BVF PARTNERS L P/IL - 14 Jul 2026 Form 4 Insider Report for XOMA Royalty Corp (XOMA)

Reporting relationship: 10%+ Owner
Issuer ticker: XOMA
Reported as of: 14 Jul 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 16 Jul 2026, 17:02:46 UTC
Prior SEC filing: 26 Jun 2026
Source filing: View source filing
Reporting owner signature: BVF Partners L.P., By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President

Key filing fact

BVF PARTNERS L P/IL filed Form 4 for XOMA Royalty Corp (XOMA) on 16 Jul 2026.

Key facts

This page summarizes BVF PARTNERS L P/IL's Form 4 filing for XOMA Royalty Corp (XOMA).
4 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 16 Jul 2026, 17:02.

Change

Previous filing in this sequence was filed on 26 Jun 2026.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (10)

CIK 0001055947 Primary reporting owner

BVF PARTNERS L P/IL

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: BVF Partners L.P., By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President
Signature date: 16 Jul 2026

CIK 0000918923

BIOTECHNOLOGY VALUE FUND L P

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: Biotechnology Value Fund, L.P., By: BVF I GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer
Signature date: 16 Jul 2026

CIK 0001803805

BVF I GP LLC

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: BVF I GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer
Signature date: 16 Jul 2026

CIK 0001102444

BIOTECHNOLOGY VALUE FUND II LP

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: Biotechnology Value Fund II, L.P., By: BVF II GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer
Signature date: 16 Jul 2026

CIK 0001803806

BVF II GP LLC

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: BVF II GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer
Signature date: 16 Jul 2026

CIK 0001660683

Biotechnology Value Trading Fund OS LP

Relationship: Other*
Address: P.O. BOX 309 UGLAND HOUSE, GRAND CAYMAN, CAYMAN ISLANDS
Signature: BVF Partners OS Ltd., By: BVF Partners L.P., its sole member, By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President
Signature date: 16 Jul 2026

CIK 0001660684

BVF Partners OS Ltd.

Relationship: Other*
Address: P.O. BOX 309 UGLAND HOUSE, GRAND CAYMAN, CAYMAN ISLANDS
Signature: Biotechnology Value Trading Fund OS LP, By: BVF Partners L.P., its investment manager, BVF Inc., its general partner, By: /s/ Mark N. Lampert, President
Signature date: 16 Jul 2026

CIK 0001803809

BVF GP HOLDINGS LLC

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: BVF GP Holdings LLC, By: /s/ Mark N. Lampert, Chief Executive Officer
Signature date: 16 Jul 2026

CIK 0001056807

BVF INC/IL

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: BVF Inc., By: /s/ Mark N. Lampert, President
Signature date: 16 Jul 2026

CIK 0001233840

LAMPERT MARK N

Relationship: 10%+ Owner
Address: 44 MONTGOMERY STREET, 40TH FLOOR, SAN FRANCISCO
Signature: /s/ Mark N. Lampert
Signature date: 16 Jul 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -3,635,758
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F3, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -2,773,545
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F4, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -412,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: Direct
Footnotes: F1, F2, F5, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

XOMA transaction

Common Stock, $0.0075 par value per share

Disposition pursuant to a tender of shares in a change of control transaction

Transaction value
Shares: -772,000
Change %: -100%
Price
Shares after: 0
Date: 14 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F6, F7

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

BVF PARTNERS L P/IL is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 7 footnotes

Footnote F1

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Footnote F2

This Form 4 reports securities disposed of pursuant to an Agreement and Plan of Merger, dated April 27, 2026, as amended by Amendment No. 1 to the Agreement and Plan of Merger on May 16, 2026 (as amended, the "Merger Agreement"), by and among the Issuer, Ligand Pharmaceuticals Incorporated ("Parent"), Flex Merger Sub, Inc., a wholly owned subsidiary of Parent ("Merger Sub"), and XOMA Royalty Holdings Corporation ("HoldCo"), pursuant to which, among other things, the Parent acquired all of the outstanding shares of the common stock of the Issuer, effective July 14, 2026 (the "Merger").

Footnote F3

Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.

Footnote F4

Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.

Footnote F5

Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.

Footnote F6

Securities held in certain Partners managed accounts (the "Partners Managed Accounts"). Partners, as the investment manager of the Partners Managed Accounts, may be deemed to beneficially own the securities held by the Partners Managed Accounts. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities held by the Partners Managed Accounts. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities held by the Partners Managed Accounts.

Footnote F7

The Reporting Persons received the following in exchange for each share of the Issuer's common stock disposed of in connection with the Merger: $39.00 in cash per share of common stock and an amount of contingent value rights per share of common stock for potential cash payments.

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