# OmniAb, Inc. (OABI)

Informational only - not investment advice.

CIK: 0001846253
SIC: 8731 Services-Commercial Physical & Biological Research
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 87](/major-group/87/) > [SIC 8731 Services-Commercial Physical & Biological Research](/industry/8731/)
Latest 10-K filed: 2026-03-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=1846253
Filing source: https://www.sec.gov/Archives/edgar/data/1846253/000184625326000009/ck0001846253-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-04 · accession 0001846253-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001846253.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 18,666,000 USD | 2025 | verified |
| Net income | -64,779,000 USD | 2025 | verified |
| Assets | 300,914,000 USD | 2025 | verified |
| Free cash flow | -37,020,000 USD | 2025 | computed |
| Revenue YoY | -29.27% | 2025 | computed |
| ROE | -24.26% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | OABI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Revenue growth | -29.3% | -2.4% | 14 | 8 |
| FCF margin | -198.3% | 12.0% | 14 | 8 |
| ROE | -24.3% | 8.2% | 29 | 8 |
| ROA | -21.5% | 1.3% | 29 | 8 |
| Liabilities / equity | 0.13 | 0.79 | 0 | 8 |
| Current ratio | 4.02 | 2.30 | 71 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 8731 Services-Commercial Physical & Biological Research, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 18666000 | USD | 2025 | 2026-03-04 |
| Net income | -64779000 | USD | 2025 | 2026-03-04 |
| Assets | 300914000 | USD | 2025 | 2026-03-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001846253.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 34,748,000 | 59,077,000 | 34,164,000 | 26,391,000 | 18,666,000 |
| Net income |  | -27,042,000 | -22,334,000 | -50,619,000 | -62,033,000 | -64,779,000 |
| Operating income |  | -35,609,000 | -26,648,000 | -69,419,000 | -74,502,000 | -68,969,000 |
| Diluted EPS |  | -0.33 | -0.26 | -0.51 | -0.61 | -0.57 |
| Operating cash flow |  | -5,672,000 | -3,587,000 | 2,347,000 | -39,664,000 | -36,455,000 |
| Capital expenditures |  | 4,070,000 | 17,168,000 | 1,644,000 | 1,875,000 | 565,000 |
| Assets |  | 304,465,000 | 421,212,000 | 375,225,000 | 325,558,000 | 300,914,000 |
| Liabilities |  | 70,158,000 | 79,839,000 | 60,640,000 | 37,940,000 | 33,887,000 |
| Stockholders' equity | 235,537,000 | 234,307,000 | 341,373,000 | 314,585,000 | 287,618,000 | 267,027,000 |
| Cash and cash equivalents |  | 0.00 | 33,390,000 | 16,358,000 | 27,598,000 | 25,524,000 |
| Free cash flow |  | -9,742,000 | -20,755,000 | 703,000 | -41,539,000 | -37,020,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -77.82% | -37.80% | -148.16% |  |  |
| Operating margin |  | -102.48% | -45.11% |  |  |  |
| Return on equity |  | -11.54% | -6.54% | -16.09% | -21.57% | -24.26% |
| Return on assets |  | -8.88% | -5.30% | -13.49% | -19.05% | -21.53% |
| Liabilities / equity |  | 0.30 | 0.23 | 0.19 | 0.13 | 0.13 |
| Current ratio |  | 1.10 | 4.80 | 4.11 | 4.52 | 4.02 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/OABI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001846253.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2021-Q3 | 2021-09-30 |  |  | -0.01 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.06 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.15 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -14,728,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 5,477,000 |  | -0.16 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 4,822,000 | -14,053,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,801,000 | -18,961,000 | -0.19 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -18,961,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 7,614,000 |  | -0.13 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -13,631,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 4,172,000 |  | -0.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 10,804,000 | -13,068,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 4,154,000 | -18,200,000 | -0.17 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -18,200,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,897,000 |  | -0.15 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -15,875,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,239,000 |  | -0.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 8,376,000 | -14,179,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 14,427,000 | -7,707,000 | -0.06 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -7,707,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 13,415,000 |  | -0.05 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from OABI's latest 10-K: [/company/OABI/business/](/company/OABI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from OABI's latest 10-K: [/company/OABI/risk-factors/](/company/OABI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1846253/000184625326000046/oabi-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Overview

OmniAb licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions to enable the discovery of next-generation therapeutics. Our technology platform creates and screens diverse antibody repertoires and is designed to quickly identify optimal antibodies and other target-binding proteins for our partners’ drug development efforts. This includes xPloration, our AI-powered, high-throughput single B-cell screening platform. At the heart of the OmniAb platform is what we call Biological Intelligence™, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics.

