OmniAb(US:OABI)2025-05-08 21:30Financial Data and Key Metrics Changes - Revenue increased to $4.2 million in Q1 2025 from $3.8 million in Q1 2024, primarily due to higher milestone revenue from GenmAb's clinical program [24] - Operating expenses decreased to $23 million from $26.4 million year-over-year, with R&D expenses down to $12.6 million from $14.6 million [25] - Net loss for Q1 2025 was $18.2 million or $0.17 per share, compared to a net loss of $19 million or $0.19 per share in Q1 2024 [26] Business Line Data and Key Metrics Changes - The number of active partners grew to 95, with new deals signed with Harvard's Weiss Institute, Takis Biotech, and Orion Corporation [8] - Total active programs increased to 378, with 33 active clinical programs and approved products as of the end of Q1 [10] Market Data and Key Metrics Changes - The company expects to receive a $3 million upfront payment from Angelini Pharma, with potential milestones exceeding $170 million [9] - The portfolio of post-discovery stage assets has increased by over 39% in the last two years [11] Company Strategy and Development Direction - The launch of the exploration partner access program aims to enhance partner workflows and create new revenue streams [14][21] - The company remains focused on licensing novel discovery technology to the pharmaceutical industry, which is the foundation of its strategy [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong deal flow and the robustness of new partnerships despite broader industry challenges [5] - The company anticipates that the exploration program will be accretive to earnings and cash flow in both the short and long term [23] Other Important Information - The company implemented a reduction in force in early February, resulting in an additional cash outlay of approximately $1 million in Q1 [27] - Guidance for 2025 revenue remains between $20 million and $25 million, excluding contributions from the exploration program [28] Q&A Session Summary Question: What attributed to the strong number of program starts this quarter? - Management noted that continued innovation and the launch of new technologies have driven interest from both new and existing partners [30][31] Question: Is the exploration platform exclusively for existing partners? - Yes, the exploration partner access program is available only to partners within the OmniAb ecosystem [35] Question: Can you provide any benchmarks for potential partners for the exploration program? - Management indicated that while it is difficult to provide exact numbers, they have deep relationships with partners and are targeting those most likely to benefit from the exploration instruments [42] Question: What are the key differentiators of the exploration platform? - Key differentiators include ease of use, high efficiency, and the absence of fluidics, which reduces maintenance issues [48] Question: How do tariffs impact the business? - Management stated that there are minimal impacts from tariffs as the exploration instrument and most parts are manufactured in the U.S. [51] Question: Will new partners also have access to the exploration platform? - Yes, new partners will have access to the exploration platform as they sign up [58]