OmniAb Reports Fourth Quarter and Full Year 2024 Financial Results and Business Highlights

Rhea-AI Summary

OmniAb (NASDAQ: OABI) reported its Q4 and full-year 2024 financial results. Q4 revenue increased to $10.8 million from $4.8 million in Q3 2023, while full-year 2024 revenue decreased to $26.4 million from $34.2 million in 2023. The company reported a Q4 net loss of $13.1 million ($0.12 per share) and a full-year net loss of $62.0 million ($0.61 per share).

As of December 31, 2024, OmniAb had 91 active partners and 363 active programs, including 32 OmniAb-derived programs in clinical development or commercialization. The company signed 10 new license agreements in 2024. For 2025, OmniAb projects revenue between $20-25 million and operating expenses of $90-95 million.

The company launched OmniHub™, a unified interface for partners to access discovery campaign data. Notable partner developments include Immunovant's IMVT-1402 progress, with six IND applications cleared, and various clinical advancements in partner programs including batoclimab, acasunlimab, and sugemalimab.

Positive

• Q4 2024 revenue increased 125% year-over-year to $10.8 million
• Signed 10 new license agreements in 2024
• 91 active partners and 363 active programs, with 32 in clinical development/commercialization
• Launched new OmniHub™ technology platform
• Multiple partner programs advancing in clinical trials

Negative

• Full-year 2024 revenue decreased 23% to $26.4 million from $34.2 million in 2023
• Net loss increased to $62.0 million in 2024 from $50.6 million in 2023
• Royalty revenue decreased due to lower partner product sales
• 2025 revenue guidance ($20-25M) below 2024 actual revenue ($26.4M)

Insights

Financial Analyst

OmniAb's Q4 2024 results present a mixed financial picture with some encouraging signs for future growth. Q4 revenue grew impressively to $10.8 million from $4.8 million in Q4 2023, driven primarily by higher license and milestone revenue. However, full-year 2024 revenue declined to $26.4 million from $34.2 million in 2023, largely due to the absence of a $10 million TECVAYLI milestone received in 2023.

The company showed improved cost control with reduced R&D expenses ($55.1 million vs $56.5 million) and G&A expenses ($30.7 million vs $33.3 million). Despite these efforts, OmniAb's net loss for 2024 increased to $62.0 million ($0.61 per share) compared to $50.6 million ($0.51 per share) in 2023, reflecting the revenue decline.

The 2025 guidance suggests management expects relatively flat revenue performance ($20-25 million) but improved operational efficiency with lower projected cash burn than 2024's $38.9 million. With $59.4 million in cash and investments, the company has a runway of approximately 18 months at current burn rates, which provides some financial flexibility but may necessitate additional financing by late 2026.

The business metrics show strong momentum with 91 active partners (double-digit percentage growth) and 363 active programs, including 32 in clinical development or commercialization. The addition of 10 new licensing agreements and 5 new antibodies entering clinical trials in 2024 demonstrates the platform's continued adoption and potential for future milestone/royalty revenue.

Biotech Development Expert

OmniAb's partner program advancements highlight the company's growing importance in antibody discovery. The progress across multiple partner assets demonstrates the platform's versatility across different therapeutic areas and antibody formats.

Immunovant's rapid advancement of IMVT-1402 with six IND clearances and enrollment in pivotal Phase 2b studies for Graves' disease and rheumatoid arthritis represents significant progress. Their ambitious plan to initiate trials in 10 indications by March 2026 could significantly expand the market opportunity if successful.

The batoclimab program (another Immunovant asset) is approaching several important data readouts in myasthenia gravis and chronic inflammatory demyelinating polyneuropathy by Q1 2025. Its Orphan Drug Designation in Japan for thyroid eye disease enhances its commercial potential in that market.

Genmab's acasunlimab entering Phase 3 for second-line NSCLC treatment represents advancement into a commercially significant indication. Similarly, CStone's publication of positive Phase 3 results for sugemalimab in gastric cancer in JAMA validates the clinical significance of their findings, with meaningful survival benefits in PD-L1 positive patients.

The early-stage pipeline also shows promise, with Aptevo's mipletamig achieving 100% remission in the initial cohort for acute myeloid leukemia, and Rondo's RNDO-564 demonstrating activity in antibody-drug-conjugate-resistant bladder cancer models. These emerging programs could represent significant future value drivers if clinical development continues successfully.

Conference Call with Slides Begins at 4:30 p.m. Eastern Time Today

EMERYVILLE, Calif.--(BUSINESS WIRE)-- OmniAb, Inc. (NASDAQ: OABI) today reported financial results for the three and 12 months ended December 31, 2024, and provided operating and partner program updates.

