Business
OmniAb Reports Second Quarter 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 six months ended June 30, 2023, and provided operating and partner program updates.\n\n\n“Our business continued to grow and perform well during the second quarter with advancements in business development and progress across partner programs. The addition of four new partners during the quarter, including Merck & Co. and Neurocrine Biosciences, highlights the relevance and robustness of our technology platform. Existing partners made progress with two new programs entering the clinic and the total number of active programs increased to 305,” said Matt Foehr, Chief Executive Officer of OmniAb, Inc.\n\n\n“Our ion channel business continues to identify and explore high-value targets and one of the GSK programs achieved a key milestone in its discovery process. We look forward to providing updates related to our current partners as well as to securing additional partnerships,” he added.\n\n\nSecond Quarter 2023 Financial Results\n\n\nRevenue for the second quarter of 2023 was $6.9 million, compared with $7.2 million for the same period in 2022. Milestone revenue was higher due to progress with the batoclimab program. Service revenue was lower primarily related to the completion of work on certain ion channel programs and a one-time adjustment related to the extension of one of our programs with GSK, partially offset by the recognition of a portion of a research progression milestone achieved in the quarter.\n\n\nResearch and development expense was $14.1 million for the second quarter of 2023, compared with $11.5 million for the same period in 2022, with the increase primarily due to higher personnel and facility costs. General and administrative expense was $8.7 million for the second quarter of 2023, compared with $5.0 million for the same period in 2022, with the increase primarily due to higher personnel costs and expenses related to being an independent publicly traded company.\n\n\nNet loss for the second quarter of 2023 was $14.7 million, or $0.15 per share, compared with a net loss of $10.3 million, or $0.12 per share, for the same period in 2022.\n\n\nYear-to-Date Financial Results\n\n\nRevenue for the six months ended June 30, 2023 ...