XOMA Corporation specializes in aggregating biotechnology royalties, operating globally across Europe, the United States, and the Asia Pacific. The company acquires future economic rights, such as royalties and milestone payments, linked to therapeutic candidates still in pre-commercial development that have been licensed to pharmaceutical or biotechnology companies. Its primary focus is on early to mid-stage clinical assets, typically in Phase 1 and 2, which hold significant commercial potential and are partnered with other firms.