Omniab, Inc. · NASDAQ:OABI
Omniab — Q3 2023 Earnings Presentation
68 slides from Omniab's earnings presentation, Nov 9, 2023
Slide 1: OmniAb, Inc. Research & Technology Event
1 OmniAb, Inc. Research & Technology Event Via Video Webcast from: The Nasdaq Entrepreneurial Center San Francisco, CA November 9, 2023 - 8:00 a.m. PT NASDAQ: OABI
Slide 2: Disclaimer
2 Disclaimer We caution you that this presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, expected cash runway, business stra
Slide 3: Welcome
Omni > Welcome Matt Foehr
Slide 4: Today's Presenters
4 Today’s Presenters Matt Foehr Kurt Gustafson CEO CFO Todd Pettingill Bill Harriman, PhD Bob Chen, PhD Doug Krafte, PhD VP SVP Senior Director SVP Business Development Antibody Discovery Discovery Systems Ion Channels and Strategy
Slide 5: Today's Agenda
5 Today’s Agenda Topics Slides Opening Remarks & Business Updates - Matt Foehr 6 – 18 Creating Value for our Partners - Todd Pettingill 19 – 27 OmnidAb™ Technology - Bill Harriman 28 - 37 Enhancing Discovery with OmniDeep™ - Bob Chen 38 – 48 The Ion Channel Opportunity - Doug Krafte 49 - 56 Financia
Slide 6: Mission
6 Our mission is to enable the rapid Mission development of innovative therapeutics by pushing the frontiers of drug discovery technologies.
Slide 7: Our Business
7 Our Business LEVERAGING OUR PROPRIETARY DISCOVERY TECHNOLOGY PLATFORM WORLDWIDE Technology Offering Addresses Most One of the Largest Greenfields Critical Challenges of Discovery in the Pharma Industry Create, Screen, Deliver antibodies leveraging $279 billion total addressable market industry’s o
Slide 8: OmniAb, Inc.
8 OmniAb, Inc. • One year as OABI, and all of the pieces have aligned - our work is centered on driving the business, accelerating innovation around the platform and consistently staying ahead of our partners’ discovery needs ‒ 112 employees across three US sites, with ex-US business development pre
Slide 9: OmniAb, Inc.
9 OmniAb, Inc. • Our work and our technologies are having important impacts on our partners’ R&D pipelines and are also having positive impacts on patients’ lives ‒ Over 170 active or completed clinical trials testing OmniAb-derived therapeutics, with over 30,000 subjects ‒ 3 approved OmniAb-derived
Slide 10: We Serve a Growing Antibody Market
10 We Serve a Growing Antibody Market $279B in The 5 best- There were 51 selling antibody sales blockbuster antibodies projected by (over $1B in sales) 2025 antibodies in had approx. (up from $238B in 2022 $75B in sales 2022) in 2022 Clarivate Analytics Cortellis database
Slide 11: Discovery Technology is Increasingly Important
11 Discovery Technology is Increasingly Important Decades of foundational and basic biology research and scientific advancement are helping to create continuing industry need for cutting edge antibody-related discovery technologies National Cancer Act Human Genome Advancements in Hybridoma Cloning P
Slide 12: Demand for Discovery Technology is Increasing
12 Demand for Discovery Technology is Increasing Higher industry success rates and other factors are driving an acceleration of antibody-based investment by the pharmaceutical industry Recent data from The Antibody Society Higher Success Rates Historical overall success rates for antibodies suggests
Slide 13: Growth in Active Partners
13 Growth in Active Partners Number of Active Partners as of 9/30/23 80 • 8 new license agreements have been signed so far this year 70 ‒ New platform license agreements with GigaMune and Polaris signed in Q3 60 ‒ New platform license agreement with global pharma company signed recently 50 40 • As w
Slide 14: Growth and Advancement of Active Programs
14 Growth and Advancement of Active Programs We started this year with 291 Active Programs. We have 314 as of 9/30/23, net of attrition. Number of Active Programs Stage of 314 Active Programs as of 9/30/2023 as of 9/30/2023 So far in 2023: 300 Phase 3: 1 Active Discovery programs have grown Phase 1:
Slide 15: Growth in Active Clinical Programs
15 Growth in Active Clinical Programs Number of Active Clinical Programs and Approved Products as of 9/30/2023 • We started 2023 with the expectation of 3-5 new clinical starts 35 • 5 new OmniAb-derived programs have entered the clinic so 30 far this year: 25 1. SGN-BB228 (Seagen): Anti-CD228 x 4-1B
