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Mar 31, 2024
OmniAb Q1 2024 Earnings Report
Reported financial results for the first quarter of 2024 and provided operating and partner program updates.
Key Takeaways
OmniAb reported a decrease in revenue for Q1 2024 to $3.8 million, compared to $16.9 million in the same period in 2023, primarily due to the recognition of a $10 million milestone in 2023 and lower service revenue. The company's net loss increased to $19.0 million, or $0.19 per share, compared to a net loss of $6.1 million, or $0.06 per share, for the same period in 2023.
Added three new platform license agreements, bringing the total active partners to 80.
The decrease in revenue was primarily due to the recognition in the 2023 period of a $10 million milestone and lower service revenue.
Net loss for the first quarter of 2024 was $19.0 million, or $0.19 per share.
As of March 31, 2024, OmniAb had cash, cash equivalents and short-term investments of $69.0 million.
OmniAb
OmniAb
OmniAb Revenue by Segment
Revenue by Segment
License and milestone Revenue
CapyFin.comService Revenue
CapyFin.comRoyalty Revenue
CapyFin.com Forward Guidance
OmniAb continues to expect operating expense and cash use in 2024 to be approximately the same as in 2023. The company expects its cash use in 2025 to be substantially lower than in 2024 and anticipates that its current cash balance and cash from operations will provide sufficient capital to fund operations for the foreseeable future.
Positive Outlook
- Operating expense in 2024 is expected to be approximately the same as in 2023.
- Cash use in 2024 is expected to be relatively similar to cash use in 2023, excluding the $35 million TECVAYLI milestone payment received in 2023.
- Cash use in 2025 is expected to be substantially lower than in 2024.
- Current cash balance and cash from operations are expected to provide sufficient capital to fund operations for the foreseeable future.
- Company is now staffed and resourced to leverage the future growth of the business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income