Raises Full Year 2026 Revenue and Cash Outlook Driven by Continued Business Momentum

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EMERYVILLE, Calif.--(BUSINESS WIRE)--August 06, 2026-- 

OmniAb, Inc. $(OABI)$, a provider of cutting-edge discovery research technology to enable the discovery of next-generation therapeutics, today reported financial results for the three and six months ended June 30, 2026, provided operating and partner program progress, and updated 2026 financial guidance.

"We are pleased to report a strong quarter and to increase our revenue and cash outlook for 2026 based on continued momentum in our business. Recent updates from partner programs have been very encouraging with important advancements in clinical development," stated Matt Foehr, Chief Executive Officer of OmniAb. "We continue to efficiently leverage and expand the reach of our core and highly differentiated discovery technologies, as we also focus on our promising xPloration$(R)$ platform. We recently expanded our executive leadership with the addition of Chief Operating Officer Amechi Nwachuku, who has quickly integrated into our team to drive and strengthen this area. We believe we're well positioned to accelerate growth, and we look forward to providing business updates and technology highlights and plans at our October Investor and Analyst Day."

Second Quarter 2026 Financial Results

Revenue for the second quarter of 2026 was $13.4 million, compared with $3.9 million in the prior-year period, with the increase driven primarily by milestone revenue. Service revenue increased primarily due to the commencement of new ion channel programs, and xPloration revenue increased on higher instrument sales and related consumables.

Cost of xPloration revenue was $0.6 million for the second quarter of 2026, compared with $0.3 million for the same period in 2025. The increase was due to increased instrument and consumable sales. Research and development expense was $9.6 million for the second quarter of 2026, compared with $10.9 million for the same period in 2025, with the decrease due to lower personnel expense related to share-based compensation and salary expense and lower facility-related costs. General and administrative expense was $6.7 million for the second quarter of 2026, compared with $7.7 million for the same period in 2025, with the decrease primarily due to lower personnel expense related to share-based compensation and salary expense and lower professional fees.

Amortization of intangibles decreased to $3.1 million for the second quarter of 2026, compared with $3.2 million for the same period in 2025. Other operating expense (income) increased to $0.2 million for the second quarter of 2026 from ($1.9) million for the same period in 2025, primarily as a result of a net $2.0 million one-time gain from the sale of a small-molecule program in the second quarter of 2025.

Total costs and operating expenses were $20.1 million for the second quarter of 2026, flat with $20.1 million for the same period in 2025.

Cash costs and operating expenses were $13.3 million for the second quarter of 2026, compared with $11.9 million for the same period in 2025 (see note regarding "Use of Non-GAAP Financial Measure" below for further discussion of this non-GAAP measure).

Net loss for the second quarter of 2026 was $5.9 million, or $0.05 per share, compared with a net loss of $15.9 million, or $0.15 per share, for the same period in 2025.

Year-to-Date Financial Results

Revenue for the first half of 2026 was $27.8 million, compared with $8.1 million for the same period in 2025, with the increase primarily related to milestone revenue. Service revenue increased primarily due to the commencement of new ion channel programs, and xPloration revenue increased on higher instrument sales and related consumables.

Cost of xPloration revenue was $0.6 million for the first half of 2026, compared with $0.3 million for the same period in 2025. The increase was due to increased instrument and consumable sales. Research and development expense was $19.2 million for the first half of 2026, compared with $23.5 million for the same period in 2025, with the decrease due to lower personnel expense related to share-based compensation and salary expense, lower external expenses associated with legacy small-molecule ion channel programs and lower facility-related costs. General and administrative expense was $13.3 million for the first half of 2026, compared with $15.6 million for the same period in 2025, with the decrease primarily due to lower personnel expense related to share-based compensation and salary expense and lower professional fees.

Amortization of intangibles increased to $9.1 million for the first half of 2026, compared with $6.5 million for the same period in 2025, primarily due to a $2.9 million non-cash impairment related to the discontinuation of certain legacy small-molecule ion channel programs recorded in the first quarter of 2026.

Other operating expense (income) for the first half of 2026 was $0.1 million compared to ($2.7) million for the same period in 2025. The prior-year period included a net $2.0 million one-time gain from the sale of a small-molecule program in the second quarter of 2025.

Total costs and operating expenses were $42.3 million for the first half of 2026, compared with $43.1 million for the same period in 2025.