Slide 16: Approved, Under Regulatory Review and Clinical-Stage Partner Pipeline
16 Approved, Under Regulatory Review and Clinical-Stage Partner Pipeline AS OF 09/30/2023 Partner Program Source Animal Therapy Area Target Phase 1 Phase 2 Phase 3 Registration Approved Zimberelimab OmniRat Oncology PD-1 Sugemalimab OmniRat Oncology PD-L1 Teclistamab OmniRat Oncology BCMA x CD3 Bato
Slide 17: We are Launching OmnidAb
17 We are Launching OmnidAb™ PARTNERS ARE NOW LEVERAGING OUR NEWEST TECHNOLOGY IN ACTIVE PROGRAMS OmnidAb is the first and only transgenic chicken producing single domain antibodies (sdAb), a novel class of antibody found naturally in camelids that is being increasingly exploited for a variety of th
Slide 18: Our Key Areas of Focus
18 Our Key Areas of Focus WE BELIEVE WE ARE WELL-POSITIONED FOR FUTURE GROWTH WHILE WE MAKE AN ENDURING AND SIGNIFICANT IMPACT ON THE INDUSTRY AND GLOBAL HUMAN HEALTH We Leverage a Highly Scalable Business where Investments in Technologies and Innovation are Informed by Discovery Relationships with
Slide 19: Creating Value for Partners
19 Creating Value for Partners Todd Pettingill
Slide 20: Our Partnership Base is Growing
20 Our Partnership Base is Growing Number of Active Partners as of 9/30/23 80 • The last 24 months have been highly productive in new 70 Academic partner additions, driven primarily by a few factors: Commercial ‒ Platform visibility and clinical/commercial validation 60 ‒ Expanded business developme
Slide 21: Our Partners
21 Our Partners ACTIVE PARTNERS BY TYPE AS OF 9/30/2023 Academic Deal structures align interests with our partners and 5% create an engine for future growth • Discovery Technology Access partners have access to Commercial 21% the platform for current or new/potential programs as well as rights to de
Slide 22: The OmniAb Technology Offering is Expanding
22 The OmniAb Technology Offering is Expanding TECHNOLOGY OFFERING ADDRESSES THE MOST CRITICAL CHALLENGES OF ANTIBODY DISCOVERY Create Screen Deliver Create Diverse Repertoires of Screen Millions of Cells to Find Further Characterize, Select and High-Quality Antibodies Potential Therapeutic Candidat
Slide 23: What is Biological Intelligence?
23 What is Biological Intelligence™? • We believe that antibodies generated in vivo are superior to ones from other sources because they are naturally optimized through an iterative process that preferentially selects for antibodies with excellent specificity and developability profiles • The abilit
Slide 24: Some Differentiating Features of our Technology
24 Some Differentiating Features of our Technology • Evolutionary distance • Rat species difference • Ultra-long CDRs enable • High throughput B-cell advantage vs. mammals from mice, with similar targeting ion channel screening platform; 1.5M ease-of-use interiors and other simultaneously • Broad ep
Slide 25: Active Programs by Source Technology
25 Active Programs by Source Technology AS OF 09/30/2023 3% 2% • Distribution of source technology 27% becoming more diverse ‒ Diversification of source is a gradual process given the size of our portfolio of active 51% partnered programs 12% 5% Our continued innovation and launch of new technologie
Slide 26: Diverse Formats of Current OmniAb Clinical Molecules
26 Diverse Formats of Current OmniAb Clinical Molecules AS OF 09/30/2023 Antibody-Drug Conjugate 3% Multispecific IgG-conjugate 45% Duobody® Fab-VHH ADAPTIR™ (IgG4 exchange) (Knob-in-hole) scFv-Fc-scFv Monospecific 52% IgG-scFv IgG-Anticalin® Fab-Fc/scFv-Fc-scFv HexaBody® IgG Continuing to support a
Slide 27: OmnidAb - Partner Feedback and Launch
27 OmnidAb™- Partner Feedback and Launch INITIAL FEEDBACK FROM OUR PARTNERS What is driving our partners’ initial interest in OmnidAb? “we are building a panel of multispecific molecules based on tethered sdAbs” Upcoming Scientific Presentations: “rapid generation of high affinity human November 15t
Slide 28: OmnidAb Technology
28 OmnidAb Technology ™ Bill Harriman, Ph.D.
Slide 29: What is a Single-Domain Antibody (sdAb)?
