they did offering just about a months ago, but last year XOMA made a $150m shelf registration about a month after its offering.... so that is possible... could be the reason why price is still so manipulated..
I believe you are confused by the offer closed in February. The current cash position after the offer is secure and should suffice all current ongoing trials. The next offer might be a few years away and might not be one depending on how RELISTOR sale, other ph 3 plans and the partnership negotiation for ph3.
The secondary offering in February was as follows:
$4.60 per share
Total gross receipt of $35M (approx.)
Total net receipt of $32M (approx.)
They should have enough cash for the next two years. In hindsight, $4.60 per share is much better than $3.75 per share. (approx. current share price).