Omniab, Inc. ( (OABI) ) has released its Q3 earnings. Here is a breakdown of the information Omniab, Inc. presented to its investors.
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OmniAb, Inc. is a biotechnology company that licenses advanced discovery research technology to pharmaceutical and biotech industries, enabling the discovery of next-generation therapeutics through its proprietary technology platform.
OmniAb’s third quarter of 2024 showcased a strategic expansion of its technology platform and partnerships, despite a decrease in quarterly revenue compared to the previous year. The company continues to prioritize innovation and sustainable growth, as highlighted by a well-capitalized business model and cutting-edge technologies.
In the third quarter of 2024, OmniAb reported revenue of $4.2 million, down from $5.5 million in the same period in 2023, primarily due to the timing of milestones and reduced ion channel service revenue. Despite a consistent research and development expenditure, the net loss for the quarter was $16.4 million or $0.16 per share. Notably, OmniAb expanded its partnership portfolio, including new agreements with 92Bio, Memorial Sloan Kettering Cancer Center, and Queen Mary University of London. The company also announced significant clinical developments with its partners, including promising trial results for treatments in rheumatoid arthritis, myasthenia gravis, and celiac disease.
Looking ahead, OmniAb expects to maintain its focus on innovation and partnership expansion while managing its operating expenses. The company anticipates ending 2024 with a cash balance between $50 million and $60 million, aiming for reduced cash use in 2025. OmniAb’s strategic initiatives and technological advancements position the company to deliver long-term value to its stakeholders.
