OmniAb, Inc.
- Open
- 2.02
- Day high
- 2.16
- Day low
- 1.95
- Prev close
- 2.04
- Volume
- 493K
- Mkt cap
- $307M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 10.6
- Yield
- —
- Per share
- —
OmniAb, Inc. (OABI) is a Healthcare company listed on NASDAQ. The stock is up 9% over the past year.
OmniAb, Inc. (OABI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OABI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.10 | $-0.06 | +40.0% | $14M | +157.6% |
| Mar 4, 2026 | $-0.08 | $-0.11 | -37.5% | $8M | +48.3% |
| Nov 4, 2025 | $-0.14 | $-0.14 | -2.9% | $2M | -60.3% |
| Aug 6, 2025 | $-0.14 | $-0.15 | -7.1% | $4M | -31.0% |
| May 8, 2025 | $-0.17 | $-0.17 | +0.0% | $4M | -7.5% |
| Mar 18, 2025 | $-0.13 | $-0.12 | +7.7% | $11M | +65.3% |
| Aug 8, 2024 | $-0.18 | $-0.13 | +27.8% | $8M | +32.2% |
| May 9, 2024 | $-0.17 | $-0.19 | -11.8% | $4M | -35.2% |
| Mar 20, 2024 | $-0.17 | $-0.14 | +17.6% | $5M | -35.4% |
| Nov 9, 2023 | $-0.14 | $-0.16 | -14.3% | $5M | -47.0% |
| Aug 10, 2023 | $-0.11 | $-0.15 | -36.4% | $7M | -41.7% |
| May 11, 2023 | $0.05 | $-0.06 | -220.0% | $17M | -10.8% |
OABI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Bertozzi Carolyn Rdirector | Option | 20,000 | — |
| Jun 18, 2026 | Love Stevendirector | Grant | 20,000 | — |
| Jun 18, 2026 | Bertozzi Carolyn Rdirector | Grant | 20,000 | — |
| Jun 18, 2026 | Love Stevendirector | Grant | 40,000 | $2.03 |
| Jun 18, 2026 | Love Stevendirector | Option | 20,000 | — |
| Jun 18, 2026 | HIGGINS JOHN Ldirector | Grant | 40,000 | $2.03 |
| Jun 18, 2026 | HIGGINS JOHN Ldirector | Grant | 20,000 | — |
| Jun 18, 2026 | HIGGINS JOHN Ldirector | Option | 20,000 | — |
| Jun 18, 2026 | Gotwals Philip Jdirector | Grant | 40,000 | $2.03 |
| Jun 18, 2026 | Gotwals Philip Jdirector | Grant | 20,000 | — |
| Jun 18, 2026 | Gotwals Philip Jdirector | Option | 20,000 | — |
| Jun 18, 2026 | Crouse Steven C.director | Grant | 40,000 | $2.03 |
| Jun 18, 2026 | Crouse Steven C.director | Grant | 20,000 | — |
| Jun 18, 2026 | Crouse Steven C.director | Option | 20,000 | — |
| Jun 18, 2026 | Cochran Jennifer R.director | Grant | 40,000 | $2.03 |
Source: OABI SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full OABI insider & 13F page →OmniAb, Inc. company profile
Overview
OmniAb, Inc. (NASDAQ:OABI) is a biotechnology company founded in 2012 and headquartered in Emeryville, California. The company went public in September 2021 and operates as a platform provider for therapeutic antibody discovery technologies. OmniAb has developed a unique business model centered around genetically modified transgenic animals that produce human-like antibodies, which pharmaceutical and biotechnology companies use to develop new therapeutic drugs. The company has grown from serving 69 partners in 2022 to 95 active partners as of early 2025, with over 375 active programs in its pipeline.
Business
OmniAb operates in the antibody discovery platform sector of the biotechnology industry, providing essential tools and technologies that enable pharmaceutical companies to develop new therapeutic antibodies. Antibodies are proteins naturally produced by the immune system to fight infections and diseases, and therapeutic antibodies are engineered versions used as medicines to treat conditions like cancer, autoimmune diseases, and other serious illnesses. The company's core offering is the OmniAb platform, which consists of proprietary transgenic animals - genetically modified laboratory animals including rats (OmniRat), chickens (OmniChicken), mice (OmniMouse), and cattle (OmniTaur) - that have been engineered to produce antibodies with human DNA sequences. This is crucial because when developing human medicines, antibodies must have human-like characteristics to avoid being rejected by patients' immune systems. The platform includes several specialized variants: OmniFlic (transgenic rats) and OmniClic (transgenic chickens) are designed for creating bispecific antibodies (antibodies that can target two different disease targets simultaneously), while OmnidAb technology produces single-domain antibodies from chickens, which are smaller and can access hard-to-reach disease targets. Supporting technologies include OmniDeep (AI and machine learning tools for antibody analysis), OmniHub (a bioinformatics platform), and the Exploration screening instrument that rapidly processes and analyzes antibody candidates. The company also maintains a small legacy business in ion channel drug discovery services, though this represents a declining portion of revenue. Revenue is primarily generated through the antibody platform business (approximately 85-90% of total revenue), with the remainder from legacy service contracts that are winding down.
