Market Newsdesk

CNH
announces Global Leadership Team appointment

Basildon, March 17, 2025

CNH (NYSE: CNH) today announces the appointment of Cameron Batten as Chief Communications Officer effective March 31, 2025. Mr. Batten will join the Company’s Global Leadership Team (GLT), which is empowered to carry out the fast and effective delivery of CNH’s strategic priorities for profitable long-term growth.

Cameron Batten has over 25 years of experience in communications across media and institutional/government relations, brand marketing, corporate reputation, employee engagement and social impact with top-tier consumer brands. Ahead of joining CNH, he served as Chief Communications Officer at Volkswagen Group of America. His past roles include Vice President of Brand Communications at Samsung Electronics America; Vice President of Card Communications at Capital One; Global Head of Workforce Communications at Johnson & Johnson; and Vice President of Communications at American Express.

“We have entered a new strategic chapter at CNH and that calls for a visionary storyteller who can harness the rich technology landscape to powerfully tell our story. In Cameron, CNH gains a wealth of expertise in communications and stakeholder engagement that will help us articulate our path, progress, and the positive impact we make everywhere, every day through our iconic brands,” said Gerrit Marx, Chief Executive Officer at CNH.

CNH Industrial

(NYSE: CNH) is a world-class equipment, technology and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally,

Case IH

and

New Holland

supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and

CASE

and

New Holland Construction Equipment

deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include:

STEYR

, for agricultural tractors;

Raven

, a leader in digital agriculture, precision technology and the development of autonomous systems;

Hemisphere

, a leading designer and manufacturer of high-precision satellite-based positioning, and heading technologies;

Flexi-Coil

, specializing in tillage and seeding systems;

Miller

, manufacturing application equipment; and

Eurocomach,

producing a wide range of
mini and midi excavators for the construction sector, including electric solutions.

Across a history spanning over two centuries, CNH has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH’s 40,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.

For more information and the latest financial and sustainability reports visit:

cnh.com

For news from CNH and its Brands visit:

media.cnh.com

Contacts:

Media Relations

Email: [email protected]

Investor Relations

Email: [email protected]

Forward-looking Statements

All statements other than statements of historical fact contained in this press release
including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

Forward-looking statements are based upon assumptions relating to the factors described in this
press release,
which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH’s control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

Further information concerning CNH, including factors that potentially could materially affect its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”).

All future written and oral forward-looking statements by CNH or persons acting on the behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2024 Annual Report and subsequent quarterly reports).

Attachment

• 20250317_PR_CNH_GLT_appointment

Doubled the royalty and milestone portfolio to over 120 royalty assets with significant milestone potential through five transactions in 2024

Completed two whole company acquisitions to unlock shareholder value

Day One’s OJEMDA™ (tovorafenib) and Zevra’s MIPLYFFA™ (arimoclomol) each received FDA approval

Cash receipts totaled $4.0 million in the fourth quarter and $46.3 million for the full year 2024

EMERYVILLE, Calif., March 17, 2025 (GLOBE NEWSWIRE) — XOMA Royalty Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported its fourth quarter and full year 2024 financial results and highlighted recent activities.

“Our balanced approach to building the scale of XOMA Royalty’s portfolio by selectively acquiring royalty economics across the lifecycle of drug development is beginning to bear fruit,” stated Owen Hughes, Chief Executive Officer of XOMA Royalty.  “Our growing commercial royalty portfolio of six assets is supported by VABYSMO® (faricimab), OJEMDA™, and MIPLYFFA™, while our Phase 3 portfolio, which now totals 11 assets, promises several key readouts in 2025, including ersodetug from Rezolute, seralutinib from Gossamer Bio, and Ovaprene® (non-hormonal vaginal ring) from Daré Biosciences.  With over $100 million in cash on hand and a clear path to sustainable cashflow from royalties alone, we are well-positioned to further our goal of driving value for patients and shareholders alike.”

