OmniAb(US:OABI)2024-08-08 20:12Revenue Performance - Revenue for Q2 2024 was $7.6 million, up from $6.9 million in Q2 2023, primarily due to accelerated recognition of deferred service revenue[1] - Year-to-date revenue for the six months ended June 30, 2024, was $11.4 million, down from $23.9 million for the same period in 2023, mainly due to the recognition of various milestones in 2023[3] - Total revenue for Q2 2024 was $7,614,000, an increase of 9.6% compared to $6,946,000 in Q2 2023[25] - Service revenue increased significantly to $4,171,000 in Q2 2024, up 70.3% from $2,451,000 in Q2 2023[25] Net Loss and Financial Performance - Net loss for Q2 2024 was $13.6 million, or $0.13 per share, compared to a net loss of $14.7 million, or $0.15 per share, in Q2 2023[2] - Year-to-date net loss for the six months ended June 30, 2024, was $32.6 million, or $0.32 per share, compared to a net loss of $20.8 million, or $0.21 per share, for the same period in 2023[4] - Net loss for Q2 2024 was $13,631,000, a slight improvement from a net loss of $14,728,000 in Q2 2023[25] - The company reported a loss from operations of $16,305,000 in Q2 2024, compared to a loss of $19,445,000 in Q2 2023[25] Operating Expenses and Cash Position - OmniAb expects total operating expenses in 2024 to be slightly less than in 2023, with cash use in 2024 expected to be similar to 2023, excluding a $35 million milestone payment received in 2023[5] - As of June 30, 2024, OmniAb had cash, cash equivalents, and short-term investments of $57.2 million[4] - Cash and cash equivalents increased to $20,794,000 as of June 30, 2024, up from $16,358,000 at the end of 2023[23] - The company had total current liabilities of $14,154,000 as of June 30, 2024, down from $23,116,000 at the end of 2023[23] Assets and Equity - Total assets decreased to $337,263,000 as of June 30, 2024, down from $375,225,000 at the end of 2023[24] - Total stockholders' equity decreased to $294,181,000 as of June 30, 2024, compared to $314,585,000 at the end of 2023[24] Partnerships and Development - The company had 83 active partners and 333 active programs as of June 30, 2024, including 32 OmniAb-derived programs in clinical development or commercialization[6] - OmniAb entered into new platform license agreements with DAAN Bio and Topaz Therapeutics during Q2 2024[6] - The company presented its xPloration technology platform at the 20th Annual PEGS Boston Conference, highlighting its capabilities in bispecific antibody discovery[16] - OmniAb's management anticipates 2024 could be a record year in terms of deal flow driven by the quality of its technology platforms[1] Research and Development - Research and development expenses were $13,935,000 in Q2 2024, a decrease of 1.4% from $14,133,000 in Q2 2023[25] Share Information - The weighted-average shares outstanding for basic and diluted were 101,456,000 in Q2 2024, compared to 99,493,000 in Q2 2023[25]