and is eligible to receive low single-digit royalties on canakinumab sales in cardiovascular indications covered by the Company’s patents. Should Novartis exercise the Exclusivity Option, the royalties on canakinumab sales will increase to the mid-single-digits. Unless terminated earlier, the Gevokizumab License Agreement and IL-1 Target License Agreement will remain in effect, on a country-by-country and product-by-product basis, until Novartis’ royalty obligations end. The two agreements contain customary termination rights relating to material breach by either party. Novartis also has a unilateral right to terminate the Gevokizumab License Agreement on a product-by-product and country-by-country basis or in its entirety on six months’ prior written notice to the Company. Under the IL-1 Target License Agreement, Novartis has a unilateral right to terminate the agreement on a product-by-product and country-by-country basis or in its entirety upon a prior written notice. The Gevokizumab License Agreement and IL-1 Target License Agreement were accounted for as one arrangement because they were entered into at the same time in contemplation of each other. The Company concluded that there are multiple promised goods and services under the combined arrangement, including the transfer of license to IL-1 beta targeting antibodies, and the transfer of license, know-how, process, materials, and inventory related to the VPM087 antibody, which were determined to represent two distinct performance obligations. The Company determined that the Exclusivity Option is not an option with material right because the upfront payments to the Company were not negotiated to provide an incremental discount for the future additional royalties upon exercise of the Exclusivity Option. Therefore, the Company concluded that the Exclusivity Option is not a performance obligation. The additional royalties will be recognized as revenue when, and if, Novartis exercises its option because the Company has no further performance obligations at that point. At the inception of the arrangement, the Company determined that the transaction price under the arrangement was $40.2 million, which consisted of the $25.7 million upfront cash payments, the $14.3 million Servier Loan payoff and the $0.2 million premium on the sale of the common stock. The transaction price was allocated to the two performance obligations based on their standalone selling prices. The Company determined that the nature of the two performance obligations is the right to use the licenses as they exist at the point of transfer, which occurred when the transfer of materials, process and know-how, and filings to regulatory authority were completed. During the year ended December 31, 2017, the Company recognized the entire transaction price of $40.2 million as revenue upon completion of the delivery of the licenses and related materials, process and know-how, and filings to regulatory authority. The Company concluded that the development and regulatory milestone payments are solely dependent on Novartis’ performance and achievement of specified events. The Company determined that it is not probable that a significant cumulative revenue reversal will not occur in future periods for these future payments. Therefore, the development and regulatory milestones are fully constrained and excluded from the transaction price until the respective milestone is achieved. Any consideration related to commercial milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the licenses granted to Novartis and therefore, have also been excluded from the transaction price. At the end of each reporting period, the Company will update its assessment of whether an estimate of variable consideration is constrained and update the estimated transaction price accordingly. As of September 30, 2024 and December 31, 2023, there were no contract assets or contract liabilities related to this arrangement. None of the costs to obtain or fulfill the contract were capitalized. The Company did not recognize any revenue related to this arrangement during the three and nine months ended September 30, 2024 and 2023. Sale of Future Revenue Streams On December 21, 2016, the Company entered into two royalty interest sale agreements (together, the “Royalty Sale Agreements”) with HCRP. Under the first Royalty Sale Agreement, the Company sold its right to receive milestone payments and royalties on future sales of products subject to a License Agreement, dated August 18, 2005, between XOMA and Wyeth Pharmaceuticals (subsequently acquired by Pfizer) for an upfront cash payment of $6.5 million, plus potential additional payments totaling $4.0 million in the event three specified net sales milestones were met in 2017, 2018, and 2019. Based on actual sales, 2017, 2018, and 2019 sales milestones were not achieved. Under the second Royalty Sale Agreement entered into in December 2016, the Company sold its right to receive certain royalties under an Amended and Restated License Agreement dated October 27, 2006 between XOMA and Dyax Corp. for a cash payment of $11.5 million. The Company classified the proceeds received from HCRP as unearned revenue, to be recognized as revenue under the units-of-revenue method over the life of the license agreements because of the Company’s limited continuing involvement in the Royalty Sale Agreements. Such limited continuing involvement is related to the Company’s undertaking to cooperate with HCRP in the event of litigation or a dispute related to the license agreements. Because the transaction was structured as a non-cancellable sale, the Company does not have significant continuing involvement in the generation of the cash flows due to HCRP and there are no guaranteed rates of return to HCRP, the Company recorded the total proceeds of $18.0 million as unearned revenue recognized under the units-of-revenue method. The Company allocated the total proceeds between the two Royalty Sale Agreements based on the relative fair value of expected payments to be made to HCRP under the license agreements. The unearned revenue is being recognized as revenue over the life of the underlying license agreements under “units-of-revenue” method. Under this method, amortization for a reporting period is calculated by computing a ratio of the allocated proceeds received from HCRP to the payments expected to be made by the licensees to HCRP over the term of the Royalty Sale Agreements, and then applying that ratio to the period’s cash payment. During the third quarter of 2018, the Shire product underlying the Dyax Corp. license agreement was approved, and the Company began recognizing revenue under the units-of-revenue method due to sales of the approved product. The Company recognized $0.7 million

Royalty and Commercial Payment

Royalty and Commercial Payment Purchase Agreements	9 Months Ended
Royalty and Commercial Payment Purchase Agreements	Sep. 30, 2024
Royalty and Commercial Payment Purchase Agreements
Royalty and Commercial Payment Purchase Agreements	5. Royalty and Commercial Payment Purchase Agreements Short-term royalty and commercial payment receivables were $12.7 million and $14.2 million as of September 30, 2024 and December 31, 2023, respectively. Long-term royalty and commercial payment receivables were $54.2 million and $58.0 million as of September 30, 2024 and December 31, 2023, respectively. Daré Royalty Purchase Agreements On April 29, 2024, the Company entered into the Daré RPAs. Pursuant to the terms of the Daré RPAs, the Company paid $22.0 million in cash to Daré in consideration for the sale of (a) 100% of all remaining royalties related to XACIATO not already subject to the royalty-backed financing agreement Daré entered into in December 2023 and net of payments owed by Daré to upstream licensors, which equates to royalties ranging from low to high single digits, and of all potential commercial milestones related to XACIATO that are payable to Daré under the Daré Organon License Agreement; (b) a 4% synthetic royalty on net sales of OVAPRENE and a 2% synthetic royalty on net sales of Sildenafil Cream, which will decrease to 2.5% and 1.25%, respectively, upon the Company achieving a pre-specified return threshold; and (c) a portion of Daré’s right to a certain milestone payment that may become payable to Daré under the Bayer License Agreement. The Daré RPAs also provide for milestone payments to Daré of $11.0 million for each successive $22.0 million received by the Company under the Daré RPAs after achievement of a return threshold of $88.0 million. Upon closing of the transaction, the Company paid Daré an upfront payment of $22.0 million, which was recorded as long-term royalty and commercial payment receivables in its condensed consolidated balance sheet. The Company concluded that the milestone payments to Daré did not meet the definition of a derivative under ASC 815 and expects to recognize the milestone payments as liabilities when probable and estimable. Given the limited available information, the Company was unable to reliably estimate future net sales and the commercial payments to be received over the twelve-month period following the quarter ended September 30, 2024 and, as such, no amounts were reflected as short-term royalty and commercial payment receivables as of September 30, 2024. During the nine months ended September 30, 2024, the Company received de minimis commercial payments pursuant to the Daré RPAs. In accordance with the cost recovery method, the cash received was recorded as a direct reduction of the long-term royalty and commercial payment receivables balance. Under the cost recovery method, the Company does not expect to recognize any income related to milestones and commercial payments received until the purchase price has been fully collected. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024. Talphera Commercial Payment Purchase Agreement DSUVIA was approved by the FDA in 2018 for use in adults in certified medically supervised healthcare settings. In April 2023, Talphera divested DSUVIA to Alora for an upfront payment, a 15% royalty on commercial net sales of DSUVIA and up to $116.5 million in sales-based milestone payments under the Talphera APA. In addition, Talphera is entitled to 75% of net sales of DSUVIA to the DoD for its services performed to support sales of DSUVIA to the DoD under the Talphera Marketing Agreement. On January 12, 2024, the Company entered into the Talphera CPPA, pursuant to which XOMA will receive (i) 100% of the 15% royalty on commercial net sales and the sales-based milestones related to net sales of DSUVIA for sales made on and after January 1, 2024, and (ii) 100% of Talphera’s future service revenue in the amount of 75% of net sales of DSUVIA to the DoD, until the Company receives $20.0 million. Thereafter, the Company will fully retain the 15% royalty on commercial net sales of DSUVIA and will share equally with Talphera the 75% of net sales of DSUVIA to the DoD and the remaining sales-based milestone payments due from Alora. Upon closing of the transaction, the Company paid Talphera an upfront payment of $8.0 million, which was recorded as long-term royalty and commercial payment receivables in its consolidated balance sheet. During the nine months ended September 30, 2024, the Company received commercial payments pursuant to the Talphera CPPA of $80,000. In accordance with the cost recovery method, the cash received was recorded as a direct reduction of the long-term royalty and commercial payment receivables balance. Given the limited available information, the Company was unable to reliably estimate future net sales and the commercial payments to be received over the twelve-month period following the quarter ended September 30, 2024 and, as such, no amounts were reflected as short-term royalty and commercial payment receivables as of September 30, 2024. Under the cost recovery method, the Company does not expect to recognize any income related to milestones and commercial payments received until the purchase price has been fully collected. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024. LadRx Agreements On June 21, 2023, the Company entered into the LadRx AAA pursuant to which the Company acquired from LadRx all of its rights, title, and interest related to arimoclomol under the Zevra APA between Zevra and LadRx. The Company also entered into the LadRx RPA, pursuant to which the Company acquired the right to receive all of the future royalties, regulatory, and commercial milestone payments as well as other related payments due to LadRx from ImmunityBio related to aldoxorubicin under the ImmunityBio License Agreement between ImmunityBio and LadRx. On June 3, 2024, the ImmunityBio License Agreement was terminated, and the Company entered into an amendment to the LadRx RPA. Under the LadRx RPA, as amended, the Company is eligible to receive potential low single-digit percentage royalty payments on aggregate net sales of aldoxorubicin. Additionally, the amendment removed the remaining $4.0 million regulatory milestone payment under the original agreement that had been contingent upon the achievement of a specified regulatory milestone for the product candidate related to aldoxorubicin, which initially and as of the amendment date had a fair value of zero. If LadRx licenses aldoxorubicin to an applicable third party, the Company is eligible to receive potential high single-digit percentage royalty payments on aggregate net sales of aldoxorubicin and a portion of any potential future milestone payments. Upon the initial closing of the LadRx Agreements, the Company paid LadRx an upfront payment of $5.0 million and could have been required to pay up to an additional $6.0 million in regulatory and commercial sales milestone payments which included $5.0 million related to regulatory milestone payments and $1.0 million related to commercial sales milestone payments. The Company concluded that the regulatory milestone payments of $5.0 million met the definition of a derivative under ASC 815 and should be accounted for at fair value and recorded as a current liability at the inception of the transaction. At the inception of the LadRx Agreements, the Company recorded $6.0 million as long-term royalty receivables related to the aggregate of the arimoclomol and aldoxorubicin On January 11, 2024, Zevra announced that the FDA accepted its NDA resubmission for arimoclomol and pursuant to the LadRx Agreements, the Company made a $1.0 million milestone payment to LadRx in January 2024. On September 20, 2024, Zevra announced that the FDA granted approval to Zevra’s NDA for MIPLYFFA. The achievement of the commercial milestone payment under the LadRx AAA was considered probable as of September 30, 2024, and the Company recognized a $1.0 million contingent liability. As of September 30, 2024, the Company recorded $2.2 million as short-term royalty and commercial payment receivables related to the net proceeds receivable for the milestone payment associated with the FDA approval of MIPLYFFA. Given the limited available information, the Company was unable to reliably estimate its royalty payment stream from future net sales, and therefore no amounts were reflected as short-term royalty and commercial payment receivables as of September 30, 2024. Under the cost recovery method, the Company does not expect to recognize any income related to royalties, milestone payments and other payments until the purchase price has been fully collected. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024 and December 31, 2023. Aptevo Commercial Payment Purchase Agreement On March 29, 2023, the Company entered into the Aptevo CPPA, pursuant to which the Company acquired from Aptevo a portion of its milestone and commercial payment rights under a sale agreement dated February 28, 2020 between Aptevo and Medexus, related to IXINITY, which is marketed by Medexus for the control and prevention of bleeding episodes and postoperative management in people with Hemophilia B. The Company is eligible to receive a mid-single digit percentage of all IXINITY quarterly net sales from January 1, 2023 until the first quarter of 2035, and will be entitled to milestone payments of up to $5.3 million. At the inception of the Aptevo CPPA, the Company recorded $9.7 million as long-term royalty receivables in its consolidated balance sheet which included a $9.6 million upfront payment and a $50,000 one-time payment, which would be due if XOMA received more than $0.5 million in receipts for first quarter 2023 sales of IXINITY. At inception of the agreement, the Company concluded the one-time payment of $50,000 was probable and reasonably estimable. Therefore, the payment was recorded as a contingent liability under ASC 450 in the consolidated balance sheet at inception. The Company paid the one-time payment of $50,000 in June 2023 when related receipts exceeded $0.5 million. During the year ended December 31, 2023, the Company received total commercial payments pursuant to the Aptevo CPPA of $1.7 million. During the nine months ended September 30, 2024, the Company received commercial payments pursuant to the Aptevo CPPA of $0.8 million. In accordance with the cost recovery method, the cash received was recorded as a direct reduction of the long-term royalty and commercial payment receivables balance. Though the Company is unable to reliably estimate its commercial payment stream from sales of future net sales and the commercial payments to be received under the agreement, it estimates the short-term portion of the receivables balance based on the past 12 months’ receipts. As such, as of September 30, 2024 and December 31, 2023, the Company recorded $2.2 million and $2.0 million, respectively, as short-term royalty and commercial payment receivables. Under the cost recovery method, the Company does not expect to recognize any income related to milestones and commercial payments received until the purchase price has been fully collected. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024 and December 31, 2023. Palobiofarma Royalty Purchase Agreement On September 26, 2019, the Company entered into the Palo RPA, pursuant to which the Company acquired the rights to potential royalty payments in low single-digit percentages of aggregate net sales associated with six product candidates in various clinical development stages, targeting the adenosine pathway with potential applications in solid tumors, non-Hodgkin’s lymphoma, asthma/chronic obstructive pulmonary disease, ulcerative colitis, idiopathic pulmonary fibrosis, lung cancer, psoriasis, and nonalcoholic steatohepatitis and other indications that are being developed by Palo. Under the terms of the Palo RPA, the Company paid Palo an upfront payment of $10.0 million payment at the close of the transaction, which occurred simultaneously upon parties’ entry into the Palo RPA on September 26, 2019. At the inception of the agreement, the Company recorded $10.0 million as long-term royalty receivables in its consolidated balance sheet. As of September 30, 2024, no payments were probable to be received under the Palo RPA in the near term. Under the cost recovery method, the Company does not expect to recognize any income related to royalties received until the purchase price has been fully collected. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024 and December 31, 2023. Viracta Royalty Purchase Agreement On March 22, 2021, the Company entered into the Viracta RPA, as amended March 4, 2024, pursuant to which the Company acquired the right to receive future royalties, milestone payments, and other payments related to two clinical-stage drug candidates for an upfront payment of $13.5 million. The first candidate, DAY101 (a pan-RAF kinase inhibitor), is being developed by Day One, and the second candidate, vosaroxin (a topoisomerase II inhibitor), is being developed by Denovo Biopharma LLC. The Company acquired the right to receive (i) up to $54.0 million in potential milestone payments, potential royalties on sales, if approved, and a portion of potential other payments related to DAY101, excluding up to $5.0 million retained by Viracta, and (ii) up to $57.0 million in potential regulatory and commercial milestones, and high single-digit royalties on sales related to vosaroxin, if approved. At the inception of the Viracta RPA, the Company recorded $13.5 million as long-term royalty receivables in its consolidated balance sheet. On October 30, 2023, the Company earned a $5.0 million milestone payment pursuant to the Viracta RPA related to the FDA’s acceptance of Day One’s NDA for OJEMDA. In accordance with the cost recovery method, the $5.0 million milestone payment received was recorded as a direct reduction of the recorded long-term royalty receivables balance. On April 23, 2024, Day One announced that the FDA granted approval to Day One’s NDA for OJEMDA. Pursuant to the Viracta RPA, the Company earned a $9.0 million milestone payment upon FDA approval and is also eligible to receive mid-single-digit royalties on sales of OJEMDA. In accordance with the cost recovery method, $8.5 million of the milestone payment was recorded as a direct reduction of the remaining recorded long-term royalty receivables balance and the excess balance of $0.5 million was recorded as income from purchased receivables in the condensed consolidated statement of operations for the nine months ended September 30, 2024. On May 30, 2024, Day One announced that it sold its priority review voucher to an undisclosed buyer for $108.0 million. Pursuant to the Viracta RPA, the Company received a payment of $8.1 million related to the sale. The rights to proceeds upon the sale of the priority review voucher was determined to be an embedded derivative which had no value prior to FDA approval of OJEMDA. The Company recorded a change in the fair value of the embedded derivative of $8.1 million in other income in the condensed consolidated statement of operations for the nine months ended September 30, 2024. As of June 30, 2024, the Company had fully collected the purchase price recorded in long-term royalty and commercial payment receivables related to the Viracta RPA in its consolidated balance sheet and, as such, subsequent royalties received are recorded as income from purchased receivables. The Company performed its impairment assessment and no allowance for credit losses was recorded as of December 31, 2023. As there was no remaining balance in long-term royalty and commercial payment receivables related to the Viracta RPA in its consolidated balance sheet as of September 30, 2024, the Company did not need to perform its periodic impairment assessment for the three months ended September 30, 2024. As of September 30, 2024, there was $1.0 million in trade and other receivables, net related to this arrangement. As of December 31, 2023, there was no trade and other receivables, net related to this arrangement. The Company recognized $1.0 million and $1.9 million in income from purchased receivables related to this arrangement during the three and nine months ended September 30, 2024. The Company did not recognize any income related to this arrangement during the three and nine months ended September 30, 2023. Kuros Royalty Purchase Agreement On July 14, 2021, the Company entered into the Kuros RPA, pursuant to which the Company acquired the rights to 100% of the potential future royalties from commercial sales, which are tiered from high single-digit to low double-digits, and up to $25.5 million in pre-commercial milestone payments associated with an existing license agreement related to Checkmate Pharmaceuticals’ vidutolimod (CMP-001), a Toll-like receptor 9 agonist, packaged in a virus-like particle, for an upfront payment of $7.0 million. The Company may pay up to an additional $142.5 million to Kuros in sales-based milestone payments. At the inception of the Kuros RPA, the Company recorded $7.0 million as long-term royalty receivables in its consolidated balance sheet. In May 2022, Regeneron completed its acquisition of Checkmate Pharmaceuticals, Inc. resulting in a $5.0 million milestone payment to Kuros. Pursuant to the Kuros RPA, the Company is entitled to 50% of the milestone payment, which was received by XOMA in July 2022. In accordance with the cost recovery method, the $2.5 million milestone received was recorded as a direct reduction of the recorded long-term royalty receivables balance. As of September 30, 2024, no payments were probable to be received under the Kuros RPA in the near term. Under the cost recovery method, the Company does not expect to recognize any income related to royalties, milestone payments, and other payments until the purchase price has been fully collected. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024 and December 31, 2023. Affitech Commercial Payment Purchase Agreement On October 6, 2021, the Company entered into the Affitech CPPA, pursuant to which, the Company purchased a future stream of commercial payment rights to Roche’s faricimab from Affitech for an upfront payment of $6.0 million. The Company is eligible to receive 0.5% of future net sales of faricimab for a ten-year period following the first commercial sales in each applicable jurisdiction. Under the terms of the Affitech CPPA, the Company may pay up to an additional $20.0 million based on the achievement of certain regulatory and sales milestones. At the inception of the Affitech CPPA, the Company recorded $14.0 million as long-term royalty receivables which included the $6.0 million upfront payment and $8.0 million in regulatory milestone payments in its consolidated balance sheet. The Company concluded the regulatory milestone payments of $8.0 million met the definition of a derivative under ASC 815 and should be accounted at fair value and recorded as a current liability at the inception of the transaction. Therefore, the regulatory milestone payments were recorded as contingent liabilities in its consolidated balance sheet. The Company concluded the sales-based milestone payments of up to $12.0 million do not meet the definition of a derivative under ASC 815 and a liability will be recognized when probable and estimable. In January 2022, Roche received approval from the FDA to commercialize VABYSMO (faricimab-svoa) for the treatment of wet, or neovascular, age-related macular degeneration and diabetic macular edema. In September 2022, Roche received approval from the European Commission to commercialize VABYSMO for the treatment of wet, or neovascular, age-related macular degeneration and visual impairment due to diabetic macular edema. Commercial payments are due from Roche to the Company within 60 days of December 31 and June 30 of each year. Pursuant to the Affitech CPPA, the Company paid Affitech a $5.0 million milestone payment tied to the U.S. marketing approvals and a $3.0 million milestone payment tied to the EC approvals. The achievement of the first and second sales-based milestone payments under the Affitech CPPA was considered probable as of December 31, 2023, and as such the Company recognized a $6.0 million contingent liability in contingent consideration under RPAs, AAAs, and CPPAs in its consolidated balance sheet. The sales milestones were achieved in 2023 and in the first quarter of 2024, the Company paid Affitech $6.0 million and the related contingent liability balance was reduced to zero. Based on reported first quarter of 2024 sales of VABYSMO, the achievement of the third sales-based milestone payment under the Affitech CPPA was considered probable as of March 31, 2024, and the Company recognized a $3.0 million contingent liability which remained on the condensed consolidated balance sheet as of September 30, 2024. Historically, the Company had been unable to reliably estimate its commercial payment stream from future net sales and the related commercial payments to be received under the Affitech CPPA. However, Roche’s periodically reported VABYSMO sales data, available third-party sales projections, and the Company’s history of receipts of commercial payments related to VABYSMO have provided the Company with a greater ability to estimate future net sales and the commercial payments to be received under the Affitech CPPA. Therefore, as of April 1, 2024, the Company began accounting for the receivable which had a carrying amount of $7.8 million using the EIR method on a prospective basis. As a result, the Company recognized $5.4 million and $10.0 million in income from purchased receivables during the three and nine months ended September 30, 2024. During the nine months ended September 30, 2024, the Company received commercial payments pursuant to the Affitech CPPA of $16.9 million. The Company performed its impairment assessment and no allowance for credit losses was recorded as of September 30, 2024 and December 31, 2023. Agenus Royalty Purchase Agreement On September 20, 2018, the Company entered into the Agenus RPA, pursuant to which the Company acquired the right to receive 33% of the future royalties on six Incyte Europe S.a.r.l. (“Incyte”) immuno-oncology assets, currently in development, due to Agenus from Incyte (net of certain royalties payable by Agenus to a third party) and 10% of all future developmental, regulatory, and commercial milestone payments related to these assets. However, the Company did not have a right to the expected near-term milestone associated with the entry of INCAGN2390 (anti-TIM-3) into its Phase 1 clinical trial. The future royalties due to Agenus from Incyte are based on low single to mid-teen digit percentages of applicable net sales. In addition, the Company acquired the right to receive 33% of the future royalties on MK-4830, an immuno-oncology product, due to Agenus from Merck and 10% of all future developmental, regulatory, and commercial milestones related to this asset. The future royalties due to Agenus from Merck are based on a low single-digit percentage of applicable net sales. Pursuant to the Agenus RPA, the Company’s share in future potential development, regulatory, and commercial milestones is up to $59.5 million. There is no limit on the amount of future royalties on sales that the Company may receive under the agreements. Under the terms of the Agenus RPA, the Company paid Agenus an upfront payment of $15.0 million. At the inception of the agreement, the Company recorded $15.0 million as long-term royalty receivables in the consolidated balance sheets. In November 2020, MK-4830 advanced into Phase 2 development, and Agenus earned a $10.0 million clinical development milestone payment under its license agreement with Merck, of which the Company earned $1.0 million. In accordance with the cost recovery method, the $1.0 million milestone payment received was recorded as a direct reduction of the recorded long-term royalty receivables balance. Based on updates received in July 2024, the Company evaluated the status of the program for potential impairment in the third quarter of 2024 and determined no payments were probable to be received under the Agenus RPA as of September 30, 2024. Accordingly, the Company recorded an impairment of $14.0 million under royalty purchase agreement asset impairment in its condensed consolidated statement of operations and an allowance for credit losses of $14.0 million, which consisted of a $14.0 million reduction in the net carrying value of long-term royalty receivables related to the Agenus RPA. As the impaired amount was not expected to be collected, the long-term royalty receivables were written off. There was no allowance for credit losses recorded as of December 31, 2023. Aronora On April 7, 2019, the Company entered into the Aronora RPA which closed on June 26, 2019. Under the Aronora RPA, the Company acquired the right to receive future royalties and a portion of upfront, milestone, and option payments (the “Non-Royalties”) related to five anti-thrombotic hematology product candidates. Three candidates were subject to Aronora’s collaboration with Bayer (the “Bayer Products”), including one which was subject to an exclusive license option by Bayer. In July 2020, Bayer elected to not exercise its option on the third Bayer Product and that product is now subject to the same economic terms as the non-Bayer Products. The Company was eligible to receive 100% of future royalties and 10% of future Non-Royalties economics from these Bayer Products. The other two candidates are unpartnered (the “non-Bayer Products”) for which the Company will receive a low single-digit percentage of net sales and 10% of Non-Royalties. The future payment percentage for Non-Royalties will be reduced from 10% to 5% upon the Company’s receipt of two times the total cumulative amount of consideration paid by the Company to Aronora. On April 8, 2024, Bayer terminated its license agreement with Aronora. Under the terms of the Aronora RPA, the Company paid Aronora a $6.0 million upfront payment at the close of the transaction. The Company financed $3.0 million of the upfront payment with a term loan under its Loan and Security Agreement with SVB. The Company was required to make a contingent future cash payment of $1.0 million for each of the three Bayer Products that were active on September 1, 2019 (up to a total of $3.0 million, the “Aronora Contingent Consideration”). Pursuant to the Aronora RPA, if the Company receives at least $25.0 million in cumulative royalties on net sales per product, the Company will be required to pay associated tiered milestone payments to Aronora in an aggregate amount of up to $85.0 million per product (the “Royalty Milestones”). The Royalty Milestones are paid based upon various royalty tiers prior to reaching $250.0 million in cumulative royalties on net sales per product. Royalties per product in excess of $250.0 million are retained by the Company. At the inception of the agreement, the Company recorded $9.0 million as long-term royalty receivables in its consolidated balance sheet, including the estimated fair value of the Aronora Contingent Consideration of $3.0 million. In September 2019, the Company paid the $3.0 million contingent consideration to Aronora. As the Company receives royalties from Aronora for a product, the Company will recognize the liability for future Royalty Milestones for such product when probable and estimable. As of September 30, 2024, no payments were probable to be received under the Aronora RPA. Based on communications in April 2024, the Company evaluated the status of the partnered programs for potential impairment in the second quarter of 2024 and recorded an impairment of $9.0 million under royalty purchase agreement asset impairment in its condensed consolidated statement of operations and an allowance for credit losses of $9.0 million, which consisted of a $9.0 million reduction in the net carrying value of long-term royalty receivables related to the Aronora RPA. As the impaired amount was not expected to be collected, the long-term royalty receivables were written off. There was no allowance for credit losses recorded as of December 31, 2023. The following table summarizes the royalty and commercial payment receivable activities under the cost recovery method during the nine months ended September 30, 2024 (in thousands): Balance as of January 1, 2024 Acquisition of Royalty and Commercial Payment Receivables Receipt of Royalty and Commercial Payments Recognition of Contingent Consideration Impairment of Royalty and Commercial Payment Receivables Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method Balance as of September 30, 2024 Daré $ — $ 22,000 $ — $ — $ — $ — $ 22,000 Talphera — 8,000 (80) — — — 7,920 LadRx 6,000 — — 1,000 — — 7,000 Aptevo 7,976 — (794) — — — 7,182 Agenus 14,000 — — — (14,000) — — Aronora 9,000 — — — (9,000) — — Palobiofarma 10,000 — — — — — 10,000 Viracta 8,500 — (8,500) — — — — Kuros 4,500 — — — — — 4,500 Affitech 12,191 — (7,396) 3,000 — (7,795) — Total $ 72,167 $ 30,000 $ (16,770) $ 4,000 $ (23,000) $ (7,795) $ 58,602 The following table summarizes the royalty and commercial payment receivable activities under the EIR method during the nine months ended September 30, 2024 (in thousands): Balance as of January 1, 2024 Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method Income from Purchased Receivables Under EIR Method Receipt of Royalty and Commercial Payments Balance as of September 30, 2024 Affitech $ — $ 7,795 $ 9,985 $ (9,493) $ 8,287 Total $ — $ 7,795 $ 9,985 $ (9,493) $ 8,287

