OmniAb Reports Third Quarter 2024 Financial Results and Business Highlights
Conference Call with Slides Begins at 4:30 p.m. Eastern Time Today
“We are pleased to report another successful quarter demonstrating our continued commitment to innovation with the expansion of our technology platform and a growing partnership portfolio. Third quarter results reflect consistent growth across key metrics, driven by our planned initiatives and the dedication of our team,” said Matt Foehr, Chief Executive Officer of OmniAb. “Our business is well capitalized, and we have a highly scalable model with cutting-edge technologies that are driving significant opportunities. As we move forward, we remain focused on delivering value to our stakeholders and creating sustainable, profitable growth.”
Third Quarter 2024 Financial Results
Revenue for the third quarter of 2024 was
Research and development expense was
Net loss for the third quarter of 2024 was
Year-to-Date Financial Results
Revenue for the nine months ended September 30, 2024 was
Research and development expense was
Net loss for the nine months ended September 30, 2024 was
As of September 30, 2024, OmniAb had cash, cash equivalents and short-term investments of
During the third quarter of 2024, OmniAb sold 2.0 million shares of common stock through its at-the-market (ATM) program pursuant to the sales agreement with Jefferies. The net proceeds from these sales were
Subsequent to the end of the third quarter, OmniAb sold 0.7 million shares of common stock through its ATM program for net proceeds of
2024 Financial Guidance
OmniAb continues to expect total operating expenses in 2024 to be slightly less than total operating expenses in 2023.
OmniAb now expects to end 2024 with a cash balance in the range of
Third Quarter 2024 and Recent Business Highlights
During the third quarter of 2024, OmniAb entered into three new platform license agreements including with 92Bio, Memorial Sloan Kettering Cancer Center and Queen Mary University of
Third quarter 2024 and recent partner and business highlights include the following:
IMVT-1402
- Immunovant announced that the Investigational New Drug (IND) application has been cleared for IMVT-1402 in rheumatoid arthritis (RA), with a potential best-in-class profile in difficult-to-treat (D2T) RA.
-
Immunovant announced that five IND applications for IMVT-1402 have been cleared across a range of therapeutic areas and
U.S. Food & Drug Administration divisions. The company also announced that it is on track to initiate potentially registrational trials with IMVT-1402 in four to five indications, including Graves’ disease (GD) and D2T RA, by March 31, 2025.
Batoclimab
-
Immunovant reported positive results from the Phase 2a trial of batoclimab in GD. High-dose batoclimab achieved a
76% response rate and a56% antithyroid drugs (ATD)-free response rate in patients uncontrolled on ATDs at week 12. - Immunovant announced that batoclimab trials in myasthenia gravis and chronic inflammatory demyelinating polyneuropathy are fully enrolled to support data disclosures by March 31, 2025. Data from batoclimab trials in thyroid eye disease are now expected in the second half of calendar year 2025. All batoclimab data will inform future trials with IMVT-1402.
Acasunlimab
- Genmab announced that based on encouraging data from the Phase 2 trial in non-small cell lung cancer (NSCLC), a Phase 3 trial is expected to start before the end date of 2024.
TEV-53408
- Teva recently disclosed Phase 1 data for TEV-53408 showing a potential best-in-class profile noting high affinity for IL-15, prolonged suppression of free IL-15, and potential for a low dosing frequency. TEV-53408 was well tolerated in a first-in-human study, and a proof-of-concept study in celiac disease is in progress. Additionally, Teva disclosed the initiation of a clinical study in vitiligo, an autoimmune disease.
Sugemalimab
-
CStone announced that the
UK Medicines and Healthcare products Regulatory Agency (MHRA) has approved sugemalimab in combination with platinum-based chemotherapy as a first-line treatment for adult patients with metastatic NSCLC without EGFR-sensitive mutations or ALK, ROS1, RET genomic alterations. -
CStone announced long-term survival data for sugemalimab in combination with platinum-based chemotherapy as first-line treatment of stage IV NSCLC at the European Society for Medical Oncology (ESMO) Congress 2024. Four-year follow-up data showed that sugemalimab plus platinum-based chemotherapy continues to demonstrate a significant benefit in progression-free survival and overall survival compared with placebo plus platinum-based chemotherapy. The four-year survival rate was
32.1% versus17.3% .
BC3195
- BioCity presented interim clinical results on the safety and efficacy of its first-in-class antibody-drug conjugate BC3195, which targets CDH3 (P-Cadherin), in a Phase 1 clinical trial at ESMO 2024.
-
As of the data cut-off date (August 10, 2024), BC3195 demonstrated impressive antitumor activity in patients with advanced NSCLC with an overall response rate (ORR) of
36.4% (4 of 11 patients). The ORR was80% (4 of 5 patients) in NSCLC with epidermal growth factor receptor mutations. BC3195 demonstrated manageable safety and tolerability, as well as favorable pharmacokinetic characteristics. -
BC3195 is currently undergoing concurrent Phase 1 dose-optimization and dose-expansion studies in
China .