29 What is a Single-Domain Antibody (sdAb)? ALSO KNOWN AS VHH ANTIBODIES OR NANOBODIES® Conventional antibody Heavy chain-only antibody (IgG) (HcAb) Comprised of 2 heavy chains and 2 light chains sdAb Found naturally in camelids, comprised of 2 heavy chains, no light chain VH domain of HcAb can be e
Slide 30: sdAbs Provide Modular Building Blocks
30 sdAbs Provide Modular Building Blocks SDABS CAN BE ASSEMBLED INTO VARIOUS FORMATS TO “FIT THE BIOLOGY” OF AN APPLICATION Fc-Scaffolded Non-Scaffolded CAR-T MONOSPECIFIC * * BI/MULTI-SPECIFIC * * • Assembly into larger or custom formats unlocks versatility to “fit the biology”; also well-suited to
Slide 31: Opportunities for sdAbs in Medicine
31 Opportunities for sdAbs in Medicine Alternate routes of administration Injectable, inhalable & oral Penetration + fast/tunable clearance Blood-brain barrier, tissue, tumor Imaging/diagnostics/theranostics Small size compatible with PET/CT imaging radiolabels Broad therapeutic applications Central
Slide 32: Current Discovery Strategy for Therapeutic sdAbs
32 Current Discovery Strategy for Therapeutic sdAbs • Current established process requires large animal immunization as well as engineering - including CDR1 CDR2 CDR3 camelid VHH humanization and optimization - which adds time and can increase Multiple engineering steps required (6-12 months): Human
Slide 33: Engineered Attributes are Built into OmnidAb
33 Engineered Attributes are Built into OmnidAb™ OFFERS A MORE EFFICIENT APPROACH VIA BIOLOGICAL INTELLIGENCE™ OmnidAb vs. other clinical-stage molecules: CDR1 CDR2 CDR3 OmnidAb VHH OmnidAb is designed to capture ideal attributes of clinical molecules, bypassing need for extensive in vitro engineeri
Slide 34: Our Chicken Platforms - Powered by Evolution
34 Our Chicken Platforms - Powered by Evolution GREATER EVOLUTIONARY DISTANCE YIELDS GREATER IMMUNOGENICITY AND MORE ANTIBODY DIVERSITY PRIMORDIAL TARGET GENE HUMAN ORTHOLOGUE MAMMALIAN LINEAGE Early form of gene prior to avian/mammalian 300 MILLION ~95 MILLION evolutionary split YEARS AGO YEARS AGO
Slide 35: How OmnidAb Could Revolutionize sdAb Discovery
35 How OmnidAb™ Could Revolutionize sdAb Discovery NOVEL HOST SYSTEM WITH PRE-ENGINEERED SCAFFOLD • Enhanced epitope coverage ‒ Leverages the chicken host system to drive novel epitope/antigen recognition ‒ Ideal for species cross-reactive epitopes and conserved targets THE CHICKEN ADVANTAGE • Less
Slide 36: Advantages of OmnidAb
36 Advantages of OmnidAb™ ANTIBODIES TARGET UNIQUE EPITOPES AND HAVE FAVORABLE DEVELOPABILITY PROFILES Unique Epitopes Favorable Developability Profiles Clinical failures FDA-approved antibodies or OmnidAb™ sdAbs sdAbs Data derived from single discovery campaign for human NKp46 OmnidAb epitope cover
Slide 37: OmnidAb transgenic chickens
37 OmnidAb™ transgenic chickens: Express an optimized single domain human framework Target distinct epitopes Produce robust titers upon immunization and develop functionally diverse repertoires of sdAb sequences Generate high-affinity, antigen-specific mAbs with favorable developability and high exp
