OmniAb, Inc.

omniab.com

What Do They Do?

Licenses antibody-discovery technology and provides research services to pharmaceutical and biotechnology companies and academic institutions, helping them find antibody candidates and other target-binding proteins for drug development.

How Do They Make Money?

Pharmaceutical and biotech partners pay access fees upfront or annually and pay for research as OmniAb performs it; milestone payments follow development or regulatory achievements, and royalties are tied to partners’ product sales. Academic arrangements typically share revenue; instruments and consumables are sold to customers.

revenue

Segment	Share	How money arrives
License and milestone revenue Mix	52% FY2022: 66%	Mix
Service revenue Recurring	39% FY2022: 32%	Recurring
xPloration revenue Sold outright	4.0%	Sold outright
Royalty revenue Licensed	4.7% FY2022: 2.3%	Licensed

Who Are Their Customers?

Pharmaceutical and biotech companies and academic institutions work with OmniAb on discovery programs; partners can use selected technologies in their own labs or receive discovery services from OmniAb.

Do Revenues Turn Into Profits?

No. It lost $64.8M in FY2025.

Operating income, FY2025

−369% of revenue

▼ −7% (Loss) vs FY2024 (−$74.5M, −282%)

Net income, FY2025

−347% of revenue

▲ +4% (Loss) vs FY2024 (−$62M, −235%)

Free cash flow, FY2025

−198% of revenue

▼ −11% (Loss) vs FY2024 (−$41.5M, −157%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +244%; vs $3.9M in Q2 FY2025
Net income: ▼ −63% (Loss); vs −$15.9M in Q2 FY2025

License and milestone revenue share of revenue vs 31.9% in Q2 FY2025

Aug 6, 2026 Raised full-year revenue and cash outlook Raised 2026 revenue guidance to $32 million to $36 million from $28 million to $33 million, and raised the year-end cash outlook.

Shrinking. Revenue fell 46% in 4 years, from $34.7M in FY2021 to $18.7M in FY2025, about 14% a year.

Broader discovery formats The earlier report centers on antibody discovery using transgenic animals and screening; the latest report also describes single-domain antibody discovery and an in vivo platform extending into peptides.

Revenue over time

License and milestone revenue Service revenue xPloration revenue Royalty revenue

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AbCellera Biologics, Ablexis, Alloy Therapeutics, Biocytogen Pharmaceuticals (Beijing), Nona Biosciences, Leveragen, Regeneron Pharmaceuticals, Twist Bioscience, Bruker, DPBIO, Sartorius, Fluidic Sciences, Charles River Labs, Evotec, Metrion Biosciences, and WuXi AppTec

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