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OmniAb Reports Second Quarter 2024 Financial Results and Business Highlights

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OmniAb, (NASDAQ: OABI), reported financial results for Q2 2024. Revenue was $7.6M, up from $6.9M in Q2 2023. R&D expenses were $13.9M, slightly down from $14.1M in Q2 2023. General and admin expenses decreased to $8M from $8.7M. The net loss was $13.6M, improved from $14.7M last year.

For the first half of 2024, revenue was $11.4M, down from $23.9M in the same period in 2023. The net loss for the period was $32.6M, compared to $20.8M in 2023. As of June 30, OmniAb had cash and equivalents of $57.2M.

OmniAb signed new platform license agreements and expanded partnerships, with 83 active partners and 333 active programs. Significant progress includes Immunovant's advancement of IMVT-1402 and Harbour Biomed's batoclimab resubmission in China.

OmniAb expects 2024 operating expenses to be slightly less than 2023, with cash use similar, excluding a $35M milestone payment. Cash use in 2025 is expected to be lower.

OmniAb (NASDAQ: OABI) ha riportato i risultati finanziari per il secondo trimestre del 2024. I ricavi sono stati di 7,6 milioni di dollari, in aumento rispetto ai 6,9 milioni di dollari del secondo trimestre del 2023. Le spese per R&S sono state di 13,9 milioni di dollari, leggermente in calo rispetto ai 14,1 milioni dello stesso periodo del 2023. Le spese generali e amministrative sono diminuite a 8 milioni di dollari dai 8,7 milioni di dollari. La perdita netta è stata di 13,6 milioni di dollari, in miglioramento rispetto ai 14,7 milioni dell'anno scorso.

Per il primo semestre del 2024, i ricavi sono stati di 11,4 milioni di dollari, in calo rispetto ai 23,9 milioni dello stesso periodo del 2023. La perdita netta per il periodo è stata di 32,6 milioni di dollari, rispetto ai 20,8 milioni del 2023. Al 30 giugno, OmniAb aveva liquidità e equivalenti per 57,2 milioni di dollari.

OmniAb ha firmato nuovi accordi di licenza per la piattaforma e ha ampliato le partnership, con 83 partner attivi e 333 programmi attivi. Tra i progressi significativi ci sono l'avanzamento di IMVT-1402 da parte di Immunovant e la riesamina del batoclimab da parte di Harbour Biomed in Cina.

OmniAb prevede che le spese operative del 2024 saranno leggermente inferiori a quelle del 2023, con un utilizzo di liquidità simile, escludendo un pagamento di 35 milioni di dollari a titolo di traguardo. L'utilizzo di liquidità nel 2025 è previsto in diminuzione.

OmniAb (NASDAQ: OABI) reportó resultados financieros para el segundo trimestre de 2024. Los ingresos fueron de $7.6 millones, en aumento desde los $6.9 millones en el segundo trimestre de 2023. Los gastos de I+D fueron de $13.9 millones, ligeramente por debajo de los $14.1 millones en el segundo trimestre de 2023. Los gastos generales y administrativos disminuyeron a $8 millones desde $8.7 millones. La pérdida neta fue de $13.6 millones, mejorando desde los $14.7 millones del año pasado.

Para la primera mitad de 2024, los ingresos fueron de $11.4 millones, por debajo de los $23.9 millones en el mismo período de 2023. La pérdida neta para el período fue de $32.6 millones, comparada con $20.8 millones en 2023. Al 30 de junio, OmniAb tenía efectivo y equivalentes de $57.2 millones.

OmniAb firmó nuevos acuerdos de licencia de plataforma y amplió asociaciones, con 83 socios activos y 333 programas activos. Los avances significativos incluyen el desarrollo de IMVT-1402 por Immunovant y la re-sumisión de batoclimab por parte de Harbour Biomed en China.

OmniAb espera que los gastos operativos de 2024 sean ligeramente menores que en 2023, con un uso de efectivo similar, excluyendo un pago de $35 millones como hito. Se espera que el uso de efectivo en 2025 sea menor.

OmniAb (NASDAQ: OABI)는 2024년 2분기 재무 결과를 발표했습니다. 수익은 760만 달러로, 2023년 2분기의 690만 달러에서 증가했습니다. 연구개발 비용은 1390만 달러로, 2023년 2분기의 1410만 달러에서 약간 감소했습니다. 일반 및 관리 비용은 870만 달러에서 800만 달러로 감소했습니다. 순손실은 1360만 달러로, 지난해의 1470만 달러에서 개선되었습니다.

