Business
OmniAb Reports Third Quarter 2022 Financial Results and Business Highlights
EMERYVILLE, Calif.--(BUSINESS WIRE)-- OmniAb, Inc. (NASDAQ: OABI) reported financial results for the three and nine months ended September 30, 2022 and
About this update from Omniab, Inc.
[{"type":"text","content":" EMERYVILLE, Calif.--(BUSINESS WIRE)--\nOmniAb, Inc. (NASDAQ: OABI) reported financial results for the three and nine months ended September 30, 2022 and provided operating and program updates. OmniAb was part of Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) until its spin-off as an independent publicly traded company as of November 1, 2022. As such, OmniAb will not file a Form 10-Q with the U.S. Securities and Exchange Commission (SEC) for the three months ended September 30, 2022; however, its third quarter financial results have been reported on a Form 8K/A that can be found here. Avista Public Acquisition Corp. II (which changed its name to OmniAb, Inc. in connection with the merger) filed a Form 10-Q under the name of OmniAb, Inc.\n\n“Earlier this month we successfully closed the spin-off and business combination transactions to position OmniAb as a standalone company with the resources, personnel and capital to advance the expansion of our discovery platform and support our partners’ current and future needs,” said Matt Foehr, Chief Executive Officer. “OmniAb is leveraging its leading technology foundation with a growing number of partners to address the significant market opportunity for antibody-based therapeutics. Partners have announced numerous positive updates, including Janssen’s recent regulatory approvals in the U.S. and European Union for TECVAYLI™. We are excited about the growth prospects of the business as we pursue our mission to enable the rapid development of innovative therapeutics by pushing the frontiers of enabling technologies.”\n\nThird Quarter Financial Results\n\nRevenue for the third quarter of 2022 was $6.9 million, compared with $6.3 million for the same period in 2021, with the increase primarily driven by higher royalty revenue due to the launch of zimberelimab and sugemalimab in China.\n\nResearch and development expense was $13.2 million for the third quarter of 2022, compared with $9.9 million for the same period in 2021, with the increase primarily due to continued investment in facilities, headcount and technology innovation initiatives. General and administrative expense was $5.6 million for the third quarter of 2022, compared with $3.7 million for the same period in 2021, with the increase primarily due to headcount-related expenditures in preparation for becoming an independent pub...