CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income and revenues:
Income from purchased receivables under the EIR method	$ 6,962,000	$ 5,423,000	$ 19,039,000	$ 9,985,000
Income from purchased receivables under the cost recovery method	1,857,000	1,040,000	9,125,000	1,910,000
Revenue from contracts with customers	225,000	25,000	9,250,000	6,050,000
Revenue recognized under units-of-revenue method	307,000	709,000	978,000	1,828,000
Total income and revenues	9,351,000	7,197,000	38,392,000	19,773,000
Operating expenses:
Research and development	69,000	817,000	1,431,000	2,011,000
General and administrative	9,734,000	8,020,000	25,682,000	27,485,000
Credit losses on purchased receivables		14,000,000		23,000,000
Amortization of intangible assets	878,000		2,077,000
Total operating expenses	10,681,000	22,837,000	29,190,000	52,496,000
Income (loss) from operations	(1,330,000)	(15,640,000)	9,202,000	(32,723,000)
Other (expense) income, net:
Gains on acquisitions	18,004,000		18,004,000	19,316,000
Change in fair value of embedded derivative related to RPA				8,100,000
Interest expense	(3,301,000)	(3,493,000)	(10,004,000)	(10,446,000)
Other income, net	727,000	1,890,000	8,456,000	5,900,000
Net income (loss) before tax	14,100,000	(17,243,000)	25,658,000	(9,853,000)
Income tax expense	(49,000)		(49,000)
Net income (loss)	14,051,000	(17,243,000)	25,609,000	(9,853,000)
Net income (loss) available to (attributable to) common stockholders, basic	8,981,000	(18,611,000)	15,192,000	(13,957,000)
Net income (loss) available to (attributable to) common stockholders, diluted	$ 12,683,000	$ (18,611,000)	$ 21,505,000	$ (13,957,000)
Net income (loss) per share available to (attributable to) common stockholders, basic (in dollars per share)	$ 0.74	$ (1.59)	$ 1.26	$ (1.2)
Net income (loss) per share available to (attributable to) common stockholders, diluted (in dollars per share)	$ 0.7	$ (1.59)	$ 1.2	$ (1.2)
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic (in shares)	12,137	11,712	12,038	11,645
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, diluted (in shares)	18,141	11,712	17,932	11,645

XOMA Royalty Corp 10-Q