“2024 was a remarkable year featuring double-digit percentage growth in the number of both active partners and programs. Clinical-stage programs advanced well, and we launched new technologies and enhancements that strengthened our platform and expanded our reach,” said Matt Foehr, Chief Executive Officer of OmniAb. “We exceeded our internal goals for key metrics and continued to build momentum while optimizing the scalability of our business. We believe our commitment to innovation is a significant competitive advantage and creates exciting opportunities for future growth. We remain steadfast in our strategic direction and are excited about the prospects that lie ahead.”

Fourth Quarter 2024 Financial Results

Revenue for the fourth quarter of 2024 was $10.8 million, compared with $4.8 million for the same period in 2023, with the increase primarily due to higher license and milestone revenue partially offset by lower service and royalty revenue.

Research and development expense was $13.3 million for the fourth quarter of 2024, compared with $14.8 million for the same period in 2023, with the decrease primarily due to lower stock-based compensation expense and outside expenses associated with third-party services. General and administrative expense was $7.4 million for the fourth quarter of 2024, compared with $7.9 million for the same period in 2023, with the decrease primarily due to lower stock-based compensation expense and lower external marketing and legal expenses.

Net loss for the fourth quarter of 2024 was $13.1 million, or $0.12 per share, compared with a net loss of $14.1 million, or $0.14 per share, for the same period in 2023.

Full Year 2024 Financial Results

Revenue for 2024 was $26.4 million, compared with $34.2 million for 2023, with the decrease primarily due to the recognition of a $10.0 million TECVAYLI^® milestone in 2023. Royalty revenue decreased primarily due to lower net product sales by partners.

Research and development expense for 2024 was $55.1 million, compared with $56.5 million for 2023, with the decrease primarily due to lower personnel costs and external expenses. General and administrative expense for 2024 was $30.7 million, compared with $33.3 million for 2023, with the decrease primarily due to non-recurring consulting and other outside service expenses incurred in 2023 related to our spin-out as a public company and lower legal and stock-based compensation expense.

Net loss for 2024 was $62.0 million, or $0.61 per share, compared with a net loss of $50.6 million, or $0.51 per share, for 2023.

As of December 31, 2024, OmniAb had cash, cash equivalents and short-term investments of $59.4 million.

2025 Financial Guidance

OmniAb today introduced 2025 financial guidance. OmniAb expects 2025 revenue to be in the range of $20 million to $25 million and operating expense to be in the range of $90 million to $95 million. In addition, OmniAb expects 2025 cash use to be lower than its cash use in 2024. Cash use in 2024 was $38.9 million, excluding the 2024 ATM issuance. The 2025 full year effective tax rate is expected to be approximately 0%.

Fourth Quarter 2024 and Recent Business Highlights

As of December 31, 2024, OmniAb had 91 active partners and 363 active programs, including 32 OmniAb-derived programs in clinical development or being commercialized. The Company signed 10 new license agreements in 2024, including two in the fourth quarter with Incyte Corporation and Photinia Biosciences. In addition, five new OmniAb-derived antibodies entered the clinic in 2024.

In December 2024, OmniAb launched OmniHub^™, a unified interface designed to provide partners with secure access to datasets to visualize their discovery campaign data with a variety of custom tools. This bioinformatics portal is designed to enable scalable and secure data transfer, advanced visualization and computational tool access.

Fourth quarter 2024 and recent partner highlights include the following:

IMVT-1402

• Immunovant announced that its lead asset, IMVT-1402, is rapidly progressing with six Investigational New Drug (IND) applications now cleared and pivotal Phase 2b studies in Graves’ disease (GD) and difficult-to-treat rheumatoid arthritis now enrolling.
• Immunovant is on track to initiate potentially registrational programs for three additional indications for IMVT-1402 by March 31, 2025. In addition, Immunovant anticipates initiating clinical trials evaluating IMVT-1402 in a total of 10 indications by March 31, 2026.

Batoclimab

• Immunovant reported that the top-line results of the batoclimab trial in myasthenia gravis and the initial results from period 1 of the batoclimab trial in chronic inflammatory demyelinating polyneuropathy are expected by March 31, 2025.
• Immunovant also plans to announce additional data from the batoclimab proof-of-concept study in GD, including six-month, treatment-free remission data in the summer 2025.
• Additionally, Immunovant reported that top-line results from the pivotal program of batoclimab for the treatment of thyroid eye disease (TED), also known as Graves' ophthalmopathy, are expected in the second half of 2025.
• HanAll Biopharma announced that batoclimab has received Orphan Drug Designation from Japan’s Ministry of Health, Labor, and Welfare for active TED.

