X0202 SCHEDULE 13D/A 0000918923 XXXXXXXX LIVE 15 Common Stock, $0.0075 par value 07/14/2026 true 0000791908 98419J206 XOMA Royalty Corp

2200 POWELL STREET SUITE 310 EMERYVILLE CA 94608

JAMES KRATKY 415-525-8830 BVF PARTNERS L.P. 44 Montgomery St., 40th Floor San Francisco CA 94104 KENNETH A. SCHLESINGER, ESQ. 212-451-2300 OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York NY 10019 0000918923 N BIOTECHNOLOGY VALUE FUND L P a WC N DE 0.00 0.00 0.00 0.00 0.00 N 0 PN 0001803805 N BVF I GP LLC a AF N DE 0.00 0.00 0.00 0.00 0.00 N 0 OO 0001102444 N BIOTECHNOLOGY VALUE FUND II LP a WC N DE 0.00 0.00 0.00 0.00 0.00 N 0 PN 0001803806 N BVF II GP LLC a AF N DE 0.00 0.00 0.00 0.00 0.00 N 0 OO 0001660683 N Biotechnology Value Trading Fund OS LP a OO N E9 0.00 0.00 0.00 0.00 0.00 N 0 PN 0001660684 N BVF Partners OS Ltd. a OO N E9 0.00 0.00 0.00 0.00 0.00 N 0 CO 0001803809 N BVF GP HOLDINGS LLC a AF N DE 0.00 0.00 0.00 0.00 0.00 N 0 OO 0001055947 N BVF PARTNERS L P/IL a AF N DE 0.00 0.00 0.00 0.00 0.00 N 0 IA PN 0001056807 N BVF INC/IL a AF N DE 0.00 0.00 0.00 0.00 0.00 N 0 CO 0001233840 N LAMPERT MARK N a AF N X1 0.00 0.00 0.00 0.00 0.00 N 0 IN Common Stock, $0.0075 par value XOMA Royalty Corp 2200 POWELL STREET SUITE 310 EMERYVILLE CA 94608 Item 3 is hereby amended and restated to read as follows: As described in Items 4 and 5 below, the Reporting Persons no longer beneficially own any Shares. Item 4 is hereby amended to add the following: On July 14, 2026, the Issuer consummated the Merger with Ligand Pharmaceuticals Incorporated ("Parent") in accordance with the terms of that certain 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"). Pursuant to the Merger Agreement, Flex Merger Sub, Inc., a wholly owned subsidiary of Parent merged with and into XOMA Royalty Holdings Corporation ("HoldCo") (the "Merger"), with HoldCo surviving the Merger as a wholly owned subsidiary of Parent and the Issuer effected the Holding Company Reorganization (as defined in the Merger Agreement) and the Merger. Pursuant to the Merger Agreement and various other transactions, each Share was automatically converted into the right to receive (i) $39.00 per Share in cash, plus (ii) an amount of contingent value rights representing a right to receive potential cash payments. Accordingly, the Reporting Persons ceased to beneficially own any securities of the Issuer. Item 5(a) is hereby amended and restated to read as follows: As described in Item 4 above, the Reporting Persons no longer beneficially own any Shares. Item 5(c) is hereby amended to add the following: Except as set forth in Item 4 above, the Reporting Persons have not entered into any transactions in the securities of the Issuer during the past 60 days. Item 5(e) is hereby amended and restated to read as follows: As of July 14, 2026, the Reporting Persons ceased to be the beneficial owners of more than 5% of the outstanding Shares. BIOTECHNOLOGY VALUE FUND L P /s/ Mark N. Lampert 07/16/2026 BVF I GP LLC /s/ Mark N. Lampert 07/16/2026 BIOTECHNOLOGY VALUE FUND II LP /s/ Mark N. Lampert 07/16/2026 BVF II GP LLC /s/ Mark N. Lampert 07/16/2026 Biotechnology Value Trading Fund OS LP /s/ Mark N. Lampert 07/16/2026 BVF Partners OS Ltd. /s/ Mark N. Lampert 07/16/2026 BVF GP HOLDINGS LLC /s/ Mark N. Lampert 07/16/2026 BVF PARTNERS L P/IL /s/ Mark N. Lampert 07/16/2026 BVF INC/IL /s/ Mark N. Lampert 07/16/2026 LAMPERT MARK N /s/ Mark N. Lampert 07/16/2026