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XOMA Royalty Corporation operates as a biotech royalty aggregator in the United States, Switzerland, the Asia Pacific, and Australia. It has a portfolio of economic rights to future potential milestone and royalty payments associated with commercial products and pre-commercial therapeutic candidates. The company also focuses on early to mid-stage clinical assets primarily in Phase 1 and 2 with commercial sales potential that are licensed to sponsors or developers; and acquires milestone and royalty revenue streams on late-stage clinical assets and commercial assets. It has a portfolio with various assets. The company was formerly known as XOMA Corporation and changed its name to XOMA Royalty Corporation in July 2024. XOMA Royalty Corporation was incorporated in 1981 and is headquartered in Emeryville, California. As of July 14, 2026, XOMA Royalty Corporation operates as a subsidiary of Ligand Pharmaceuticals Incorporated.