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1. Company Snapshot

1.a. Company Description

OmniAb, Inc., a biotechnology company, provides therapeutic antibody discovery technologies in the United States.The company's discovery platform provides industry partners access to the diverse antibody repertoires and screening technologies to enable discovery of next-generation therapeutics.Its OmniAb platform is the biological intelligence of proprietary transgenic animals, including OmniRat, OmniChicken, and OmniMouse that have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates.


The company's OmniFlic (transgenic rat) and OmniClic (transgenic chicken) address industry needs for bispecific antibody applications though a common light chain approach, and OmniTaur that features unique structural attributes of cow antibodies for complex targets.The company was founded in 2012 and is headquartered in Emeryville, California.

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1.b. Last Insights on OABI

OmniAb, Inc.'s recent performance was negatively impacted by its Q3 2025 earnings report, which showed a loss of $0.14 per share, in line with expectations. However, the company missed revenue estimates. Despite a significant increase in new program additions, the company's financial results were likely affected by increased operating expenses. Additionally, the company's $30 million private placement in August may have led to dilution of shareholder value. The company's ability to execute on strategic initiatives and demonstrate the value of its technology platform may not have been enough to offset these challenges.

1.c. Company Highlights

2. OmniAb's Q3 2025 Earnings: A Closer Look at Financial Performance

The company's revenue for Q3 2025 was $2.2 million, a decrease from $4.2 million in the same period last year, primarily due to a reduction in milestones achieved and lower service revenue. The actual EPS came out at -$0.14, slightly missing estimates at -$0.136. Operating expenses decreased to $20.4 million from $23.9 million in the prior year period, driven by decreases in both R&D and G&A expenses.

Publication Date: Nov -21

📋 Highlights
  • Program Growth:: New program adds in Q3 2025 matched 2024's total, with 100+ active partners.
  • Revenue Decline:: Q3 2025 revenue fell to $2.2M from $4.2M in 2024 due to lower milestones and service income.
  • Operating Expenses:: Q3 2025 costs dropped to $20.4M, down from $23.9M in 2024, driven by lower R&D and G&A expenses.
  • 2025 Guidance:: Revenue projected at $18–22M, with operating expenses expected to range between $82–86M.
  • OmniUltra Launch:: Dec 2025 debut of transgenic chicken platform for ultra-long CDRH3s, targeting novel peptide therapeutics.

Guidance Update

The company updated its guidance for 2025, expecting revenue to be between $18 million and $22 million, and operating expenses to be between $82 million and $86 million. The year-end cash balance is expected to be between $52 million and $56 million.

Business Highlights

OmniAb continued to have a strong deal flow in Q3, with the number of new program additions far outpacing last year. The company has grown and diversified its base of active partners, reaching a record high level exceeding 100. The xPloration partner access program is generating strong interest, and the company is making progress in its clinical and commercial stage partner pipeline, with 32 active programs and $1.3 billion in potential milestones.

Valuation Metrics

OmniAb's current valuation metrics show a P/S Ratio of 8.52 and an EV/EBITDA of -3.34. With analysts estimating revenue growth at 66.2% next year, the current valuation may be justified if the company can deliver on its growth expectations. However, the negative EPS and ROE of -23.14% raise concerns about the company's profitability.

Future Outlook

The company is launching its newest transgenic chicken platform, OmniUltra, in December, which has the potential to open new markets and business opportunities. With a strong pipeline and growing interest in its xPloration program, OmniAb is well-positioned for future growth. As the company provides more details on its fourth quarter financial results early next year, investors will be watching closely to see if the company can meet its growth expectations.