We believe the OmniAb animals comprise the most diverse host systems available in the industry. Our suite of technologies and methods, including computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms, are used to identify fully human antibodies with exceptional performance and developability characteristics. We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions.

As of June 30, 2026, we had 110 active partners with 425 active programs using the OmniAb technology platform, including 29 OmniAb-derived antibodies in clinical development by our partners, two under regulatory review, and three approved products developed and commercialized by our partners.

Our proprietary technologies are joined with and leverage a suite of in silico, artificial intelligence and machine learning tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities.

24

Table of Contents

Additionally, an established core competency focused on ion channels and transporters further differentiates OmniAb’s technology and creates opportunities in many important and emerging target classes. OmniAb technologies are designed to be leveraged for the discovery of a variety of next-generation antibody-based therapeutic modalities, including bi- and multi-specific biologics, antibody-drug conjugates, CAR-T therapies, targeted radiotherapeutics, peptides and many others.

The OmniAb suite of technologies spans from Biological Intelligence-powered repertoire generation to cutting-edge antibody discovery and optimization offering an increasingly efficient and customizable end-to-end solution for the growing discovery needs of the global pharmaceutical industry.

We partner with pharmaceutical and biotechnology companies and leading academic institutions that vary in size, clinical stage, geography and therapeutic focus. Our partners gain access to wide repertoires of antibodies and state-of-the-art screening technologies designed to enable efficient discovery of next-generation novel therapeutics and deliver high-quality therapeutic antibody candidates for a wide range of diseases. Our partners can select a biological target to treat a disease and define the antibody properties needed for therapeutic development or use certain of our technologies directly in their own laboratories.

Our license agreements with pharmaceutical and biotechnology partners generally include: (i) upfront or, in some instances, annual payments for technology access; (ii) payments for performance of research services; (iii) downstream payments in the form of preclinical, intellectual property, clinical, regulatory, and commercial milestones; and (iv) royalties on net sales of our partners’ products, if any. License agreements with academic institutions are typically structured with revenue sharing. We succeed when our partners are successful, and our agreements are structured to align economic and scientific interests. Our license agreements typically include reporting requirements, which provide us updates from our partners on the status of their programs. In addition, we track our active partnered programs by reviewing our partners’ public announcements and maintaining close communications with our partners to the extent possible. In some instances, a partner may not publicly announce milestones, in which case, we would be generally dependent on our partner to track, report and disclose to us milestones at the time of achievement. Our license agreements typically grant a perpetual license to our technology and are typically terminable by our partners without penalty with specified notice. However, all milestone payments and royalties survive termination and continue with respect to any OmniAb-derived antibodies. The royalty term is generally the longer of 10 years from the first commercial sale or through the last expiration in any jurisdiction of the patents covering such OmniAb-derived antibody. Importantly, our royalty term is typically linked to the patents that our partners file related to the antibody discovered using our technology, which both lengthens and diversifies the royalty streams we receive. Our typical royalty rates for antibody discovery contracts are currently in the low- to mid-single digits and can vary depending on other economic terms in the agreement. Although our license agreements with pharmaceutical and biotechnology partners typically include technology access fees, milestone payments and royalties, each agreement is negotiated separately and as a result, the financial terms and contractual provisions vary from agreement to agreement. By providing a full suite of antibody discovery technologies with streamlined economics, we believe we offer an attractive option to industry stakeholders.

We believe the long-term value of our business will be driven by royalties given that such payments are based on global sales of potential future partner programs, which generally provide for larger and recurring payments as compared to technology access, research and milestone payments. We believe our revenue will be materially driven by milestones and services in the shorter term, and by royalties in the longer term, from our partnered programs. However, there is significant uncertainty in timing and likelihood of reaching marketing authorization in drug discovery and development, and we cannot be certain when, if at all, royalty payments will be a material portion of our revenue. Furthermore, we do not control the progression, clinical development, regulatory strategy or eventual commercialization of programs discovered using our platform, and as a result, we are dependent on our partners’ efforts and decisions with respect to such programs.