2024년 상반기 동안 수익은 1140만 달러로, 2023년 같은 기간의 2390만 달러에서 감소했습니다. 해당 기간의 순손실은 3260만 달러로, 2023년의 2080만 달러와 비교됩니다. 6월 30일 현재 OmniAb는 현금 및 현금성 자산이 5720만 달러였습니다.

OmniAb는 새로운 플랫폼 라이선스 계약을 체결하고 파트너십을 확장하여 83명의 활성 파트너와 333개의 활성 프로그램을 보유하고 있습니다. 중요한 진전 사항으로 Immunovant의 IMVT-1402 개발과 Harbour Biomed의 batoclimab에 대한 재신청이 포함됩니다.

OmniAb는 2024년 운영 비용이 2023년보다 약간 낮을 것으로 예상하며, 3500만 달러의 마일스톤 지불을 제외하면 현금 사용은 비슷할 것으로 보고 있습니다. 2025년의 현금 사용은 더 낮을 것으로 예상됩니다.

OmniAb (NASDAQ: OABI) a annoncé les résultats financiers pour le deuxième trimestre 2024. Les revenus ont atteint 7,6 millions de dollars, contre 6,9 millions de dollars au deuxième trimestre 2023. Les dépenses de R&D se sont élevées à 13,9 millions de dollars, légèrement en baisse par rapport à 14,1 millions de dollars au deuxième trimestre 2023. Les dépenses générales et administratives ont diminué à 8 millions de dollars, contre 8,7 millions de dollars. La perte nette était de 13,6 millions de dollars, s'améliorant par rapport à 14,7 millions de dollars l'année dernière.

Pour la première moitié de 2024, les revenus s'élevaient à 11,4 millions de dollars, en baisse par rapport à 23,9 millions de dollars pour la même période en 2023. La perte nette pour cette période était de 32,6 millions de dollars, comparativement à 20,8 millions de dollars en 2023. Au 30 juin, OmniAb disposait de 57,2 millions de dollars en trésorerie et équivalents.

OmniAb a signé de nouveaux accords de licence pour la plateforme et élargi ses partenariats, avec 83 partenaires actifs et 333 programmes actifs. Les avancées significatives comprennent le progrès d'IMVT-1402 par Immunovant et la resoumission de batoclimab par Harbour Biomed en Chine.

OmniAb s'attend à ce que les dépenses opérationnelles de 2024 soient légèrement inférieures à celles de 2023, avec une utilisation de liquidités similaire, à l'exception d'un paiement d'étape de 35 millions de dollars. L'utilisation de liquidités en 2025 devrait être inférieure.

OmniAb (NASDAQ: OABI) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Der Umsatz betrug 7,6 Millionen USD, ein Anstieg von 6,9 Millionen USD im zweiten Quartal 2023. F&E-Ausgaben beliefen sich auf 13,9 Millionen USD, leicht rückläufig von 14,1 Millionen USD im zweiten Quartal 2023. Die allgemeinen und Verwaltungsausgaben sanken auf 8 Millionen USD von 8,7 Millionen USD. Der Nettoverlust betrug 13,6 Millionen USD, eine Verbesserung im Vergleich zu 14,7 Millionen USD im letzten Jahr.

Für das erste Halbjahr 2024 betrug der Umsatz 11,4 Millionen USD, ein Rückgang im Vergleich zu 23,9 Millionen USD im gleichen Zeitraum 2023. Der Nettoverlust für diesen Zeitraum betrug 32,6 Millionen USD im Vergleich zu 20,8 Millionen USD im Jahr 2023. Am 30. Juni verfügte OmniAb über Zahlungsmittel und Zahlungsmitteläquivalente in Höhe von 57,2 Millionen USD.

OmniAb unterzeichnete neue Plattform-Lizenzverträge und erweiterte Partnerschaften, mit 83 aktiven Partnern und 333 aktiven Programmen. Zu den wesentlichen Fortschritten gehören der Fortschritt von IMVT-1402 durch Immunovant und die Neuanmeldung von Batoclimab durch Harbour Biomed in China.

OmniAb erwartet, dass die Betriebskosten 2024 leicht unter denen von 2023 liegen werden, wobei der Cash-Einsatz ähnlich bleibt, ausgenommen einer milestone Zahlung von 35 Millionen USD. Der Cash-Einsatz im Jahr 2025 wird voraussichtlich niedriger sein.