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Measurements
Fair Value Measurements	6. Fair Value Measurements The Company records its financial assets and liabilities at fair value. The carrying amounts of certain of the Company’s financial instruments, including cash, trade and other receivables, net, and accounts payable, approximate their fair value due to their short maturities. Fair value is defined as the exchange price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting guidance for fair value establishes a framework for measuring fair value and a fair value hierarchy that prioritizes the inputs used in valuation techniques. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs, either directly or indirectly, other than quoted prices in active markets for identical assets or liabilities, such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities; therefore, requiring an entity to develop its own valuation techniques and assumptions. An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. The Company’s Exarafenib milestone asset (Note 4) was carried at fair value, determined according to Level 3 inputs in the fair value hierarchy described above. Any subsequent changes in the estimated fair value of the Exarafenib milestone asset are recorded in the condensed consolidated statements of operations. The following tables set forth the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements as of September 30, 2024 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents: Money market funds $ 112,895 $ — $ — $ 112,895 U.S. treasury bills 25,137 — — 25,137 Total cash equivalents 138,032 — — 138,032 Exarafenib milestone asset (Note 4) — — 3,125 3,125 Equity securities 785 — — 785 Total financial assets $ 138,817 $ — $ 3,125 $ 141,942 Liabilities: Exarafenib milestone contingent consideration (Note 4) $ — $ — $ 3,125 $ 3,125 Contingent consideration under RPAs, AAAs, and CPPAs, measured at fair value — — — — Total financial liabilities $ — $ — $ 3,125 $ 3,125 Fair Value Measurements as of December 31, 2023 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents: Money market funds $ 28,352 $ — $ — $ 28,352 Total cash equivalents 28,352 — — 28,352 Equity securities 161 — — 161 Total financial assets $ 28,513 $ — $ — $ 28,513 Liabilities: Contingent consideration under RPAs, AAAs, and CPPAs, measured at fair value $ — $ — $ 1,000 $ 1,000 Exarafenib Milestone Asset and Exarafenib Milestone Contingent Consideration The Exarafenib milestone asset and Exarafenib milestone contingent consideration represent the Company’s potential receipt of a future milestone payment and a future consideration payable to Kinnate CVR holders that are contingent upon the achievement of a certain specified milestone related to the Exarafenib Sale. As of September 30, 2024, the estimated fair value of each of the Exarafenib milestone asset and Exarafenib milestone contingent consideration Subsequent to the Kinnate acquisition, during the three and nine months ended September 30, 2024, the estimated fair value of both the Exarafenib milestone asset and Exarafenib milestone contingent consideration Equity Securities The equity securities consisted of an investment in Rezolute’s common stock and are classified on the condensed consolidated balance sheets as current assets as of September 30, 2024 and December 31, 2023. The equity securities are revalued each reporting period with changes in fair value recorded in the other income (expense), net line item of the condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023 the Company valued the equity securities using the closing price per share for Rezolute’s common stock traded on the Nasdaq Stock Market of $4.85 and $0.99, respectively. The inputs that were used to calculate the fair value of the equity securities were observable prices in active markets and therefore were classified as a Level 1 fair value measurement. Contingent Consideration under RPAs, AAAs, and CPPAs, Measured at Fair Value During the first quarter of 2024, the contingent liability recorded pursuant to the LadRx Agreements was reduced to zero after the Company paid LadRx $1.0 million upon achievement of a regulatory milestone in January 2024 (Note 5). During the second quarter of 2024, the Company amended the LadRx RPA and the remaining contingent consideration that had been contingent upon the achievement of a specified regulatory milestone for the product candidate related to aldoxorubicin was removed (Note 5). As of September 30, 2024, there were no remaining regulatory milestone contingent payments under the LadRx Agreements.

Lease Agreements

Lease Agreements	9 Months Ended
Lease Agreements	Sep. 30, 2024
Lease Agreements
Lease Agreements	7. Lease Agreements Office Lease The Company leases a facility in Emeryville, California under an operating lease. In January 2023, the Company amended the original lease to extend the lease term five months from its original expiration of February 28, 2023 to July 31, 2023 (the “amended lease agreement” or the “amended lease”). The Company retained no option to further extend, renew or terminate the amended lease under the amended terms and all other material terms and conditions, including the monthly base rent, remained consistent with the original lease. In accordance with ASC 842, the Company accounted for the amendment to extend the lease term as a modification of the original lease and, as such, remeasured the lease liability and recognized a corresponding adjustment to the right-of-use asset of $0.1 million to reflect the changes in the lease payments due to the extended lease term. On June 27, 2023, the Company executed the second lease amendment for its corporate headquarters lease in Emeryville, California with the same counterparty, in a different location in the same building to replace its existing amended lease which expired in July 2023 (the “new lease agreement” or the “new lease”). The new lease agreement commenced on November 10, 2023 and has a term of 65 months. Under the new lease agreement, the Company retained access to its original premises under the amended lease which expired in July 2023, until the current premises became available on November 10, 2023. Payments made between when the lease expired in July 2023 and the commencement date of the premises of November 10, 2023 were recorded as variable lease costs in the consolidated statement of operations for the year ended December 31, 2023. In accordance with ASC 842, the Company accounted for the new lease as a separate contract and the Company recognized an operating lease right-of-use assets of $0.4 million and operating lease liabilities of $0.4 million on November 10, 2023, the commencement date of the new lease. Kinnate Lease As part of the Kinnate Merger Agreement (Note 4), the Company acquired a lease agreement that was assigned to an assignee that expires on June 30, 2026. In accordance with ASC 842, the Company accounted for the lease as if it had commenced on the Kinnate Merger Closing Date. The Company recognized operating lease liabilities of $0.8 million as of April 3, 2024. No operating lease right-of-use assets were recorded due to the allocation of the excess of fair value of net assets acquired to certain qualifying assets under ASC 805. The following table summarizes maturity of the Company’s operating lease liabilities as of September 30, 2024 (in thousands): Year Rent Payments 2024 (excluding the nine months ended September 30, 2024) $ 117 2025 502 2026 300 2027 91 2028 102 Thereafter 36 Total undiscounted lease payments $ 1,148 Present value adjustment (120) Total net lease liability for operating leases $ 1,028 As of September 30, 2024 and December 31, 2023, the total net lease liability was $1.0 million and $0.4 million, respectively. As of September 30, 2024, the Company’s current and non-current operating lease liabilities were $0.4 million and $0.6 million, respectively. As of December 31, 2023, the Company’s current and non-current operating lease liabilities were $0.1 million and $0.3 million, respectively. The following table summarizes the cost components of the Company’s operating leases included in G&A in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease costs: Operating lease cost $ 36 $ 17 $ 97 $ 116 Variable lease cost (1) — 20 18 32 Total lease costs $ 36 $ 37 $ 115 $ 148 (1) Under the terms of the original, amended, and new lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments include non-lease components such as common area maintenance fees. The following information represents supplemental disclosure for the condensed consolidated statements of cash flows related to operating leases (in thousands): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows under operating leases $ 68 $ 121 The assumptions used in calculating the present value of the lease payments for the Company’s operating leases as of September 30, 2024 and December 31, 2023 were as follows: September 30, December 31, 2024 2023 Weighted-average remaining lease term 2.7 years 5.33 years Weighted-average discount rate 8.18 % 8.50 % Kinnate Sublease As part of the Kinnate Merger Agreement (Note 4), the Company acquired a lease assignment agreement with an assignee that expires on June 30, 2026. In accordance with ASC 842, the Company will account for the lease assignment as a sublease over its term. Under the terms of the lease assignment agreement, the assignee will make direct payments to the head lessor over the lease term. During the three and nine months ended September 30, 2024, the Company recognized sublease income of $0.1 million and $0.2 million in the other income (expense), net line item in the condensed consolidated statement of operations.

