Xoma receives adverse decision in arbitration with licensee

In a regulatory filing, Xoma said, "In June 2021, XOMA Corporation initiated a binding arbitration proceeding with one of our licensees at the American Arbitration Association/International Centre for Dispute Resolution, seeking milestone and royalty payments under our license agreement. A hearing before a panel of arbitrators was held in November 2022, and the parties submitted post-hearing briefs. On March 21, 2023, we received an adverse decision in this arbitration proceeding. The panel of arbitrators declined to award us damages and ruled that the license agreement has expired. The panel ruled that we are responsible for the Licensee’s costs as well as arbitrators’ and administrative fees previously incurred by the Licensee, which are estimated to be approximately $4 million. In addition, we may be responsible for certain additional arbitrators’ and administrative fees to be determined in a final accounting."