"Based on our cash reserves and anticipated spending levels, funding from collaborators including a XOMA 052 corporate partnership, licensing, transactions, or biodefense contracts and other sources of funding, we believe to be available. We estimate that we have sufficient cash resources to meet our anticipated net cash needs through the next 12 months."
Note: Also stated that no additional dilution was anticipated!!!
"...INCLUDING A XOMA 052 CORPORATE PARTNERSHIP..."
Of course that partner hasn't signed on yet. So, without cash from a partner Xoma has about six months of cash left. Xoma has used that deceptive terminology for a year or more now and we have had 5 dilutions during that period.
Xoma has said they are thru with this cycle of dilution. But don't feel safe. The next cycle could start tomorrow. As I have said I think they will do some more dilution before R/S. Doing it after the R/S would be horrible.