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EMERYVILLE, Calif. (AP) — EMERYVILLE, Calif. (AP) — XOMA Royalty Corporation (XOMA) on Tuesday reported second-quarter earnings of $16 million.

On a per-share basis, the Emeryville, California-based company said it had net income of 84 cents. Losses, adjusted for non-recurring gains, came to 28 cents per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 26 cents per share.

The drug developer posted revenue of $11.1 million in the period.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XOMA at https://www.zacks.com/ap/XOMA