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Long-Term Debt
Long-Term Debt	8. Long-Term Debt On December 15, 2023, XOMA transferred to XRL, a newly formed wholly-owned subsidiary, all its rights, title, and interest in the commercial payments from Roche’s VABYSMO under the Affitech CPPA and related assets (the “Commercial Payments”). The VABYSMO-related assets and rights transferred to XRL are referred to herein as the “Transferred Assets.” Simultaneously, XRL entered into the Blue Owl Loan Agreement with Blue Owl and lenders, pursuant to which XRL was extended certain senior secured credit facilities in an aggregate principal amount of up to $140.0 million. The principal and interest of the loan are to be paid from the Commercial Payments. XRL is obligated to make semi-annual interest payments, starting in March 2024, at a fixed rate of 9.875% per annum until the commercial payment-backed loan is repaid, at which time the Commercial Payments will revert back to XOMA. On each interest payment date, any shortfall in interest payment will be paid from the interest reserve, any uncured shortfall in interest payment that exceeds the interest reserve will increase the outstanding principal amount of the loan, and any Commercial Payment in excess of accrued interest on the loan will be used to repay the principal of the loan until the balance is fully repaid. The loan matures on December 15, 2038, provided that XRL may repay it in full at any time prior to December 15, 2038, subject to the terms of the Blue Owl Loan Agreement. The Blue Owl Loan includes (i) an initial term loan in an aggregate principal amount equal to $130.0 million and (ii) a delayed draw term loan in an aggregate principal amount of $10.0 million to be funded at the option of the XRL upon receipt by the lenders of payments of principal and interest from the proceeds of Commercial Payments in excess of an agreed upon amount on or prior to March 15, 2026. The payment obligations under the Blue Owl Loan Agreement are limited to XRL, and Blue Owl has no recourse under the Blue Owl Loan Agreement against XOMA or any assets other than the Transferred Assets and XOMA’s equity interest in XRL. In connection with the Blue Owl Loan Agreement, (i) XRL granted Blue Owl a first-priority perfected lien on, and security interest in, (a) the Commercial Payments and the proceeds thereof, in each case under the Affitech CPPA and (b) all other assets of XRL and (ii) XOMA granted Blue Owl a first-priority perfected lien on, and security interest in, 100% of the equity of XRL. The Blue Owl Loan Agreement contains other customary terms and conditions, including representations and warranties, as well as indemnification obligations in favor of Blue Owl. On December 15, 2023, the Company borrowed the initial term loan of $130.0 million and received $119.6 million, net of $4.1 million in fees and lender expenses and $6.3 million that was deposited into reserve accounts to pay interest, administrative fees and XRL’s operating expenses (see Note 2). The Company also incurred $0.6 million of direct issuance costs related to the Blue Owl Loan Agreement. In connection with the Blue Owl Loan Agreement, XOMA issued to Blue Owl and certain funds affiliated with Blue Owl warrants to purchase: (i) up to 40,000 shares of XOMA’s common stock at an exercise price of $35.00 per share; (ii) up to 40,000 shares of XOMA’s common stock at an exercise price of $42.50 per share; and (iii) up to 40,000 shares of XOMA’s common stock at an exercise price of $50.00 per share (collectively, the “Blue Owl Warrants”). The fair value of the Blue Owl Warrants was determined using the Black-Scholes Model (see Note 2) and was estimated to be $1.5 million. As of September 30, 2024, all Blue Owl Warrants were outstanding. The initial term loan of $130.0 million is carried at amortized cost. Amortization of the initial term loan is applied under the expected-effective-yield approach using the retrospective interest method. As of December 31, 2023, the EIR was determined to be 11.01%. The Company recorded a debt discount of $5.3 million, which included $3.8 million in allocated fees and lender expenses and $1.5 million for the fair value of the Blue Owl Warrants. The Company also recorded $0.6 million in direct debt issuance costs allocated to the initial term loan. The Company will accrete both the debt discount of $5.3 million and $0.6 million of direct debt issuance costs over the expected term of the initial term loan. As of the closing date of December 15, 2023, the Company recorded the $0.3 million allocated costs for the delayed draw term loan commitment as a non-current asset in other assets - long term in the consolidated balance sheet and will reclassify the amount as a debt discount when the delayed draw term loan is drawn. As of September 30, 2024, no amount had been drawn from the delayed draw term loan. The carrying value of the short and long-term portion of the initial term loan was $5.5 million and $118.5 million, respectively, as of December 31, 2023. The Company recorded $0.6 million in interest expense during the year ended December 31, 2023. short and long-term portion of the initial term loan was $9.8 million and $108.1 million, respectively, as of September 30, 2024. As of September 30, 2024, the EIR was determined to be 11.16%. The Company recorded $3.5 million and $10.4 million in interest expense during the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, the Company had an unaccreted debt discount of $4.5 million and unaccreted direct issuance costs of $0.7 million to be accreted over the expected remaining term of the initial term loan. The following table summarizes the impact of the initial term loan on the Company’s condensed consolidated balance sheet as of September 30, 2024 (in thousands): September 30, 2024 Gross principal $ 130,000 Principal repayments (6,902) Unaccreted debt discount and debt issuance costs (5,183) Total carrying value net of principal repayments, unaccreted debt discount, and debt issuance costs 117,915 Less: current portion of long-term debt (9,826) Long-term debt $ 108,089 Long-term debt on the Company’s condensed consolidated balance sheet as of September 30, 2024 and consolidated balance sheet as of December 31, 2023 includes only the carrying value of the Blue Owl Loan. The carrying value of the Blue Owl Loan as of December 31, 2023 was $124.0 million. Aggregate projected future principal payments of the initial term loan as of September 30, 2024, are as follows (in thousands): Year Ending December 31, Payments 2024 (excluding the nine months ended September 30, 2024) $ — 2025 11,274 2026 17,825 2027 23,885 2028 29,761 Thereafter 40,353 Total payments $ 123,098 Accretion of debt discounts and issuance costs are included in interest expense. Interest expense in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 relates to the initial term loan (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Accrued interest expense $ 3,085 $ — $ 9,450 $ — Accretion of debt discount and debt issuance costs 408 — 996 — Total interest expense $ 3,493 $ — $ 10,446 $ —

Common Stock Warrants

Common Stock Warrants	9 Months Ended
Common Stock Warrants	Sep. 30, 2024
Common Stock Warrants
Common Stock Warrants	9. Common Stock Warrants As of September 30, 2024 and December 31, 2023, the following common stock warrants were outstanding: Exercise Price September 30, December 31, Issuance Date Expiration Date Balance Sheet Classification per Share 2024 2023 May 2018 May 2028 Stockholders’ equity $ 23.69 6,332 6,332 March 2019 March 2029 Stockholders’ equity $ 14.71 4,845 4,845 December 2023 December 2033 Stockholders’ equity $ 35.00 40,000 40,000 December 2023 December 2033 Stockholders’ equity $ 42.50 40,000 40,000 December 2023 December 2033 Stockholders’ equity $ 50.00 40,000 40,000 131,177 131,177

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies Collaborative Agreements, Royalties, and Milestone Payments The Company has committed to make potential future milestone payments and legal fees to third parties as part of licensing and development programs. Payments under these agreements become due and payable only upon the achievement of certain developmental, regulatory, and commercial milestones by the Company’s licensees. Because it is uncertain if and when these milestones will be achieved, such contingencies, aggregating up to $6.3 million (assuming one product per contract meets all milestone events) have not been recorded on the accompanying condensed consolidated balance sheets. The Company is unable to determine precisely when and if payment obligations under the agreements will become due as these obligations are based on milestone events, the achievement of which is subject to a significant number of risks and uncertainties. None of these milestones were assessed to be probable as of September 30, 2024. Contingent Consideration Pursuant to the Company’s agreements with Aronora, Kuros, Affitech, LadRx, and Daré, and under the Kinnate CVR Agreement, the Company has committed to pay the Aronora Royalty Milestones, the Kuros Sales Milestones, the remaining Affitech Sales Milestones, LadRx commercial sales milestone, Daré Milestones, and the Exarafenib milestone contingent consideration. During the year ended December 31, 2023, the Company recorded $1.0 million for the LadRx contingent consideration that represented the estimated fair value of the potential future payments upon the achievement of regulatory milestones related to arimoclomol and aldoxorubicin at the inception of the LadRx Agreements. During the nine months ended September 30, 2024, the contingent liability was reduced to zero after the Company paid LadRx $1.0 million upon the FDA’s acceptance of the arimoclomol NDA resubmission. Additionally, the amendment to the LadRx RPA removed the milestone payment that had been contingent upon the achievement of a regulatory milestone related to aldoxorubicin (Note 5). During the third quarter of 2024, the LadRx commercial sales milestone related to MIPLYFFA pursuant to the LadRx AAA was assessed to be probable under ASC 450. As such, a $1.0 million liability was recorded in contingent consideration under RPAs, AAAs, and CPPAs and a corresponding $1.0 million asset was recorded under long-term royalty and commercial payment receivables on the condensed consolidated balance sheet as of September 30, 2024. During the year ended December 31, 2023, certain sales milestones related to VABYSMO pursuant to the Affitech CPPA were assessed to be probable under ASC 450. As such, a $6.0 million liability was recorded in contingent consideration under RPAs, AAAs, and CPPAs and a corresponding $6.0 million asset was recorded under long-term royalty and commercial payment receivables on the consolidated balance sheet. During the first quarter of 2024, this contingent liability was reduced to zero after the Company paid Affitech $6.0 million upon the achievement of the related commercial sales milestones (Note 5). During the first quarter of 2024, a sales milestone related to VABYSMO pursuant to the Affitech CPPA was assessed to be probable under ASC 450. As such, a $3.0 million liability was recorded in contingent consideration under RPAs, AAAs, and CPPAs and a corresponding $3.0 million asset was recorded under short-term royalty and commercial payment receivables on the condensed consolidated balance sheet. As of September 30, 2024, the Company recorded $3.1 million for the Exarafenib milestone contingent consideration, which represented the estimated fair value of potential future payments upon the achievement of a certain specified milestone related to exarafenib payable to Kinnate CVR holders upon the closing of the Kinnate acquisition under the Kinnate CVR Agreement. The Exarafenib milestone contingent consideration is measured at fair value at each reporting period, with changes in fair value recorded in other income (expense), net. The liability for future Aronora Royalty Milestones, Kuros Sales Milestones, and the Daré Milestones will be recorded when the amounts, by product, are estimable and probable. As of September 30, 2024, none of the Aronora Royalty Milestones, Kuros Sales Milestones, and Daré Milestones were assessed to be probable and as such, no liability was recorded on the condensed consolidated balance sheet.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
Stock Based Compensation	Sep. 30, 2024
Stock Based Compensation
Stock Based Compensation	11. Stock-Based Compensation The Company may grant qualified and non-qualified stock options, common stock, PSUs, RSUs, and other stock-based awards under various plans to directors, officers, employees, and other individuals. Stock options are granted at exercise prices of not less than the fair market value of the Company’s common stock on the date of grant. Additionally, the Company has an ESPP that allows employees to purchase Company shares at a purchase price equal to 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last day of the purchase period. The ESPP includes a rollover mechanism for the purchase price if the fair market value of the Company’s common stock on the purchase date is less than the fair market value of the Company’s common stock on the first trading day of the offering period. Stock Options and Other Benefit Plans Stock Option Plans 2010 Plan Stock Options Stock options issued under the 2010 Plan generally vest monthly over three years for employees and one year for directors. Stock options held by employees who qualify for retirement age (defined as employees that are a minimum of 55 years of age and the sum of their age plus years of full-time employment with the Company exceeds 70 years) vest on the earlier of scheduled vest date or the date of retirement. Fair Value Assumptions of 2010 Plan Stock Options There were no stock options granted during the three months ended September 30, 2024 and 2023. The fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was estimated based on the following weighted-average assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Dividend yield — % — % 0 % 0 % Expected volatility — % — % 65 % 70 % Risk-free interest rate — % — % 4.35 % 3.60 % Expected term — — 5.79 years 5.79 years The weighted-average grant-date fair value per share of the stock options granted during the nine months ended September 30, 2024 and 2023, was $24.71 and $13.46, respectively. Stock Option Inducement Awards On December 30, 2022, the Board appointed Owen Hughes as Executive Chairman of the Board and Interim Chief Executive Officer and Bradley Sitko as the Company’s Chief Investment Officer, effective as of January 1, 2023. Pursuant to the terms of their respective employment agreements, Mr. Hughes and Mr. Sitko were each granted two separate awards The Stock Option Inducement Awards were granted to Mr. Hughes and Mr. Sitko outside the 2010 Plan as an inducement material to entering into their respective employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) but are subject to the terms and conditions of the 2010 Plan. More information on the Stock Option Inducement Awards granted during the three months ended March 31, 2023 can be found in Note 10 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. The weighted-average grant-date fair value per share of options granted to Mr. Hughes and Mr. Sitko at an exercise price of $18.66 per share during the first quarter of 2023 was $11.91. The weighted-average grant-date fair value per share of options granted to Mr. Hughes and Mr. Sitko at an exercise price of $30.00 per share during the first quarter of 2023 was $14.68. No Stock Option Inducement Awards were granted during the nine months ended September 30, 2024. The activity for all stock options for the nine months ended September 30, 2024 Weighted Weighted Average Average Aggregate Exercise Contractual Intrinsic Number of Price Remaining Term Value shares Per Share (in years) (in thousands) Outstanding as of January 1, 2024 2,730,068 $ 20.88 6.29 $ 10,638 Granted 34,170 24.71 Exercised (246,599) 6.51 Forfeited, expired or cancelled (34,840) 155.16 Outstanding as of September 30, 2024 2,482,799 $ 20.48 5.94 $ 20,224 Exercisable as of September 30, 2024 2,037,185 $ 19.73 5.44 $ 18,416 The aggregate intrinsic value of stock options exercised during the nine months ended September 30 , 2024 and 2023 The Company recorded $1.0 million and $3.0 million in stock-based compensation expense related to stock options during the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, $5.6 million of total unrecognized compensation expense related to stock options was expected to be recognized over a weighted-average period of 1.95 years. Performance Stock Unit Awards In May 2023, the Company granted employees 430,400 PSUs under the 2010 Plan. The PSUs are subject to market-based vesting conditions and the number of PSUs vested will be based on the stock price of the Company’s common stock as compared to four stock price hurdles over a three-year period from the May 2023 grant date (the “performance period”). A stock price hurdle is considered attained when, at any time during the performance period, the Company’s volume-weighted-average stock price equals or exceeds the hurdle stock price value for 30 consecutive calendar days. Upon attainment of a stock price hurdle, one immediately upon achievement, one one In connection with Mr. Hughes’ appointment to full-time Chief Executive Officer in January 2024, the Company granted Mr. Hughes 275,000 PSUs under the 2010 Plan with generally the same terms as the May 2023 PSU grants. In April 2024, the Company granted certain employees an aggregate of 10,000 PSUs under the 2010 Plan with generally the same terms as the May 2023 PSU grants. Fair Value Assumptions of Performance Stock Unit Awards The fair value of the PSUs granted was estimated based on Monte Carlo valuation model which incorporates into the valuation the possibility that the stock price hurdles may not be satisfied. The range of grant date fair values of the PSUs granted in 2023 was estimated as follows: Derived Hurdle Price Number of Fair Value Service Period Per PSU PSUs Per Share (in years) $ 30.00 243,550 $ 11.42-17.45 0.69-2.59 $ 35.00 91,239 $ 10.16-16.07 0.93-2.59 $ 40.00 60,024 $ 9.07-14.84 1.12-2.59 $ 45.00 53,787 $ 8.12-13.72 1.27-2.59 448,600 The grant date fair values of the PSUs granted in January 2024 and April 2024 was estimated as follows: Derived Hurdle Price Number of Fair Value Service Period Per Share PSUs Per Share (in years) $ 30.00 165,900 $ 18.42-19.71 0.46-0.74 $ 35.00 55,290 $ 17.24-17.67 0.66-0.96 $ 40.00 34,029 $ 15.85-16.14 0.82-1.15 $ 45.00 29,781 $ 14.20-15.13 0.95-1.31 285,000 The Company estimates that it will recognize total stock-based compensation expense of approximately $11.9 million in aggregate for the PSUs granted in May 2023, October 2023, January 2024, and April 2024 using the graded expense attribution method over the requisite service period of each tranche. If the stock price hurdles are met sooner than the requisite service period, the stock-based compensation expense for the respective stock price hurdle will be accelerated. Stock-based compensation expense will be recognized over the requisite service period if the grantees continue to provide service to the Company, regardless of whether the PSU stock price hurdles are achieved. The activity for all PSUs for the nine months ended September 30, 2024 was as follows: Weighted Average Grant Date Number of Fair Value Unvested PSUs Per Share Unvested balance as of January 1, 2024 448,600 $ 15.40 Granted 285,000 17.60 Vested — — Forfeited — — Unvested balance as of September 30, 2024 733,600 $ 16.26 The Company recorded $1.5 million and $5.0 million in stock-based compensation expense related to the PSUs during the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, there was $4.2 million unrecognized stock-based compensation expense related to outstanding PSUs granted to employees, with a weighted-average remaining recognition period of 1.13 years. Restricted Stock Unit Awards In May 2024, the Company granted the non-employee directors of the Board an aggregate of 15,175 RSUs under the 2010 Plan. RSUs are equity awards that entitle the holder to receive freely tradeable shares of the Company’s common stock upon vesting. The RSUs vest in full on the one-year anniversary of the grant date. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. The weighted-average grant-date fair value of the RSUs granted was $24.71 per RSU. As of September 30, 2024, no RSUs had vested and the unvested balance as of September 30, 2024 was 15,175 RSUs at a weighted-average grant-date fair value of $24.71 per RSU. The Company recorded $0.1 million in stock-based compensation expense related to the RSUs during the three and nine months ended September 30, 2024. As of September 30, 2024, there was $0.2 million unrecognized stock-based compensation expense related to the outstanding RSUs granted to non-employee directors, with a weighted-average remaining recognition period of 0.62 years. Stock-based Compensation Expense All stock-based compensation expense is recorded in G&A expense. The following table shows total stock-based compensation expense for stock options, PSUs, RSUs, and ESPP in the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total stock-based compensation expense $ 2,590 $ 2,717 $ 8,136 $ 6,450

