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OmniAb Inc. (OABI-3.04%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details OmniAb's financial performance, reporting a decrease in total revenue to $26.4 million from $34.2 million in the previous year. This decline was attributed primarily to a reduction in license and milestone revenue, which fell by 33% due to fewer milestone achievements compared to the prior year.
Service revenue also saw a slight decrease to $11.9 million from $12.2 million, while royalty revenue declined by 55% to $576,000, reflecting lower net sales from partners' product sales.
Operating expenses decreased slightly to $100.9 million from $103.6 million. Research and development expenses were reduced by 3% to $55.1 million due to lower personnel costs and external expenses.
General and administrative expenses also decreased by 8% to $30.7 million, primarily due to non-recurring costs related to the company's separation from Ligand Pharmaceuticals.
OmniAb reported a net loss of $62.0 million, compared to a net loss of $50.6 million in the previous year. The increase in net loss was driven by lower revenue and higher amortization of intangibles.
The company ended the year with $59.4 million in cash, cash equivalents, and short-term investments, which it believes is sufficient to support its operations through at least the next 12 months.
OmniAb continues to focus on its partnerships with pharmaceutical and biotech companies, with 91 active partners and 363 active programs as of December 31, 2024. The company remains committed to advancing its technology platform to support the discovery of next-generation therapeutics.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OmniAb Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.