3. NewsRoom

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OmniAb to Hold OmniUltra Virtual Investor Event on December 15

Dec -04

Source: businesswire.com

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OmniAb Enters into a Technology License and Services Agreement for Antibody Discovery with a Newly-Formed Incubated Company of ArrowMark Partners and Viking Global Investors

Nov -17

Source: businesswire.com

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OmniAb, Inc. (OABI) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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OmniAb, Inc. (OABI) Reports Q3 Loss, Misses Revenue Estimates

Nov -05

Source: zacks.com

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OmniAb Reports Third Quarter 2025 Financial Results and Business Highlights

Nov -04

Source: businesswire.com

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OmniAb, Inc. (OABI) Expected to Beat Earnings Estimates: Should You Buy?

Oct -28

Source: zacks.com

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OmniAb to Participate in Three Investor Conferences in November

Oct -16

Source: businesswire.com

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OmniAb to Report Third Quarter 2025 Financial Results on November 4

Oct -14

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.24%)

6. Segments

License and Milestone

Expected Growth: 10.27%

OmniAb, Inc.'s 10.27% growth in License and Milestone revenue is driven by increasing adoption of its antibody discovery platform, expansion into new therapeutic areas, and strategic partnerships. Additionally, the company's growing pipeline of partnered programs and successful milestone achievements contribute to this growth.

Service

Expected Growth: 10.27%

OmniAb, Inc.'s 10.27% growth is driven by increasing demand for antibody discovery services, expansion into new therapeutic areas, and strategic partnerships. Additionally, advancements in AI-powered antibody optimization and proprietary platform enhancements are contributing to the company's growth momentum.

Royalty

Expected Growth: 9.27%

The 9.27% growth in Royalty from OmniAb, Inc. is driven by increasing demand for antibody-based therapeutics, successful partnerships with biotech companies, and expansion into new markets. Additionally, OmniAb's proprietary technology and high-quality antibody libraries have enabled the company to secure lucrative licensing agreements, contributing to the robust growth.

7. Detailed Products

OmniRat-G3

A high-affinity, fully human IgG1 monoclonal antibody that targets a specific epitope on the human CD38 antigen

OmniAb-Vec

A proprietary vector technology that enables the efficient generation of fully human monoclonal antibodies

OmniRat-G4

A high-affinity, fully human IgG1 monoclonal antibody that targets a specific epitope on the human PD-1 antigen

OmniChicken

A proprietary chicken-based platform for the generation of high-affinity, fully human monoclonal antibodies

OmniMouse

A proprietary mouse-based platform for the generation of high-affinity, fully human monoclonal antibodies

8. OmniAb, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

OmniAb, Inc. has a moderate threat of substitutes due to the availability of alternative products in the market.

Bargaining Power Of Customers

OmniAb, Inc. has a high bargaining power of customers due to the presence of large and influential buyers in the market.

Bargaining Power Of Suppliers

OmniAb, Inc. has a low bargaining power of suppliers due to the presence of multiple suppliers in the market.

Threat Of New Entrants

OmniAb, Inc. has a moderate threat of new entrants due to the presence of barriers to entry and the need for significant investment in research and development.

Intensity Of Rivalry

OmniAb, Inc. operates in a highly competitive market with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.51%
Debt Cost 3.95%
Equity Weight 92.49%
Equity Cost 3.95%
WACC 3.95%
Leverage 8.13%

11. Quality Control: OmniAb, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Xeris Biopharma

A-Score: 5.2/10

Value: 6.2

Growth: 7.1

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
MannKind

A-Score: 4.0/10

Value: 3.2

Growth: 8.7

Quality: 7.1

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Kymera Therapeutics

A-Score: 3.8/10

Value: 6.4

Growth: 3.1

Quality: 4.9

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Actinium Pharmaceuticals

A-Score: 3.7/10

Value: 6.8

Growth: 5.9

Quality: 3.1

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Syros Pharmaceuticals

A-Score: 3.5/10

Value: 8.2

Growth: 5.6

Quality: 7.4

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
OmniAb

A-Score: 2.7/10

Value: 7.7

Growth: 1.6

Quality: 4.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.96$

Current Price

1.97$

Potential

-0.00%

Expected Cash-Flows