OmniAb Inc · Q3 2023 earnings

Briefing

Reported a decrease in revenue due to lower service revenue, while net loss increased due to higher personnel costs and expenses related to being an independent publicly traded company.

OmniAb reported a revenue of $5.5 million for Q3 2023, a decrease from $6.9 million in the same period in 2022. The net loss for the quarter was $15.7 million, or $0.16 per share, compared to a net loss of $12.6 million, or $0.15 per share, for the same period in the previous year. The decrease in revenue was primarily driven by lower service revenue, while the increase in net loss was primarily due to higher personnel costs and expenses related to being an independent publicly traded company.

• Revenue for the third quarter of 2023 was $5.5 million, compared to $6.9 million for the same period in 2022.
• Net loss for the third quarter of 2023 was $15.7 million, or $0.16 per share, compared with a net loss of $12.6 million, or $0.15 per share, for the same period in 2022.
• As of September 30, 2023, OmniAb had cash, cash equivalents and short-term investments of $96.6 million.
• OmniAb entered into three new license agreements including GigaMune, Polaris Therapeutics, Inc. and, most recently, Novartis.

Headline financials

Revenue & EPS history

Company expects its cash, cash equivalents and short-term investments balance at year-end 2023 to be slightly lower than at year-end 2022. Current cash, cash equivalents and short-term investments, along with the cash OmniAb generates from operations, are expected to be sufficient to fund operations for the foreseeable future.