Acasunlimab

• Genmab announced that a Phase 3 trial with acasunlimab as a second-line therapy in non-small cell lung cancer (NSCLC) is now enrolling patients and that they expect to provide an additional Phase 2 data update in NSCLC in 2025.

Zimberelimab

• Arcus Biosciences expects to present overall survival (OS) data from the Phase 2 EDGE-Gastric study, which is evaluating domvanalimab plus zimberelimab and chemotherapy in upper gastrointestinal adenocarcinomas, in the fall of 2025.
• Arcus Biosciences also expects to initiate three new expansion cohorts within the Phase 1/1b ARC-20 study in the first quarter of 2025, including one cohort for casdatifan plus zimberelimab in all-comer first-line clear cell renal cell carcinoma.

Sugemalimab

• CStone announced the publication of the Phase 3 GEMSTONE-303 study results for sugemalimab in patients with unresectable locally advanced or metastatic G/GEJ adenocarcinoma in the Journal of the American Medical Association. Results showed that in patients with PD-L1 combined positive score ≥5, sugemalimab significantly improved both OS and progression-free survival (PFS) compared with the control group. Median OS was 15.6 months versus 12.6 months, and median PFS was 7.6 months versus 6.1 months.
• CStone announced that they have entered into a strategic partnership with Pharmalink Store for commercialization of sugemalimab in the Middle East, North Africa and South Africa. Additionally, CStone has partnered with SteinCares to market sugemalimab in Latin America.

Mipletamig

• Aptevo Therapeutics announced that 100% of patients in Cohort 1 of the mipletamig RAINIER Phase 1b/2 dose-optimization trial for frontline acute myeloid leukemia achieved remission within 30 days of treatment. Trial enrollment is ongoing. Aptevo also anticipates providing multiple data readouts in 2025 and presenting results at the American Society of Hematology meeting in the fourth quarter of 2025.

RNDO-564

• Rondo Therapeutics presented data from preclinical studies of RNDO-564, a novel CD28 x Nectin-4 costimulatory bispecific antibody for advanced bladder cancer, at the 2025 American Society of Clinical Oncology Genitourinary Cancers Symposium. RNDO-564 demonstrated robust anti-tumor activity in vivo and in vitro, including in an antibody-drug-conjugate-resistant bladder cancer model. Based on promising preclinical findings, Rondo is advancing RNDO-564 through IND-enabling studies and expects to initiate a Phase 1/b trial in relapsed/refractory, locally advanced/metastatic bladder cancer by year-end 2025.

Conference Call and Webcast

OmniAb management will host a conference call with accompanying slides today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss this announcement and answer questions. To participate via telephone, please dial (800) 549-8228 using the conference ID 84579. Slides, as well as the live and replay webcast of the call, are available at https://investors.omniab.com/investors/events-and-presentations/default.aspx.

About OmniAb^®

OmniAb licenses cutting edge discovery research technology to pharmaceutical and biotech companies and academic institutions to enable the discovery of next-generation therapeutics. Our technology platform creates and screens diverse antibody repertoires and is designed to quickly identify optimal antibodies and other target-binding proteins for our partners’ drug development efforts. At the heart of the OmniAb platform is something we call Biological Intelligence™, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics. We believe the OmniAb animals comprise the most diverse host systems available in the industry. Our suite of technologies and methods, including computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms, is used to identify fully-human antibodies with exceptional performance and developability characteristics. We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions. Our business model aligns scientific and economic interests of our partners through structured agreements that generally include upfront/access fees, service revenue, milestones and royalties on commercial sales.

For more information, please visit www.omniab.com.

Forward-Looking Statements

OmniAb cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. Words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or continue” and similar expressions, are intended to identify forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include, but are not limited to: statements regarding our competitive advantage and the growth prospects of our business; the scalability of our business; the expected performance of our technologies and the opportunities they may create; the ability to add new partners and programs; scientific presentations and clinical and regulatory events of our partners and the timing thereof; and our 2025 financial guidance. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: our future success is dependent on acceptance of our technology platform and technologies by new and existing partners, as well as on the eventual development, approval and commercialization of products developed by our partners for which we have no control over the development plan, regulatory strategy or commercialization efforts; biopharmaceutical development is inherently uncertain; risks arising from changes in technology; the competitive environment in the life sciences and biotechnology platform market; our failure to maintain, protect and defend our intellectual property rights; difficulties with performance of third parties we will rely on for our business; regulatory developments in the United States and foreign countries; unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price; we may use our capital resources sooner than we expect; and other risks described in our prior press releases and filings with the SEC, including under the heading “Risk Factors” in our annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Partner Information

The information in this press release regarding partnered products and programs comes from information publicly released by our partners.

