OmniAb, Inc. reported a total revenue of $26.4 million for the fiscal year ending December 31, 2024, a decrease of 23% from $34.2 million in 2023. The decline was primarily attributed to a significant drop in license and milestone revenue, which fell from $20.7 million to $13.9 million, largely due to the recognition of a $10 million milestone in the previous year related to the first commercial sale of TECVAYLI® (teclistamab) in the European Union. Royalty revenue also decreased by 55%, from $1.3 million to $576,000, reflecting lower net sales from partner products. Despite these challenges, service revenue remained relatively stable, decreasing slightly from $12.2 million to $11.9 million.
In terms of operational metrics, OmniAb had 91 active partners and 363 active programs utilizing its technology platform as of December 31, 2024. This included 28 antibodies in clinical development, one under regulatory review, and three approved products. The company launched OmniHub™, a bioinformatics portal aimed at enhancing data transfer and visualization for partners, in December 2024. The total employee headcount stood at 114, with a focus on research and development, which comprised 82 of the employees.
OmniAb's financial performance was impacted by increased operating expenses, which totaled $100.9 million, down from $103.6 million in the previous year. Research and development expenses decreased slightly to $55.1 million, while general and administrative expenses also saw a reduction to $30.7 million. However, amortization of intangibles rose significantly by 28% to $17.4 million, reflecting impairments related to certain intangible assets. The net loss for the year was $62 million, compared to a loss of $50.6 million in 2023, indicating a 23% increase in losses year-over-year.
Looking ahead, OmniAb's management expressed optimism about the long-term potential of its business model, which is heavily reliant on royalties from successful partner programs. The company believes that its comprehensive technology platform positions it well to capture a growing market for antibody-based therapeutics, projected to exceed $330 billion by 2029. However, the company acknowledged the inherent uncertainties in drug development and the reliance on partners for clinical success, which could affect future revenue streams. As of December 31, 2024, OmniAb had cash, cash equivalents, and short-term investments totaling $59.4 million, which it believes will support operations for at least the next 12 months.
About OmniAb, Inc.
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