Positive
  • Revenue increase to $7.6M in Q2 2024 from $6.9M in Q2 2023.
  • Decrease in general and administrative expenses to $8M from $8.7M in Q2 2023.
  • Significant business development with new platform license agreements.
  • 83 active partners and 333 active programs.
  • Expected reduction in cash use in 2025.
Negative
  • Revenue decline for the first six months of 2024 to $11.4M from $23.9M in 2023.
  • Increased net loss for the first six months of 2024 at $32.6M compared to $20.8M in 2023.

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 six months ended June 30, 2024, and provided operating and partner program updates.

“Second quarter results were in-line with our expectations and support our view of the full year. We advanced our business by adding new partnerships and programs as existing partners made important clinical progress in their respective programs,” said Matt Foehr, Chief Executive Officer of OmniAb. “With recent momentum in business development, 2024 has the potential to be a record year in terms of deal flow, which we believe is driven by the quality and differentiation of our technology platforms and by the superior execution of our team.”

Second Quarter 2024 Financial Results

Revenue for the second quarter of 2024 was $7.6 million, compared with $6.9 million for the same period in 2023, with the increase primarily due to the accelerated recognition of deferred service revenue related to the discontinuation of a GSK ion channel program.

Research and development expense was $13.9 million for the second quarter of 2024, compared with $14.1 million for the same period in 2023. General and administrative expense was $8.0 million for the second quarter of 2024, compared with $8.7 million for the same period in 2023, with the decrease primarily due to lower share-based compensation expense as well as nonrecurring prior-year costs associated with ERP system implementation. Amortization of intangible assets increased in the second quarter of 2024 due to a $1.2 million impairment related to assets associated with two legacy unpartnered Ab Initio programs. Other operating income for the second quarter of 2024 includes a $2.6 million reduction in contingent liabilities primarily attributed to changes in partner ion channel programs.

Net loss for the second quarter of 2024 was $13.6 million, or $0.13 per share, compared with a net loss of $14.7 million, or $0.15 per share, for the same period in 2023.

Year-to-Date Financial Results

Revenue for the six months ended June 30, 2024 was $11.4 million, compared with $23.9 million for the same period in 2023, with the decrease primarily due to the recognition in the 2023 period of various milestones, including a $10 million milestone related to the first commercial sale of TECVAYLI® (teclistamab) in the European Union.

Research and development expense was $28.5 million for the six months ended June 30, 2024, compared with $27.9 million for the same period in 2023, with the increase primarily due to higher contract research costs partially offset by lower share-based compensation. General and administrative expense was $16.3 million for the six months ended June 30, 2024, compared with $16.9 million for the same period in 2023, with the decrease primarily due to non-recurring consulting and other outside service expenses incurred in 2023 related to the Company’s spin-off. Amortization of intangible assets increased for the six months ended June 30, 2024 due to a $1.2 million impairment related to assets associated with two legacy unpartnered Ab Initio programs. Other operating income for the six months ended June 30, 2024 includes a $2.6 million reduction in contingent liabilities attributed to changes in partner ion channel programs.

Net loss for the six months ended June 30, 2024 was $32.6 million, or $0.32 per share, compared with a net loss of $20.8 million, or $0.21 per share, for the same period in 2023.

As of June 30, 2024, OmniAb had cash, cash equivalents and short-term investments of $57.2 million.

2024 Financial Guidance

OmniAb now expects total operating expenses in 2024 to be slightly less than total operating expenses in 2023.

OmniAb continues to expect its cash use in 2024 to be relatively similar to its cash use in 2023, excluding the $35 million TECVAYLI milestone payment received in 2023. Given the expected progression of the existing partnered pipeline, OmniAb expects its cash use in 2025 to be substantially lower than in 2024. OmniAb’s current cash balance and cash from operations are expected to provide sufficient capital to fund operations for the foreseeable future.

Second Quarter 2024 and Recent Business Highlights

During the second quarter of 2024, OmniAb entered into new platform license agreements with DAAN Bio and Topaz Therapeutics, and expanded its technology access license relationship with HanAll Biopharma. As of June 30, 2024, the Company had 83 active partners and 333 active programs, including 32 OmniAb-derived programs in clinical development or being commercialized. OmniAb also recently entered into new platform license agreements with 92Bio, Inc. and Memorial Sloan Kettering Cancer Center. Additionally, OmniAb recently entered into a joint antibody drug conjugate asset discovery and material transfer agreement with Redwood Bioscience, Inc., a wholly owned subsidiary of Catalent, Inc.