Cash costs and operating expenses were $25.5 million for the first half of 2026, compared with $26.6 million for the same period in 2025 (see note regarding "Use of Non-GAAP Financial Measure" below for further discussion of this non-GAAP measure).

Net loss for the first half of 2026 was $13.6 million, or $0.11 per share, compared with a net loss of $34.1 million, or $0.32 per share, for the same period in 2025.

As of June 30, 2026, OmniAb had cash, cash equivalents and short-term investments of $52.0 million.

2026 Financial Guidance

OmniAb revises 2026 financial guidance and now expects revenue to be in the range of $32 million to $36 million, versus $28 million to $33 million previously, and costs and operating expenses to be in the range of $84 million to $88 million, versus $83 million to $88 million previously. Cash costs and operating expenses are expected to be in the range of $51 million to $55 million, versus $50 million to $55 million previously (see note regarding "Use of Non-GAAP Financial Measure" below for further discussion of this non-GAAP measure). The Company now expects to end the year with cash and cash equivalents in the range of $37 million to $41 million, versus $33 million to $38 million previously. The full-year 2026 effective tax rate is expected to be approximately 0%.

Second Quarter 2026 and Recent Business Highlights

During the second quarter of 2026, OmniAb entered into new license agreements with EnRosa Therapeutics and argenx. As of June 30, 2026, the Company had 110 active partners and 425 active programs, including 34 OmniAb-derived programs in clinical development or being commercialized.

Business and partner highlights from the second quarter of 2026 and recent weeks included the following:

JNJ-5322

   --  Ramantamig (JNJ-79635322), a tri-specific antibody targeting (BCMA x 
      GPRC5D x CD3), has advanced to Phase 3 from Phase 1 clinical trials. The 
      Phase 3 study is randomized study comparing JNJ-79635322 and an 
      anti-BCMAxCD3 bispecific antibody in participants with relapsed or 
      refractory multiple myeloma who have received at least three prior lines 
      of therapy including a PI, an IMiD, and an anti CD38 antibody. 

Precemtabart tocentecan (M9140)

   --  Merck KGaA, announced the first patient has been dosed in the Phase 3 
      PROCEADE(R)-CRC-03 trial evaluating precemtabart tocentecan, a potential 
      first--in--class investigational anti--CEACAM5 antibody--drug conjugate 
      $(ADC)$, for the treatment of metastatic colorectal cancer based on Phase 1 
      data. 
 
   --  The Phase 3 study will assess the efficacy and safety of precemtabart 
      tocentecan, alone or with bevacizumab, in patients with metastatic 
      colorectal cancer who are intolerant- or refractory-to, or progressed 
      after, systemic therapies. 
 
   --  Phase 1 data from the PROCEADE-CRC-01 study showed predictable and 
      manageable safety in more than 100 patients with heavily pretreated 
      metastatic colorectal cancer. At the recommended dose for Phase 3 
      development (2.8 mg/kg Q3W; n=29), confirmed objective response rate was 
      20.7% (95% CI: 8.0, 39.7), median PFS was 6.9 months (95% CI: 4.4, 9.5), 
      and median OS was not reached after a median follow-up of 13.1 months 
      (95% CI: 8.7, NE). 

TEV- '408

   --  Teva Pharmaceuticals announced plans for its TEV-'408, an 
      investigational anti-interleukin-15 monoclonal antibody, to advance into 
      a Phase 2b study in vitiligo in the fourth quarter of 2026 following 
      encouraging results from an ongoing Phase 1b, open-label study in adults 
      with active or stable non-segmental vitiligo (NSV). 
 
   --  Topline results in Phase 1b trial evaluating TEV-'408 for vitiligo 
      showed improvements in skin pigmentation in patients with active or 
      stable NSV. TEV-'408 was well-tolerated with no safety signals observed. 
      At baseline, 66% of enrolled participants had vitiligo affecting more 
      than 10% of body surface area, representing a population with limited 
      treatment options. At week 24, in evaluable participants, nearly 75% of 
      patients reported improvement in facial vitiligo, with half reporting 
      "much" or "very much" improved, 42% achieved F-VASI50 and 21% achieved 
      F-VASI75, 55% of patients reported improvement in total body vitiligo, 
      and 7% achieved T-VASI50. 
 
   --  Teva Pharmaceuticals and Royalty Pharma entered into a funding 
      agreement of up to $500 million to accelerate the clinical development of 
      TEV-'408 for vitiligo.