nice setup now.

Bull Case for XOMA XOMA’s upside potential is driven by the power of its royalty‑aggregation model. Unlike traditional biotech companies, XOMA does not carry the heavy cost or risk of drug development. Instead, it collects royalties on a diversified portfolio of partnered assets, many of which are in mid‑ to late‑stage clinical development. This structure creates asymmetric return potential: limited downside from operating costs, but significant upside if even a small number of partnered program