Second quarter 2024 and recent partner and business highlights include the following:

IMVT-1402

  • In the second quarter, Immunovant disclosed that it expects to advance IMVT-1402 in further studies for indications such as myasthenia gravis, Graves' disease and chronic inflammatory demyelinating polyneuropathy, all with ongoing studies using batoclimab. The decision of whether to advance IMVT-1402 to a registrational study for thyroid eye disease (TED) will be made after disclosing topline data for batoclimab in TED in the first half of 2025.

Batoclimab

  • Harbour Biomed announced that it has resubmitted the Biologics License Application of batoclimab (HBM9161) to the National Medical Products Administration of China for the treatment of generalized myasthenia gravis.

Acasunlimab

  • Genmab announced initial data from the Phase 2 GCT1046-04 trial evaluating acasunlimab (DuoBody-PD-L1x4-1BB), an investigational bispecific antibody also known as GEN1046/BNT311, as monotherapy and in combination with pembrolizumab in patients with PD-L1-positive metastatic non-small cell lung cancer who had disease progression following one or more prior lines of anti-PD-L1-containing treatment. The results showed a 12-month overall survival rate of 69%, a median overall survival of 17.5 months and a 30% overall response rate (confirmed ORR 17%) at the time of data cut-off in patients treated with the combination of acasunlimab and pembrolizumab every six weeks. Data from this ongoing Phase 2 study will inform the planned pivotal Phase 3 trial, which is expected to start before year-end 2024.

Sugemalimab

  • CStone recently announced European approval for sugemalimab, an anti-PD-L1 monoclonal antibody (mAb) for first-line treatment of both squamous and non-squamous non-small cell lung cancer. CStone is actively preparing to submit additional Marketing Authorization Applications to the European Medicines Agency for new indications, including Stage III non-small cell lung cancer, first-line gastric cancer, first-line esophageal cancer, and relapsed/refractory extranodal natural killer/T-cell lymphoma.
  • CStone announced that it entered into a strategic commercial collaboration with Ewopharma. Under the licensing and commercialization agreement, Ewopharma gained the commercial rights for sugemalimab in Switzerland and 18 Central Eastern European countries. CStone also disclosed that discussions for commercial partnerships in Western Europe, Latin America, the Middle East, Southeast Asia, etc., are progressing well and are expected to conclude soon.

Zimberelimab

  • Arcus announced the completion of patient enrollment for STAR-221, a Phase 3 study in collaboration with Gilead Sciences evaluating the combination of the Fc-silent anti-TIGIT antibody domvanalimab plus the anti-PD-1 mAb zimberelimab and chemotherapy in patients with locally advanced unresectable or metastatic gastric, gastroesophageal junction or esophageal adenocarcinoma.

ALTA-002

  • Tallac Therapeutics disclosed U.S. Food and Drug Administration clearance of its investigational new drug application for ALTA-002, a SIRPα targeting toll-like receptor agonist antibody conjugates (TRAAC), in patients with advanced solid tumors.

M9140

  • At the American Association for Cancer Research Annual Meeting, Merck KGaA presented data on M9140, a novel antibody-drug conjugate with topoisomerase 1 inhibitor payload targeting carcinoembryonic antigen-related cell adhesion molecule 5 (CEACAM5) expressing tumors.​ M9140 demonstrated high potency, strong antitumor activity and bystander effect in preclinical models.
  • A first-in-human Phase 1 study to evaluate the safety, tolerability, pharmacokinetics and preliminary clinical activity of M9140 in patients with advanced solid tumors is ongoing.

CSX-1004

  • Cessation announced the presentation of preliminary data from its Phase 1a first-in-human study of CSX-1004, an investigational mAb for prophylaxis against fentanyl-related overdose, showing that CSX-1004 is safe and well-tolerated under the conditions tested. The exposure data were also predictive of efficacy for blocking fentanyl-induced respiratory depression.