Royalty and Milestone Acquisitions

Partner	Asset and Transaction Detail
Twist Bioscience	XOMA Royalty completed a $15 million royalty monetization agreement with Twist, acquiring 50% of the future milestones and royalties in 60-plus partnered early-stage programs across 30 companies enabled by Twist Bioscience’s Biopharma Solutions business unit.
Daré  Bioscience	XOMA Royalty added economic interests to three best- or first-in-category assets to its portfolio for a $22 million upfront payment.  XACIATO™ vaginal gel 2% is commercially available and marketed by Organon.  Bayer holds the U.S. rights to commercialize Ovaprene®, a hormone-free monthly intravaginal contraceptive, currently in Phase 3 clinical trials.  XOMA Royalty also acquired a synthetic royalty in Sildenafil Cream, 3.6%, a Phase 3-ready asset for female sexual arousal disorder.
Talphera, Inc.	XOMA Royalty acquired an economic interest in DSUVIA® (sufentanil sublingual tablet) from Talphera, Inc., for $8 million.  XOMA Royalty is entitled to royalties from DSUVIA® sales.  Alora Pharmaceuticals discontinued its DSUVIA® commercial activities in November 2024.  We remain eligible for payments from sales to the U.S. Department of Defense.

Company Acquisitions

Acquired Company	Rationale
Kinnate Biopharma	Kinnate stockholders received $2.5879 per share in cash plus a Contingent Value Right (CVR) on April 3, 2024.  The acquisition added approximately $7.8 million in cash and five assets to the XOMA Royalty portfolio.
Pulmokine Inc.	XOMA Royalty secured a milestone and royalty interest in Gossamer Bio and Chiesi Farmaceutici’s seralutinib held by Pulmokine, a private company.  Seralutinib is a Phase 3 asset being studied in pulmonary arterial hypertension (PAH), and Gossamer expects to initiate a registrational Phase 3 study in pulmonary hypertension associated with interstitial lung disease (PH-ILD) in 20251.  Acquisition cost was $20 million upfront.

Product Approvals

Partner	Event
Day One Biopharmaceuticals	The U.S. Food and Drug Administration (FDA) approved Day One’s OJEMDA™ (tovorafenib) for use in patients with pediatric low-grade glioma (pLGG).  XOMA Royalty earned a $9.0 million milestone upon the approval and recorded $2.7 million in income resulting from OJEMDA™ sales in 2024.  In addition, XOMA Royalty received an $8.1 million payment related to Day One’s sale of its priority review voucher.
Zevra Therapeutics	The FDA approved Zevra’s MIPLYFFA™ (arimoclomol) capsules as an orally delivered treatment for Niemann-Pick disease type C (NPC).  MIPLYFFA™ is indicated for use in combination with miglustat for the treatment of neurological manifestations of NPC in adult and pediatric patients 2 years of age and older.

Out-licensing Activities

Partner	Event
Alexion	In December 2024, following its acquisition of Amolyt, Alexion (an AstraZeneca company) exercised Amolyt’s option to continue developing anti-PTH1R monoclonal antibodies that originated from XOMA’s discovery efforts as potential treatments for primary hyperparathyroidism and humoral hypercalcemia of malignancy.  XOMA Royalty will be eligible to receive up to $10.5 million in milestone payments and royalties ranging from low single to low double-digits on net commercial sales. Upon Alexion’s exercise of the option, XOMA Royalty earned a $0.5 million payment.
Kinnate	In early 2025, XOMA Royalty secured license agreements with several parties for the five unpartnered Kinnate assets.  Per the terms of the acquisition, a portion of any upfront payments received by XOMA Royalty will be distributed to the Kinnate CVR holders.

Subsequent Events

Partner	Event
Rezolute	Received Breakthrough Therapy Designation from FDA for ersodetug (RZ358) for the treatment of hypoglycemia due to congenital hyperinsulinism (cHI)2. Announced the independent Data Monitoring Committee reviewed the safety data from eight infants ages 3 months to 1 year enrolled in the open-label portion of the sunRIZE Phase 3 study of ersodetug for the treatment of hypoglycemia due to cHI.  Their conclusion was the safety profile was such that infants may now be enrolled in the double-blind, placebo-controlled study3.
Castle Creek	XOMA Royalty added a royalty interest in D-Fi (FCX-007), a Phase 3 asset being developed by Castle Creek Biosciences, to the portfolio.  D-Fi is being studied in dystrophic epidermolysis bullosa (DEB), a rare progressive and debilitating skin disorder.  D-Fi has been granted Orphan Drug Designation for the treatment of DEB, as well as Rare Pediatric Disease, Fast Track, and Regenerative Medicine Advanced Therapy designations by the FDA. XOMA Royalty contributed $5 million to Castle Creek Biosciences’ $75 million syndicated royalty financing transaction.
Affitech Research AS	XOMA Royalty paid $6 million in milestones to Affitech related to VABYSMO® (faricimab-svoa) achieving specific sales thresholds.  This was the final payment due to Affitech.