Capital Stock

Capital Stock	9 Months Ended
Capital Stock	Sep. 30, 2024
Capital Stock
Capital Stock	12. Capital Stock Dividends During the nine months ended September 30, 2024, the Board declared and paid cash dividends on the Company’s Series A Preferred Stock and Series B Depositary shares as follows: Series A Preferred Stock Series B Depositary Share Cash Dividend Declared Cash Dividend Declared Dividend Declaration Date ($ per share) ($ per share) Dividend Payment Date October 18, 2023 $ 0.53906 $ 0.52344 January 15, 2024 February 21, 2024 $ 0.53906 $ 0.52344 April 15, 2024 May 15, 2024 $ 0.53906 $ 0.52344 July 15, 2024 July 24, 2024 $ 0.53906 $ 0.52344 October 15, 2024 BVF Ownership As of September 30, 2024, BVF owned approximately 30.9% of the Company’s total outstanding shares of common stock, and if all the Series X Convertible Preferred Stock were converted (without taking into account beneficial ownership limitations), BVF would own 51.5% of the Company’s total outstanding shares of common stock. The Company’s Series A Preferred Stock becomes convertible upon the occurrence of specific events and as of September 30, 2024, the contingency was not met, therefore the Series A Preferred Stock owned by BVF is not included in the as-converted ownership calculation. Due to its significant equity ownership, BVF is considered a related party of the Company. 2018 Common Stock ATM Agreement On December 18, 2018, the Company entered into the 2018 Common Stock ATM Agreement with HCW, under which the Company may offer and sell from time to time at its sole discretion shares of its common stock through HCW as its sales agent, in an aggregate amount not to exceed $30.0 million. HCW may sell the shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act and will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares up to the amount specified. The Company will pay HCW a commission of up to 3% of the gross proceeds of any shares of common stock sold under the 2018 Common Stock ATM Agreement. On March 10, 2021, the Company amended the 2018 Common Stock ATM Agreement with HCW to increase the aggregate amount of shares of its common stock that it could sell through HCW as its sales agent to $50.0 million. No shares have been sold under the 2018 Common Stock ATM Agreement since the agreement was executed. 2021 Series B Preferred Stock ATM Agreement On August 5, 2021, the Company entered into the 2021 Series B Preferred Stock ATM Agreement with B. Riley, under which the Company may offer and sell from time to time, at its sole discretion, through or to B. Riley, as agent or principal an aggregate amount not to exceed $50.0 million of its Series B Depositary Shares. B. Riley may sell the shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act and will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares up to the amount specified. The Company will pay B. Riley a commission of up to 3% of the gross proceeds of any Series B Depositary Shares sold under the 2021 Series B Preferred Stock ATM Agreement. No shares have been sold under the 2021 Series B Preferred Stock ATM Agreement since the agreement was executed. Stock Repurchase Program On January 2, 2024, the Board authorized the Company’s first stock repurchase program, which permits the Company to purchase up to $50.0 million of its common stock through January 2027. Under the program, the Company has discretion in determining the conditions under which shares may be purchased from time to time, including through transactions in the open market, in privately negotiated transactions, under plans compliant with Rule 10b5-1 under the Exchange Act, or by other means in accordance with applicable laws. The manner, number, price, structure, and timing of the repurchases, if any, will be determined at the Company’s sole discretion and repurchases, if any, depend on a variety of factors, including legal requirements, price and economic and market conditions, royalty and milestone acquisition opportunities, and other factors. The repurchase authorization does not obligate the Company to acquire any particular amount of its common stock. The Board may suspend, modify, or terminate the stock repurchase program at any time without prior notice. The Company did not make any purchases under the program in the three months ended September 30, 2024. As of September 30, 2024, the Company had purchased a total of 660 shares of its common stock pursuant to the stock repurchase plan for $13,000.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Taxes
Income Taxes	13. Income Taxes The Company recorded no income taxes during the three and nine months ended September 30, 2024. The Company continues to maintain a full valuation allowance against its remaining net deferred tax assets. The Company had a total of $5.9 million of gross unrecognized tax benefits as of September 30, 2024, none of which would affect the effective tax rate upon realization as it currently has a full valuation allowance against its net deferred tax assets. The reversal of related deferred tax assets will be offset by a valuation allowance, should any of these uncertain tax positions be favorably settled in the future. The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Through September 30, 2024, the Company had not accrued interest or penalties related to uncertain tax positions.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events
Subsequent Events	14. Subsequent Events Twist Bioscience Royalty Purchase Agreement On October 21, 2024, the Company entered into a royalty purchase agreement with Twist Bioscience Corporation (“Twist Bioscience”). Under the terms of the agreement, the Company acquired 50% of certain contingent payments (including royalties, milestone payments, sublicense income, and option exercise payments) related to Twist Bioscience’s 60-plus early-stage programs across 30 partners for a $15.0 million upfront payment. The Company is eligible to receive up to $0.5 billion in milestone payments and a 50% share of up to low single-digit royalties on future commercial sales.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,243)	$ 15,985	$ (8,595)	$ (5,509)	$ (5,400)	$ (9,813)	$ (9,853)	$ (20,722)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with U.S. GAAP for financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial reporting. As permitted under those rules, certain footnotes or other financial information can be condensed or omitted. These condensed consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal and recurring adjustments that are necessary for a fair statement of the Company’s consolidated financial information. The interim results of operations are not necessarily indicative of the results that may be expected for the full year, or for any other future annual or interim period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, revenue and expenses, and related disclosures. Management routinely evaluates its estimates including, but not limited to, those related to income from purchased receivables, revenue from contracts with customers, revenue recognized under the units-of-revenue method, royalty and commercial payment receivables, projected cash flows associated with income under the EIR method, the Exarafenib milestone asset and contingent consideration, legal contingencies, contingent consideration for purchased receivables, amortization of the Blue Owl Loan, accrued expenses, and stock-based compensation. The Company bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates, including estimates such as the Company’s income from purchased receivables, amortization of the payments received from HCRP, and amortization of the Blue Owl Loan. Estimates related to income from purchased receivables is based on the best information available to the Company from its partners or other third parties and changes in expected cash flows for royalty and commercial receivables under the EIR method. Any changes to the estimated payments made by partners can result in a material adjustment to income reported. Under the contracts with HCRP, the amortization for the reporting period is calculated based on the payments expected to be made by the licensees to HCRP over the term of the arrangement. Any changes to the estimated payments by the licensees to HCRP can result in a material adjustment to revenue previously reported. The Company’s amortization of the Blue Owl Loan is calculated based on the commercial payments expected to be received from Roche for VABYSMO under the Affitech CPPA. Any changes to the estimated commercial payments from Roche can result in a material adjustment to the interest expense and term loan balance reported.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows (in thousands): September 30, December 31, 2024 2023 Unrestricted cash $ 4,018 $ 124,938 Unrestricted cash equivalents 138,032 28,352 Total unrestricted cash and cash equivalents $ 142,050 $ 153,290 Short-term restricted cash 80 160 Long-term restricted cash 4,686 6,100 Total restricted cash $ 4,766 $ 6,260 Total unrestricted and restricted cash and cash equivalents $ 146,816 $ 159,550 Cash and Cash Equivalents Cash consists of bank deposits held in business checking and interest-bearing deposit accounts. Cash equivalent balances are defined as highly liquid financial instruments with an original maturity of three months or less that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Cash equivalents held by the Company are in money market funds and U.S. treasury bills, and are classified as available-for-sale. Allowances are recorded for available-for-sale debt securities with unrealized losses. The amount of credit losses that can be recognized for available-for-sale debt securities is limited to the amount by which carrying value exceeds fair value, and previously recognized credit losses are reversed if the fair value increases. As of September 30, 2024, all investments in debt securities were held in U.S. treasury bills and classified as available-for-sale. There was no allowance for credit losses on investments in debt securities for the three and nine months ended September 30, 2024. There were no investments in debt securities as of December 31, 2023 and during the year ended December 31, 2023. Cash equivalents classified as available-for-sale debt securities consisted of the following (in thousands): September 30, 2024 Amortized Unrealized Unrealized Estimated Fair Cost Basis Gains Losses Value U.S. treasury bills $ 25,033 $ 104 $ — $ 25,137 Total debt securities $ 25,033 $ 104 $ — $ 25,137 December 31, 2023 Amortized Unrealized Unrealized Estimated Fair Cost Basis Gains Losses Value U.S. treasury bills $ — $ — $ — $ — Total debt securities $ — $ — $ — $ — Restricted Cash The restricted cash balance may only be used to pay interest expense, administrative fees, and other allowable expenses pursuant to the Blue Owl Loan. Cash accounts with any type of restriction are classified as restricted cash. If restrictions are expected to be lifted or to be used to pay a third party in the next twelve months, the restricted cash account is classified as current. On December 15, 2023, XRL deposited $6.3 million into reserve accounts in connection with the funding of the Blue Owl Loan (see Note 8), of which $5.8 million was deposited into a reserve account for interest and administrative fees and $0.5 million was deposited into an operating reserve account to cover operating expenses of XRL. In September 2024, upon receipt of a specified threshold of commercial payments from Roche’s VABYSMO, $1.25 million was released from restricted cash to unrestricted cash pursuant to the terms of the Blue Owl Loan Agreement. Payments of interest under the Blue Owl Loan Agreement are made semi-annually using commercial payments received since the immediately preceding interest payment date under the Affitech CPPA. On each interest payment date, if the commercial payments received are less than the total interest due for the respective quarter, XRL is expected to cover the shortfall in interest payment due from the reserve account. Payments of administrative fees under the Blue Owl Loan Agreement are made semi-annually on January 1 and July 1 of each year from the reserve account. XOMA will be required to fund an additional $0.8 million into the administrative fee escrow account on July 1, 2027.
Purchase of Rights to Future Milestones, Royalties and Commercial Payments	Purchase of Rights to Future Milestones, Royalties, and Commercial Payments The Company has purchased rights to receive a portion of certain future developmental, regulatory and commercial sales milestones, royalties, and option fees on sales of products currently in clinical development or recently commercialized. The Company acquired such rights from various entities and recorded the amount paid for these rights as royalty and commercial payment receivables (see Note 5). In addition, the Company may be obligated to make contingent payments related to certain product development milestones, fees upon exercise of options related to future license products and sales-based milestones. The contingent payments are evaluated to determine if they are freestanding instruments or embedded derivatives. If the contingent payments fall within the scope of ASC 815, the contingent payments are measured at fair value at the inception of the arrangement and are subject to remeasurement to fair value each reporting period. Any changes in the estimated fair value are recorded in the condensed consolidated statements of operations. Contingent consideration payments that do not fall within the scope of ASC 815 are recognized when the amounts are probable and estimable according to ASC 450. Cost Recovery Method When the purchase of rights to future milestones, royalties, and commercial payments involves future cash flows which cannot be reliably estimated, the Company accounts for such rights on a non-accrual basis using the cost recovery method. The Company’s assessment of whether cash flows can be reliably estimated depends on a number of factors. For example, the Company has generally determined that rights related to programs in preclinical or clinical stages of development or that have had a very short commercialization period during which payments have not yet been received, generally have uncertain cash flows and therefore are accounted for under the cost recovery method. The related receivable balance is classified as noncurrent or current based on whether payments are probable and reliably estimable to be received in the near term. Under the cost recovery method, any milestone or royalty payment received is recorded as a direct reduction of the recorded receivable balance. When the recorded receivable balance in royalty and commercial payment receivables has been fully collected, any additional amounts collected are recognized as income from purchased receivables. Receivables from such income from purchased receivables are included in trade and other receivables, net on the condensed consolidated balance sheet and totaled $1.0 million and zero as of September 30, 2024 and December 31, 2023, respectively. Effective Interest Rate Method The Company accounts for rights to future milestones, royalties, and commercial payments related to commercial products which have an established reliable sales pattern under the EIR method. The EIR is calculated by forecasting the expected cash flows to be received over the life of the asset relative to the receivable’s carrying amount at the time when the Company determines that there are reliable cash flows. The carrying amount of a receivable is made up of the opening balance, which is increased by accrued income and decreased by cash receipts in the period to arrive at the ending balance. The EIR is recalculated at each reporting period as differences between expected cash flows and actual cash flows are realized and as there are changes to the expected future cash flows. Receivables related to income from purchased receivables under the EIR method, all which were short-term receivables, totaled $8.3 million and zero as of September 30, 2024 and December 31, 2023, respectively.
Income from Purchased Receivables	Income from Purchased Receivables Income from purchased receivables includes both amounts recognized under the EIR method and under the cost recovery method. For amounts recognized under the EIR method, the accretable yield is recognized as income from purchased receivables at the effective rate of return over the expected life of the royalty and commercial payment receivable. The application of the prospective approach to measure income requires judgment in forecasting the expected future cash flows. The amounts and duration of forecasted expected future cash flows used to calculate and measure income are largely impacted by research analyst coverage, commercial performance of the product, and contract or patent duration. Income from purchased receivables from the cost recovery method includes income from milestone and royalty payments related to royalty and commercial payment transactions for which the cost has been fully recovered or impaired. The excess milestone and royalty payment received over a remaining receivable balance is recognized as income. If the information upon which such income amounts are derived is provided to the Company from partners or other third parties in arrears, the Company estimates the income earned during the period based upon the best information available such that the income recognized is not expected to be subsequently reversed in future periods.
Allowance for Current Expected Credit Losses	Allowance for Current Expected Credit Losses The Company evaluates the long-term royalty and commercial payment receivables on a collective (i.e., pool) basis if they share similar risk characteristics. The Company evaluates a royalty and commercial payment receivable individually if its risk characteristics are not similar to other royalty and commercial payment receivables. The Company regularly reviews public information on clinical trials, press releases, and updates from its partners to identify any impairment indicators or changes in expected recoverability of the long-term royalty and commercial payment receivable asset. At each reporting date, if the Company determines expected future cash flows discounted to the current period are less than the carrying value of the asset, the Company will record an impairment charge. The impairment charge will be recognized as an allowance expense that increases the long-term royalty and commercial payment receivable asset’s cumulative allowance, which reduces the net carrying value of the long-term royalty and commercial payment receivable asset. In a subsequent period, if there is an increase in expected future cash flows, or if the actual cash flows are greater than previously expected, the Company will reduce the previously established cumulative allowance. Amounts not expected to be collected are written off against the allowance at the time that such a determination is made.
Revenue From Contracts With Customers	Revenue from Contracts with Customers The Company recognizes revenue from all contracts with customers according to ASC 606, except for contracts that are within the scope of other standards, such as leases and financial instruments. The Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract on whether each promised good or service is distinct to determine those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation based on relative fair values, when (or as) the performance obligation is satisfied. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company recognizes revenue from its license and collaboration arrangements and royalties. The terms of the arrangements generally include payment to the Company of one or more of the following: non-refundable, upfront license fees, development, regulatory and commercial milestone payments, and royalties on net sales of licensed products. License of Intellectual Property If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, such as transfer of related materials, process, and know-how, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. Under the Company’s license agreements, the nature of the combined performance obligation is the granting of licenses to the customers as the other promises are not separately identifiable in the context of the arrangement. Since the Company grants the license to a customer as it exists at the point of transfer and is not involved in any future development or commercialization of the products related to the license, the nature of the license is a right to use the Company’s intellectual property as transferred. As such, the Company recognizes revenue related to the combined performance obligation upon completion of the delivery of the related materials, process, and know-how (i.e., at a point in time). Deferred revenue is recorded when upfront payments and fees are received prior to the satisfaction of performance obligations. Trade and other receivables, net is recorded when the Company has an unconditional right to consideration. Milestone Payments At the inception of each arrangement that includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. ASC 606 suggests two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. The Company uses the most likely amount method for development and regulatory milestone payments. If it is probable that a significant cumulative revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Royalties For arrangements that include sales-based royalties, including milestone payments based on the level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).
Revenue Recognized under Units-of-Revenue Method	Revenue Recognized under Units-of-Revenue Method The Company has sold its rights to receive certain milestones and royalties on product sales. In the circumstance where the Company has sold its rights to future milestones and royalties under a license agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of milestone or royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment. Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for all stock-based payment awards made to the Company’s employees, consultants, and directors that are expected to vest based on estimated fair values. The valuation of stock option awards is determined at the date of grant using the Black-Scholes Model. The Black-Scholes Model requires inputs such as the expected term of the option, expected volatility, and risk-free interest rate. To establish an estimate of the expected term, the Company considers the vesting period and contractual period of the award and its historical experience of stock option exercises, post-vesting cancellations, and volatility. The estimate of expected volatility is based on the Company’s historical volatility. The risk-free rate is based on the yield available on U.S. Treasury zero-coupon issues corresponding to the expected term of the award. The Company records forfeitures when they occur. The valuation of RSUs is determined at the date of grant using the Company’s closing stock price. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award, or to the date on which retirement eligibility is achieved, if shorter. The grant date fair value of PSUs with market conditions is determined using the Monte Carlo valuation model. The Company records compensation expenses for PSUs based on graded expense attribution over the requisite service periods.
Equity Securities	Equity Securities The Company entered into a license agreement with Rezolute in December 2017, in which it received shares of common stock from Rezolute (see Note 4). Equity investments in Rezolute are classified in the condensed consolidated balance sheets as equity securities. The equity securities are measured at fair value, with changes in fair value recorded in the other income (expense), net line item of the condensed consolidated statement of operations at each reporting period. The Company remeasures its equity investments at each reporting period until such time that the investment is sold or disposed of. If the Company sells an investment, any realized gains and losses on the sale of the securities will be recognized in the condensed consolidated statement of operations in the period of sale.
Asset Acquisitions	Asset Acquisitions As a first step, for each acquisition, the Company determines if it is an acquisition of a business or an asset acquisition under ASC 805. The guidance requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If the screen test is not met, the Company then further evaluates whether the assets or group of assets includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisitions of assets or a group of assets that do not meet the definition of a business are accounted for as asset acquisitions under ASC 805-50, using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values. If the fair value of net assets acquired, after allocating the excess of the fair value of net assets acquired to certain qualifying assets, exceeds the total cost of the acquisition, a bargain purchase gain is recognized in other income in the condensed consolidated statements of operations. Contingent payments in asset acquisitions are evaluated whether they are freestanding instruments or embedded derivatives. If the contingent payments fall within the scope of ASC 815, the contingent payments are measured at fair value at the acquisition date, and are subject to remeasurement to fair value each reporting period. The estimated fair value at the acquisition date is included in the cost of the acquired assets. Any subsequent changes in the estimated fair value are recorded in the condensed consolidated statements of operations. Contingent consideration payments that are related to IPR&D assets are expensed as incurred. Contingent consideration payments that do not fall within the scope of ASC 815 are recognized when the amount is probable and estimable according to ASC 450. Cash payments related to acquired assets are reflected as an investing cash flow in the Company’s condensed consolidated statements of cash flows.
Leases	Leases The Company leases its headquarters in Emeryville, California and acquired a lease from the Kinnate acquisition. The Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the lease commencement date and thereafter if modified. For leases acquired in asset acquisitions, the Company determines the initial classification and measurement of its right-of-use assets and lease liabilities at the acquisition date and thereafter if modified. The lease term includes any renewal options and termination options that the Company is reasonably certain to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. The Company estimated its incremental borrowing rate by adjusting the interest rate on its fully collateralized debt for the lease term length. Rent expense for the operating lease is recognized on a straight-line basis, over the reasonably assured lease term based on total lease payments and is included in G&A expense in the condensed consolidated statements of operations. The Company has elected the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and thus are recognized in rent expense when incurred. The Company has also elected not to record on the consolidated balance sheets a lease for which the term is 12 months or less and does not include a purchase option that the Company is reasonably certain to exercise.
Long-Term Debt	Long-Term Debt Long-term debt represents the Company’s term loan under the Blue Owl Loan Agreement, which the Company has accounted for as a debt financing arrangement. Interest expense is accrued using the EIR method over the estimated period the loan will be repaid. The allocated debt discount and debt issuance costs have been recorded as a direct deduction from the carrying amount of the related debt in the consolidated balance sheets and are being amortized and recorded as interest expense throughout the expected life of the Blue Owl Loan using the EIR method. The Company considered whether there were any embedded features in the Blue Owl Loan Agreement that require bifurcation and separate accounting as derivative financial instruments pursuant to ASC 815. See Note 8.
Warrants	Warrants The Company has issued warrants to purchase shares of its common stock in connection with its financing activities. The Company classifies these warrants as equity and recorded the warrants at fair value as of the date of issuance on the Company’s consolidated balance sheet with no subsequent remeasurement. The issuance date fair value of the outstanding warrants was estimated using the Black-Scholes Model. The Black-Scholes Model required inputs such as the expected term of the warrants, expected volatility, and risk-free interest rate. These inputs were subjective and required significant analysis and judgment. For the estimate of the expected term, the Company used the full remaining contractual term of the warrant. The estimate of expected volatility assumption is based on the historical price volatility observed on the Company’s common stock. The risk-free rate is based on the yield available on U.S. Treasury zero-coupon issues corresponding to the expected term of the warrants.
Income Taxes	Income Taxes The Company accounts for income taxes using the liability method under which deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount which is more likely than not to be realizable. The recognition, derecognition and measurement of a tax position is based on management’s best judgment given the facts, circumstances, and information available at each reporting date. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Income (Loss) per Share Available to (Attributable to) Common Stockholders	Net Income (Loss) per Share Available to (Attributable to) Common Stockholders The Company calculates basic and diluted income (loss) per share available to (attributable to) common stockholders using the two-class method. The Company’s convertible Series X Preferred Stock participate in any dividends declared by the Company on its common stock and are therefore considered to be participating securities. The Company’s Series A and Series B Preferred Stock do not participate in any dividends or distribution by the Company on its common stock and are therefore not considered to be participating securities. Under the two-class method, net income, as adjusted for any accumulated dividends on Series A and Series B Preferred Stock for the period, is allocated to each class of common stock and participating security as if all of the net income for the period had been distributed. Undistributed earnings allocated to participating securities are subtracted from net income in determining net income available to common stockholders. During periods of loss, the Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. Basic net income (loss) per share available to (attributable to) common stockholders is then calculated by dividing the net income (loss) available to (attributable to) common stockholders by the weighted-average number of shares of common stock outstanding during the period. All participating securities are excluded from the basic weighted-average common shares outstanding. Diluted net income (loss) per share available to (attributable to) common stockholders is based on the weighted-average number of shares outstanding during the period, adjusted to include the assumed exercise of certain stock options and warrants for common stock using the treasury method, if dilutive. The calculation assumes that any proceeds that could be obtained upon exercise of options and warrants would be used to purchase common stock at the average market price during the period. Adjustments to the denominator are required to reflect the related dilutive shares. The Company’s Series A and Series B Preferred Stock become convertible upon the occurrence of specific events other than a change in the Company’s share price and, therefore, are not included in the diluted shares until the contingency is resolved.
Share Repurchases	Share Repurchases The Company has a stock repurchase program that is executed through purchases made from time to time, including in the open market. The Company retires repurchased shares of common stock, reducing common stock with any excess of cost over par value recorded to accumulated deficit. Issued and outstanding shares of common stock are reduced by the number of shares repurchased. No treasury stock is recognized in the condensed consolidated financial statements. In August 2022, the IRA enacted a 1% excise tax on net share repurchases after December 31, 2022. Any excise tax incurred on share repurchases is recognized as part of the cost basis of the shares acquired.
Concentration of Risk	Concentration of Risk Cash, cash equivalents, restricted cash, and receivables are financial instruments which potentially subject the Company to concentrations of credit risk, as well as liquidity risk. The Company maintains cash balances at commercial banks. Balances commonly exceed the amount insured by the FDIC. The Company has not experienced any losses in such accounts. The Company monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business but does not generally require collateral on receivables. For the three months ended September 30, 2024, three partners represented 75%, 14% and 10% of total income and revenues, respectively. For the nine months ended September 30, 2024, three partners represented 50%, 25% and 10% of total income and revenues, respectively. For the three months ended September 30, 2023, two partners represented 73% and 24% of total income and revenues, respectively. For the nine months ended September 30, 2023, two partners represented 54% and 44% of total income and revenues, respectively. One partner represented 96% of the trade and other receivables, net as of September 30, 2024. One partner represented 100% of the trade and other receivables, net as of December 31, 2023.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is comprised of two components: net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that under U.S. GAAP are recorded as an element of stockholders’ equity but are excluded from net income (loss).
Accounting Pronouncements Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Recently Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting Recent Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s Disclosure Update and Simplification Initiative In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Basis of Presentation and Significant Accounting Policies
Schedule of cash, cash equivalents and restricted cash	Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows (in thousands): September 30, December 31, 2024 2023 Unrestricted cash $ 4,018 $ 124,938 Unrestricted cash equivalents 138,032 28,352 Total unrestricted cash and cash equivalents $ 142,050 $ 153,290 Short-term restricted cash 80 160 Long-term restricted cash 4,686 6,100 Total restricted cash $ 4,766 $ 6,260 Total unrestricted and restricted cash and cash equivalents $ 146,816 $ 159,550
Schedule of cash equivalents classified as available-for-sale	Cash equivalents classified as available-for-sale debt securities consisted of the following (in thousands): September 30, 2024 Amortized Unrealized Unrealized Estimated Fair Cost Basis Gains Losses Value U.S. treasury bills $ 25,033 $ 104 $ — $ 25,137 Total debt securities $ 25,033 $ 104 $ — $ 25,137 December 31, 2023 Amortized Unrealized Unrealized Estimated Fair Cost Basis Gains Losses Value U.S. treasury bills $ — $ — $ — $ — Total debt securities $ — $ — $ — $ —