[Tables Follow]

OMNIAB, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share data)
	December 31,
	2024				2023
ASSETS
Current assets:
Cash and cash equivalents	$	27,598			$	16,358
Short-term investments		31,836				70,625
Accounts receivable, net		5,272				3,844
Prepaid expenses and other current assets		3,432				4,074
Total current assets		68,138				94,901
Intangible assets, net		138,060				155,467
Goodwill		83,979				83,979
Property and equipment, net		15,492				18,249
Operating lease right-of-use assets		17,789				19,884
Restricted cash		560				560
Other long-term assets		1,540				2,185
Total assets	$	325,558			$	375,225
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,297			$	4,411
Accrued expenses and other current liabilities		6,141				7,068
Current contingent liabilities		531				1,303
Current deferred revenue		2,337				6,848
Current operating lease liabilities		3,782				3,486
Total current liabilities		15,088				23,116
Long-term contingent liabilities		953				3,203
Deferred income taxes, net		2,314				11,354
Long-term operating lease liabilities		19,382				22,075
Long-term deferred revenue		117				862
Other long-term liabilities		86				30
Total liabilities		37,940				60,640
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and December 31, 2023		—				—
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2024 and December 31, 2023; 121,599,488 and 116,859,468 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		12				12
Additional paid-in capital		388,979				353,890
Accumulated other comprehensive income		27				50
Accumulated deficit		(101,400	)			(39,367	)
Total stockholders’ equity		287,618				314,585
Total liabilities and stockholders’ equity	$	325,558			$	375,225

OMNIAB, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
	Three Months Ended December 31,								Year Ended December 31,
	2024				2023				2024				2023
Revenue:
License and milestone revenue	$	8,650			$	1,713			$	13,866			$	20,699
Service revenue		2,533				2,755				11,949				12,180
Royalty revenue		(379	)			354				576				1,285
Total revenue		10,804				4,822				26,391				34,164
Operating expenses:
Research and development		13,306				14,766				55,110				56,525
General and administrative		7,360				7,869				30,741				33,313
Amortization of intangibles		6,059				3,407				17,407				13,554
Other operating (income) expense, net		(41	)			(14	)			(2,365	)			191
Total operating expenses		26,684				26,028				100,893				103,583
Loss from operations		(15,880	)			(21,206	)			(74,502	)			(69,419	)
Other income (expense), net:
Interest income		655				1,181				3,106				5,055
Other income (expense), net		2				(3	)			(15	)			1
Total other income (expense), net		657				1,178				3,091				5,056
Loss before income taxes		(15,223	)			(20,028	)			(71,411	)			(64,363	)
Income tax benefit		2,155				5,975				9,378				13,744
Net loss	$	(13,068	)		$	(14,053	)		$	(62,033	)		$	(50,619	)
Net loss per share, basic and diluted	$	(0.12	)		$	(0.14	)		$	(0.61	)		$	(0.51	)
Weighted-average shares outstanding, basic and diluted		104,795				100,162				102,365				99,683

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318636844/en/

OmniAb, Inc.

Neha Singh, Ph.D.

investors@OmniAb.com

X @OmniAbTech

(510) 768-7760

Source: OmniAb, Inc.

FAQ

What were OmniAb's (OABI) Q4 2024 financial results?

OmniAb reported Q4 2024 revenue of $10.8 million and a net loss of $13.1 million ($0.12 per share), compared to revenue of $4.8 million and a net loss of $14.1 million in Q4 2023.

What is OmniAb's (OABI) financial guidance for 2025?

OmniAb expects 2025 revenue of $20-25 million, operating expenses of $90-95 million, and lower cash use compared to 2024's $38.9 million.

How many active partners and programs does OmniAb (OABI) have as of Q4 2024?

As of December 31, 2024, OmniAb had 91 active partners and 363 active programs, including 32 programs in clinical development or commercialization.

What major partner developments did OmniAb (OABI) report in Q4 2024?

Key developments include Immunovant's IMVT-1402 IND clearances, batoclimab's progress in multiple indications, and sugemalimab's positive Phase 3 results in G/GEJ adenocarcinoma.

How many new license agreements did OmniAb (OABI) sign in 2024?

OmniAb signed 10 new license agreements in 2024, including Q4 agreements with Incyte and Photinia Biosciences.