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OmniAb(OABI) - 2024 Q3 - Quarterly Results
OABIOmniAb(OABI)2024-11-12 21:09

Revenue Performance - Revenue for Q3 2024 was 4.2million,adecreaseof23.64.2 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 15.6million,down46.815.6 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,adecreasefrom4,172,000, 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,downfrom1,375,000, down from 2,010,000 in Q3 2023, a decrease of 31.6%[23]. - Service revenue increased to 2,479,000inQ32024from2,479,000 in Q3 2024 from 3,016,000 in Q3 2023, a decrease of 17.8%[23]. Net Loss - Net loss for Q3 2024 was 16.4million,or16.4 million, or 0.16 per share, compared to a net loss of 15.7million,or15.7 million, or 0.16 per share, in Q3 2023[5]. - Year-to-date net loss for the nine months ended September 30, 2024, was 49.0million,or49.0 million, or 0.48 per share, compared to a net loss of 36.6million,or36.6 million, or 0.37 per share, for the same period in 2023[7]. - Net loss for Q3 2024 was 16,373,000,slightlyhigherthanthenetlossof16,373,000, 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),consistentwithQ32023[23].Expenses−ResearchanddevelopmentexpensesforQ32024were(0.16), consistent with Q3 2023[23]. Expenses - Research and development expenses for Q3 2024 were 13.3 million, a slight decrease from 13.9millioninQ32023,primarilyduetolowershare−basedcompensation[4].−GeneralandadministrativeexpensesforQ32024were13.9 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 8.5millioninQ32023,mainlyduetolowerlegalandshare−basedcompensationexpenses[4].−OperatingexpensesforQ32024totaled8.5 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 25,792,000inQ32023,areductionof7.225,792,000 in Q3 2023, a reduction of 7.2%[23]. - Research and development expenses were 13,318,000 for Q3 2024, compared to 13,867,000inQ32023,adecreaseof4.013,867,000 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 27,236,000asofSeptember30,2024,from27,236,000 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 50millionand50 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 8.5million[8].AssetsandLiabilities−Totalassetsdecreasedto8.5 million[8]. Assets and Liabilities - Total assets decreased to 331,554,000 as of September 30, 2024, down from 375,225,000atDecember31,2023,adeclineof11.6375,225,000 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].