OmniAb(OABI) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 was $4.2 million, a decrease of 23.6% compared to $5.5 million in Q3 2023, primarily due to timing of milestones and lower ion channel service revenue[3]. - Year-to-date revenue for the nine months ended September 30, 2024, was $15.6 million, down 46.8% from $29.3 million in the same period of 2023, largely due to lower milestone revenue[6]. - Total revenue for the three months ended September 30, 2024, was $4,172,000, a decrease from $5,477,000 in the same period of 2023, representing a decline of 23.8%[23]. - License and milestone revenue for Q3 2024 was $1,375,000, down from $2,010,000 in Q3 2023, a decrease of 31.6%[23]. - Service revenue increased to $2,479,000 in Q3 2024 from $3,016,000 in Q3 2023, a decrease of 17.8%[23]. Net Loss - Net loss for Q3 2024 was $16.4 million, or $0.16 per share, compared to a net loss of $15.7 million, or $0.16 per share, in Q3 2023[5]. - Year-to-date net loss for the nine months ended September 30, 2024, was $49.0 million, or $0.48 per share, compared to a net loss of $36.6 million, or $0.37 per share, for the same period in 2023[7]. - Net loss for Q3 2024 was $16,373,000, slightly higher than the net loss of $15,738,000 in Q3 2023[23]. - Net loss per share for Q3 2024 remained at $(0.16), consistent with Q3 2023[23]. Expenses - Research and development expenses for Q3 2024 were $13.3 million, a slight decrease from $13.9 million in Q3 2023, primarily due to lower share-based compensation[4]. - General and administrative expenses for Q3 2024 were $7.1 million, down from $8.5 million in Q3 2023, mainly due to lower legal and share-based compensation expenses[4]. - Operating expenses for Q3 2024 totaled $23,936,000, compared to $25,792,000 in Q3 2023, a reduction of 7.2%[23]. - Research and development expenses were $13,318,000 for Q3 2024, compared to $13,867,000 in Q3 2023, a decrease of 4.0%[23]. Cash and Investments - OmniAb had cash, cash equivalents, and short-term investments of $59.4 million as of September 30, 2024[7]. - Cash and cash equivalents increased to $27,236,000 as of September 30, 2024, from $16,358,000 at December 31, 2023[22]. - OmniAb expects total operating expenses in 2024 to be slightly less than in 2023 and anticipates ending 2024 with a cash balance between $50 million and $60 million[9]. Partnerships and Agreements - The company entered into three new platform license agreements during Q3 2024, increasing its active partners to 86 and active programs to 352[10]. - OmniAb sold 2.0 million shares of common stock through its ATM program in Q3 2024, generating net proceeds of $8.5 million[8]. Assets and Liabilities - Total assets decreased to $331,554,000 as of September 30, 2024, down from $375,225,000 at December 31, 2023, a decline of 11.6%[22]. - Total liabilities decreased to $39,826,000 as of September 30, 2024, from $60,640,000 at December 31, 2023, a reduction of 34.3%[22].