BVF group backs XOMA Royalty Corp (XOMA) merger with 21.4% locked-up stake

Rhea-AI Filing Summary

BVF-managed funds updated their ownership and support for XOMA Royalty Corp amid its planned merger with Ligand Pharmaceuticals. BVF and affiliated entities report beneficial ownership of 2,590,303 XOMA common shares, representing about 21.4% of the 12,129,405 shares outstanding as of April 23, 2026.

Certain BVF reporting persons signed a Voting and Support Agreement to vote their shares in favor of the merger and related transactions, appointing Ligand as proxy and agreeing not to sell or transfer their shares or assert appraisal rights during the agreement’s term. They also hold 5,003 shares of Series X Preferred Stock, convertible into 5,003,000 common shares, currently constrained by a 19.99% beneficial ownership cap that they plan to seek to increase to 45% to allow full conversion and voting for stockholder approval.

Insights

Event-driven equity analyst

BVF reaffirms a large, locked-up stake supporting XOMA’s merger with Ligand.

BVF and related entities disclose beneficial ownership of 2,590,303 XOMA shares, or about 21.4% of outstanding common stock. This sizable position, plus Series X Preferred Stock convertible into 5,003,000 shares, gives BVF meaningful influence on the merger outcome.

Certain BVF entities agreed to a Voting and Support Agreement, committing to vote in favor of the merger, appointing Ligand as proxy, and restricting transfers and appraisal rights. They intend to raise the Series X Beneficial Ownership Limitation from 19.99% to 45% to convert all preferred shares and vote the resulting common stock, which materially aligns their stake with closing the transaction.

Key Figures

Outstanding common shares: 12,129,405 shares BVF & affiliates common stake: 2,590,303 shares BVF common shares (Fund I): 1,322,758 shares +5 more

8 metrics

Outstanding common shares 12,129,405 shares Shares outstanding as of April 23, 2026

BVF & affiliates common stake 2,590,303 shares Beneficial ownership, about 21.4% of outstanding

BVF common shares (Fund I) 1,322,758 shares BVF beneficial ownership, about 10.9% of class

BVF2 common shares (Fund II) 1,267,545 shares BVF2 beneficial ownership, about 10.5% of class

Series X Preferred held 5,003 shares Convertible into 5,003,000 common shares

Conversion ratio 1,000 common shares/share Each Series X Preferred share’s conversion rate

Current ownership cap 19.99% Series X Beneficial Ownership Limitation before requested increase

Target ownership cap 45% Requested new Series X Beneficial Ownership Limitation

Key Terms

Agreement and Plan of Merger, Voting and Support Agreement, Series X Preferred Stock, Beneficial Ownership Limitation, +2 more

6 terms

Agreement and Plan of Merger regulatory

"the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement")"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

Voting and Support Agreement regulatory

"entered into a Voting and Support Agreement (the "Support Agreement") with Parent"

A voting and support agreement is a contract in which certain shareholders promise to vote their shares a specific way and back particular corporate actions, such as a sale, merger, or management proposal. It matters to investors because it creates predictability about the outcome of important votes—similar to a small group agreeing in advance to vote the same way—so it can lock in control, affect deal certainty and influence a stock’s market reaction.

Series X Preferred Stock financial

"5,003 shares of Series X Preferred Stock, convertible into an aggregate of 5,003,000 Shares"

Beneficial Ownership Limitation regulatory

"the "Series X Beneficial Ownership Limitation""

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

Attribution Parties regulatory

"together with their Attribution Parties (as defined in the Series X Preferred Stock Certificate"

appraisal rights regulatory

"agreed not to assert any appraisal rights with respect to the Merger"

A legal right that lets shareholders who dislike the price or terms of a buyout, merger or other major corporate change ask for an independent determination of the fair value of their shares instead of accepting the deal price. Think of it like asking a neutral referee to set the payout if you believe the offered price is too low. For investors, appraisal rights can provide a way to recover a higher cash value but can be slow, costly and create uncertainty around deal outcomes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

XOMA Royalty Corp

(Name of Issuer)

Common Stock, $0.0075 par value

(Title of Class of Securities)

98419J206

(CUSIP Number)

JAMES KRATKY
BVF PARTNERS L.P., 44 Montgomery St., 40th Floor
San Francisco, CA, 94104
415-525-8830

KENNETH A. SCHLESINGER, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BIOTECHNOLOGY VALUE FUND L P

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,322,758.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,322,758.00

11

Aggregate amount beneficially owned by each reporting person

1,322,758.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BVF I GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,322,758.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,322,758.00