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements Details (Tables)	9 Months Ended
	Sep. 30, 2024
Condensed Consolidated Financial Statement Details
Schedule of accrued and other liabilities	Accrued and other liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued incentive compensation $ 1,171 $ 1,203 Other accrued liabilities 445 625 Accrued legal and accounting fees 637 791 Accrued payroll and benefits 198 149 Total $ 2,451 $ 2,768
Schedule of reconciliation of numerator and denominator used in calculation of basic and diluted net loss per share attributable to common stockholders	The following table includes the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator Net loss $ (17,243) $ (5,509) $ (9,853) $ (20,722) Less: Series A accumulated dividends (530) (530) (1,591) (1,591) Less: Series B accumulated dividends (838) (838) (2,513) (2,513) Net loss attributable to common stockholders, basic $ (18,611) $ (6,877) $ (13,957) $ (24,826) Net loss attributable to common stockholders, diluted $ (18,611) $ (6,877) $ (13,957) $ (24,826) Denominator Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 11,712 11,473 11,645 11,466 Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted 11,712 11,473 11,645 11,466 Net loss per share attributable to common stockholders, basic $ (1.59) $ (0.60) $ (1.20) $ (2.17) Net loss per share attributable to common stockholders, diluted $ (1.59) $ (0.60) $ (1.20) $ (2.17)
Schedule of outstanding securities considered anti-dilutive	The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share attributable to common stockholders (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible preferred stock 5,003 5,003 5,003 5,003 Common stock options 1,473 1,804 1,775 1,781 Warrants for common stock 131 6 131 6 Total 6,607 6,813 6,909 6,790

Acquisitions, Licensing and O_2

Acquisitions, Licensing and Other Arrangements (Tables)	9 Months Ended
Acquisitions, Licensing and Other Arrangements (Tables)	Sep. 30, 2024
Acquisitions, Licensing and Other Arrangements
Schedule of purchase consideration	The total purchase consideration for Kinnate, as of April 3, 2024, was as follows (in thousands): Closing cash payment (1) $ 122,646 Estimated fair value of the Exarafenib milestone contingent consideration (2) 2,922 Transaction costs 809 Total purchase consideration $ 126,377 (1) (2) The following table shows the allocation of the purchase consideration based on the relative fair value of assets acquired and liabilities assumed by the Company as of April 3, 2024 (in thousands): Cash and cash equivalents $ 142,381 Prepaid expenses and other current assets 3,223 Exarafenib milestone asset 2,922 Accrued and other liabilities (2,009) Operating lease liabilities (322) Long-term operating lease liabilities (502) Net assets acquired $ 145,693 Reconciliation of net assets acquired to total purchase consideration: Net assets acquired $ 145,693 Less: Gain on the acquisition of Kinnate (19,316) Total purchase consideration $ 126,377

Royalty and Commercial Paymen_2

Royalty and Commercial Payment Purchase Agreements (Tables)	9 Months Ended
Royalty and Commercial Payment Purchase Agreements (Tables)	Sep. 30, 2024
Royalty and Commercial Payment Purchase Agreements
Summary of royalty and commercial payment receivable activities	The following table summarizes the royalty and commercial payment receivable activities under the cost recovery method during the nine months ended September 30, 2024 (in thousands): Balance as of January 1, 2024 Acquisition of Royalty and Commercial Payment Receivables Receipt of Royalty and Commercial Payments Recognition of Contingent Consideration Impairment of Royalty and Commercial Payment Receivables Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method Balance as of September 30, 2024 Daré $ — $ 22,000 $ — $ — $ — $ — $ 22,000 Talphera — 8,000 (80) — — — 7,920 LadRx 6,000 — — 1,000 — — 7,000 Aptevo 7,976 — (794) — — — 7,182 Agenus 14,000 — — — (14,000) — — Aronora 9,000 — — — (9,000) — — Palobiofarma 10,000 — — — — — 10,000 Viracta 8,500 — (8,500) — — — — Kuros 4,500 — — — — — 4,500 Affitech 12,191 — (7,396) 3,000 — (7,795) — Total $ 72,167 $ 30,000 $ (16,770) $ 4,000 $ (23,000) $ (7,795) $ 58,602 The following table summarizes the royalty and commercial payment receivable activities under the EIR method during the nine months ended September 30, 2024 (in thousands): Balance as of January 1, 2024 Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method Income from Purchased Receivables Under EIR Method Receipt of Royalty and Commercial Payments Balance as of September 30, 2024 Affitech $ — $ 7,795 $ 9,985 $ (9,493) $ 8,287 Total $ — $ 7,795 $ 9,985 $ (9,493) $ 8,287

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following tables set forth the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements as of September 30, 2024 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents: Money market funds $ 112,895 $ — $ — $ 112,895 U.S. treasury bills 25,137 — — 25,137 Total cash equivalents 138,032 — — 138,032 Exarafenib milestone asset (Note 4) — — 3,125 3,125 Equity securities 785 — — 785 Total financial assets $ 138,817 $ — $ 3,125 $ 141,942 Liabilities: Exarafenib milestone contingent consideration (Note 4) $ — $ — $ 3,125 $ 3,125 Contingent consideration under RPAs, AAAs, and CPPAs, measured at fair value — — — — Total financial liabilities $ — $ — $ 3,125 $ 3,125 Fair Value Measurements as of December 31, 2023 Using: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents: Money market funds $ 28,352 $ — $ — $ 28,352 Total cash equivalents 28,352 — — 28,352 Equity securities 161 — — 161 Total financial assets $ 28,513 $ — $ — $ 28,513 Liabilities: Contingent consideration under RPAs, AAAs, and CPPAs, measured at fair value $ — $ — $ 1,000 $ 1,000

Lease Agreements (Tables)

Lease Agreements (Tables)	9 Months Ended
Lease Agreements (Tables)	Sep. 30, 2024
Lease Agreements
Schedule of maturity of future rent payments associated with new lease	The following table summarizes maturity of the Company’s operating lease liabilities as of September 30, 2024 (in thousands): Year Rent Payments 2024 (excluding the nine months ended September 30, 2024) $ 117 2025 502 2026 300 2027 91 2028 102 Thereafter 36 Total undiscounted lease payments $ 1,148 Present value adjustment (120) Total net lease liability for operating leases $ 1,028
Schedule of cost components of operating leases	The following table summarizes the cost components of the Company’s operating leases included in G&A in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease costs: Operating lease cost $ 36 $ 17 $ 97 $ 116 Variable lease cost (1) — 20 18 32 Total lease costs $ 36 $ 37 $ 115 $ 148 (1) Under the terms of the original, amended, and new lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments include non-lease components such as common area maintenance fees.
Summary of supplemental cash flow information related to operating leases	The following information represents supplemental disclosure for the condensed consolidated statements of cash flows related to operating leases (in thousands): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows under operating leases $ 68 $ 121
Schedule of assumptions used in calculating the present value of lease payments	The following information represents supplemental disclosure for the condensed consolidated statements of cash flows related to operating leases (in thousands): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows under operating leases $ 68 $ 121 The assumptions used in calculating the present value of the lease payments for the Company’s operating leases as of September 30, 2024 and December 31, 2023 were as follows: September 30, December 31, 2024 2023 Weighted-average remaining lease term 2.7 years 5.33 years Weighted-average discount rate 8.18 % 8.50 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2024
Long-Term Debt
Schedule of long-term debt	The following table summarizes the impact of the initial term loan on the Company’s condensed consolidated balance sheet as of September 30, 2024 (in thousands): September 30, 2024 Gross principal $ 130,000 Principal repayments (6,902) Unaccreted debt discount and debt issuance costs (5,183) Total carrying value net of principal repayments, unaccreted debt discount, and debt issuance costs 117,915 Less: current portion of long-term debt (9,826) Long-term debt $ 108,089
Schedule of projected future principal payments of initial term loan	Aggregate projected future principal payments of the initial term loan as of September 30, 2024, are as follows (in thousands): Year Ending December 31, Payments 2024 (excluding the nine months ended September 30, 2024) $ — 2025 11,274 2026 17,825 2027 23,885 2028 29,761 Thereafter 40,353 Total payments $ 123,098
Schedule of interest expense	Accretion of debt discounts and issuance costs are included in interest expense. Interest expense in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 relates to the initial term loan (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Accrued interest expense $ 3,085 $ — $ 9,450 $ — Accretion of debt discount and debt issuance costs 408 — 996 — Total interest expense $ 3,493 $ — $ 10,446 $ —

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	9 Months Ended
Common Stock Warrants (Tables)	Sep. 30, 2024
Common Stock Warrants
Summary of Common Stock Warrants Outstanding	Exercise Price September 30, December 31, Issuance Date Expiration Date Balance Sheet Classification per Share 2024 2023 May 2018 May 2028 Stockholders’ equity $ 23.69 6,332 6,332 March 2019 March 2029 Stockholders’ equity $ 14.71 4,845 4,845 December 2023 December 2033 Stockholders’ equity $ 35.00 40,000 40,000 December 2023 December 2033 Stockholders’ equity $ 42.50 40,000 40,000 December 2023 December 2033 Stockholders’ equity $ 50.00 40,000 40,000 131,177 131,177

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
Stock Based Compensation (Tables)	Sep. 30, 2024
Stock Based Compensation
Schedule of valuation assumptions	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Dividend yield — % — % 0 % 0 % Expected volatility — % — % 65 % 70 % Risk-free interest rate — % — % 4.35 % 3.60 % Expected term — — 5.79 years 5.79 years
Schedule of stock option activity	Weighted Weighted Average Average Aggregate Exercise Contractual Intrinsic Number of Price Remaining Term Value shares Per Share (in years) (in thousands) Outstanding as of January 1, 2024 2,730,068 $ 20.88 6.29 $ 10,638 Granted 34,170 24.71 Exercised (246,599) 6.51 Forfeited, expired or cancelled (34,840) 155.16 Outstanding as of September 30, 2024 2,482,799 $ 20.48 5.94 $ 20,224 Exercisable as of September 30, 2024 2,037,185 $ 19.73 5.44 $ 18,416
Schedule of grant date fair values of PSUs granted	The range of grant date fair values of the PSUs granted in 2023 was estimated as follows: Derived Hurdle Price Number of Fair Value Service Period Per PSU PSUs Per Share (in years) $ 30.00 243,550 $ 11.42-17.45 0.69-2.59 $ 35.00 91,239 $ 10.16-16.07 0.93-2.59 $ 40.00 60,024 $ 9.07-14.84 1.12-2.59 $ 45.00 53,787 $ 8.12-13.72 1.27-2.59 448,600 The grant date fair values of the PSUs granted in January 2024 and April 2024 was estimated as follows: Derived Hurdle Price Number of Fair Value Service Period Per Share PSUs Per Share (in years) $ 30.00 165,900 $ 18.42-19.71 0.46-0.74 $ 35.00 55,290 $ 17.24-17.67 0.66-0.96 $ 40.00 34,029 $ 15.85-16.14 0.82-1.15 $ 45.00 29,781 $ 14.20-15.13 0.95-1.31 285,000
Schedule of performance shares, outstanding activity	Weighted Average Grant Date Number of Fair Value Unvested PSUs Per Share Unvested balance as of January 1, 2024 448,600 $ 15.40 Granted 285,000 17.60 Vested — — Forfeited — — Unvested balance as of September 30, 2024 733,600 $ 16.26
Summary of stock-based compensation expense	The following table shows total stock-based compensation expense for stock options, PSUs, RSUs, and ESPP in the condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total stock-based compensation expense $ 2,590 $ 2,717 $ 8,136 $ 6,450

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
Capital Stock (Tables)	Sep. 30, 2024
Capital Stock
Schedule of declared and paid cash dividends	Series A Preferred Stock Series B Depositary Share Cash Dividend Declared Cash Dividend Declared Dividend Declaration Date ($ per share) ($ per share) Dividend Payment Date October 18, 2023 $ 0.53906 $ 0.52344 January 15, 2024 February 21, 2024 $ 0.53906 $ 0.52344 April 15, 2024 May 15, 2024 $ 0.53906 $ 0.52344 July 15, 2024 July 24, 2024 $ 0.53906 $ 0.52344 October 15, 2024
Summary of Common Stock Warrants Outstanding	Exercise Price September 30, December 31, Issuance Date Expiration Date Balance Sheet Classification per Share 2024 2023 May 2018 May 2028 Stockholders’ equity $ 23.69 6,332 6,332 March 2019 March 2029 Stockholders’ equity $ 14.71 4,845 4,845 December 2023 December 2033 Stockholders’ equity $ 35.00 40,000 40,000 December 2023 December 2033 Stockholders’ equity $ 42.50 40,000 40,000 December 2023 December 2033 Stockholders’ equity $ 50.00 40,000 40,000 131,177 131,177

Description of Business - Liqui

Description of Business - Liquidity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Description of Business
Cash, cash equivalents and restricted cash	$ 146,816	$ 159,550	$ 33,472	$ 57,826
Substantial Doubt about Going Concern, within One Year	false

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands		1 Months Ended
	Jul. 01, 2027	Sep. 30, 2024	Dec. 31, 2023	Dec. 15, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents and Restricted Cash
Unrestricted cash		$ 4,018	$ 124,938
Unrestricted cash equivalents		138,032	28,352
Total unrestricted cash and cash equivalents		142,050	153,290
Short-term restricted cash		80	160
Long-term restricted cash		4,686	6,100
Total restricted cash		4,766	6,260
Total unrestricted and restricted cash and cash equivalents		146,816	159,550		$ 33,472	$ 57,826
Cash and Cash Equivalents
Allowance for credit losses on investments in debt securities		0
Available for sale securities, Amortized Cost Basis		25,033	$ 0
Available for sale securities, Unrealized Gains		104
Available for sale securities, Estimated Fair Value		25,137
Restricted Cash
Restricted cash released to unrestricted cash		1,250
U.S. treasury bills
Cash and Cash Equivalents
Available for sale securities, Amortized Cost Basis		25,033
Available for sale securities, Unrealized Gains		104
Available for sale securities, Estimated Fair Value		$ 25,137
Cash reserve accounts
Cash, Cash Equivalents and Restricted Cash
Total restricted cash				$ 6,300
Cash reserve account, Interest and administrative fees
Cash, Cash Equivalents and Restricted Cash
Total restricted cash				5,800
Cash reserve account, Interest and administrative fees \| Forecast
Restricted Cash
Additional amount of cash required to fund reserve account	$ 800
Cash reserve account, Operating expenses
Cash, Cash Equivalents and Restricted Cash
Total restricted cash				$ 500

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Purchased Receivables, Income Taxes, and Share Repurchases (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Basis of Presentation and Significant Accounting Policies
Purchased receivables included in royalty and commercial payment receivables, Cost recovery method	$ 1	$ 0
Purchased receivables included in royalty and commercial payment receivables, Effective interest rate method	8.3	$ 0
Income tax penalties or interest charged	0
Treasury stock (in dollars)	$ 0

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Concentration of Risk (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Customer Concentration Risk \| Revenues
Concentration of Risk
Number of major partners	3	2	3	2
Customer Concentration Risk \| Revenues \| Partner 1
Concentration of Risk
Concentration risk (as a percent)	75%	73%	50%	54%
Customer Concentration Risk \| Revenues \| Partner 2
Concentration of Risk
Concentration risk (as a percent)	14%	24%	25%	44%
Customer Concentration Risk \| Revenues \| Partner 3
Concentration of Risk
Concentration risk (as a percent)	10%		10%
Credit Concentration Risk \| Trade Receivables \| Partner 1
Concentration of Risk
Number of major partners			1		1
Concentration risk (as a percent)			96%		100%

Consolidated Financial Statemen

Consolidated Financial Statements Details - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Equity Securities
Short-term equity securities	$ 785		$ 785		$ 161
Gain (loss) recognized due to change in fair value of investment			624	$ (121)
Rezolute
Equity Securities
Short-term equity securities	800		800		$ 200
Gain (loss) recognized due to change in fair value of investment	$ 100	$ (100)	$ 600	$ (100)

Consolidated Financial Statem_2

Consolidated Financial Statements Details - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued and other liabilities
Accrued incentive compensation	$ 1,171	$ 1,203
Other accrued liabilities	445	625
Accrued legal and accounting fees	637	791
Accrued payroll and benefits	198	149
Total	$ 2,451	$ 2,768

Condensed Consolidated Financ_3

Condensed Consolidated Financial Statements Details - Net Income Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net Income (Loss)	$ (17,243)	$ 15,985	$ (8,595)	$ (5,509)	$ (5,400)	$ (9,813)	$ (9,853)	$ (20,722)
Net loss attributable to common stockholders, basic	(18,611)			(6,877)			(13,957)	(24,826)
Net loss attributable to common stockholders, diluted	$ (18,611)			$ (6,877)			$ (13,957)	$ (24,826)
Denominator
Weighted average shares used in computing net loss per share attributable to common stockholders, Basic	11,712			11,473			11,645	11,466
Weighted average shares used in computing net loss per share attributable to common stockholders, Diluted	11,712			11,473			11,645	11,466
Net loss per share attributable to common stockholders, Basic (in dollars per share)	$ (1.59)			$ (0.60)			$ (1.20)	$ (2.17)
Net loss per share attributable to common stockholders, Diluted (in dollars per share)	$ (1.59)			$ (0.60)			$ (1.20)	$ (2.17)
8.625% Series A Cumulative, Perpetual Preferred Stock
Numerator
Less: accumulated dividends	$ (530)			$ (530)			$ (1,591)	$ (1,591)
8.375% Series B Cumulative, Perpetual Preferred Stock
Numerator
Less: accumulated dividends	$ (838)			$ (838)			$ (2,513)	$ (2,513)

Condensed Consolidated Financ_4

Condensed Consolidated Financial Statements Details - Outstanding Securities Considered Anti-Dilutive (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Antidilutive securities excluded from computation of net loss per share (in shares)	6,607	6,813	6,909	6,790
Performance Stock Unit Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Shares issuable based on market price			0
Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Stock price (in dollars per share)	$ 26.48		$ 26.48
Convertible preferred stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Antidilutive securities excluded from computation of net loss per share (in shares)	5,003	5,003	5,003	5,003
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Antidilutive securities excluded from computation of net loss per share (in shares)	1,473	1,804	1,775	1,781
Warrants for common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share
Antidilutive securities excluded from computation of net loss per share (in shares)	131	6	131	6