Key Business Metrics

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. We believe that the following metrics are important to understanding our current business. These metrics are highly dependent on information provided by our partners and may change or may be substituted for additional or different metrics as our business continues to grow.

[[GREPCENT_TABLE]]
[["Metric","Active Partners","","Active Programs","","Active Clinical Programs and Approved Products","","Approved Products"],["December 31, 2025","107","","407","","32","","3"],["Additions","6","","25","","4","","\u2014"],["Terminations","(3)","","(7)","","(2)","","\u2014"],["June 30, 2026","110","","425","","34","","3"]]
[[/GREPCENT_TABLE]]

25

Table of Contents

Active partners represents the number of partners that have rights to an active program or have executed a license agreement in advance of initiating an active program. A partner is removed from the metric when the partner informs us they are terminating their license or they are no longer in business. We view this metric as an indication of the competitiveness of our platform and our current level of market penetration. The metric also relates to our opportunities to secure additional active programs.

Active programs represents a program for which research work has commenced or where an antigen is introduced into our animals and remains so as long as the program is actively being developed or commercialized. This number includes active clinical programs and approved products separately disclosed in the table above. We view this metric as an indication of the usage of our technology and the potential for mid- and long-term milestone and royalty payments.

Active clinical programs and approved products represents the number of unique programs for which an Investigational New Drug Application (“IND”) or equivalent under other regulatory regimes has been filed based on an OmniAb-derived antibody and which are in clinical development by our partners. We continue to count programs as active as long as they are actively being developed, under regulatory review or commercialized. Where the date of such application is not known to us, we use the official start date from clinical trial registries for the purpose of calculating this metric. This number includes approved products separately disclosed in the table above. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.

Approved products represents an OmniAb-derived antibody for which our partner has received marketing approval. We view this metric as an indication of our near- and mid-term potential revenue from royalty payments.

Our business metrics are subject to risk and uncertainties related to our dependence on our partners providing timely and accurate information, which impacts our ability to objectively and accurately characterize the current level of activity for each program. In addition, changes in our key business metrics do not directly correlate to current revenues. For more information, see the section in our 2025 Annual Report titled “Risk Factors - Our management uses certain key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions, and such metrics may not accurately reflect all of the aspects of our business needed to make such evaluations and decisions, in particular as our business continues to grow.”

26

Table of Contents

Results of Operations

Comparison of the Three and Six Months Ended June 30, 2026 and 2025

Revenue

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,"],["(Dollars in thousands)","","2026","","2025","","Change","","% Change"],["License and milestone revenue","","$","9,515","","","$","1,242","","","$","8,273","","","666","%"],["Service revenue","","2,473","","","1,936","","","537","","","28","%"],["xPloration revenue","","1,161","","","608","","","553","","","91","%"],["Royalty revenue","","266","","","111","","","155","","","140","%"],["Total revenue","","$","13,415","","","$","3,897","","","$","9,518","","","244","%"]]
[[/GREPCENT_TABLE]]

•License and milestone revenue fluctuates depending on the timing of new license agreements with partners and partners’ achievement of milestones. Because of these factors, license and milestone revenue could fluctuate significantly from period to period. License and milestone revenue increased primarily due to a $8.3 million increase in milestone revenue.

•Service revenue increased primarily as a result of an increase in ion channel programs.

•xPloration revenue increased primarily as a result of instrument sales and related consumables.

•Royalty revenue increased primarily due to higher net sales from partners’ product sales in China.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1846253/000184625326000009/ck0001846253-20251231.htm
Complete FY 2025 MD&A: /company/OABI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-04
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section entitled “Forward-Looking Statements and Market Data.” Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section entitled “Risk Factors” or in other parts of this Annual Report.

Overview

OmniAb licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions to enable the discovery of next-generation therapeutics. Our technology platform creates and screens diverse antibody repertoires and is designed to quickly identify optimal antibodies and other target-binding proteins for our partners’ drug development efforts. At the heart of the OmniAb platform is what we call Biological IntelligenceTM, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics.

