OmniAb, Inc. reported a significant decline in revenue for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenue was $4.2 million, a decrease of 24% from $5.5 million in Q3 2023. The nine-month revenue also fell to $15.6 million from $29.3 million, marking a 47% decline. This drop was primarily attributed to the absence of substantial milestone payments recognized in the previous year, including a $10 million milestone for TECVAYLI®'s first commercial sale in the EU.
The company's loss from operations for the third quarter was $(19.8 million), slightly improved from $(20.3 million) in Q3 2023. However, for the nine months ended September 30, 2024, the loss from operations increased to $(58.6 million) from $(48.2 million) in the same period last year. The net loss for Q3 2024 was $(16.4 million), compared to $(15.7 million) in Q3 2023, while the nine-month net loss rose to $(49.0 million) from $(36.6 million).
OmniAb's cash and cash equivalents increased to $27.2 million as of September 30, 2024, up from $16.4 million at the end of 2023. However, total current assets decreased to $66.6 million from $94.9 million during the same period. The company reported total assets of $331.6 million, down from $375.2 million at the end of 2023. The accumulated deficit also widened to $(88.3 million) from $(39.4 million).
In terms of operational changes, OmniAb has been focusing on reducing expenses, with research and development costs decreasing due to lower share-based compensation. General and administrative expenses also fell, attributed to reduced legal and consulting costs related to the company's separation from Ligand Pharmaceuticals. However, amortization of intangibles increased due to a $1.2 million impairment of certain finite-lived intangible assets.
The company continues to rely on its technology platform, which licenses advanced discovery research technology to the pharmaceutical and biotech industries. As of September 30, 2024, OmniAb had 86 active partners and 352 active programs utilizing its technology, with 29 derived antibodies in clinical development. The company anticipates that long-term revenue will be driven by royalties, while short-term revenue will depend on milestone payments.
About OmniAb, Inc.
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