Anticipated 2025 Events of Note

Partner	Event
Rezolute	Completion of enrollment in sunRIZE Phase 3 clinical trial, which is investigating ersodetug in infants and children with cHI.  Topline results are expected in the fourth quarter of 20252.  First patient dosed in Phase 3 registrational study for ersodetug for the treatment of hypoglycemia due to tumor hyperinsulinism4.
Gossamer / Chiesi	Presentation of topline results from the Phase 3 PROSERA study, a global registrational clinical trial in patients with WHO Function Class II and III pulmonary arterial hypertension (PAH).5  Initiation of a registrational Phase 3 study in pulmonary hypertension associated with interstitial lung disease (PH-ILD) in 2025.1
Takeda	First patient dosed in Takeda’s Phase 3 clinical trial investigating mezagitamab as a treatment for adults with chronic primary immune thrombocytopenia (ITP).
Daré  Bioscience	Commencement of one of two registrational Phase 3 clinical trials investigating Sildenafil Cream, 3.6%, for the treatment of female sexual arousal disorder6.

Fourth Quarter and Full Year 2024 Financial Results

Tom Burns, Chief Financial Officer of XOMA Royalty, commented, “Based upon the anticipated incoming cash payments from royalties alone, we have line of sight on becoming cash flow positive on a consistent basis.   The transient expenses associated with the Kinnate and Pulmokine acquisitions that impacted our 2024 financial results are coming to a close.  We expect our R&D and G&A expenses to normalize in the second half of 2025.”

Income and Revenue: XOMA Royalty recorded total income and revenues of $8.7 million and $28.5 million for the fourth quarter and full year of 2024, respectively.  In 2023, XOMA Royalty recorded total income and revenues of $1.8 million and $4.8 million for the fourth quarter and full year, respectively.  The increase for the full year of 2024 was primarily driven by an increase in our income from purchased receivables.

Research and Development (R&D) Expenses: R&D expenses were $0.9 million and $2.9 million in the fourth quarter and full year of 2024, respectively. R&D expenses in the fourth quarter and full year of 2023 were $25,000 and $0.1 million, respectively.  The increase of $2.8 million for the full year of 2024 is due to clinical trial costs related to KIN-3248 that were incurred subsequent to XOMA Royalty’s acquisition of Kinnate in April 2024.  The Company currently is winding down this trial.

General and Administrative (G&A) Expenses: G&A expenses were $7.0 million and $34.5 million for the fourth quarter and full year of 2024, respectively, compared with $7.3 million in the fourth quarter and $25.6 million for the full year of 2023.  The increase of $8.9 million for the full year of 2024 was primarily due to $7.4 million in costs associated with the acquisition of Kinnate, which primarily included $3.6 million in severance costs, $2.9 million in legal and consulting costs, $0.4 million in information technology costs, and $0.3 million in insurance costs.  In addition, stock-based compensation expenses increased in 2024 by $1.2 million primarily due to the performance stock unit (PSU) grant awarded to Mr. Hughes in connection with his appointment as full-time CEO in January 2024.

In the fourth quarter and full year of 2024, G&A expenses included $2.2 million and $10.3 million, respectively, of non-cash stock-based compensation expenses.  In the fourth quarter and full year of 2023, G&A expenses included $2.6 million and $9.1 million, respectively, of non-cash stock-based compensation expenses.

Credit Losses on Royalty and Commercial Payment Receivables (credit losses): In the fourth quarter of 2024, credit losses were $7.9 million related to the 2024 Talphera transaction.  For the year ended December 31, 2024, credit losses totaled $30.9 million, consisting of $14.0 million related to the 2018 Agenus transaction, $9.0 million related to the 2019 Aronora transaction, and $7.9 million related to the Talphera transaction.  For the year ended December 31, 2023, credit losses were $1.6 million related to the 2019 Bioasis transaction.  There were no credit losses in the fourth quarter of 2023.

