Core Viewpoint - OmniAb reported progress in expanding its partner base and advancing partner programs, despite lower revenue and increased net loss for 2025 [5][6]. Financial Performance - Full-year 2025 revenue decreased to $18.7 million from $26.4 million in 2024, primarily due to declines in license and milestone revenue [17]. - Fourth-quarter 2025 revenue was $8.4 million, down from $10.8 million in the same period of 2024 [15]. - The net loss for 2025 was $64.8 million, or $0.57 per share, compared to a net loss of $62.0 million, or $0.61 per share, in 2024 [17]. - Year-end cash balance was $54 million, with 2026 guidance projecting revenue of $25–30 million and operating expenses of $80–85 million [6][23]. Partner Programs and Pipeline - OmniAb ended 2025 with 107 partners and 407 active programs, adding a net of 44 programs during the year [4][8]. - The partner pipeline showed momentum with 25 advancement events in 2025, including 32 active clinical programs [7][9]. - Eight of the ten largest pharmaceutical companies are active partners of OmniAb [3]. Technology Developments - OmniAb launched two new technologies: OmniUltra, a transgenic chicken platform, and the xPloration Partner Access program, which enhances partner labs' capabilities [12][14]. - The OmniUltra platform is designed to access binding pockets not reachable with other antibodies, potentially enabling smaller binding units [12][13]. Future Outlook - Management anticipates a transition from milestone-driven revenue to more royalty-driven revenue over time, emphasizing scalability and positive cash flow trajectory [20]. - The company expects multiple new entries into clinical development for novel OmniAb-derived programs in 2026 [9].