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Somehow even though this company is on the verge of running out of money, management always finds a way to come up with financing through share dilution. If you're one of the lucky ones they don't layoff, you can bet XOMA will be around for a long time.
Management always plays politics. If you're not on the inside, do not expect to get a good merit increase or promotion. Senior management is untruthful about collaborative deals in terms of time frames and dollar amount. 2 mass layoffs in the history of the company. They will hire people just to have an extra pair of hands around, and not hire people on their passion or knowledge about their job responsibilities.
Advice to Management
Redo the entire HR process. Design a system that brings on people who are passionate about what they do to improve company moral and productivity. Reward people based on their behavior and work ethic and not the outcomes of specific projects. This may help people feel like politics aren't the basis for promotion. If you are truly trying to cut spending, stop employee 401K match and A's games.