OmniAb (OABI) Q4 2025 earnings summary

Executive summary

• Ended 2025 with 107 partners and 407 active programs, including 32 in clinical development or commercialization, and expanded the partner base to include 8 of the top-10 global pharma companies.

• Launched OmniUltra, a novel transgenic chicken platform, and expanded the xPloration partner access program, both aimed at expanding addressable markets and driving future growth.

• Saw significant program advancement, with 25 progression events, 59 post-discovery stage programs, and strong annual growth in later-stage assets.

• Entered new license agreements with Dana Farber Cancer Institute, Mabtrx Biosciences, and two global pharmaceutical companies.

• Positioned for continued growth in 2026, with a robust calendar of upcoming clinical and regulatory milestones and improved business efficiency.

Financial highlights

• Q4 2025 revenue was $8.4M, down from $10.8M in Q4 2024, mainly due to lower license and service revenue, partially offset by higher milestone, royalty, and xPloration revenue.

• Full-year 2025 revenue was $18.7M, compared to $26.4M in 2024, reflecting declines in license, milestone, and service revenue, partially offset by $800,000 from xPloration.

• Q4 2025 operating expenses decreased to $24.1M from $26.7M, with a $3.9M non-cash impairment charge; full-year operating expenses were $87.6M, down from $100.9M in 2024.

• Net loss for Q4 2025 was $14.2M ($0.11/share) vs. $13.1M ($0.12/share) in Q4 2024; full-year net loss was $64.8M ($0.57/share) vs. $62M ($0.61/share) in 2024.

• Ended 2025 with $54M in cash, equivalents, and short-term investments, down from $59.4M at the end of 2024.

Outlook and guidance

• 2026 revenue expected between $25M and $30M, with operating expenses of $80M to $85M and cash operating expenses of $50M to $55M.

• Projected year-end 2026 cash balance of $30M to $35M; effective tax rate projected at 0%.

• Long-term outlook anticipates a shift from milestone-driven to royalty-driven revenue, leveraging a scalable business model and over $3B in contracted milestones.