Acquisitions, Licensing and O_3

Acquisitions, Licensing and Other Arrangements - Kinnate Acquisition (Details) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended		12 Months Ended
	Apr. 03, 2024 USD ($) Right $ / shares shares	Feb. 27, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Asset acquisition
Exarafenib milestone asset			$ 3,125						$ 3,125
Exarafenib milestone contingent consideration			3,125						3,125
Operating lease liabilities			1,028						1,028		$ 400
Purchase consideration
Operating lease right-of-use assets			335						335		378
Allocation of purchase consideration
Cash and cash equivalents			142,050						142,050		153,290
Prepaid expenses and other current assets			2,379						2,379		483
Exarafenib milestone asset			3,125						3,125
Accrued and other liabilities			(2,451)						(2,451)		(2,768)
Operating lease liabilities			(434)						(434)		(54)
Long-term operating lease liabilities			(594)						(594)		(335)
Less: Gain on the acquisition of Kinnate									(19,316)
Net Income (Loss)			(17,243)	$ 15,985	$ (8,595)	$ (5,509)	$ (5,400)	$ (9,813)	(9,853)	$ (20,722)
Revenues			7,197			$ 830			19,773	$ 2,925
Kinnate
Allocation of purchase consideration
Revenues											0
CVR Agreement \| Kinnate CVR holders
Asset acquisition
Contingent consideration from the Exarafenib Sale payable from Pierre Fabre to the Company	$ 30,500
Exarafenib milestone asset	2,900		3,100						3,100
Contingent consideration from the Exarafenib Sale payable from the Company to the Kinnate CVR Holders under the CVR Agreement	30,500
Exarafenib milestone contingent consideration	2,900		3,100						3,100
Allocation of purchase consideration
Exarafenib milestone asset	$ 2,900		$ 3,100						3,100
Exarafenib and related IP \| CVR Agreement \| Kinnate CVR holders
Asset acquisition
Contingent consideration from the Exarafenib Sale payable from Pierre Fabre to the Company		$ 30,500
Percentage of further net proceeds from sale		100%
Percentage of net proceeds from any license or other disposition		85%
Exarafenib and related IP \| Disposed of by Sale, Not Discontinued Operations \| Kinnate
Asset acquisition
Contingent consideration from the Exarafenib Sale payable from Pierre Fabre to the Company		$ 30,500
Exarafenib and related IP \| Disposed of by Sale, Not Discontinued Operations \| CVR Agreement \| Kinnate CVR holders \| Kinnate
Asset acquisition
Cash consideration received		$ 500
Kinnate
Asset acquisition
Asset acquisition, Share price (in dollars per share) \| $ / shares	$ 2.5879
Number of non-transferable contractual CVR per share of Kinnate common stock \| Right	1
Exarafenib milestone asset	$ 2,922
Operating lease liabilities	800
Purchase consideration
Closing cash payment	122,646
Estimated fair value of the Exarafenib milestone contingent consideration	2,922
Transaction costs	809
Total purchase consideration	$ 126,377
Kinnate common stock tendered \| shares	47,232,737
Total number of underlying shares \| shares	2,510,552
Fair value of the IPR&D asset	$ 0
Intangible assets	0
Operating lease right-of-use assets	0
Allocation of purchase consideration
Cash and cash equivalents	142,381
Prepaid expenses and other current assets	3,223
Exarafenib milestone asset	2,922
Accrued and other liabilities	(2,009)
Operating lease liabilities	(322)
Long-term operating lease liabilities	(502)
Net assets acquired	145,693
Less: Gain on the acquisition of Kinnate	(19,316)
Total purchase consideration	$ 126,377
Severance charges									3,600
Severance charges paid									3,600
Kinnate \| Pro forma
Allocation of purchase consideration
Net Income (Loss)									9,900		25,100
Kinnate \| Adjustment
Allocation of purchase consideration
Revenues									$ 0		$ 0

Acquisitions, Licensing and O_4

Acquisitions, Licensing and Other Arrangements - Takeda (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		215 Months Ended
	Nov. 01, 2006	Feb. 28, 2009	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Licensing and other arrangements
Revenue from contracts with customers			$ 25	$ 225	$ 6,050	$ 1,350
Takeda Pharmaceutical Company Limited \| Collaboration Agreement
Licensing and other arrangements
Maximum milestone payments entitled to receive			16,000		16,000		$ 16,000
Revenue from contracts with customers							3,000
Contract assets			0		0		0	$ 0
Contract liabilities			0		0		0	0
Capitalized contract costs			$ 0		$ 0		$ 0	$ 0
Takeda Pharmaceutical Company Limited \| Collaboration Agreement \| TAK-079
Licensing and other arrangements
Maximum milestone payments entitled to receive	$ 19,000
Percentage of royalty on sales	4%
Minimum period eligible to receive royalties	13 years 6 months
Royalty payment period from the first commercial sale of each royalty-bearing discovery product	12 years
Takeda Pharmaceutical Company Limited \| Collaboration Agreement \| Other antibodies
Licensing and other arrangements
Maximum eligible milestone payments receivable per discovery product candidate		$ 3,300
Minimum period eligible to receive royalties		10 years

Acquisitions, Licensing and O_5

Acquisitions, Licensing and Other Arrangements - Rezolute (Details) $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended		35 Months Ended
	Dec. 06, 2017 USD ($)	Apr. 30, 2024 USD ($)	Jan. 31, 2022 USD ($)	Oct. 31, 2020	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 31, 2020 USD ($) shares	Dec. 31, 2023 USD ($)
Licensing and other arrangements
Revenue recognized					$ 25	$ 225	$ 6,050	$ 1,350
Rezolute
Licensing and other arrangements
Reverse stock split				0.02
Rezolute \| License Agreement and Common Stock Purchase Agreement
Licensing and other arrangements
Payments received upon achievement of financing activities									$ 6,000
Installment payments received									$ 8,500
Number of shares received \| shares									161,861
Rezolute \| License Agreement
Licensing and other arrangements
Percentage of decrease in future royalty obligations	20%
Agreement termination prior written notice period	90 days
License agreement consideration received	$ 0
Revenue recognized		$ 5,000			0	$ 0	5,000	$ 0
Contract assets					0		0			$ 0
Contract liabilities					0		0			0
Capitalized contract costs					$ 0		$ 0			$ 0
Rezolute \| License Agreement, RZ358
Licensing and other arrangements
Maximum milestone payments entitled to receive	$ 232,000
Minimum period eligible to receive royalties	12 years
Revenue recognized			$ 2,000
Rezolute \| License Agreement, Non-RZ358 products
Licensing and other arrangements
Minimum period eligible to receive royalties	12 years

Acquisitions, Licensing and O_6

Acquisitions, Licensing and Other Arrangements - Janssen (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2019	Dec. 31, 2023
Licensing and other arrangements
Revenue from contracts with customers		$ 25	$ 225	$ 6,050	$ 1,350
Janssen \| License Agreement
Licensing and other arrangements
Cash payment received	$ 2,500
Maximum eligible milestone payments receivable per discovery product candidate	$ 3,000
Percentage of royalty on sales	0.75%
Revenue from contracts with customers		0	$ 200	0	$ 1,300	$ 2,500
Contract assets		0		0			$ 0
Contract liabilities		0		0			0
Capitalized contract costs		$ 0		$ 0			$ 0

Acquisitions, Licensing and O_7

Acquisitions, Licensing and Other Arrangements - Novartis - NIS793 (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015 USD ($) item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2023 USD ($)
Licensing and other arrangements
Revenue from contracts with customers		$ 25	$ 225	$ 6,050	$ 1,350
Novartis International \| License Agreement
Licensing and other arrangements
Agreement termination prior written notice period	180 days
Number of performance obligations \| item	1
Cash payment received							$ 37,000
Revenue from contracts with customers		0	$ 0	0	$ 0	$ 10,000	$ 37,000
Maximum milestone payments entitled to receive	$ 480,000
Minimum period eligible to receive royalties	10 years
Contract assets		0		0				$ 0
Contract liabilities		0		0				0
Capitalized contract costs		$ 0		$ 0				$ 0

Acquisitions, Licensing and O_8

Acquisitions, Licensing and Other Arrangements - Novartis - VPM087 (Details) $ / shares in Units, $ in Thousands, € in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 24, 2017 USD ($) item agreement $ / shares shares	Aug. 24, 2017 EUR (€) item agreement shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2023 USD ($)
Licensing and other arrangements
Revenue from contracts with customers			$ 25	$ 225	$ 6,050	$ 1,350
Common Stock
Licensing and other arrangements
Stock price (in dollars per share) \| $ / shares			$ 26.48		$ 26.48
Novartis Pharma AG \| Gevokizumab License Agreement and IL-1 Target License Agreement
Licensing and other arrangements
Transaction price	$ 40,200
Cash payment received	25,700
License agreement consideration received, repayment of debt	14,300
Common stock premium	$ 200
Number of agreements \| agreement	2	2
Number of arrangements \| item	1	1
Number of performance obligations \| item	2	2
Revenue from contracts with customers			$ 0	$ 0	$ 0	$ 0	$ 40,200
Contract assets			0		0			$ 0
Contract liabilities			0		0			0
Capitalized contract costs			$ 0		$ 0			$ 0
Novartis Pharma AG \| Gevokizumab License Agreement
Licensing and other arrangements
License agreement consideration received	$ 30,000
Cash payment received	15,700
License agreement consideration received, repayment of debt	14,300	€ 12
Proceeds from issuance of common stock	5,000
Common stock premium	200
Maximum milestone payments entitled to receive	$ 438,000
Novartis Pharma AG \| Gevokizumab License Agreement \| Common Stock
Licensing and other arrangements
Shares issued (in shares) \| shares	539,131	539,131
Purchase price (in dollars per share) \| $ / shares	$ 9.2742
Issuance of common stock, fair value	$ 4,800
Stock price (in dollars per share) \| $ / shares	$ 8.93
Novartis Pharma AG \| IL-1 Target License Agreement
Licensing and other arrangements
Cash payment received	$ 10,000

Acquisitions, Licensing and O_9

Acquisitions, Licensing and Other Arrangements - Sale of Future Revenue Streams (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 21, 2016 USD ($) agreement period	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Licensing and other arrangements
Unearned revenue recognized under units-of-revenue method				$ (1,828)	$ (1,575)
Revenue recognized under units-of-revenue method		$ 709	$ 605	1,828	1,575
Unearned revenue recognized under units-of-revenue method, current		1,924		1,924		$ 2,113
Unearned revenue recognized under units-of-revenue method, noncurrent		5,589		5,589		7,228
HealthCare Royalty Partners II, L.P. \| Royalty Sale Agreements
Licensing and other arrangements
Number of agreements \| agreement	2
Unearned revenue recognized under units-of-revenue method	$ 18,000
Revenue recognized under units-of-revenue method		$ 700	$ 600	$ 1,800	$ 1,600
Unearned revenue recognized under units-of-revenue method, current						2,100
Unearned revenue recognized under units-of-revenue method, noncurrent						$ 7,200
HealthCare Royalty Partners II, L.P. \| First Royalty Sale Agreement
Licensing and other arrangements
Cash payment received	6,500
Eligible potential additional payments receivable upon achievement of specified net sales milestones in future years	$ 4,000
Number of milestone periods \| period	3
HealthCare Royalty Partners II, L.P. \| Second Royalty Sale Agreement
Licensing and other arrangements
Cash payment received	$ 11,500

Royalty and Commercial Paymen_3

Royalty and Commercial Payment Purchase Agreements - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Royalty and Commercial Payment Purchase Agreements
Short-term royalty and commercial payment receivables	$ 12,682	$ 14,215
Long-term royalty and commercial payment receivables	$ 54,207	$ 57,952

Royalty and Commercial Paymen_4

Royalty and Commercial Payment Purchase Agreements - Dare (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements
Payments of consideration under RPAs, AAAs and CPPAs		$ 37,000	$ 14,650
Receipts under RPAs, AAAs and CPPAs		26,263	$ 8,428
Long-term royalty and commercial payment receivables		54,207		$ 57,952
Short-term royalty and commercial payment receivables		12,682		$ 14,215
Royalty Purchase Agreement \| Dare
Agreements
Payments of consideration under RPAs, AAAs and CPPAs	$ 22,000
Percentage of remaining royalties	100%
Payable on milestone	$ 11,000
Specified amount of each successive receipt that requires milestone payment	22,000
Return threshold	$ 88,000
Short-term royalty and commercial payment receivables		0
Allowance for credit losses		$ 0
Royalty Purchase Agreement \| Dare \| OVAPRENE
Agreements
Royalties entity has right to receive (as a percent)	4%
Royalty Purchase Agreement \| Dare \| OVAPRENE \| Upon achievement of a pre-specified return threshold
Agreements
Royalties entity has right to receive (as a percent)	2.50%
Royalty Purchase Agreement \| Dare \| Sildenafil Cream
Agreements
Royalties entity has right to receive (as a percent)	2%
Royalty Purchase Agreement \| Dare \| Sildenafil Cream \| Upon achievement of a pre-specified return threshold
Agreements
Royalties entity has right to receive (as a percent)	1.25%

Royalty and Commercial Paymen_5

Royalty and Commercial Payment Purchase Agreements - Talphera (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Jan. 12, 2024	Apr. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements
Payments of consideration under RPAs, AAAs and CPPAs			$ 37,000	$ 14,650
Receipts under RPAs, AAAs and CPPAs			26,263	$ 8,428
Short-term royalty and commercial payment receivables			12,682		$ 14,215
Talphera \| Commercial Payment Purchase Agreement
Agreements
Threshold amount for royalties and milestones	$ 20,000
Payments of consideration under RPAs, AAAs and CPPAs	$ 8,000
Receipts under RPAs, AAAs and CPPAs			80
Short-term royalty and commercial payment receivables			0
Allowance for credit losses			$ 0
Talphera \| Commercial Payment Purchase Agreement \| All customers excluding DoD
Agreements
Royalties and milestones entity has the right to receive as a percentage counterparty is entitled to receive (as a percent)	100%
Royalty percentage entity has the right to fully retain	15%
Talphera \| Commercial Payment Purchase Agreement \| DoD
Agreements
Royalties and milestones entity has the right to receive as a percentage counterparty is entitled to receive (as a percent)	100%
Royalties shared equally with counterparty (as a percent)	75%
Talphera \| Alora Pharmaceuticals \| Asset Purchase Agreement and Marketing Agreement
Agreements
Maximum milestone payments entitled to receive		$ 116,500
Talphera \| Alora Pharmaceuticals \| Asset Purchase Agreement and Marketing Agreement \| All customers excluding DoD
Agreements
Royalties entity has right to receive (as a percent)	15%	15%
Talphera \| Alora Pharmaceuticals \| Asset Purchase Agreement and Marketing Agreement \| DoD
Agreements
Royalties entity has right to receive (as a percent)	75%	75%

Royalty and Commercial Paymen_6

Royalty and Commercial Payment Purchase Agreements - LadRx (Details) - USD ($)				3 Months Ended	9 Months Ended
	Jun. 03, 2024	Jan. 11, 2024	Jun. 21, 2023	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements
Payments of consideration under RPAs, AAAs and CPPAs					$ 37,000,000	$ 14,650,000
Contingent consideration under RPAs, AAAs and CPPAs					4,000,000		$ 7,000,000
Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs						$ (75,000)
LadRx \| Assignment and Assumption Agreement and Royalty Purchase Agreement
Agreements
Amount of regulatory milestone payment removed	$ 4,000,000
Payments of consideration under RPAs, AAAs and CPPAs			$ 5,000,000
Maximum regulatory and commercial sales milestone payments			6,000,000
Maximum commercial sales milestone payments			1,000,000
Contingent consideration, high-end of range					0
Contingent consideration under RPAs, AAAs and CPPAs					1,000,000
Acquisition of royalty and commercial payment receivables, Long-Term			6,000,000
Short-term royalty and commercial payment receivables from milestone payment					2,200,000
Short-term royalty and commercial payment receivables from royalty or commercial payment					0
Allowance for credit losses					0		0
LadRx \| Assignment and Assumption Agreement and Royalty Purchase Agreement \| Regulatory milestones
Agreements
Payments of consideration under RPAs, AAAs and CPPAs		$ 1,000,000		$ 1,000,000	1,000,000
Contingent consideration, high-end of range			5,000,000
Contingent consideration under RPAs, AAAs and CPPAs	$ 0		$ 1,000,000	$ 0	$ 0		$ 1,000,000

Royalty and Commercial Paymen_7

Royalty and Commercial Payment Purchase Agreements - Aptevo (Details) - USD ($)		1 Months Ended	9 Months Ended		12 Months Ended
	Mar. 29, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements
Payments of consideration under RPAs, AAAs and CPPAs			$ 37,000,000	$ 14,650,000
Contingent consideration under RPAs, AAAs and CPPAs			4,000,000		$ 7,000,000
Receipts under RPAs, AAAs and CPPAs			26,263,000	$ 8,428,000
Short-term royalty and commercial payment receivables			12,682,000		14,215,000
Aptevo \| Commercial Payment Purchase Agreement
Agreements
Maximum milestone payments entitled to receive	$ 5,300,000
Acquisition of royalty and commercial payment receivables, Long-Term	9,700,000
Payments of consideration under RPAs, AAAs and CPPAs	9,600,000	$ 50,000
Maximum commercial sales milestone payments	50,000
Commercial payments attributable to net sales threshold	500,000
Contingent consideration under RPAs, AAAs and CPPAs	$ 50,000
Receipts under RPAs, AAAs and CPPAs			800,000		1,700,000
Short-term royalty and commercial payment receivables			2,200,000		2,000,000
Allowance for credit losses			$ 0		$ 0
Aptevo \| Commercial Payment Purchase Agreement \| Minimum
Agreements
Receipts under RPAs, AAAs and CPPAs		$ 500,000

Royalty and Commercial Paymen_8

Royalty and Commercial Payment Purchase Agreements - Palobiofarma (Details) $ in Thousands		9 Months Ended
	Sep. 26, 2019 USD ($) item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Agreements
Payments of consideration under RPAs, AAAs and CPPAs		$ 37,000	$ 14,650
Long-term royalty and commercial payment receivables		54,207		$ 57,952
Short-term royalty and commercial payment receivables		12,682		14,215
Palobiofarma \| Royalty Purchase Agreement
Agreements
Number of drug candidates \| item	6
Payments of consideration under RPAs, AAAs and CPPAs	$ 10,000
Long-term royalty and commercial payment receivables	$ 10,000
Allowance for credit losses		$ 0		$ 0

Royalty and Commercial Paymen_9

Royalty and Commercial Payment Purchase Agreements - Viracta (Details) $ in Thousands						3 Months Ended		9 Months Ended
	May 30, 2024 USD ($)	Apr. 23, 2024 USD ($)	Oct. 30, 2023 USD ($)	Apr. 23, 2023 USD ($)	Mar. 22, 2021 USD ($) item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Agreements
Payments of consideration under RPAs, AAAs and CPPAs								$ 37,000	$ 14,650
Short-term royalty and commercial payment receivables						$ 12,682		12,682		$ 14,215
Long-term royalty and commercial payment receivables						54,207		54,207		57,952
Trade and other receivables, net						1,045		1,045		1,004
Viracta \| Royalty Purchase Agreement
Agreements
Number of drug candidates \| item					2
Payments of consideration under RPAs, AAAs and CPPAs					$ 13,500
Maximum amount of potential milestones, potential royalties on sales and other payments receivable					54,000
Amount of maximum consideration retained					5,000
Maximum amount of potential regulatory and commercial milestones receivable					57,000
Acquisition of royalty and commercial payment receivables, Long-Term					$ 13,500
Amount of milestone payments earned under agreement		$ 9,000	$ 5,000
Reduction in long-term royalty receivable balance due to receipt of payment		$ 8,500	$ 5,000
Income from purchased receivables						1,000	$ 0	1,900	$ 0
Sale of priority review voucher to undisclosed buyer	$ 108,000
Long-term royalty and commercial payment receivables						0		0
Allowance for credit losses										0
Trade and other receivables, net						$ 1,000		1,000		$ 0
Viracta \| Royalty Purchase Agreement \| OJEMDA
Agreements
Income from purchased receivables				$ 500
Viracta \| Royalty Purchase Agreement \| Priority review voucher.
Agreements
Income from purchased receivables	$ 8,100							$ 8,100