Slide 38: Enhancing Discovery with OmniDeep
38 Enhancing Discovery with OmniDeep™ Bob Chen, Ph.D.
Slide 39: OmniDeep Streamlines and Assists Drug Discovery
39 OmniDeep™ Streamlines and Assists Drug Discovery OmniDeep is a suite of in silico tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities Create Screen Deliver Create Diverse Repertoires of Screen Millions of Cells to Find Further Chara
Slide 40: Deep Repertoires, Deep Sequencing, Deep Screening, Deep Learning
40 Deep Repertoires Deep Sequencing Deep Screening Deep Learning
Slide 41: Deep Antibody Repertoires from OmniAb Animals
41 Deep Antibody Repertoires from OmniAb Animals Biological Intelligence™: Interplay between rational genetic design and powerful in vivo processes Animal 1: Animal 2: Animal 3: Protein Protein DNA/mRNA immunization immunization immunization Biological Intelligence can create a vast and diverse anti
Slide 42: xPloration: AI-Driven Deep Functional Screening
42 xPloration®: AI-Driven Deep Functional Screening 1 | Loading 2 | Assay + Machine Vision 3 | Recovery & Single-Cell NGS Fluorescent Bright Field Antibodies Cell Surface Binding Label-free GFP Immune Reporter Activation cAMP Signaling 20 hr Primary Cells 24-72 hr Input Prediction Input Prediction 1
Slide 43: Integrating Biological Intelligence with AI
43 Integrating Biological Intelligence™ with AI IN SILICO TOOLS TO BETTER MINE DIVERSE IMMUNE REPERTOIRES Deep Screening + Deep Sequencing Biological Intelligence Large-scale data collection Structure-based design tools Proprietary Databases Deep Learning models Multi-species databases
Slide 44: OmniDeep Empowers Large-Scale Antibody Discovery
44 OmniDeep™ Empowers Large-Scale Antibody Discovery Biological Example OmniFlic® Immunization(1) Intelligence™ Type Quantity + Total cells screened 27,500,000 Total hits recovered 3,024 Unique sequences 1,375 Unique lineages 124 (1) Immunized 3 OmniFlic animals
Slide 45: Example OmniFlic Repertoire Space
45 Example OmniFlic® Repertoire Space Protein Cell • Deliver large numbers of antibodies to our partners • Apply in silico tools to intelligently prioritize and select therapeutic candidates from functional antibody pool
Slide 46: OmniDeep Leverages Deep Learning
46 OmniDeep™ Leverages Deep Learning High-Quality in Silico Deep Learning Model New Suggested Hits Input Data Developability Filter Affinity xPloration hits Encoder Latent Space Assay data Decoder Variational Autoencoder (VAE) : Structure-based method: • Extends insights from Suggested antibodies •
Slide 47: OmniDeep Provides New Insights for Partners
47 OmniDeep™ Provides New Insights for Partners Protein Cell AI Selected • Deep learning can provide a systematic way to select functional antibodies, including rare variants • Provides partners additional non-obvious insights on immune repertoires
Slide 48: Studies and embeds Biological Intelligence into AI and machine learning
48 Studies and embeds Biological Intelligence™ into AI and machine learning to assist discovery and optimization Offers partners new large-scale discovery workflows and optimization tools for existing discovery campaigns Provides the best of our in vivo and in silico capabilities
Slide 49: The Ion Channel Opportunity
49 The Ion Channel Opportunity Doug Krafte, Ph.D.
Slide 50: What is an Ion Channel?
50 What is an Ion Channel? Ions Ions Outside of • Ions are charged atoms/molecules (Na+, K+, cell Ca++, etc.) required in every cell for normal homeostasis and health • Ion channels are proteins that allow ions to flow into and out of cells across cell membranes Inside of Cell cell Closed Membrane I
Slide 51: The Role of Ion Channels in Health and Disease
51 The Role of Ion Channels in Health and Disease ION CHANNEL AND TRANSPORTER TARGETS Ion channels play an important role in regulating a number of critical biological processes “I think that ion channels are Heartbeat Movement Vision the most important single class of proteins that exist in the hum
Slide 52: Ion Channels and Transporters
52 Ion Channels and Transporters DIFFERENTIATED DISCOVERY PLATFORM AT OMNIAB • One of industry’s most experienced teams of ion channel drug discovery experts - with decades of experience in small molecules, now being leveraged to advance antibody targeting of ion channels ‒ Rich heritage of scientif
Slide 53: Validated Targets Across the Ion Channel Genome
53 Validated Targets Across the Ion Channel Genome MULTIPLE CLASSES OF ION CHANNELS While ion channels remain an important therapeutic class, industry had struggled to obtain small molecules with appropriate drug-like properties for many targets. Antibodies could solve this problem.
