OmniAb Reports First Quarter 2023 Financial Results and Business Highlights

About this update from Omniab, Inc.

[{"type":"text","content":"\nConference Call with Slides Begins at 8:30 a.m. Eastern Time Today\n\n\n EMERYVILLE, Calif.--(BUSINESS WIRE)--\nOmniAb, Inc. (NASDAQ: OABI) today reported financial results for the three months ended March 31, 2023, and provided operating and partner program updates.\n\n\n“Our first quarter performance is a strong start to the year. We reached 301 active programs, with 27 in clinical development or approved for commercialization as our growing portfolio of partner programs continued to advance,” said Matt Foehr, Chief Executive Officer of OmniAb, Inc. “Innovating our technologies is part of our strategy, and we are proud to introduce OmniDeep™ at next week’s PEGS Protein Engineering Conference and Expo in Boston. OmniDeep is a suite of proprietary in silico tools that have been a part of our internal research efforts for many years and that we’ve recently expanded. These tools are now more broadly available to our partners and facilitate rapid identification of lead candidates leveraging our large multi-species antibody databases and the Biological Intelligence™ of our proprietary transgenic animals.”\n\n\nFirst Quarter 2023 Financial Results\n\n\nRevenue for the first quarter of 2023 was $16.9 million, compared with $9.6 million for the same period in 2022, with the increase primarily due to the recognition of a $10.0 million milestone payment related to the first commercial sale of TECVAYLI® (teclistamab) in the European Union.\n\n\nResearch and development expense was $13.8 million for the first quarter of 2023, compared with $10.8 million for the same period in 2022, with the increase primarily due to investments in facilities, headcount, and technology innovation. General and administrative expense was $8.2 million for the first quarter of 2023, compared with $4.1 million for the same period in 2022, with the increase primarily due to higher headcount and other expenses related to being an independent publicly traded company.\n\n\nNet loss for the first quarter of 2023 was $6.1 million, or $0.06 per share, compared with a net loss of $6.3 million, or $0.08 per share, for the same period in 2022.\n\n\nAs of March 31, 2023, OmniAb had cash, cash equivalents, and short-term investments of $113.6 million. The Company expects its year-end 2023 cash, cash equivalents and short-term investments balance to be slightly higher than...

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