Royalty and Commercial Payme_10

Royalty and Commercial Payment Purchase Agreements - Kuros (Details) - USD ($) $ in Thousands		1 Months Ended		9 Months Ended
	Jul. 14, 2021	Jul. 31, 2022	May 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements
Payments of consideration under RPAs, AAAs and CPPAs				$ 37,000	$ 14,650
Short-term royalty and commercial payment receivables				12,682		$ 14,215
Receipts under RPAs, AAAs and CPPAs				26,263	$ 8,428
Long-term royalty and commercial payment receivables				54,207		57,952
Kuros \| Royalty Purchase Agreement
Agreements
Royalties entity has right to receive (as a percent)	100%
Pre-commercial milestone payments, maximum	$ 25,500
Payments of consideration under RPAs, AAAs and CPPAs	7,000
Maximum commercial sales milestone payments	142,500
Acquisition of royalty and commercial payment receivables, Long-Term	$ 7,000
Milestone payment received by Kuros			$ 5,000
Percentage of milestone payment received by Kuros that company is entitled to receive		50%
Reduction in long-term royalty receivable balance due to receipt of payment		$ 2,500
Allowance for credit losses				$ 0		$ 0

Royalty and Commercial Payme_11

Royalty and Commercial Payment Purchase Agreements - Affitech (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 06, 2021	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Apr. 01, 2024
Agreements
Payments of consideration under RPAs, AAAs and CPPAs				$ 37,000,000	$ 14,650,000
Contingent consideration under RPAs, AAAs and CPPAs		$ 4,000,000		4,000,000		$ 7,000,000
Receipts under RPAs, AAAs and CPPAs				26,263,000	$ 8,428,000
Short-term royalty and commercial payment receivables		12,682,000		12,682,000		$ 14,215,000
Income from purchased receivables under EIR Method, Short-Term				9,985,000
Affitech \| Commercial Payment Purchase Agreement
Agreements
Payments of consideration under RPAs, AAAs and CPPAs	$ 6,000,000		$ 6,000,000
Period from each royalty payment date payment is due						60 days
Maximum regulatory and commercial sales milestone payments	20,000,000
Acquisition of royalty and commercial payment receivables, Long-Term	14,000,000
Contingent consideration under RPAs, AAAs and CPPAs			0
Maximum commercial sales milestone payments	$ 12,000,000
Receipts under RPAs, AAAs and CPPAs				16,900,000
Recognition of contingent consideration, Short-Term				3,000,000
Recognition of contingent consideration, Long-Term						$ 6,000,000
Allowance for credit losses		0		0		0
Royalty and commercial payment receivable								$ 7,800,000
Income from purchased receivables under EIR Method, Short-Term		5,400,000		10,000,000
Affitech \| Commercial Payment Purchase Agreement \| United States
Agreements
Payments of consideration under RPAs, AAAs and CPPAs							$ 5,000,000
Affitech \| Commercial Payment Purchase Agreement \| Europe
Agreements
Payments of consideration under RPAs, AAAs and CPPAs							$ 3,000,000
Affitech \| Commercial Payment Purchase Agreement \| Faricimab (VABYSMO)
Agreements
Payments eligible to receive (as a percent)	0.50%
Commercial payment receivable term	10 years
Affitech \| Commercial Payment Purchase Agreement \| Regulatory milestones
Agreements
Contingent consideration under RPAs, AAAs and CPPAs	$ 8,000,000
Affitech \| Commercial Payment Purchase Agreement \| Sales-based milestones, first and second
Agreements
Contingent consideration under RPAs, AAAs and CPPAs			$ 0			$ 6,000,000
Affitech \| Commercial Payment Purchase Agreement \| Sales-based milestones, third
Agreements
Contingent consideration under RPAs, AAAs and CPPAs		3,000,000		3,000,000
Short-term royalty and commercial payment receivables		$ 3,000,000		$ 3,000,000

Royalty and Commercial Payme_12

Royalty and Commercial Payment Purchase Agreements - Agenus (Details) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 20, 2018 USD ($) product	Nov. 30, 2020 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Agreements
Payments of consideration under RPAs, AAAs and CPPAs				$ 37,000	$ 14,650
Short-term royalty and commercial payment receivables			$ 12,682	12,682		$ 14,215
Royalty purchase agreement asset impairment			14,000	23,000	$ 1,575
Royalty Purchase Agreement \| Merck Immuno-Oncology Product \| Agenus
Agreements
Amount of milestone payments earned under agreement		$ 10,000
Agenus \| Royalty Purchase Agreement
Agreements
Payments of consideration under RPAs, AAAs and CPPAs	$ 15,000
Acquisition of royalty and commercial payment receivables, Long-Term	$ 15,000
Royalty purchase agreement asset impairment			14,000
Allowance for credit losses			$ 14,000	$ 14,000		$ 0
Agenus \| Royalty Purchase Agreement \| Incyte Immuno-Oncology Assets
Agreements
Royalties entity has right to receive (as a percent)	33%
Number of licensed products related to milestone and royalties \| product	6
Milestone payments entity has right to receive (as a percent)	10%
Agenus \| Royalty Purchase Agreement \| Merck Immuno-Oncology Product
Agreements
Royalties entity has right to receive (as a percent)	33%
Milestone payments entity has right to receive (as a percent)	10%
Purchased eligible milestone payments receivable upon achievement of potential development, regulatory and commercial milestones	$ 59,500
Amount of milestone payments earned under agreement		1,000
Reduction in long-term royalty receivable balance due to receipt of payment		$ 1,000

Royalty and Commercial Payme_13

Royalty and Commercial Payment Purchase Agreements - Aronora (Details)		1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 07, 2019 USD ($) multiplier item	Sep. 30, 2019 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Agreements
Payments of consideration under RPAs, AAAs and CPPAs					$ 37,000,000	$ 14,650,000
Contingent consideration under RPAs, AAAs and CPPAs			$ 4,000,000		4,000,000		$ 7,000,000
Short-term royalty and commercial payment receivables			12,682,000		12,682,000		14,215,000
Royalty purchase agreement asset impairment			$ 14,000,000		$ 23,000,000	$ 1,575,000
Aronora \| Royalty Purchase Agreement
Agreements
Number of drug candidates \| item	5
Non-royalties to be received (as a percent)	10%
Future non-royalty payments to be received (as a percent)	5%
Multiplier for cumulative amount of consideration paid \| multiplier	2
Payments of consideration under RPAs, AAAs and CPPAs	$ 6,000,000	$ 3,000,000
Threshold amount of cumulative royalties on net sales per product	250,000,000
Maximum royalty milestone payments to be paid per product	85,000,000
Acquisition of royalty and commercial payment receivables, Long-Term	9,000,000
Contingent consideration under RPAs, AAAs and CPPAs	3,000,000
Royalty purchase agreement asset impairment				$ 9,000,000
Amount of increase in allowance for credit loss				9,000,000
Allowance for credit losses							$ 0
Decrease in long-term royalty and commercial rights receivables due to impairment				$ 9,000,000
Aronora \| Royalty Purchase Agreement \| Minimum
Agreements
Threshold amount of cumulative royalties on net sales per product	25,000,000
Aronora \| Royalty Purchase Agreement \| SVB Loan
Agreements
Payments of consideration under RPAs, AAAs and CPPAs	$ 3,000,000
Aronora \| Royalty Purchase Agreement \| Bayer Products
Agreements
Number of drug candidates \| item	3
Number of drug candidates subject to exclusive license option \| item	1
Royalties entity has right to receive (as a percent)	100%
Non-royalties to be received (as a percent)	10%
Contingent future cash payment for each product	$ 1,000,000
Aronora \| Royalty Purchase Agreement \| Bayer Products \| Maximum
Agreements
Contingent consideration under RPAs, AAAs and CPPAs	$ 3,000,000
Aronora \| Royalty Purchase Agreement \| Non-Bayer Products
Agreements
Number of drug candidates	2
Non-royalties to be received (as a percent)	10%

Royalty and Commercial Payme_14

Royalty and Commercial Payment Purchase Agreements - Summary of Royalty Receivable Activities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	$ 72,167
Acquisition of Royalty and Commercial Payment Receivables, Cost Recovery Method	30,000
Receipt of Royalty and Commercial Payments, Cost Recovery Method	(16,770)
Recognition of Contingent Consideration, Cost Recovery Method	4,000
Impairment of Royalty and Commercial Payment Receivables, Recovery Method	(23,000)
Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method, Cost Recovery Method	(7,795)
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	58,602
Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method, EIR Method	7,795
Income from Purchased Receivables Under EIR Method	9,985
Receipt of Royalty and Commercial Payments, EIR Method	(9,493)
Balance at End of Period, Royalty and Commercial Payment Receivables, EIR Method	8,287
Dare
Agreements
Acquisition of Royalty and Commercial Payment Receivables, Cost Recovery Method	22,000
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	22,000
Talphera
Agreements
Acquisition of Royalty and Commercial Payment Receivables, Cost Recovery Method	8,000
Receipt of Royalty and Commercial Payments, Cost Recovery Method	(80)
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	7,920
LadRx
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	6,000
Recognition of Contingent Consideration, Cost Recovery Method	1,000
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	7,000
Aptevo
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	7,976
Receipt of Royalty and Commercial Payments, Cost Recovery Method	(794)
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	7,182
Agenus
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	14,000
Impairment of Royalty and Commercial Payment Receivables, Recovery Method	(14,000)
Aronora
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	9,000
Impairment of Royalty and Commercial Payment Receivables, Recovery Method	(9,000)
Palobiofarma
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	10,000
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	10,000
Viracta
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	8,500
Receipt of Royalty and Commercial Payments, Cost Recovery Method	(8,500)
Kuros
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	4,500
Balance at End of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	4,500
Affitech
Agreements
Balance at Beginning of Period, Royalty and Commercial Payment Receivables, Cost Recovery Method	12,191
Receipt of Royalty and Commercial Payments, Cost Recovery Method	(7,396)
Recognition of Contingent Consideration, Cost Recovery Method	3,000
Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method, Cost Recovery Method	(7,795)
Reclassification of Royalty and Commercial Payment Receivables from Cost Recovery to EIR Method, EIR Method	7,795
Income from Purchased Receivables Under EIR Method	9,985
Receipt of Royalty and Commercial Payments, EIR Method	(9,493)
Balance at End of Period, Royalty and Commercial Payment Receivables, EIR Method	$ 8,287

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Carried at FV on Recurring Basis and Exarafenib Milestone Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Exarafenib milestone asset (Note 4)	$ 3,125
Liabilities:
Exarafenib milestone contingent consideration (Note 4)	3,125
Fair Value, Recurring
Assets:
Cash equivalents	138,032	$ 28,352
Exarafenib milestone asset (Note 4)	3,125
Equity securities	785	161
Total financial assets	141,942	28,513
Liabilities:
Exarafenib milestone contingent consideration (Note 4)	3,125
Contingent consideration under RPAs, AAAs and CPPAs, measured at fair value		1,000
Total financial liabilities	3,125
Fair Value, Recurring \| Money market funds
Assets:
Cash equivalents	112,895	28,352
Fair Value, Recurring \| U.S. treasury bills
Assets:
Cash equivalents	25,137
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash equivalents	138,032	28,352
Equity securities	785	161
Total financial assets	138,817	28,513
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Assets:
Cash equivalents	112,895	28,352
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. treasury bills
Assets:
Cash equivalents	25,137
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Exarafenib milestone asset (Note 4)	3,125
Total financial assets	3,125
Liabilities:
Exarafenib milestone contingent consideration (Note 4)	3,125
Contingent consideration under RPAs, AAAs and CPPAs, measured at fair value		$ 1,000
Total financial liabilities	$ 3,125

Fair Value Measurements - Miles

Fair Value Measurements - Milestone Asset and Milestone Contingent Consideration (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Apr. 03, 2024
Fair Value Measurements
Exarafenib milestone asset (Note 4)	$ 3,125
Exarafenib milestone contingent consideration (Note 4)	3,125
Kinnate CVR holders \| CVR Agreement
Fair Value Measurements
Exarafenib milestone asset (Note 4)	3,100	$ 2,900
Exarafenib milestone contingent consideration (Note 4)	3,100	$ 2,900
Increase in Exarafenib milestone asset	200
Increase in Exarafenib milestone contingent consideration	$ 200

Fair Value Measurements - Equit

Fair Value Measurements - Equity Securities (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Closing common stock price \| Rezolute
Fair Value Measurements
Valuation assumptions, measurement input	4.85	0.99

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Jan. 11, 2024	Jun. 21, 2023	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 03, 2024	Dec. 31, 2023
Fair Value Measurements
Exarafenib milestone contingent consideration (Note 4)				$ 3,125
Contingent consideration under RPAs, AAAs and CPPAs				4,000			$ 7,000
Payments of consideration under RPAs, AAAs and CPPAs				37,000	$ 14,650
LadRx \| Assignment and Assumption Agreement and Royalty Purchase Agreement
Fair Value Measurements
Contingent consideration under RPAs, AAAs and CPPAs				1,000
Payments of consideration under RPAs, AAAs and CPPAs		$ 5,000
Contingent consideration, high-end of range				0
LadRx \| Assignment and Assumption Agreement and Royalty Purchase Agreement \| Regulatory milestones
Fair Value Measurements
Contingent consideration under RPAs, AAAs and CPPAs		1,000	$ 0	0		$ 0	$ 1,000
Payments of consideration under RPAs, AAAs and CPPAs	$ 1,000		$ 1,000	$ 1,000
Contingent consideration, high-end of range		$ 5,000

Lease Agreements - Leased facil

Lease Agreements - Leased facilities (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Apr. 03, 2024	Dec. 31, 2023	Nov. 10, 2023
Leases
Operating lease right-of-use assets		$ 335		$ 378
Operating lease liabilities		1,028		400
Current operating lease liabilities		434		54
Non-current operating lease liabilities		$ 594		$ 335
Leased facilities, Emeryville, California, with lease expiration of July 31, 2023
Leases
Period of lease extension	5 months
Existence of option to extend	false
Adjustment to right of use asset for lease modification	$ 100
Leased facilities, Emeryville, California, new lease - different location than previous lease
Leases
Lease term					65 months
Operating lease right-of-use assets					$ 400
Operating lease liabilities					$ 400
Leased facilities, Kinnate lease with lease expiration of June 30, 2026
Leases
Operating lease right-of-use assets			$ 0
Operating lease liabilities			$ 800

Lease Agreements - Maturity of

Lease Agreements - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lease Agreements
2024 (excluding the nine months ended September 30, 2024)	$ 117
2025	502
2026	300
2027	91
2028	102
Thereafter	36
Total undiscounted lease payments	1,148
Present value adjustment	(120)
Total net lease liability for operating leases	1,028	$ 400
Current operating lease liabilities	434	54
Non-current operating lease liabilities	$ 594	$ 335

Lease Agreements - Lease costs

Lease Agreements - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease costs
Operating lease cost	$ 36	$ 17	$ 97	$ 116
Variable lease cost		20	18	32
Total lease costs	$ 36	$ 37	$ 115	$ 148

Lease Agreements - Additional i

Lease Agreements - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Supplemental disclosure for the condensed consolidated statements of cash flows
Cash paid for amounts included in the measurement of lease liabilities, Operating cash flows under operating leases		$ 68	$ 121
Weighted-average remaining lease term, Operating leases	2 years 8 months 12 days	2 years 8 months 12 days		5 years 3 months 29 days
Weighted-average discount rate, Operating leases	8.18%	8.18%		8.50%
Sublease income	$ 100	$ 200

Long-Term Debt - Agreement (Det

Long-Term Debt - Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 15, 2023	Sep. 30, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Long-term debt
Current portion of long-term debt		$ 9,826	$ 9,826		$ 9,826	$ 5,543
Long-term debt		$ 108,089	$ 108,089		108,089	$ 118,518
Cash paid for interest					9,985
Principal repayment					$ 6,902
Common Stock Warrants, Exercise price of $35.00 per share
Long-term debt
Exercise price of warrants (in dollars per share)		$ 35	$ 35		$ 35	$ 35
Common Stock Warrants, Exercise price of $42.50 per share
Long-term debt
Exercise price of warrants (in dollars per share)		42.50	42.50		42.50	42.50
Common Stock Warrants, Exercise price of $50.00 per share
Long-term debt
Exercise price of warrants (in dollars per share)		$ 50	$ 50		$ 50	$ 50
Blue Owl Loan Agreement
Long-term debt
Maximum borrowing capacity	$ 140,000
Interest rate (as a percent)	9.875%
Security interest as a percentage of equity of wholly owned subsidiary	100%
Blue Owl Loan Agreement \| Common Stock Warrants, Issued December 2023
Long-term debt
Fair value of warrants	$ 1,500
Blue Owl Loan Agreement \| Common Stock Warrants, Exercise price of $35.00 per share
Long-term debt
Warrants to purchase shares of common stock	40,000
Exercise price of warrants (in dollars per share)	$ 35
Blue Owl Loan Agreement \| Common Stock Warrants, Exercise price of $42.50 per share
Long-term debt
Warrants to purchase shares of common stock	40,000
Exercise price of warrants (in dollars per share)	$ 42.50
Blue Owl Loan Agreement \| Common Stock Warrants, Exercise price of $50.00 per share
Long-term debt
Warrants to purchase shares of common stock	40,000
Exercise price of warrants (in dollars per share)	$ 50
Blue Owl Loan Agreement, Initial term loan
Long-term debt
Maximum borrowing capacity	$ 130,000
Aggregate principal amount	130,000
Proceeds from issuance of long-term debt, net	119,600
Fees and lender expenses	4,100
Amount deposited into reserve accounts to pay interest, administrative fees and operating expenses	6,300
Debt issuance costs	600	$ 700	$ 700		$ 700
Gross principal	130,000	$ 123,098	$ 123,098		$ 123,098	$ 130,000
Effective interest rate (as a percent)		11.16%	11.16%		11.16%	11.01%
Debt discount costs	5,300	$ 4,500	$ 4,500		$ 4,500
Debt discount, allocated fees and lender expenses	3,800
Current portion of long-term debt		9,826	9,826		9,826	$ 5,500
Long-term debt		108,089	108,089		108,089	118,500
Interest expense			$ 3,493		10,446	$ 600
Semi-annual payment, principal and interest		9,500		$ 7,400
Cash paid for interest		6,200		3,800
Principal repayment		$ 3,300		$ 3,600	6,902
Blue Owl Loan Agreement, Initial term loan \| Common Stock Warrants, Issued December 2023
Long-term debt
Fair value of warrants	1,500
Blue Owl Loan Agreement, Delayed draw term loan
Long-term debt
Maximum borrowing capacity	10,000
Proceeds from issuance of long-term debt					$ 0
Allocated costs for the term loan commitment	$ 300