Interest Expense: Interest expense was $3.4 million and $13.8 million for the fourth quarter and full year of 2024, respectively.  Interest expense in the fourth quarter and full year of 2023 was $0.6 million. Interest expense relates to the Blue Owl Loan established in December 2023.

Other Non-Comparable Transactions: Transactions for which there were no comparable period-over-period transactions include the following: In 2023, arbitration settlement costs of $4.1 million were paid in relation to a proceeding with one of XOMA Royalty’s licensees and a $14.2 million non-cash impairment charge was recorded in relation to the intangible ObsEva asset.  In 2024, the Company recognized a gain on the acquisition of Kinnate of $19.3 million and an $8.1 million change in fair value of embedded derivative related to the Viracta transaction.

Other Income, net: The Company reported other income, net, of $1.0 million and $6.9 million for the fourth quarter and full year of 2024, as compared to $0.4 million and $1.6 million in the corresponding periods of 2023.  The $5.3 million increase during the full year of 2024 was primarily driven by a $4.8 million increase in investment income due to higher balances on XOMA Royalty’s investments.  

Net Loss: Net loss for the fourth quarter and full year ended December 31, 2024, was $4.0 million and $13.8 million, respectively, primarily resulting from the $30.9 million in non-cash credit losses on purchased receivables.  Net loss for the fourth quarter and full year ended December 31, 2023, was $20.1 million and $40.8 million, respectively, which included $15.8 million in non-cash credit losses and impairment charges.

On December 31, 2024, XOMA Royalty had cash and cash equivalents of $106.4 million (including $4.8 million in restricted cash).  On December 31, 2023, XOMA Royalty had cash and cash equivalents of $159.6 million (including $6.3 million in restricted cash).  In 2024, XOMA Royalty received $46.3 million in cash receipts including $20.0 million in royalties and commercial payments, $19.3 million in other receipts from purchased receivables, and $7.1 million from licensees.  In addition, as of December 31, 2024, the Company netted approximately $7.8 million from its acquisition of Kinnate.  In 2024, XOMA Royalty deployed $65 million to acquire new milestone and royalty assets and paid $5.5 million in dividends on the XOMA Royalty Perpetual Preferred stocks.

About XOMA Royalty Corporation

XOMA Royalty is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health.  XOMA Royalty acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies.  When XOMA Royalty acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes.  The Company has an extensive and growing portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate).  For more information about the Company and its portfolio, please visit www.xoma.com or follow XOMA Royalty Corporation on LinkedIn.

Forward-Looking Statements/Explanatory Notes

Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the timing and amount of potential commercial payments to XOMA Royalty and other developments related to VABYSMO® (faricimab-svoa), OJEMDA™ (tovorafenib), MIPLYFFA™ (arimoclomol), XACIATO™ (clindamycin phosphate) vaginal gel 2%, IXINITY® [coagulation factor IX (recombinant)], and DSUVIA® (sufentanil sublingual tablet); the potential occurrences of the events listed under “Anticipated 2025 Events of Note”; the anticipated timings of regulatory filings and approvals related to assets in XOMA Royalty’s portfolio; and the potential of XOMA Royalty’s portfolio of partnered programs and licensed technologies generating substantial milestone and royalty proceeds over time.  In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will”, “would,” “could” or “should,” the negative of these terms or similar expressions.  These forward-looking statements are not a guarantee of XOMA Royalty’s performance, and you should not place undue reliance on such statements.  These statements are based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry, including those related to the fact that our product candidates subject to out-license agreements are still being developed, and our licensees may require substantial funds to continue development which may not be available; we do not know whether there will be, or will continue to be, a viable market for the products in which we have an ownership or royalty interest; and if the therapeutic product candidates to which we have a royalty interest do not receive regulatory approval, our third-party licensees will not be able to market them.  Other potential risks to XOMA Royalty meeting these expectations are described in more detail in XOMA Royalty’s most recent filing on Form 10-K and in other filings with the Securities and Exchange Commission.  Consider such risks carefully when considering XOMA Royalty’s prospects.  Any forward-looking statement in this press release represents XOMA Royalty’s beliefs and assumptions only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date.  XOMA Royalty disclaims any obligation to update any forward-looking statement, except as required by applicable law.

EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development.  Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development.

As of the date of this press release, the commercial assets in XOMA Royalty’s milestone and royalty portfolio are VABYSMO^® (faricimab-svoa), OJEMDA™ (tovorafenib), MIPLYFFA™ (arimoclomol), XACIATO™ (clindamycin phosphate) vaginal gel 2%, IXINITY® [coagulation factor IX (recombinant)], and DSUVIA® (sufentanil sublingual tablet).  All other assets in the milestone and royalty portfolio are investigational compounds.  Efficacy and safety have not been established.  There is no guarantee that any of the investigational compounds will become commercially available.

XOMA ROYALTY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
	Year Ended December 31,
		2024				2023
Income and revenues:
Income from purchased receivables under the EIR method	$	15,066			$	—
Income from purchased receivables under the cost recovery method		3,201				—
Revenue from contracts with customers		6,650				2,650
Revenue recognized under units-of-revenue method		3,570				2,108
Total income and revenues		28,487				4,758
Operating expenses:
Research and development		2,875				143
General and administrative		34,478				25,606
Credit losses on purchased receivables		30,904				1,575
Impairment charges		—				14,253
Arbitration settlement costs		—				4,132
Amortization of intangible assets		206				897
Total operating expenses		68,463				46,606
Loss from operations		(39,976	)			(41,848	)
Other income (expense):
Gain on the acquisition of Kinnate		19,316				—
Change in fair value of embedded derivative related to RPA		8,100				—
Interest expense		(13,840	)			(569	)
Other income (expense), net		6,921				1,586
Net loss before income tax		(19,479	)			(40,831	)
Income tax benefit		5,658				—
Net loss	$	(13,821	)		$	(40,831	)
Net loss attributable to common stockholders, basic	$	(19,293	)		$	(46,303	)
Basic net loss per share attributable to common stockholders	$	(1.65	)		$	(4.04	)
Weighted average shares used in computing basic net loss per share attributable to common stockholders		11,701				11,471
Net loss attributable to common stockholders, diluted	$	(19,293	)		$	(46,303	)
Diluted net loss per share attributable to common stockholders	$	(1.65	)		$	(4.04	)
Weighted average shares used in computing diluted net loss per share attributable to common stockholders		11,701				11,471

XOMA ROYALTY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
	December 31,				December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents	$	101,654			$	153,290
Short-term restricted cash		1,330				160
Investment in equity securities		3,529				161
Trade and other receivables, net		1,839				1,004
Short-term royalty and commercial payment receivables under the EIR method		14,763				—
Short-term royalty and commercial payment receivables under the cost recovery method		413				14,215
Prepaid expenses and other current assets		2,076				483
Total current assets		125,604				169,313
Long-term restricted cash		3,432				6,100
Property and equipment, net		32				25
Operating lease right-of-use assets		319				378
Long-term royalty and commercial payment receivables under the EIR method		4,970				—
Long-term royalty and commercial payment receivables under the cost recovery method		55,936				57,952
Exarafenib milestone asset		3,214				—
Intangible assets, net		25,909				—
Other assets – long term		1,861				533
Total assets	$	221,277			$	234,301
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,053			$	653
Accrued and other liabilities		5,752				2,768
Contingent consideration under RPAs, AAAs, and CPPAs		3,000				7,000
Operating lease liabilities		446				54
Unearned revenue recognized under units-of-revenue method		1,361				2,113
Preferred stock dividend accrual		1,368				1,368
Current portion of long-term debt		11,394				5,543
Total current liabilities		24,374				19,499
Unearned revenue recognized under units-of-revenue method – long-term		4,410				7,228
Exarafenib milestone contingent consideration		3,214				—
Long-term operating lease liabilities		483				335
Long-term debt		106,875				118,518
Total liabilities		139,356				145,580
Stockholders’ equity:
Preferred Stock, $0.05 par value, 1,000,000 shares authorized:
8.625% Series A cumulative, perpetual preferred stock, 984,000 shares issued and outstanding at December 31, 2024 and December 31, 2023		49				49
8.375% Series B cumulative, perpetual preferred stock, 1,600 shares issued and outstanding at December 31, 2024 and December 31, 2023		—				—
Convertible preferred stock, 5,003 issued and outstanding at December 31, 2024 and December 31, 2023		—				—
Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,952,377 and 11,495,492 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		90				86
Additional paid-in capital		1,318,766				1,311,809
Accumulated other comprehensive income		73				—
Accumulated deficit		(1,237,057	)			(1,223,223	)
Total stockholders’ equity		81,921				88,721
Total liabilities and stockholders’ equity	$	221,277			$	234,301