We believe the OmniAb animals comprise the most diverse host systems available in the industry. Our suite of technologies and methods, including computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms, are used to identify fully human antibodies with exceptional performance and developability characteristics. We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions.

As of December 31, 2025, we had 107 active partners with 407 active programs using the OmniAb technology platform, including 27 OmniAb-derived antibodies in clinical development by our partners, two under regulatory review, and three approved products developed and commercialized by our partners.

Our proprietary technologies are joined with and leverage a suite of in silico, artificial intelligence and machine learning tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities. Additionally, an established core competency focused on ion channels and transporters further differentiates OmniAb’s technology and creates opportunities in many important and emerging target classes. OmniAb technologies are designed to be leveraged for the discovery of a variety of next-generation antibody-based therapeutic modalities, including bi- and multi-specific biologics, antibody-drug conjugates, CAR-T therapies, targeted radiotherapeutics, peptides and many others.

The OmniAb suite of technologies spans from Biological Intelligence-powered repertoire generation to cutting-edge antibody discovery and optimization offering an increasingly efficient and customizable end-to-end solution for the growing discovery needs of the global pharmaceutical industry.

We partner with pharmaceutical and biotechnology companies and leading academic institutions that vary in size, geography and therapeutic focus. Our partners gain access to wide repertoires of antibodies and state-of-the-art screening technologies designed to enable efficient discovery of next-generation novel therapeutics and deliver high-quality therapeutic antibody candidates for a wide range of diseases. Our partners can select a biological target to treat a disease and define the antibody properties needed for therapeutic development or use certain of our technologies directly in their own laboratories.

66

Table of Contents

Our license agreements with pharmaceutical and biotechnology partners generally include: (i) upfront or, in some instances, annual payments for technology access; (ii) payments for performance of research services; (iii) downstream payments in the form of preclinical, intellectual property, clinical, regulatory, and commercial milestones; and (iv) royalties on net sales of our partners’ products, if any. License agreements with academic institutions are typically structured with revenue sharing. We succeed when our partners are successful, and our agreements are structured to align economic and scientific interests. Our license agreements typically include reporting requirements, which provide us updates from our partners on the status of their programs. In addition, we track our active partnered programs by reviewing our partners’ public announcements and maintaining close communications with our partners to the extent possible. In some instances, a partner may not publicly announce milestones, in which case, we would be generally dependent on our partner to track, report and disclose to us milestones at the time of achievement. Our license agreements typically grant a perpetual license to our technology and are typically terminable by our partners without penalty with specified notice. However, all milestone payments and royalties survive termination and continue with respect to any OmniAb-derived antibodies. The royalty term is generally the longer of 10 years from the first commercial sale or through the last expiration in any jurisdiction of the patents covering such OmniAb-derived antibody. Importantly, our royalty term is typically linked to the patents that our partners file related to the antibody discovered using our technology, which both lengthens and diversifies the royalty streams we receive. Our typical royalty rates for antibody discovery contracts are currently in the low- to mid-single digits and can vary depending on other economic terms in the agreement. Although our license agreements with pharmaceutical and biotechnology partners typically include technology access fees, milestone payments and royalties, each agreement is negotiated separately and as a result, the financial terms and contractual provisions vary from agreement to agreement. By providing a full suite of antibody discovery technologies with streamlined economics, we believe we offer an attractive option to industry stakeholders.

We believe the long-term value of our business will be driven by royalties given that such payments are based on global sales of potential future partner programs, which generally provide for larger and recurring payments as compared to technology access, research and milestone payments. We believe our revenue will be materially driven by milestones and services in the shorter term, and by royalties in the longer term, from our partnered programs. However, there is significant uncertainty in timing and likelihood of reaching marketing authorization in drug discovery and development, and we cannot be certain when, if at all, royalty payments will be a material portion of our revenue. Furthermore, we do not control the progression, clinical development, regulatory strategy or eventual commercialization of programs discovered using our platform, and as a result, we are dependent on our partners’ efforts and decisions with respect to such programs.

Key Business Metrics

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. We believe that the following metrics are important to understanding our current business. These metrics are highly dependent on information provided by our partners and may change or may be substituted for additional or different metrics as our business continues to grow.