Long-Term Debt - Balance (Detai

Long-Term Debt - Balance (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
Long-Term Debt - Balance (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 15, 2023
Long-term debt
Principal repayments			$ (6,902)
Less: current portion of long-term debt	$ (9,826)		(9,826)	$ (5,543)
Long-term debt	108,089		108,089	118,518
Blue Owl Loan Agreement, Initial term loan
Long-term debt
Gross principal	123,098		123,098	130,000	$ 130,000
Principal repayments	(3,300)	$ (3,600)	(6,902)
Unaccreted debt discount and debt issuance costs	(5,183)		(5,183)
Total carrying value net of principal repayments, unaccreted debt discount and debt issuance costs	117,915		117,915	124,000
Less: current portion of long-term debt	(9,826)		(9,826)	(5,500)
Long-term debt	$ 108,089		$ 108,089	$ 118,500

Long-Term Debt - Aggregate proj

Long-Term Debt - Aggregate projected future principal and discounts (Details) - Blue Owl Loan Agreement, Initial term loan - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 15, 2023
Long-term debt
2025	$ 11,274
2026	17,825
2027	23,885
2028	29,761
Thereafter	40,353
Total payments	$ 123,098	$ 130,000	$ 130,000

Long-Term Debt - Interest expen

Long-Term Debt - Interest expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Long-term debt
Accretion of debt discount and debt issuance costs		$ 996
Blue Owl Loan Agreement, Initial term loan
Long-term debt
Accrued interest expense	$ 3,085	9,450
Accretion of debt discount and debt issuance costs	408	996
Total interest expense	$ 3,493	$ 10,446	$ 600

Common Stock Warrants - Summary

Common Stock Warrants - Summary of Common Stock Warrants Outstanding (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Warrants
Warrant outstanding (in shares)	131,177	131,177
Common Stock Warrants, Issued May 2018
Warrants
Exercise price of warrants (in dollars per share)	$ 23.69
Warrant outstanding (in shares)	6,332	6,332
Common Stock Warrants, Issued March 2019
Warrants
Exercise price of warrants (in dollars per share)	$ 14.71	$ 14.71
Warrant outstanding (in shares)	4,845	4,845
Common Stock Warrants, Exercise price of $35.00 per share
Warrants
Exercise price of warrants (in dollars per share)	$ 35	$ 35
Warrant outstanding (in shares)	40,000	40,000
Common Stock Warrants, Exercise price of $42.50 per share
Warrants
Exercise price of warrants (in dollars per share)	$ 42.50	$ 42.50
Warrant outstanding (in shares)	40,000	40,000
Common Stock Warrants, Exercise price of $50.00 per share
Warrants
Exercise price of warrants (in dollars per share)	$ 50	$ 50
Warrant outstanding (in shares)	40,000	40,000

Commitments and Contingencies -

Commitments and Contingencies - Collaborative Agreements, Royalties and Milestone Payments (Details) $ in Millions	Sep. 30, 2024 USD ($) product
Commitments and Contingencies
Estimate of milestone payments \| $	$ 6.3
Assumed number of products per contract \| product	1

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Consideration (Details) - USD ($)					1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 11, 2024	Jun. 21, 2023	Mar. 29, 2023	Oct. 06, 2021	Jun. 30, 2023	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 03, 2024	Apr. 03, 2024	Dec. 31, 2023
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs							$ 4,000,000				$ 7,000,000
Exarafenib milestone contingent consideration							3,125,000
Payments of consideration under RPAs, AAAs and CPPAs							37,000,000	$ 14,650,000
Changes in estimated fair value of contingent consideration								$ 75,000
Short-term royalty and commercial payment receivables							12,682,000				14,215,000
Long-term royalty and commercial payment receivables							54,207,000				57,952,000
Assignment and Assumption Agreement and Royalty Purchase Agreement \| LadRx
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs							1,000,000
Payments of consideration under RPAs, AAAs and CPPAs		$ 5,000,000
Long-term royalty and commercial payment receivables							1,000,000
Assignment and Assumption Agreement and Royalty Purchase Agreement \| LadRx \| Regulatory milestones
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs		$ 1,000,000				$ 0	0		$ 0		1,000,000
Payments of consideration under RPAs, AAAs and CPPAs	$ 1,000,000					1,000,000	1,000,000
Commercial Payment Purchase Agreement \| Aptevo
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs			$ 50,000
Payments of consideration under RPAs, AAAs and CPPAs			$ 9,600,000		$ 50,000
Short-term royalty and commercial payment receivables							2,200,000				2,000,000
Commercial Payment Purchase Agreement \| Affitech
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs						0
Payments of consideration under RPAs, AAAs and CPPAs				$ 6,000,000		6,000,000
Commercial Payment Purchase Agreement \| Affitech \| Regulatory milestones
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs				$ 8,000,000
Commercial Payment Purchase Agreement \| Affitech \| Sales-based milestones, first and second
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs						$ 0					6,000,000
Long-term royalty and commercial payment receivables											$ 6,000,000
Commercial Payment Purchase Agreement \| Affitech \| Sales-based milestones, third
Commitments And Contingencies
Contingent consideration under RPAs, AAAs and CPPAs							3,000,000
Short-term royalty and commercial payment receivables							3,000,000
CVR Agreement \| Kinnate CVR holders
Commitments And Contingencies
Exarafenib milestone contingent consideration							$ 3,100,000			$ 2,900,000

Stock Based Compensation - ESPP

Stock Based Compensation - ESPP (Details)	9 Months Ended
Stock Based Compensation - ESPP (Details)	Sep. 30, 2024
2015 ESPP
Stock-based compensation
Purchase price of common stock under plan (as a percent)	85%

Stock Based Compensation - 2010

Stock Based Compensation - 2010 Plan Stock Options (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation
Number of shares, Granted	0	0	34,170
Employee Stock Option \| 2010 Plan
Stock-based compensation
Minimum age required for employees to qualify for immediate vesting of award			55 years
Threshold years required for retirement age			70 years
Weighted average assumptions
Dividend yield			0%	0%
Expected volatility			65%	70%
Risk-free interest rate			4.35%	3.60%
Expected term			5 years 9 months 14 days	5 years 9 months 14 days
Weighted-average grant-date fair value (in dollars per share)			$ 24.71	$ 13.46
Employee Stock Option \| 2010 Plan \| Employees
Stock-based compensation
Vesting period			3 years
Employee Stock Option \| 2010 Plan \| Directors
Stock-based compensation
Vesting period			1 year

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Option Inducement Awards (Details)		3 Months Ended			9 Months Ended
	Jan. 03, 2023 item $ / shares	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Mar. 31, 2023 $ / shares	Sep. 30, 2024 $ / shares shares
Stock-based compensation
Number of shares, Granted \| shares		0	0		34,170
Exercise price (in dollars per share)					$ 24.71
Stock Option Inducement Awards
Stock-based compensation
Stock price (in dollars per share)	$ 18.66
Number of shares, Granted \| shares					0
Stock Option Inducement Awards \| Executive Chairman of the Board and Interim CEO, Owen Hughes
Stock-based compensation
Number of award grants \| item	2
Stock Option Inducement Awards \| Chief Investment Officer, Bradley Sitko
Stock-based compensation
Number of award grants \| item	2
Stock Option Inducement Award, Exercise price of $18.66 per share
Stock-based compensation
Exercise price (in dollars per share)				$ 18.66
Weighted-average grant-date fair value (in dollars per share)				11.91
Stock Option Inducement Award, Exercise price of $30.00 per share
Stock-based compensation
Exercise price (in dollars per share)				30
Weighted-average grant-date fair value (in dollars per share)				$ 14.68

Stock Based Compensation - St_2

Stock Based Compensation - Stock Option Activity (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Stock-based compensation
Number of shares, Outstanding at beginning of period			2,730,068
Number of shares, Granted	0	0	34,170
Number of shares, Exercised			(246,599)
Number of shares, Forfeited, expired or cancelled			(34,840)
Number of shares, Outstanding at end of period	2,482,799		2,482,799		2,730,068
Number of shares, Exercisable at end of period	2,037,185		2,037,185
Weighted Average Exercise Price Per Share, Outstanding at beginning of period			$ 20.88
Weighted Average Exercise Price Per Share, Granted			24.71
Weighted Average Exercise Price Per Share, Exercised			6.51
Weighted Average Exercise Price Per Share, Forfeited, expired or cancelled			155.16
Weighted Average Exercise Price Per Share, Outstanding at end of period	$ 20.48		20.48		$ 20.88
Weighted Average Exercise Price Per Share, Exercisable at end of period	$ 19.73		$ 19.73
Weighted Average Contractual Remaining Term, Outstanding			5 years 11 months 8 days		6 years 3 months 14 days
Weighted Average Contractual Remaining Term, Exercisable			5 years 5 months 8 days
Aggregate Intrinsic Value, Outstanding	$ 20,224,000		$ 20,224,000		$ 10,638,000
Aggregate Intrinsic Value, Exercisable	18,416,000		18,416,000
Options exercised, aggregate intrinsic value			4,700,000	$ 18,000
Employee Stock Option
Stock-based compensation
Stock-based compensation expense	1,000,000		3,000,000
Unrecognized compensation expense related to stock options (in dollars)	$ 5,600,000		$ 5,600,000
Weighted-average remaining recognition period			1 year 11 months 12 days

Stock Based Compensation - Perf

Stock Based Compensation - Performance Stock Unit Awards (Details) - Performance Stock Unit Awards	1 Months Ended				9 Months Ended
	Apr. 30, 2024 shares	Jan. 31, 2024 shares	Oct. 31, 2023 shares	May 31, 2023 item D shares	Sep. 30, 2024 shares
Performance Stock Unit Awards
Granted (in shares)	10,000		18,200	430,400	285,000
Number of hurdles \| item				4
Vesting period				3 years
Number of consecutive calendar days used to calculate volume-weighted average stock price \| D				30
CEO, Owen Hughes
Performance Stock Unit Awards
Granted (in shares)		275,000
Share-Based Payment Arrangement, Tranche One
Performance Stock Unit Awards
Vesting (as a percent)				33.30%
Share-Based Payment Arrangement, Tranche Two
Performance Stock Unit Awards
Vesting period				2 years
Vesting (as a percent)				33.30%
Share-Based Payment Arrangement, Tranche Three
Performance Stock Unit Awards
Vesting period				3 years
Vesting (as a percent)				33.30%

Stock Based Compensation - Pe_2

Stock Based Compensation - Performance Stock Unit Awards Fair Value (Details) - Performance Stock Unit Awards - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			9 Months Ended	12 Months Ended
	Apr. 30, 2024	Oct. 31, 2023	May 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Stock-based compensation
Number of PSUs (in shares)	10,000	18,200	430,400	285,000
Aggregate amount of cost to be recognized				$ 11.9
Award Date, 2023
Stock-based compensation
Number of PSUs (in shares)					448,600
Award Date, 2024
Stock-based compensation
Number of PSUs (in shares)				285,000
Hurdle Price Per PSU - $30.00 \| Award Date, 2023
Stock-based compensation
Price per share (in dollars per share)					$ 30
Number of PSUs (in shares)					243,550
Hurdle Price Per PSU - $30.00 \| Award Date, 2023 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 11.42
Derived Service Period					8 months 8 days
Hurdle Price Per PSU - $30.00 \| Award Date, 2023 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 17.45
Derived Service Period					2 years 7 months 2 days
Hurdle Price Per PSU - $30.00 \| Award Date, 2024
Stock-based compensation
Price per share (in dollars per share)				$ 30
Number of PSUs (in shares)				165,900
Hurdle Price Per PSU - $30.00 \| Award Date, 2024 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 18.42
Derived Service Period				5 months 15 days
Hurdle Price Per PSU - $30.00 \| Award Date, 2024 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 19.71
Derived Service Period				8 months 26 days
Hurdle Price Per PSU - $35.00 \| Award Date, 2023
Stock-based compensation
Price per share (in dollars per share)					$ 35
Number of PSUs (in shares)					91,239
Hurdle Price Per PSU - $35.00 \| Award Date, 2023 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 10.16
Derived Service Period					11 months 4 days
Hurdle Price Per PSU - $35.00 \| Award Date, 2023 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 16.07
Derived Service Period					2 years 7 months 2 days
Hurdle Price Per PSU - $35.00 \| Award Date, 2024
Stock-based compensation
Price per share (in dollars per share)				$ 35
Number of PSUs (in shares)				55,290
Hurdle Price Per PSU - $35.00 \| Award Date, 2024 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 17.24
Derived Service Period				7 months 28 days
Hurdle Price Per PSU - $35.00 \| Award Date, 2024 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 17.67
Derived Service Period				11 months 15 days
Hurdle Price Per PSU - $40.00 \| Award Date, 2023
Stock-based compensation
Price per share (in dollars per share)					$ 40
Number of PSUs (in shares)					60,024
Hurdle Price Per PSU - $40.00 \| Award Date, 2023 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 9.07
Derived Service Period					1 year 1 month 13 days
Hurdle Price Per PSU - $40.00 \| Award Date, 2023 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 14.84
Derived Service Period					2 years 7 months 2 days
Hurdle Price Per PSU - $40.00 \| Award Date, 2024
Stock-based compensation
Price per share (in dollars per share)				$ 40
Number of PSUs (in shares)				34,029
Hurdle Price Per PSU - $40.00 \| Award Date, 2024 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 15.85
Derived Service Period				9 months 25 days
Hurdle Price Per PSU - $40.00 \| Award Date, 2024 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 16.14
Derived Service Period				1 year 1 month 24 days
Hurdle Price Per PSU - $45.00 \| Award Date, 2023
Stock-based compensation
Price per share (in dollars per share)					$ 45
Number of PSUs (in shares)					53,787
Hurdle Price Per PSU - $45.00 \| Award Date, 2023 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 8.12
Derived Service Period					1 year 3 months 7 days
Hurdle Price Per PSU - $45.00 \| Award Date, 2023 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)					$ 13.72
Derived Service Period					2 years 7 months 2 days
Hurdle Price Per PSU - $45.00 \| Award Date, 2024
Stock-based compensation
Price per share (in dollars per share)				$ 45
Number of PSUs (in shares)				29,781
Hurdle Price Per PSU - $45.00 \| Award Date, 2024 \| Minimum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 14.20
Derived Service Period				11 months 12 days
Hurdle Price Per PSU - $45.00 \| Award Date, 2024 \| Maximum
Stock-based compensation
Fair Value Per Share (in dollars per share)				$ 15.13
Derived Service Period				1 year 3 months 21 days

Stock Based Compensation - Pe_3

Stock Based Compensation - Performance Stock Unit Awards Activity (Details) - Performance Stock Unit Awards - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2024	Oct. 31, 2023	May 31, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Number of Unvested PSUs
Number of shares, Outstanding at beginning of period					448,600
Granted (in shares)	10,000	18,200	430,400		285,000
Number of shares, Outstanding at end of period				733,600	733,600	448,600
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)					$ 17.60
Balance (in dollars per share)				$ 16.26	$ 16.26	$ 15.40
Weighted Average Exercise Price Per Share
Stock-based compensation expense				$ 1.5	$ 5
Stock-based compensation expense, not yet recognized				$ 4.2	$ 4.2
Weighted-average remaining recognition period					1 year 1 month 17 days

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock Unit Awards (Details) - Restricted Stock Unit Awards - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2024	Sep. 30, 2024	Sep. 30, 2024
Stock-based compensation
Granted (in shares)	15,175
Vesting period	1 year
Weighted-average grant-date fair value of awards granted (in dollars per share)	$ 24.71
Vested (in shares)			0
Number of shares, Outstanding		15,175	15,175
Weighted-average grant-date fair value of award outstanding (in dollars per share)		$ 24.71	$ 24.71
Stock-based compensation expense		$ 0.1	$ 0.1
Stock-based compensation expense, not yet recognized		$ 0.2	$ 0.2
Weighted-average remaining recognition period			7 months 13 days

Stock Based Compensation - St_3

Stock Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
General and administrative
Stock-based compensation
Stock-based compensation expense	$ 2,590	$ 2,717	$ 8,136	$ 6,450

Capital Stock - Dividends (Deta

Capital Stock - Dividends (Details) - $ / shares	3 Months Ended
Capital Stock - Dividends (Details) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
O 2023 Q4 Dividends
Dividends
Dividend Declaration Date				Oct. 18, 2023
Dividend Payment Date				Jan. 15, 2024
O 2023 Q4 Dividends \| Series A
Dividends
Cash dividend declared (in dollars per share)				$ 0.53906
O 2023 Q4 Dividends \| Series B Depositary Shares
Dividends
Cash dividend declared (in dollars per share)				$ 0.52344
O 2024 Q1 Dividends
Dividends
Dividend Declaration Date			Feb. 21, 2024
Dividend Payment Date			Apr. 15, 2024
O 2024 Q1 Dividends \| Series A
Dividends
Cash dividend declared (in dollars per share)			$ 0.53906
O 2024 Q1 Dividends \| Series B Depositary Shares
Dividends
Cash dividend declared (in dollars per share)			$ 0.52344
O 2024 Q2 Dividends
Dividends
Dividend Declaration Date		May 15, 2024
Dividend Payment Date		Jul. 15, 2024
O 2024 Q2 Dividends \| Series A
Dividends
Cash dividend declared (in dollars per share)		$ 0.53906
O 2024 Q2 Dividends \| Series B Depositary Shares
Dividends
Cash dividend declared (in dollars per share)		$ 0.52344
O 2024 Q3 Dividends
Dividends
Dividend Declaration Date	Jul. 24, 2024
Dividend Payment Date	Oct. 15, 2024
O 2024 Q3 Dividends \| Series A
Dividends
Cash dividend declared (in dollars per share)	$ 0.53906
O 2024 Q3 Dividends \| Series B Depositary Shares
Dividends
Cash dividend declared (in dollars per share)	$ 0.52344

Capital Stock - BVF Ownership (

Capital Stock - BVF Ownership (Details) - BVF - Xoma Corporation - Common Stock	Sep. 30, 2024
Sale of stock
Ownership interest (as a percent)	30.90%
Ownership interest, if shares are converted (as a percent)	51.50%

Capital Stock - ATM Agreements

Capital Stock - ATM Agreements (Details) - USD ($) $ in Millions				38 Months Ended	69 Months Ended
	Aug. 05, 2021	Mar. 10, 2021	Dec. 18, 2018	Sep. 30, 2024	Sep. 30, 2024
2018 Common Stock ATM Agreement \| Common Stock
Sale of stock
Maximum amount of shares to be issued		$ 50	$ 30
Shares issued (in shares)					0
2021 ATM Agreement \| Series B Depositary Shares
Sale of stock
Maximum amount of shares to be issued	$ 50
Shares issued (in shares)				0
2021 ATM Agreement \| Series B Depositary Shares \| Maximum
Sale of stock
Sales commission paid per transaction (as a percent)			3%
Sales commission paid per transaction, preferred stock (as a percent)	3%

Capital Stock - Stock Repurchas

Capital Stock - Stock Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Jan. 02, 2024
Capital Stock
Stock repurchase program amount authorized				$ 50,000
Repurchase of common stock (in shares)	0		660
Repurchase of common stock		$ 13	$ 13

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended	9 Months Ended
Income Taxes (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Income Taxes
Income tax (expense) benefit	$ 0	$ 0
Unrecognized tax benefits	5.9	5.9
Unrecognized tax benefits that would impact effective tax rate	0	0
Unrecognized tax benefits expected to change significantly over the next twelve months	0	0
Accrued interest or penalties related to uncertain tax positions	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands		3 Months Ended		9 Months Ended
Subsequent Events (Details) $ in Thousands	Oct. 21, 2024 USD ($) item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Subsequent Event
Payments of consideration under RPAs, AAAs and CPPAs				$ 37,000	$ 14,650
Revenue from contracts with customers		$ 25	$ 225	$ 6,050	$ 1,350
Subsequent Event \| Twist Bioscience \| Royalty Purchase Agreement
Subsequent Event
Percentage of economics of programs acquired	50%
Number of partners associated with programs \| item	30
Upfront payment	$ 15,000
Maximum milestone payments entitled to receive	$ 500,000
Percentage of royalties entity is entitled to receive	50%