XOMA ROYALTY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
	Year Ended December 31,
		2024				2023
Cash flows from operating activities:
Net loss	$	(13,821	)		$	(40,831	)
Adjustments to reconcile net loss to net cash used in operating activities:
Income from purchased receivables under the EIR method		(15,066	)			—
Stock-based compensation expense		10,312				9,099
Credit losses on purchased receivables		30,904				1,575
Impairment charges		—				14,253
Gain on the acquisition of Kinnate		(19,316	)			—
Income tax benefit		(5,658	)			—
Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs		—				(75	)
Common stock contribution to 401(k)		118				123
Amortization of intangible assets		206				897
Depreciation		10				3
Accretion of long-term debt discount and debt issuance costs		1,350				34
Non-cash lease expense		60				119
Change in fair value of equity securities		(131	)			174
Change in fair value of available-for-sale debt securities classified as cash equivalents		73				—
Changes in assets and liabilities:
Trade and other receivables, net		(835	)			(1,003	)
Prepaid expenses and other assets		302				219
Accounts payable and accrued liabilities		1,598				(523	)
Operating lease liabilities		(284	)			(114	)
Unearned revenue recognized under units-of-revenue method		(3,570	)			(2,108	)
Net cash used in operating activities		(13,748	)			(18,158	)
Cash flows from investing activities:
Net cash acquired in Kinnate acquisition		18,926				—
Net payment for IP acquired under the Pulmokine acquisition		(20,176	)			—
Payments of consideration under RPAs, AAAs, and CPPAs		(53,000	)			(14,650	)
Receipts under RPAs, AAAs, and CPPAs		29,248				13,956
Purchase of equity securities		(3,237	)			—
Purchase of property and equipment		(20	)			(17	)
Net cash used in investing activities		(28,259	)			(711	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		—				130,000
Principal payments — debt		(6,902	)			—
Debt issuance costs and loan fees paid in connection with long-term debt		(740	)			(4,253	)
Payment of preferred stock dividends		(5,472	)			(5,472	)
Repurchases of common stock		(13	)			—
Proceeds from exercise of options and other share-based compensation		5,214				466
Taxes paid related to net share settlement of equity awards		(3,214	)			(148	)
Net cash (used in) provided by financing activities		(11,127	)			120,593
Net (decrease) increase in cash, cash equivalents, and restricted cash		(53,134	)			101,724
Cash, cash equivalents, and restricted cash as of the beginning of the period		159,550				57,826
Cash, cash equivalents, and restricted cash as of the end of the period	$	106,416			$	159,550
Supplemental Cash Flow Information:
Cash paid for interest	$	9,985			$	—
Right-of-use assets obtained in exchange for operating lease liabilities	$	—			$	468
Non-cash investing and financing activities:
Issuance of common stock warrants in connection with long-term debt	$	—			$	1,470
Accrued issuance costs in connection with issuance of long-term debt	$	—			$	501
Estimated initial fair value of the contingent consideration under the LadRx Agreement	$	—			$	1,000
Estimated initial fair value of the Exarafenib milestone asset in Kinnate acquisition	$	2,922			$	—
Estimated initial fair value of the Exarafenib milestone contingent consideration in Kinnate acquisition	$	(2,922	)		$	—
Right-of-use assets obtained in exchange for operating lease liabilities in Kinnate acquisition	$	824			$	—
Relative fair value basis reduction of right-of-use assets in Kinnate acquisition	$	(824	)		$	—
Accrual of contingent consideration under the Affitech CPPA	$	3,000			$	6,000
Accrual of contingent consideration under the LadRx AAA	$	1,000				—
Preferred stock dividend accrual	$	1,368			$	1,368

