XOMA Royalty Taps New CFO to Steer Next Growth Phase

EMERYVILLE, Calif. – January 12, 2026 – XOMA Royalty Corporation (Nasdaq: XOMA) announced a significant leadership transition today, marking a new chapter in its financial strategy as it continues to solidify its position in the competitive biotech royalty market. Thomas Burns, the company's long-serving Chief Financial Officer, is stepping down after nearly two decades, passing the financial helm to seasoned biotech executive Jeffrey Trigilio.

The move comes at a pivotal moment for the royalty aggregator, which has recently engaged in a series of strategic portfolio-building activities. The transition signals a dual focus on honoring the foundational stability built by Burns while simultaneously gearing up for a new phase of growth and sophisticated dealmaking under Trigilio's leadership.

A Legacy of Transformation

Thomas Burns' departure marks the end of an era for XOMA. Having served the company for nearly two decades and as its CFO since 2017, his tenure was defined by a profound strategic pivot. Burns was a key architect in XOMA's successful transformation from a traditional drug development company into a streamlined biotechnology royalty aggregator.

This transition was a complex and critical undertaking, and CEO Owen Hughes acknowledged Burns' central role. “Tom’s leadership, guidance, and resourcefulness have been invaluable as the Company transitioned to and established itself as a royalty aggregator,” Hughes stated, thanking him for building the “strong financial foundation” that now supports the company’s future ambitions.

Under Burns' financial stewardship, XOMA refined its model of acquiring potential future milestone and royalty payments from other biotech companies, providing them with non-dilutive capital. This strategy culminated in a robust portfolio that includes revenue-generating commercial assets like VABYSMO® and OJEMDA™, alongside a pipeline of promising investigational compounds. His final quarters saw a flurry of activity, including the strategic acquisition of Mural Oncology plc and a complex royalty-sharing transaction with Takeda, underscoring the dynamic financial environment he managed until his departure.

In his departing statement, Mr. Burns reflected on this journey: “It has been a great honor to have played a key role in the XOMA Royalty journey. With multiple commercial assets and a robust portfolio that should deliver milestones and additional royalty streams for the foreseeable future, XOMA Royalty is firmly established in the biotech royalty segment of the healthcare ecosystem.”

New Leadership for the Next Growth Phase

Stepping into this crucial role is Jeffrey Trigilio, an executive with a deep and varied background in biotech finance, strategy, and operations. His appointment is a clear signal of XOMA's intent to sharpen its strategic execution and capital deployment. Trigilio is not just a numbers-focused CFO; his experience combines financial oversight with operational and strategic leadership.

He joins XOMA from Obsidian Therapeutics, where he served as both Chief Financial and Operating Officer. Before that, he was the CFO at Cullinan Therapeutics and honed his skills in corporate strategy and finance at the biotech giant Alexion Pharmaceuticals. This track record across different scales of biotech organizations—from development-stage companies to major commercial enterprises—provides him with a unique 360-degree view of the industry landscape.

Trigilio’s own words upon his appointment suggest a forward-looking and aggressive strategy. He praised the existing leadership's ability to identify “underappreciated value” and laid out his own mandate clearly. “Together we will continue to execute a strategy of disciplined capital deployment, robust diligence, and innovative deal structuring to enhance our royalty portfolio and generate value for shareholders,” he commented.

This focus on “innovative deal structuring” will be closely watched by investors and industry peers. It suggests Trigilio may leverage his experience to pursue more complex and creative agreements, potentially giving XOMA a competitive edge in sourcing and securing new royalty assets.

The State of the Portfolio and Strategy

Trigilio inherits a company in a strong position but one that requires sophisticated management to maintain its growth trajectory. XOMA's core business model—providing non-dilutive, non-recourse funding in exchange for future royalties—has proven resilient and essential in the capital-intensive biotech sector. The company has successfully built a diversified portfolio with rights to potential economics from dozens of assets.

Financially, the company has shown positive momentum. It reported profitability for the first three quarters of 2025, buoyed by incoming revenues and milestones from its commercial assets. This financial strength provides the dry powder necessary for future acquisitions. The company's stated goal is to achieve consistent cash flow positivity, a milestone that would further de-risk the business model for long-term investors.

The new CFO's challenge will be to build upon this foundation. He will oversee the integration of recent acquisitions and manage a portfolio that spans the entire drug development lifecycle, from pre-clinical candidates to marketed products. His mandate for disciplined capital deployment will be tested as XOMA competes with other royalty firms and financing sources for the most promising assets in the life sciences space.

Navigating a Competitive Landscape

The market for biotech royalties is both lucrative and highly competitive. Firms compete to identify promising drug candidates early and structure deals that balance risk and reward. Success requires not only capital but also deep scientific diligence, a strong industry network, and creative financial engineering.

Trigilio’s appointment appears to be a direct move to bolster XOMA’s capabilities in this arena. His background in corporate strategy and business development at companies like Alexion suggests a deep understanding of what makes a successful therapeutic program, while his CFO roles at Cullinan and Obsidian demonstrate his ability to finance and manage growth. This blend of skills is critical for a royalty aggregator that must evaluate both the science and the financials of potential deals.

Initial market reaction to the transition has been measured, with XOMA's stock seeing a slight dip on a day of elevated trading volume. This suggests investors are in a “wait-and-see” mode, processing the departure of a long-standing leader while evaluating the potential of his successor. Analysts had maintained generally positive outlooks on the company leading up to the announcement, citing its unique model and growing portfolio. The key question for the market is how effectively Trigilio will execute on his promise of enhancing the portfolio and generating shareholder value. His performance in the coming quarters, particularly in the sourcing and structuring of new deals, will be the ultimate measure of this new chapter for XOMA Royalty.