Small Molecule Ion Channel Program Updates

  • In the second quarter, GSK discontinued its work on a small molecule Nav1.1 sodium channel modulator program. OmniAb retains co-ownership of all intellectual property for the program. GSK and OmniAb maintain a collaboration on a small molecule ion channel preclinical-stage program for neurological disease.
  • Subsequent to the second quarter, OmniAb was notified that Roche is returning its rights to a pre-clinically differentiated small molecule targeting Kv7.2. The termination is not due to scientific reasons. Roche and OmniAb maintain collaborations on two additional small molecule ion channel programs for potential treatment of central nervous system disorders.

xPloration® Technology Platform Recent Events

  • OmniAb presented an overview of xPloration, its high-throughput single B-cell screening microcapillary platform that leverages machine learning and AI, in a presentation titled “Deep Screening in Harmony with Artificial Intelligence for Bispecific Antibody Discovery” at the 20th Annual PEGS Boston Conference and Expo. This presentation highlighted the technical synergies between xPloration, OmniFlic®, OmniClic® and OmniDeep® to enable new bispecific antibody discovery workflows for OmniAb’s current and future partners.
  • OmniAb disclosed the issuance of U.S. Patent number 12,024,705 B2 entitled “Methods and Systems for Screening Using Microcapillary Arrays.” The patent was issued by the United States Patent and Trademark Office on July 2, 2024 and has an expected expiry of December 12, 2036. Additionally, a patent titled “Lateral Loading of Microcapillary Arrays” was issued on May 1, 2024 in Europe as EP3890876 with an expected expiry of December 5, 2039.

In June, OmniAb announced the publication of a peer-reviewed paper titled “Chickens with a Truncated Light Chain Transgene Express Single-Domain H Chain-Only Antibodies” in the Journal of Immunology demonstrating that chickens can be genetically engineered to produce functional heavy chain-only single-domain antibodies. sdAbs are produced naturally by camelids and have gained popularity as small, robust and highly modular building blocks for antibody discovery.

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 01718. 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 the pharmaceutical and biotech industry 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 (BI), 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, are used to identify fully-human antibodies with exceptional performance and developability characteristics.

Our proprietary transgenic animals, including OmniRat®, OmniChicken® and OmniMouse® have been genetically modified to generate antibodies with human sequences to streamline the development of human therapeutic candidates. OmniFlic® and OmniClic® are fixed or common light-chain rats and chickens, respectively, designed to facilitate the discovery of bispecific antibodies. OmniTaur provides cow-inspired antibodies with unique structural characteristics for challenging targets. OmnidAb, is an in vivo platform for the discovery of single domain antibodies based upon a human VH scaffold that affinity matures in a chicken host environment to provide a functionally diverse immune repertoire unavailable from mammalian systems. Our proprietary technologies are joined with and leverage OmniDeep, which is a suite of in silico, AI and machine learning tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities. Additionally, an established core competency focused on ion channels and transporters further differentiates OmniAb’s technology and creates opportunities in many important and emerging target classes.

OmniAb technologies can be leveraged for the discovery of a variety of next-generation antibody-based therapeutic modalities, including bi- and multi-specific biologics, antibody-drug conjugates, CAR-T therapies, targeted radiotherapeutics, and many others.

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: the ability to scale and leverage our business model; the growth prospects of our business and the potential to have a record year in terms of deal flow; the expected performance and expansion 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; the sufficiency of our staffing and resources; expected operating expense and cash runway; and the future balance of cash, cash equivalents and short-term investments. 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.

 

OMNIAB, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

June 30, 2024

 

December 31, 2023

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

20,794

 

 

$

16,358

 

Short-term investments

 

36,433

 

 

 

70,625

 

Accounts receivable, net

 

6,876

 

 

 

3,844

 

Prepaid expenses and other current assets

 

3,199

 

 

 

4,074

 

Total current assets

 

67,302

 

 

 

94,901

 

Intangible assets, net

 

147,512

 

 

 

155,467

 

Goodwill

 

83,979

 

 

 

83,979

 

Property and equipment, net

 

17,333

 

 

 

18,249

 

Operating lease right-of-use assets

 

18,870

 

 

 

19,884

 

Restricted cash

 

560

 

 

 

560

 

Other long-term assets

 

1,707

 

 

 

2,185

 

Total assets

$

337,263

 

 

$

375,225

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

2,809

 

 

$

4,411

 

Accrued expenses and other current liabilities

 

4,549

 

 

 

7,068

 

Current contingent liabilities

 

328

 

 

 

1,303

 

Current deferred revenue

 

2,911

 

 

 

6,848

 

Current operating lease liabilities

 

3,557

 

 

 

3,486

 

Total current liabilities

 

14,154

 

 

 

23,116

 

Long-term contingent liabilities

 

1,190

 

 

 

3,203

 