Slide 54: OmnidAb and OmniTaur
54 OmnidAb™ and OmniTaur™ POTENTIAL SOLUTIONS FOR ANTIBODY THERAPEUTICS TARGETING ION CHANNELS 90° rotation sensor domain Red = ion channel Green = membrane pore domain • Antibodies typically bind to “flat” surfaces • Key areas for ion channels are buried in the membrane and can be very challenging
Slide 55: Positioned for Success
55 Positioned for Success ION CHANNEL AND TRANSPORTER TARGETS 4-species platform including Proprietary high-throughput Sophisticated high-throughput formats that can access deep screening technologies to identify technology and expert personnel binding pockets unique antibodies for ion channel drug
Slide 56: Increasing Awareness in the Discovery Community
56 Increasing Awareness in the Discovery Community ION CHANNEL AND TRANSPORTER TARGETS Strategies and Approaches to Identify Novel Ion Channel Modulators Wednesday, November 29th 9am PST / 12pm EST WEBINAR SERIES REGISTER
Slide 57: Financial Updates
57 Financial Updates Kurt Gustafson
Slide 58: Third Quarter Financial Results
58 Third Quarter Financial Results (Millions, except per share data) Q3 2023 Q3 2022 Variance License and milestone revenue $ 2.0 $ 1.4 $ 0.6 Service revenue 3.0 4.9 (1.9) Royalty revenue 0.5 0.6 (0.1) Total revenues 5.5 6.9 (1.4) Research & development 13.9 13.2 0.7 General & administrative 8.5 5.6
Slide 59: YTD 9/30/23 Financial Results
59 YTD 9/30/23 Financial Results YTD YTD (Millions, except per share data) 9/30/2023 9/30/2022 Variance License and milestone revenue $ 19.0 $ 7.8 $ 11.2 Service revenue 9.4 14.9 (5.5) Royalty revenue 0.9 1.0 (0.1) Total revenues 29.3 23.7 5.6 Research & development 41.8 35.4 6.3 General & administr
Slide 60: Operating Expense Includes Significant Non-cash Items
60 Operating Expense Includes Significant Non-cash Items YTD (Millions, except per share data) 9/30/2023 License and milestone revenue $ 19.0 Service revenue 9.4 Royalty revenue 0.9 YTD Non-Cash Opex Items Total revenues 29.3 Stock Based Compensation $18.9 Research & development 41.8 Depreciation $
Slide 61: Balance Sheet
61 Balance Sheet September 30, December 31, in Millions 2023 2022 ASSETS Current assets: Cash & investments $ 96.6 $ 88.3 Accounts receivable, net 6.1 30.3 Other current assets 4.1 6.4 Expect to end 2023 with slightly Goodwill & intangible assets 242.8 251.2 less cash than 12/31/22 balance PPE & lea
Slide 62: Historical Total Revenue Has Been Lumpy
62 Historical Total Revenue Has Been Lumpy $40 $35 $30 $25 $20 $15 $10 $5 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 License/Milestone Service Revenue Royalty
Slide 63: Historical License and Milestone Revenue
63 Historical License and Milestone Revenue(1) $31M $14 $30 $12 $10 $8 $6 $4 $3.6M $3.2M $2 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 Launch Milestones (1) Calculated historical regression/trend line excludes teclistamab revenue in Q4 2022 and Q1 2023 (shown in hashed bar portions)
Slide 64: Breakdown of Active Programs by License Type
64 Breakdown of Active Programs by License Type Number of Active Programs Ion Channel 2% Grandfathered/Prepaid License as of 9/30/2023 Revenue Share 2% License 300 2% 250 98% of our 200 Active Programs have 150 downstream economics 100 50 0 n = 314 Standard License 94% Reported numbers above are net
Slide 65: Licenses for Active Antibody Programs Have Significant Future Economic Potential
65 Licenses for Active Antibody Programs Have Significant Future Economic Potential Remaining Milestones for Average Royalty Rate for Current Active Programs1 Current Active Programs1 >$3 billion 3.2% (1) Excludes prepaid licenses and grandfathered licenses, all Ion Channel programs, and programs fr
Slide 66: Future Potential Economics for Ion Channel Programs
66 Future Potential Economics for Ion Channel Programs are Even Greater on a Per Program Basis Neurological Diseases Neurodevelopmental & Neurodegenerative Diseases Remaining Milestones of Royalties Higher tiered royalties than ̴ $1 billion standard antibody platform licenses
Slide 67: Q&A
Omni Q&A
Slide 68: Omni >
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