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Jun 30, 2024
OmniAb Q2 2024 Earnings Report
Reported financial results for Q2 2024 and provided operating and partner program updates.
Key Takeaways
OmniAb's second quarter results were in line with expectations, with revenue increasing to $7.6 million compared to $6.9 million in the same period in 2023. The company added new partnerships and programs, and existing partners made clinical progress.
Revenue for the second quarter of 2024 was $7.6 million, compared to $6.9 million for the same period in 2023.
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.
As of June 30, 2024, OmniAb had cash, cash equivalents and short-term investments of $57.2 million.
OmniAb entered into new platform license agreements with DAAN Bio and Topaz Therapeutics, and expanded its technology access license relationship with HanAll Biopharma.
OmniAb
OmniAb
OmniAb Revenue by Segment
Revenue by Segment
License and milestone Revenue
CapyFin.comService Revenue
CapyFin.comRoyalty Revenue
CapyFin.com Forward Guidance
OmniAb expects total operating expenses in 2024 to be slightly less than total operating expenses in 2023 and 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. 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.
Positive Outlook
- Total operating expenses in 2024 expected to be slightly less than in 2023.
- Cash use in 2024 expected to be relatively similar to 2023 (excluding the $35 million TECVAYLI milestone payment).
- Cash use in 2025 expected to be substantially lower than in 2024.
- Current cash balance and cash from operations expected to provide sufficient capital to fund operations for the foreseeable future.
- Recent momentum in business development suggests potential for a record year in deal flow.
Revenue & Expenses
Visualization of income flow from segment revenue to net income