Deferred income taxes, net

 

6,839

 

 

 

11,354

 

Long-term operating lease liabilities

 

20,775

 

 

 

22,075

 

Long-term deferred revenue

 

72

 

 

 

862

 

Other long-term liabilities

 

52

 

 

 

30

 

Total liabilities

 

43,082

 

 

 

60,640

 

Stockholders' equity:

 

 

 

Preferred stock, $0.0001 par value; 100,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023

 

 

 

 

 

Common stock, $0.0001 par value; 1,000,000,000 shares authorized at June 30, 2024 and December 31, 2023; 118,156,326 and 116,859,468 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively

 

12

 

 

 

12

 

Additional paid-in capital

 

366,153

 

 

 

353,890

 

Accumulated other comprehensive income (loss)

 

(25

)

 

 

50

 

Accumulated deficit

 

(71,959

)

 

 

(39,367

)

Total stockholders’ equity

 

294,181

 

 

 

314,585

 

Total liabilities and stockholders’ equity

$

337,263

 

 

$

375,225

 

 

OMNIAB, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

License and milestone revenue

$

3,125

 

 

$

4,330

 

 

 

3,841

 

 

$

16,976

 

Service revenue

 

4,171

 

 

 

2,451

 

 

 

6,937

 

 

 

6,409

 

Royalty revenue

 

318

 

 

 

165

 

 

 

637

 

 

 

480

 

Total revenue

 

7,614

 

 

 

6,946

 

 

 

11,415

 

 

 

23,865

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

13,935

 

 

 

14,133

 

 

 

28,486

 

 

 

27,892

 

General and administrative

 

7,965

 

 

 

8,738

 

 

 

16,302

 

 

 

16,933

 

Amortization of intangibles

 

4,543

 

 

 

3,380

 

 

 

7,955

 

 

 

6,749

 

Other operating expense (income), net

 

(2,524

)

 

 

140

 

 

 

(2,470

)

 

 

189

 

Total operating expenses

 

23,919

 

 

 

26,391

 

 

 

50,273

 

 

 

51,763

 

Loss from operations

 

(16,305

)

 

 

(19,445

)

 

 

(38,858

)

 

 

(27,898

)

Other income (expense), net:

 

 

 

 

 

 

 

Interest income

 

785

 

 

 

1,285

 

 

 

1,760

 

 

 

2,609

 

Other expense, net

 

(9

)

 

 

(4

)

 

 

(9

)

 

 

(4

)

Total other income, net

 

776

 

 

 

1,281

 

 

 

1,751

 

 

 

2,605

 

Loss before income taxes

 

(15,529

)

 

 

(18,164

)

 

 

(37,107

)

 

 

(25,293

)

Income tax benefit

 

1,898

 

 

 

3,436

 

 

 

4,515

 

 

 

4,465

 

Net loss

$

(13,631

)

 

$

(14,728

)

 

$

(32,592

)

 

$

(20,828

)

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

$

(0.13

)

 

$

(0.15

)

 

$

(0.32

)

 

$

(0.21

)

 

 

 

 

 

 

 

 

Weighted-average shares outstanding, basic and diluted

 

101,456

 

 

 

99,493

 

 

 

101,106

 

 

 

99,326

 

 

OmniAb, Inc.

Kurt Gustafson

investors@OmniAb.com

Twitter @OmniAbTech

(510) 768-7760

Source: OmniAb, Inc.

FAQ

What were OmniAb's revenue results for Q2 2024?

OmniAb reported a revenue of $7.6 million for Q2 2024, up from $6.9 million in Q2 2023.

How did OmniAb's net loss change in Q2 2024?

OmniAb's net loss improved to $13.6 million in Q2 2024 from $14.7 million in Q2 2023.

What is OmniAb's cash position as of June 30, 2024?

OmniAb had cash, cash equivalents, and short-term investments totaling $57.2 million as of June 30, 2024.

What is the financial guidance for OmniAb in 2024?

OmniAb expects total operating expenses in 2024 to be slightly less than in 2023 and similar cash use, excluding a $35 million milestone payment from 2023.

How many active programs does OmniAb have as of June 30, 2024?

OmniAb has 333 active programs and 83 active partners as of June 30, 2024.

What are some key developments in OmniAb's partner programs?

Key developments include Immunovant's IMVT-1402 advancement, and Harbour Biomed's resubmission of batoclimab in China.

OmniAb, Inc.

NASDAQ:OABI

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