[[GREPCENT_TABLE]]
[["Metric","Active Partners","","Active Programs","","Active Clinical Programs and Approved Products (1)","","Approved Products"],["December 31, 2024","91","","363","","32","","3"],["Additions","21","","84","","4","","\u2014"],["Terminations","(5)","","(40)","","(4)","","\u2014"],["December 31, 2025","107","","407","","32","","3"]]
[[/GREPCENT_TABLE]]

_____________

(1)Two of the four clinical program terminations regressed to discovery or preclinical phases and remained active programs as of December 31, 2025.

Active partners represents the number of partners that have rights to an active program or have executed a license agreement in advance of initiating an active program. A partner is removed from the metric when the partner informs us they are terminating their license or they are no longer in business. We view this metric as an indication of the competitiveness of our platform and our current level of market penetration. The metric also relates to our opportunities to secure additional active programs.

Active programs represents a program for which research work has commenced or where an antigen is introduced into our animals and remains so as long as the program is actively being developed or commercialized. This number includes active clinical programs and approved products separately disclosed in the table above. We view this metric as an indication of the usage of our technology and the potential for mid- and long-term milestone and royalty payments.

67

Table of Contents

Active clinical programs and approved products represents the number of unique programs for which an Investigational New Drug Application or equivalent under other regulatory regimes has been filed based on an OmniAb-derived antibody and which are in clinical development by our partners. We continue to count programs as active as long as they are actively being developed, under regulatory review or commercialized. Where the date of such application is not known to us, we use the official start date from clinical trial registries for the purpose of calculating this metric. This number includes approved products separately disclosed in the table above. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.

Approved products represents an OmniAb-derived antibody for which our partner has received marketing approval. We view this metric as an indication of our near- and mid-term potential revenue from royalty payments.

Our business metrics are subject to risk and uncertainties related to our dependence on our partners providing timely and accurate information, which impacts our ability to objectively and accurately characterize the current level of activity for each program. In addition, changes in our key business metrics do not directly correlate to current revenues. For more information, see the section titled “Risk Factors - Our management uses certain key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions, and such metrics may not accurately reflect all of the aspects of our business needed to make such evaluations and decisions, in particular as our business continues to grow.”

Results of Operations

Comparison of the Year Ended December 31, 2025 and December 31, 2024

Revenue

[[GREPCENT_TABLE]]
[["(Dollars in thousands)","","2025","","2024","","$ Change","","% Change"],["License and milestone revenue","","$","9,771","","","$","13,866","","","$","(4,095)","","","(30)","%"],["Service revenue","","7,263","","","11,949","","","(4,686)","","","(39)","%"],["xPloration revenue","","754","","","\u2014","","","754","","","100","%"],["Royalty revenue","","878","","","576","","","302","","","52","%"],["Total revenue","","$","18,666","","","$","26,391","","","$","(7,725)","","","(29)","%"]]
[[/GREPCENT_TABLE]]

•License and milestone revenue fluctuates depending on the t

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/OABI/mda/fy2025/
All MD&A years: /company/OABI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/OABI/mda/fy2024/): filed 2025-03-18; accession 0001846253-25-000024 (https://www.sec.gov/Archives/edgar/data/1846253/000184625325000024/ck0001846253-20241231.htm)
- [FY 2023 MD&A](/company/OABI/mda/fy2023/): filed 2024-03-25; accession 0001846253-24-000006 (https://www.sec.gov/Archives/edgar/data/1846253/000184625324000006/ck0001846253-20231231.htm)
- [FY 2022 MD&A](/company/OABI/mda/fy2022/): filed 2023-03-30; accession 0001846253-23-000026 (https://www.sec.gov/Archives/edgar/data/1846253/000184625323000026/ck0001846253-20221231.htm)
- [FY 2021 MD&A](/company/OABI/mda/fy2021/): filed 2022-03-28; accession 0001104659-22-038205 (https://www.sec.gov/Archives/edgar/data/1846253/000110465922038205/ahpa-20210630x10k.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule.

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 8731 Services-Commercial Physical & Biological Research) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/OABI.md · JSON record: /company/OABI.json · verified financials: /company/OABI/financials.json / /company/OABI/financials.csv · machine TOC for the whole site: /llms.txt