Business
OmniAb Reports Fourth Quarter and Full Year 2023 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\n EMERYVILLE, Calif.--(BUSINESS WIRE)--\nOmniAb, Inc. (NASDAQ: OABI) today reported financial results for the three and 12 months ended December 31, 2023, and provided operating and partner program updates.\n\n\n“2023 was a year of significant expansion of OmniAb's partnership base and pipeline programs as we continued to execute against our plan, while key partner programs made significant progress despite last year's sector-related headwinds. Partners exceeded our expectations regarding the number of new programs entering the clinic, with a total of six new entrants last year,” said Matt Foehr, Chief Executive Officer of OmniAb. “In addition, we successfully launched two new technologies and expanded our business development function, now with a presence in the U.S., EU and Asia Pacific. We look forward to meaningful advancements in 2024 and in the coming years, as we are now staffed and resourced to efficiently leverage the future growth of the business.”\n\n\nFourth Quarter 2023 Financial Results\n\n\nRevenue for the fourth quarter of 2023 was $4.8 million, compared with $35.3 million for the same period in 2022, with the decrease primarily due to the recognition of a $25.0 million milestone payment in the prior-year period related to the first commercial sale of TECVAYLI® (teclistamab) in the U.S. and lower service revenue as a result of the completion of discovery work on certain ion channel programs.\n\n\nResearch and development expense was $14.8 million for the fourth quarter of 2023, compared with $12.9 million for the same period in 2022, with the increase primarily due to higher personnel costs. General and administrative expense was $7.9 million for the fourth quarter of 2023, compared with $10.2 million for the same period in 2022, with the decrease primarily due to one-time expenses related to the spin-off of OmniAb into a separate public company in the prior-year period partially offset by increases in personnel costs.\n\n\nNet loss for the fourth quarter of 2023 was $14.1 million, or $0.14 per diluted share, compared with net income of $6.8 million, or $0.07 per share, for the same period in 2022.\n\n\nFull Year 2023 Financial Results\n\n\nRevenue for 2023 was $34.2 million, compared with $59.1 million for 2022, with the decrease primarily ...