11

Aggregate amount beneficially owned by each reporting person

1,322,758.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BIOTECHNOLOGY VALUE FUND II LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,267,545.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,267,545.00

11

Aggregate amount beneficially owned by each reporting person

1,267,545.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BVF II GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,267,545.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,267,545.00

11

Aggregate amount beneficially owned by each reporting person

1,267,545.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

Biotechnology Value Trading Fund OS LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BVF Partners OS Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BVF GP HOLDINGS LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,590,303.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,590,303.00

11

Aggregate amount beneficially owned by each reporting person

2,590,303.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BVF PARTNERS L P/IL

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,590,303.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,590,303.00

11

Aggregate amount beneficially owned by each reporting person

2,590,303.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.4 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

BVF INC/IL

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,590,303.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,590,303.00

11

Aggregate amount beneficially owned by each reporting person

2,590,303.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 98419J206

1

Name of reporting person

LAMPERT MARK N

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,590,303.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,590,303.00

11

Aggregate amount beneficially owned by each reporting person

2,590,303.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0075 par value
(b)	Name of Issuer: XOMA Royalty Corp
(c)	Address of Issuer's Principal Executive Offices: 2200 POWELL STREET, SUITE 310, EMERYVILLE, CALIFORNIA , 94608.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: On April 27, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Ligand Pharmaceuticals Incorporated, a Delaware corporation ("Parent"), and Flex Merger Sub, Inc., a Nevada corporation and wholly-owned subsidiary of Parent ("Merger Sub"), pursuant to which, Merger Sub will merge with and into HoldCo (as defined in the Merger Agreement) (the "Merger"), with HoldCo surviving the Merger as a wholly owned subsidiary of Parent, as more fully described in the Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 27, 2026. Concurrently with the execution of the Merger Agreement, certain of the Reporting Persons entered into a Voting and Support Agreement (the "Support Agreement") with Parent pursuant to which such Reporting Persons agreed, among other things, to vote their Shares in favor of the Merger Agreement and the other transactions contemplated by the Merger Agreement and to, promptly following the date of the Merger Agreement, convert all of their Series X Preferred Stock to Shares in order to permit them to vote the Shares issuable upon conversion in favor of the Company Stockholder Approval (as defined in the Merger Agreement). In addition, such Reporting Persons have irrevocably appointed Parent as proxy to vote such Reporting Persons' Shares pursuant to the Support Agreement. Further, the Reporting Persons agreed not to transfer, sell, pledge, encumber or otherwise dispose of any of their Shares during the term of the Support Agreement, subject to certain exceptions, and agreed not to assert any appraisal rights with respect to the Merger. The Support Agreement will terminate upon the earliest to occur of (i) the Effective Time (as defined in the Merger Agreement), (ii) the termination of the Support Agreement by written notice from Parent, and (iii) the valid termination of the Merger Agreement in accordance with its terms. The foregoing description of the Support Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Support Agreement, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based on 12,129,405 Shares outstanding as of April 23, 2026, which is the total number of Shares outstanding as reported in Exhibit 2.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2026. As of the date hereof, the Reporting Persons and the Partners Managed Accounts hold an aggregate of 5,003 shares of Series X Preferred Stock, convertible into an aggregate of 5,003,000 Shares. Each share of Series X Preferred Stock is convertible into 1,000 Shares. The Reporting Persons and the Partners Managed Accounts do not have the right to convert any portion of the Series X Preferred Stock held by them to the extent that, after giving effect to such conversion, they, together with their Attribution Parties (as defined in the Series X Preferred Stock Certificate of Designation of Preferences, Rights and Limitations), would beneficially own a number of Shares in excess of 19.99% of the number of Shares outstanding immediately after giving effect to the issuance of Shares pursuant to such conversion (the "Series X Beneficial Ownership Limitation"). As of the date hereof, the Series X Beneficial Ownership Limitation prohibits the conversion of all the Series X Preferred Stock held by the Reporting Persons and the Partners Managed Accounts. Pursuant to the Support Agreement, promptly following the date of the Support Agreement, the Reporting Persons shall (a) deliver a written notice to the Issuer to increase its Series X Beneficial Ownership Limitation to 45% pursuant to the terms of the Series X Preferred Stock, and (b) request in writing a waiver from the Issuer of the 61 day notice period and take all actions necessary to obtain such waiver. In addition, promptly following the execution of the Support Agreement, the Reporting Persons shall deliver to the Issuer a notice of conversion in the timeframe provided for in the Support Agreement providing for the conversion of all Series X Preferred Stock owned by the Reporting Persons. As of the date hereof, (i) BVF beneficially owned 1,322,758 Shares, excluding 2,313,000 Shares issuable upon the conversion of certain Series X Preferred Stock held by it, representing percentage ownership of approximately 10.9% of the Shares outstanding, (ii) BVF2 beneficially owned 1,267,545 Shares, excluding 1,506,000 Shares issuable upon the conversion of certain Series X Preferred Stock held by it, representing percentage ownership of approximately 10.5% of the Shares outstanding, (iii) Trading Fund OS beneficially owned 0 Shares, excluding 412,000 Shares issuable upon the conversion of certain Series X Preferred Stock held by it, representing percentage ownership of 0% of the Shares outstanding, and (iv) 0 Shares were held in the Partners Managed Accounts, excluding 772,000 Shares issuable upon the conversion of certain Series X Preferred Stock held in the Partners Managed Accounts, representing percentage ownership of 0% of the Shares outstanding. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 1,322,758 Shares beneficially owned by BVF, representing percentage ownership of approximately 10.9% of the Shares outstanding. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,267,545 Shares beneficially owned by BVF2, representing percentage ownership of approximately 10.5% of the Shares outstanding. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own 0 Shares, representing percentage ownership of 0% of the Shares outstanding. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 2,590,303 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 21.4% of the Shares outstanding. Partners, as the investment manager of BVF and BVF2, may be deemed to beneficially own the 2,590,303 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 21.4% of the Shares outstanding. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 2,590,303 Shares beneficially owned by Partners, representing percentage ownership of approximately 21.4% of the Shares outstanding. Mr. Lampert, as a director and officer of BVF Inc. may be deemed to beneficially own the 2,590,303 Shares beneficially owned by BVF Inc., representing percentage ownership of approximately 21.4% of the Shares outstanding.
(c)	Item 5(c) is hereby amended to add the following: The Reporting Persons have not transacted in the securities of the Issuer during the past sixty days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: On April 27, 2026, certain of the Reporting Persons entered into the Support Agreement, as defined and described in Item 4 above and attached hereto as Exhibit 99.1.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 99.1 - Form of Support Agreement, dated as of April 27, 2026, entered into by Ligand Pharmaceuticals Incorporated, Flex Merger Sub, Inc. and certain of the Reporting Persons (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 27, 2026).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BIOTECHNOLOGY VALUE FUND L P