Investor contact:	Media contact:
Juliane Snowden	Kathy Vincent
XOMA Royalty Corporation	KV Consulting & Management
+1-646-438-9754	+1-310-403-8951
[email protected]	[email protected]

¹ https://ir.gossamerbio.com/news-releases/news-release-details/gossamer-bio-announces-fourth-quarter-and-full-year-2024
² https://ir.rezolutebio.com/news/detail/345/rezolute-receives-breakthrough-therapy-designation-from-fda-for-ersodetug-in-the-treatment-of-hypoglycemia-due-to-congenital-hyperinsulinism
³ https://ir.rezolutebio.com/news/detail/347/rezolute-provides-update-on-its-phase-3-sunrize-study-of-ersodetug-for-the-treatment-of-hypoglycemia-due-to-congenital-hyperinsulinism
⁴ https://ir.rezolutebio.com/news/detail/337/rezolute-announces-fda-clearance-of-ind-application-for-phase-3-registrational-study-of-rz358-for-treatment-of-hypoglycemia-due-to-tumor-hyperinsulinism
⁵ https://ir.gossamerbio.com/news-releases/news-release-details/gossamer-bio-announces-fourth-quarter-and-full-year-2024
⁶ https://ir.darebioscience.com/news-releases/news-release-details/dare-bioscience-announces-phase-3-plans-sildenafil-cream-36

PITTSBURGH, March 17, 2025 (GLOBE NEWSWIRE) — Coherent Corp. (NYSE: COHR), a global leader in photonics, announces the launch of its 2D Collimator Array, an advanced optical assembly designed for optical circuit switches (OCS).

OCS technology is rapidly emerging as a promising switching solution for advanced data centers supporting artificial intelligence (AI), machine learning (ML), and high-performance computing (HPC) applications.

At the core of an OCS, 2D Collimator Array by Coherent is essential for enabling matrix optical signal switching, integrating a 2D lens array and a 2D fiber array. This advanced design provides high port density, exceptional precision, and superior reliability, enhancing the overall performance of OCS systems. The multi-beam input and output architecture developed by Coherent and customization options support co-design with customers, strengthening the company’s role as a trusted partner in tailored optical solutions.

“Coherent is proud to introduce the innovative 2D Collimator Array to meet the growing demands of switching systems in AI and supercomputing,” said Guanglong Yu, Vice President of R&D at Coherent. “Our advanced assembly platform ensures unparalleled precision and reliability, positioning Coherent as a leader in next-generation optical switching technology.”

Visit Coherent booth #1519 at OFC 2025 in San Francisco April 1-3 for more information on the 2D Collimator Array and additional OCS related products.

About Coherent

Coherent empowers market innovators to define the future through breakthrough technologies, from materials to systems. We deliver innovations that resonate with our customers in diversified applications for the industrial, communications, electronics, and instrumentation markets. Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. For more information, please visit us at coherent.com.  

Media Contact

:

[email protected] 

BOCA RATON, Fla., March 17, 2025 (GLOBE NEWSWIRE) — SpringBig Holdings, Inc. (“Springbig” or the “Company”) (OTCQX: SBIG), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs, today announced the acquisition of VICE CRM, an AI-enabled performance marketing platform designed to optimize ROI for consumer marketing campaigns in highly regulated industries.

In addition, the Company has appointed VICE CRM founder, Jaret Christopher, as Chief Executive Officer effective April 1, 2025.

Jaret Christopher brings extensive leadership experience in SaaS-based businesses and knowledge of the cannabis market. Most recently, Jaret was General Manager and Vice President, CRM Software at WM Technologies, Inc., a position he held until last year following the sale of Sprout, a CRM and marketing software company he founded, to WM Technologies, Inc. in 2021. Prior to starting Sprout in 2017, Jaret was founder and CEO of multiple SaaS-based technology start-up businesses that he led to successful exits.

As previously announced on January 22, 2025, Jeffrey Harris, the Founder and Chairman of Springbig, will step down as CEO of the Company on March 31, 2025. “I am delighted that Jaret is joining the Company as its CEO to guide the Company through the next phase of growth and development. Jaret brings extensive knowledge of the cannabis market and has an exceptional record of creating shareholder value”, said Jeffrey Harris. Jaret will serve as President of Springbig until Jeffrey Harris steps down, at which point Jaret will be appointed CEO.

