Business
OmniAb Reports Fourth Quarter and Full Year 2022 Financial Results and Business Highlights
Conference Call with Slides Begins at 4:30 p.m. Eastern Time Today EMERYVILLE, Calif.--(BUSINESS WIRE)-- OmniAb, Inc. (NASDAQ: OABI) today reported financial
About this update from Omniab, Inc.
[{"type":"text","content":"\nConference Call with Slides Begins at 4:30 p.m. Eastern Time Today\n\n EMERYVILLE, Calif.--(BUSINESS WIRE)--\nOmniAb, Inc. (NASDAQ: OABI) today reported financial results for the three and 12 months ended December 31, 2022, and provided operating and partner program updates.\n\n“Following the closing of the spin-off and business combination transactions last November, OmniAb is well-positioned for continued growth by offering cutting-edge antibody discovery platforms and complementary technologies,” said Matt Foehr, Chief Executive Officer of OmniAb. “Leveraging a rich heritage of innovations designed to facilitate the discovery of novel therapeutics including those targeting ion channels and transporters, OmniAb is at the forefront of antibody discovery with the industry’s only four-species platform facilitating fully human and bispecific antibody discovery, supported by a highly dedicated staff and world-class scientific and business advisors.\n\n\"2022 was another terrific year for the business as we added a record-high 13 new partnerships and our partners continued to increase their number of programs. We are excited about the future as we leverage our highly scalable business model and invest in our technologies,” he added. “We are planning to introduce new technologies and innovations later this year as we serve current partners and add new ones, while enhancing our best-in-class technology stack.\"\n\nOn November 1, 2022, OmniAb completed a spin-off from Ligand Pharmaceuticals Incorporated (NASDAQ: LGND), resulting in OmniAb becoming an independent publicly traded company. Financial results prior to November 1, 2022, are presented on a carve-out basis derived from Ligand’s historical accounting records, as if OmniAb were an independent company.\n\nFourth Quarter 2022 Financial Results\n\nRevenue for the fourth quarter of 2022 was $35.3 million, compared with $15.3 million for the same period in 2021, with the increase primarily attributable to the recognition of a $25.0 million milestone payment related to the first commercial sale of TECVAYLI™ (teclistamab) in the U.S. OmniAb expects to recognize a $10.0 million milestone payment related to the first commercial sale in the European Union (EU) in 2023.\n\nResearch and development expense was $12.9 million for the fourth quarter of 2022, compared with $11.0 million for t...