Revenue model
OmniAb operates a platform licensing and milestone-based revenue model with multiple income streams. The company generates revenue through upfront platform licensing fees paid by pharmaceutical and biotech partners who gain access to the transgenic animal platforms, ongoing service fees for antibody discovery work, milestone payments when partners achieve development and regulatory milestones, and royalty payments on eventual product sales. The primary customers are pharmaceutical companies, biotechnology firms, and academic research institutions who need antibody discovery capabilities but lack the specialized infrastructure to develop their own transgenic animal platforms. Partners range from large pharmaceutical companies like Genmab, Teva, and Janssen to emerging biotech startups and academic medical centers. The business model benefits from several favorable factors that can increase margins. The platform's scalability allows OmniAb to serve multiple partners simultaneously without proportional increases in costs. As clinical programs advance, milestone payments typically increase in size, providing higher revenue per program over time. The company's diverse partner base across different therapeutic areas and development stages provides revenue stability and reduces dependence on any single partner or program. However, several factors can negatively impact margins. The biotechnology industry experiences cyclical funding challenges that can reduce new partnership formation and delay milestone achievements. Competition from other antibody discovery platforms or in-house capabilities developed by large pharmaceutical companies could pressure pricing. Additionally, the long development timelines for therapeutic drugs (often 10-15 years) mean that royalty revenue, while potentially substantial, takes many years to materialize and depends on successful commercialization of partner products.
Competitive moat
OmniAb's competitive moat is moderately strong but not insurmountable, built primarily around its proprietary transgenic animal platforms and accumulated biological data. The company's key advantages include the significant time, cost, and expertise required to develop competing transgenic animal platforms - a process that typically takes several years and substantial investment. The diversity of OmniAb's platform across four different animal species (rats, mice, chickens, and cattle) provides unique biological advantages that are difficult to replicate quickly. The company has built valuable network effects through its growing partner base, where each successful program validates the platform and attracts additional partners. With over 375 active programs and 33 clinical-stage assets, OmniAb has accumulated substantial real-world validation data that competitors would need years to match. However, the moat faces several potential threats. Large pharmaceutical companies could develop internal transgenic capabilities, as some already have done. Alternative antibody discovery technologies, including fully computational approaches using AI and machine learning, could potentially bypass the need for transgenic animals entirely. Additionally, other platform companies like Adimab, Twist Bioscience, and AbCellera offer competing antibody discovery solutions, though with different technological approaches. The regulatory landscape also presents both opportunities and risks - while recent FDA moves away from mandatory animal testing could benefit antibody-based approaches, changing regulations could also disrupt established workflows. The company's moat is best characterized as a significant but not permanent competitive advantage that requires continuous innovation and platform enhancement to maintain.
Risks & safety
The margin of safety appears reasonable but requires careful monitoring given the company's cash burn and early-stage revenue profile. **Liquidity and Solvency:** - Cash position of $10.9 million as of Q1 2025, down from $27.6 million at end of 2024 - Current ratio of 4.7x indicates strong short-term liquidity - Free cash flow burn of approximately $16 million in Q1 2025 - Low debt levels with debt-to-equity ratio of 8.2% - At current burn rate, cash runway appears limited without additional financing **Valuation Metrics:** - Trading at 0.93x book value, suggesting reasonable asset backing - Negative earnings make P/E ratios uninformative - Enterprise value to revenue multiple appears reasonable for biotech platform company - Market cap of approximately $182 million seems modest relative to platform potential **Other Considerations:** - Revenue guidance of $20-25 million for 2025 with operating expenses of $85-90 million indicates continued losses - Over $550 million in potential milestone payments from current programs provides upside optionality - Strong partner validation with 95 active partnerships reduces technology risk
Recent development
Over the past few years, OmniAb has executed several key strategic initiatives to strengthen and diversify its platform. The company has significantly expanded its technology portfolio, launching OmniDeep in 2023 as an AI and machine learning suite for antibody analysis, followed by OmnidAb technology for single-domain antibodies from transgenic chickens. In 2024, the company introduced the OmniHub bioinformatics platform to better integrate partner workflows. A major recent development is the launch of the Exploration Partner Access Program in 2025, featuring a new screening instrument priced at $500,000 that offers rapid processing capabilities and AI-driven screening. This represents a shift toward providing partners with direct access to screening technology rather than purely service-based relationships. The company has also focused on partnership diversification, growing from 69 partners in 2022 to 95 partners in early 2025, with particular emphasis on adding well-funded startup companies alongside traditional large pharmaceutical partners. This strategy has helped maintain business momentum despite broader biotech funding challenges. Therapeutically, OmniAb has expanded beyond its initial oncology focus into areas like central nervous system disorders, autoimmune diseases, and infectious diseases. The company has also emphasized multi-specific antibody capabilities, addressing growing industry demand for more sophisticated therapeutic formats. Clinical validation has strengthened significantly, with the number of clinical-stage programs growing from 26 in 2022 to 33 by 2024, including several programs advancing to Phase 3 development.
OABI company profile · for informational purposes only — not investment advice.
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