Marc Shiffman, lead independent director of the Company, said “I am pleased to welcome Jaret as CEO at Springbig. We are excited to have brought on somebody with a track record of building SaaS companies and shareholder value creation throughout his career. His vision to use AI to elevate Springbig’s performance marketing platform will be a foundational piece in the continuing evolution of the Company.”

The closing of the acquisition of VICE CRM remains subject to customary confirmatory review, and which is anticipated to be completed over next several weeks.

About Springbig

Springbig is a market-leading software platform providing customer loyalty and marketing automation solutions to retailers and brands in the U.S. and Canada. Springbig’s platform connects consumers with retailers and brands, primarily through SMS marketing, as well as emails, customer feedback system, and loyalty programs, to support retailers’ and brands’ customer engagement and retention. Springbig offers marketing automation solutions that provide for consistency of customer communication, thereby driving customer retention and retail foot traffic. Additionally, Springbig’s reporting, and analytics offerings deliver valuable insights that clients utilize to better understand their customer base, purchasing habits and trends. For more information, visit https://springbig.com/.

Forward Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The words “will,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events and financial results that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the closing of the acquisition of VICE CRM, the fact that we have a relatively short operating history in a rapidly evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful; that if we do not successfully develop and deploy new software, platform features or services to address the needs of our clients, if we fail to retain our existing clients or acquire new clients, and/or if we fail to expand effectively into new markets, our revenue may decrease and our business may be harmed; and the other risks and uncertainties described under “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on April 1, 2024, as well as the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024, and other periodic reports filed by the Company from time to time with the SEC. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Springbig), and other assumptions, which may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

Investor Relations Contacts
Claire Bollettieri	Paul Sykes
VP of Investor Relations	Chief Financial Officer
[email protected]

ATLANTA, March 17, 2025 (GLOBE NEWSWIRE) — Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, announced today it has signed an agreement to acquire a facility in Houston, Texas for a total investment of approximately $127 million including planned expansion and equipment upgrades. The acquisition will add roughly 35,700 pallet positions to Americold’s cold storage warehouse portfolio.

“The catalyst for this acquisition was the award of a large grocery retail contract with one of the world’s largest retailers. The new business represents a significant win in our $200M sales initiative. This is a compelling example of Americold’s strategy to expand its market-leading presence in the high-turn, retail segment of the cold storage supply chain.” said George Chappelle, Chief Executive Officer at Americold. Mr. Chappelle also added, “This acquisition also furthers our strategy to purchase assets in key markets to support customer growth and deliver the world-class service that customers have come to expect from Americold.”

Rob Chambers, President – Americas, added “We have a strong existing presence in the Houston area and were recently awarded a large new fixed-commitment contract with a prominent retail customer. By acquiring this facility, we are able to efficiently reposition existing customers’ inventory and accommodate this attractive new growth opportunity in the fast-turning retail segment where we already enjoy the highest market share in the cold storage industry. Further, the incremental investment we are making into this facility will allow it to service the mix of Americold’s customers in this market. Customers continue to recognize Americold for our commitment to customer service and operational excellence, and our new business pipeline remains robust. Today’s announcement underscores Americold’s commitment to capturing disciplined and profitable growth opportunities that create long-term value for our shareholders.”

The acquired facility was constructed in 2022, has 10.7 million cubic feet, and is located in the Cedar Port Industrial Park in Baytown, Texas. The acquisition includes approximately 16 acres of adjacent land that could be used for future expansion projects.

The Company anticipates the return on this acquisition will be consistent with the stated return expectations for similar acquisitions in the past.

About the Company

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 239 temperature-controlled warehouses, with approximately 1.4 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system, defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include but are not limited to those regarding future intended use of the acquired property; the anticipated benefits of the transaction, including any anticipated return on investment; expected synergies resulting from the transaction; the expected timing to close the transaction; the likelihood and ability of the parties to successfully consummate the transaction and our plans for future growth and development. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:

Americold Realty Trust, Inc.

Investor Relations

Email: [email protected]