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Sep 30, 2024
OmniAb Q3 2024 Earnings Report
OmniAb's financial performance declined due to lower milestone and ion channel service revenue, while net loss remained consistent with the prior year.
Key Takeaways
OmniAb reported a decrease in revenue for Q3 2024, primarily due to the timing of milestones and lower ion channel service revenue. Despite the revenue decline, research and development and general and administrative expenses decreased. The company maintains a strong cash position and is focused on sustainable, profitable growth.
Revenue for the third quarter of 2024 was $4.2 million, compared to $5.5 million for the same period in 2023.
Net loss for the third quarter of 2024 was $16.4 million, or $0.16 per share, compared to a net loss of $15.7 million, or $0.16 per share, for the same period in 2023.
As of September 30, 2024, OmniAb had cash, cash equivalents and short-term investments of $59.4 million.
OmniAb entered into three new platform license agreements during the third quarter of 2024.
Revenue by Segment
Forward Guidance
OmniAb expects total operating expenses in 2024 to be slightly less than in 2023 and anticipates ending 2024 with a cash balance in the range of $50 million to $60 million. Cash use in 2025 is expected to be lower than in 2024, excluding recent ATM program proceeds.
Positive Outlook
- Total operating expenses in 2024 expected to be slightly less than in 2023.
- Expected cash balance at the end of 2024 in the range of $50 million to $60 million.
- Cash use in 2025 expected to be lower than in 2024, excluding recent ATM program proceeds.
- Focus on delivering value to stakeholders.
- Focus on creating sustainable, profitable growth.
Challenges Ahead
- Revenue decreased in Q3 2024 compared to the same period in 2023.
- Decrease primarily due to timing of milestones and lower ion channel service revenue.
- Net loss remained consistent with the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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