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BVF I GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BIOTECHNOLOGY VALUE FUND II LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BVF II GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

Biotechnology Value Trading Fund OS LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BVF Partners OS Ltd.

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BVF GP HOLDINGS LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BVF PARTNERS L P/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

BVF INC/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	04/29/2026

LAMPERT MARK N

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert
Date:	04/29/2026

FAQ

How many XOMA Royalty Corp shares does BVF beneficially own according to this Schedule 13D/A?

BVF and affiliated entities report beneficial ownership of 2,590,303 XOMA common shares. This represents about 21.4% of the 12,129,405 shares outstanding as of April 23, 2026, giving BVF a significant minority stake in the company during the pending Ligand merger.

What is the relationship between XOMA Royalty Corp and Ligand Pharmaceuticals in this filing?

XOMA Royalty Corp entered into an Agreement and Plan of Merger with Ligand Pharmaceuticals and Flex Merger Sub, Inc. Under this deal, Merger Sub will merge into a holding company, which will survive as a wholly owned subsidiary of Ligand, as described in XOMA’s April 27, 2026 Form 8-K.

What is the Voting and Support Agreement BVF signed regarding XOMA (XOMA)?

Certain BVF reporting persons signed a Voting and Support Agreement with Ligand. They agreed to vote their XOMA shares in favor of the merger, not transfer or encumber those shares, not assert appraisal rights, and granted Ligand an irrevocable proxy to vote their shares during the agreement’s term.

How many Series X Preferred shares linked to XOMA does BVF hold and what can they convert into?

BVF and partners hold 5,003 shares of XOMA Series X Preferred Stock, convertible into 5,003,000 common shares. Each preferred share converts into 1,000 common shares, but conversion is currently limited by a 19.99% beneficial ownership cap that they plan to seek to increase to 45%.

What is the Series X Beneficial Ownership Limitation mentioned for XOMA Royalty Corp?

The Series X Beneficial Ownership Limitation restricts BVF and related accounts from converting Series X Preferred Stock if it would push their beneficial ownership above 19.99% of outstanding common shares. They plan to request increasing this cap to 45% and waiving the 61-day notice to convert all Series X shares.

Have BVF reporting persons traded XOMA Royalty Corp securities recently?

The filing states that the BVF reporting persons have not transacted in XOMA securities during the past sixty days. This means their disclosed ownership levels reflect holdings without recent purchases or sales in that lookback period, aside from the planned preferred stock conversion mechanics.