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Dec 31, 2023
OmniAb Q4 2023 Earnings Report
Reported financial results and business highlights for Q4 2023.
Key Takeaways
OmniAb reported a decrease in revenue for the fourth quarter of 2023, primarily due to the recognition of a $25.0 million milestone payment in the prior-year period and lower service revenue. The company signed 10 new licenses in 2023, including three in the fourth quarter.
Revenue for the fourth quarter of 2023 was $4.8 million, compared to $35.3 million for the same period in 2022.
Net loss for the fourth quarter of 2023 was $14.1 million, or $0.14 per diluted share, compared to net income of $6.8 million, or $0.07 per share, for the same period in 2022.
Signed 10 new licenses in 2023, including three in the fourth quarter, with Enable Life Sciences, Mirador Therapeutics, and a global pharma company.
Launched two new technologies during 2023 including OmniDeep™ and, during the fourth quarter, OmnidAb™.
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 operating expense in 2024 to be approximately the same as in 2023, and its cash use in 2024 to be relatively similar to its cash used in 2023, excluding the $35 million TECVAYLI milestone payment received in 2023.
Positive Outlook
- Operating expense in 2024 expected to be approximately the same as in 2023.
- Cash use in 2024 expected to be relatively similar to cash used in 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 are expected to provide sufficient capital to fund operations for the foreseeable future.
- Now staffed and resourced to leverage the future growth of the business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income