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 94399. 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 industries 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 what 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 scalability of our business model; the growth prospects of our business and the potential for it to be sustainable and profitable; 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; and expected operating expense, cash balance and cash usage. 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
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) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
27,236 |
|
|
$ |
16,358 |
|
Short-term investments |
|
32,145 |
|
|
|
70,625 |
|
Accounts receivable, net |
|
3,495 |
|
|
|
3,844 |
|
Prepaid expenses and other current assets |
|
3,733 |
|
|
|
4,074 |
|
Total current assets |
|
66,609 |
|
|
|
94,901 |
|
Intangible assets, net |
|
144,119 |
|
|
|
155,467 |
|
Goodwill |
|
83,979 |
|
|
|
83,979 |
|
Property and equipment, net |
|
16,333 |
|
|
|
18,249 |
|
Operating lease right-of-use assets |
|
18,333 |
|
|
|
19,884 |
|
Restricted cash |
|
560 |
|
|
|
560 |
|
Other long-term assets |
|
1,621 |
|
|
|
2,185 |
|
Total assets |
$ |
331,554 |
|
|
$ |
375,225 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,187 |
|
|
$ |
4,411 |
|
Accrued expenses and other current liabilities |
|
5,446 |
|
|
|
7,068 |
|
Current contingent liabilities |
|
510 |
|
|
|
1,303 |
|
Current deferred revenue |
|
2,508 |
|
|
|
6,848 |
|
Current operating lease liabilities |
|
3,751 |
|
|
|
3,486 |
|
Total current liabilities |
|
14,402 |
|
|
|
23,116 |
|
Long-term contingent liabilities |
|
1,111 |
|
|
|
3,203 |
|
Deferred income taxes, net |
|
4,131 |
|
|
|
11,354 |
|
Long-term operating lease liabilities |
|
20,088 |
|
|
|
22,075 |
|
Long-term deferred revenue |
|
41 |
|
|
|
862 |
|
Other long-term liabilities |
|
53 |
|
|
|
30 |
|
Total liabilities |
|
39,826 |
|
|
|
60,640 |
|
Stockholders' equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
12 |
|
|
|
12 |
|
Additional paid-in capital |
|
379,999 |
|
|
|
353,890 |
|
Accumulated other comprehensive income |
|
49 |
|
|
|
50 |
|
Accumulated deficit |
|
(88,332 |
) |
|
|
(39,367 |
) |
Total stockholders’ equity |
|
291,728 |
|
|
|
314,585 |
|
Total liabilities and stockholders’ equity |
$ |
331,554 |
|
|
$ |
375,225 |
|
OMNIAB, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
License and milestone revenue |
$ |
1,375 |
|
|
$ |
2,010 |
|
|
|
5,216 |
|
|
$ |
18,986 |
|
Service revenue |
|
2,479 |
|
|
|
3,016 |
|
|
|
9,416 |
|
|
|
9,425 |
|
Royalty revenue |
|
318 |
|
|
|
451 |
|
|
|
955 |
|
|
|
931 |
|
Total revenue |
|
4,172 |
|
|
|
5,477 |
|
|
|
15,587 |
|
|
|
29,342 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
13,318 |
|
|
|
13,867 |
|
|
|
41,804 |
|
|
|
41,759 |
|
General and administrative |
|
7,079 |
|
|
|
8,511 |
|
|
|
23,381 |
|
|
|
25,444 |
|
Amortization of intangibles |
|
3,393 |
|
|
|
3,398 |
|
|
|
11,348 |
|
|
|
10,147 |
|
Other operating expense (income), net |
|
146 |
|
|
|
16 |
|
|
|
(2,324 |
) |
|
|
205 |
|
Total operating expenses |
|
23,936 |
|
|
|
25,792 |
|
|
|
74,209 |
|
|
|
77,555 |
|
Loss from operations |
|
(19,764 |
) |
|
|
(20,315 |
) |
|
|
(58,622 |
) |
|
|
(48,213 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
691 |
|
|
|
1,265 |
|
|
|
2,451 |
|
|
|
3,874 |
|
Other income (expense), net |
|
(8 |
) |
|
|
8 |
|
|
|
(17 |
) |
|
|
4 |
|
Total other income (expense), net |
|
683 |
|
|
|
1,273 |
|
|
|
2,434 |
|
|
|
3,878 |
|
Loss before income taxes |
|
(19,081 |
) |
|
|
(19,042 |
) |
|
|
(56,188 |
) |
|
|
(44,335 |
) |
Income tax benefit |
|
2,708 |
|
|
|
3,304 |
|
|
|
7,223 |
|
|
|
7,769 |
|
Net loss |
$ |
(16,373 |
) |
|
$ |
(15,738 |
) |
|
$ |
(48,965 |
) |
|
$ |
(36,566 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share, basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.37 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding, basic and diluted |
|
102,393 |
|
|
|
99,905 |
|
|
|
101,538 |
|
|
|
99,521 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112532450/en/
OmniAb, Inc.
Neha Singh, Ph. D.
investors@OmniAb.com
X @OmniAbTech
(510) 768-7760
Source: OmniAb, Inc.
