v3.26.3
Business Combinations, Asset Acquisitions, Transaction between Entities under Common Control, and Joint Venture Formation (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Consideration Transferred, Equity Interest
The acquisition-date fair value of the consideration transferred was $887.0 million (in thousands):
Cash paid for outstanding XOMA Royalty common stock ($39.00 per share)
$691,682 
XOMA Blue Owl Loan repayment114,621 
Cash paid for equity awards attributable to pre-combination service, including payroll taxes53,478 
XOMA transaction costs settled at acquisition27,232 
Total consideration transferred
$887,013 
Schedule of Net Assets Acquired
The following table summarizes the preliminary purchase price allocation to the assets acquired and liabilities assumed at July 14, 2026 (in thousands):
Cash and cash equivalents$2,916 
Restricted cash47,767 
Short-term investments782 
Accounts receivable, net200 
Receivable due from RemainCo21,780 
Derivative assets523 
Financial royalty assets: short term18,365 
Financial royalty assets: long term560,200 
Intangible assets103,000 
Equity-method investment13,700 
Operating lease right-of-use assets14,781 
Deferred tax assets54,582 
Other assets1,509 
Total identifiable assets acquired840,105 
Accounts payable and accrued liabilities(3,517)
Operating lease liabilities(21,997)
Contingent liabilities(30,009)
Deferred tax liability(3,888)
Total liabilities assumed(59,411)
Net identifiable assets acquired780,694 
Goodwill106,319 
Net assets acquired$887,013 
Business Combination, Pro Forma Information
The following unaudited pro forma information presents our combined results as if the XOMA Acquisition had occurred on January 1, 2025:
Three months endedNine months ended
September 30,September 30,
2026202520262025
Revenues and income$81,138 $129,850 $225,655 $259,894 
Net income (loss)$(18,800)$134,971 $767 $82,737 
Business Combination, Intangible Asset, Acquired, Indefinite-Lived The acquired financial royalty assets consisted of the following (in thousands):
Short-termLong-termTotal
Ojemda$3,003 $234,800 $237,803 
Vabysmo13,355 128,400 141,755 
Miplyffa1,413 38,300 39,713 
Ixinity594 5,300 5,894 
Financial royalty assets, effective interest rate method18,365 406,800 425,165 
Volixibat— $38,400 38,400 
Osavampator— 30,800 30,800 
REC-4881— 30,700 30,700 
Twist programs— 20,500 20,500 
Other— 33,000 33,000 
Financial royalty assets, non-accrual method— 153,400 153,400 
Total financial royalty assets$18,365 $560,200 $578,565 
Business Combination, Intangible Asset, Acquired, Finite-Lived
As of July 14, 2026, the fair value of the acquired intangible assets was $103.0 million. The intangible assets are subject to amortization and consisted of the following (in thousands, except useful life):
Fair valueUseful Life (years)
Mezagitamab$41,500 14
Ersodetug24,600 13
Anti-TL1A16,400 8
Kinnate programs5,500 6
Ficlatuzumab5,100 12
Rilvegostomig3,900 4
Cetrelimab3,700 10
Phage display library2,300 10
Total intangible assets$103,000