OmniAb(OABI) - 2025 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2025 was $2.2 million, down from $4.2 million in Q3 2024, primarily due to lower milestone and service revenue[3] - Revenue for the nine months ended September 30, 2025, was $10.3 million, down from $15.6 million for the same period in 2024[6] - Total revenue for the three months ended September 30, 2025, was $2,239,000, a decrease of 46.4% compared to $4,172,000 for the same period in 2024[30] - License and milestone revenue decreased to $616,000 from $1,375,000, representing a decline of 55.2% year-over-year[30] - Service revenue also saw a decline, falling to $1,188,000 from $2,479,000, a decrease of 52.0%[30] Expenses and Losses - Research and development expense decreased to $10.4 million in Q3 2025 from $13.3 million in Q3 2024, attributed to lower personnel and external expenses[4] - Net loss for Q3 2025 was $16.5 million, or $0.14 per share, compared to a net loss of $16.4 million, or $0.16 per share, in Q3 2024[5] - Research and development expenses for the nine months ended September 30, 2025, were $33,845,000, down from $41,804,000 in 2024, a reduction of 19.1%[30] - The net loss for the three months ended September 30, 2025, was $16,525,000, compared to a net loss of $16,373,000 for the same period in 2024, indicating a slight increase in losses[30] - The company reported a loss from operations of $18,140,000 for the three months ended September 30, 2025, compared to a loss of $19,764,000 for the same period in 2024, showing an improvement of 8.2%[30] Financial Position - As of September 30, 2025, OmniAb had cash, cash equivalents, and short-term investments totaling $59.5 million, following a $30 million private placement in August[8] - Total assets decreased to $309,690,000 as of September 30, 2025, from $325,558,000 at December 31, 2024, a decline of 4.9%[28] - Total liabilities decreased to $32,246,000 as of September 30, 2025, from $37,940,000 at December 31, 2024, a reduction of 15.0%[28] - Stockholders' equity decreased to $277,444,000 as of September 30, 2025, from $287,618,000 at December 31, 2024, a decline of 3.5%[28] Future Outlook - OmniAb expects 2025 revenue to be between $18 million and $22 million, with operating expenses projected between $82 million and $86 million[9] - OmniAb plans to launch its new OmniUltra™ technology in December 2025, which is expected to create new business opportunities[2] - OmniAb's effective tax rate for 2025 is expected to be approximately 0%[9] Partnerships and Programs - The company had 104 active partners and 399 active programs as of September 30, 2025, including 32 programs in clinical development[10] - The company reported other operating income of $2.7 million for the nine months ended September 30, 2025, including a $3.0 million gain from the sale of a small molecule program[7]