OABIWHIGH SIGNALFINANCIAL10-K

OABIW experienced a significant revenue decline coupled with platform expansion, as the company added new partners while facing substantial top-line contraction.

The nearly 30% revenue decline represents a material setback that investors will need to monitor closely, particularly given the company's R&D-intensive business model. However, the expansion from 91 to 107 active partners and growth in active programs from 363 to 407 suggests the underlying platform remains commercially viable and may indicate potential for future revenue recovery.

Comparing 2026-03-04 vs 2025-03-18View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows mixed signals with revenue declining substantially to $18.7M while the company maintained disciplined cost management, reducing R&D expenses to $47.8M and cutting capital expenditures significantly. Accounts receivable grew to $7.4M and total liabilities decreased to $33.9M, suggesting improved balance sheet positioning despite the revenue headwinds. The combination of lower revenues with reduced spending and liability reduction indicates management is actively managing through a challenging period while preserving financial flexibility.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-69.9%
$1.9M$565K

Capex reduced 69.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Accounts Receivable
Balance Sheet
+40.2%
$5.3M$7.4M

Receivables surged 40.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
-29.3%
$26.4M$18.7M

Revenue softened 29.3% — monitor whether this is cyclical or structural.

R&D Expense
P&L
-13.3%
$55.1M$47.8M

R&D spending cut 13.3% — could signal cost discipline or concerning reduction in innovation investment.

Total Liabilities
Balance Sheet
-10.7%
$37.9M$33.9M

Liabilities reduced 10.7% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-18
ADDED
As of February 25, 2026, the registrant had 144,782,647 shares of common stock outstanding.
As of December 31, 2025, we had 107 active partners with 407 active programs using the OmniAb technology platform, including 27 OmniAb-derived antibodies in clinical development by our partners, two under regulatory review, and three approved products developed and commercialized by our partners.
OmniUltra is a versatile in vivo discovery platform that extends beyond traditional antibody modalities into the peptide space, enabling multiple therapeutic applications.
It generates naturally optimized human immune antibody repertoires featuring cow-inspired ultralong CDRH3 domains, unlocking novel binding modes and access to challenging targets.
OmniUltra also enables the isolation of picobodies , the smallest known natural antibody-derived binding domain (4-6 kDa), which are approximately one-third the size of a nanobody .
While there are several commercially available options when considering transgenic mice, OmniAb is the only platform that includes transgenic mouse, rat and chicken technologies, in addition to a cow antibody humanization technology.
Automated imaging and AI algorithms identify B cells with desired binding profiles, and a rapid laser-based recovery process efficiently retrieves B cells for sequencing and expression cloning.
By providing a full suite of antibody discovery technologies with streamlined economics, we believe we offer an attractive option to the industry.
We have 107 active partners as of December 31, 2025, consisting of pharmaceutical, biotechnology and academic organizations, varying in size, geography and therapeutic focus.
In 2025 we launched OmniUltra that extends our platform beyond traditional antibody modalities into the peptide space, enabling multiple therapeutic applications.
REMOVED
As of March 11, 2025, the registrant had 122,134,941 shares of common stock outstanding.
As of December 31, 2024, we had 91 active partners with 363 active programs using the OmniAb technology platform, including 28 OmniAb-derived antibodies in clinical development by our partners, one under regulatory review, and three approved products developed and commercialized by our partners.
Our cutting-edge technologies are modular, creating highly scalable solutions for antibody discovery.
Our antigen solutions team, guided by molecular modeling and protein design capabilities, oversees the cloning, expression, purification, reconstitution, and quality control of purified native-conformation membrane proteins for immunization and screening.
The various OmniAb novel animal-based technologies are depicted in the figure below.
While there are several commercially available options when considering transgenic mice, OmniAb is the only four-species platform, which include transgenic mouse, rat and chicken technologies, in addition to a cow antibody humanization technology.
Automated imaging and AI algorithms, empowered by the LandingLens TM platform developed by Landing AI, identify B cells with desired binding profiles, and a rapid laser-based recovery process efficiently retrieves B cells for sequencing and expression cloning.
5 Our license agreements with pharmaceutical and biotechnology partners generally include: (i) upfront or, in some instances, annual payments for technology access; (ii) payments for performance of research services; (iii) downstream payments in the form of preclinical, intellectual property, clinical, regulatory, and commercial milestones; and (iv) royalties on net sales of our partners products, if any.
By providing a full suite of antibody discovery technologies with streamlined economics, we believe we offer an attractive option to industry stakeholders.
6 Our partners active clinical programs include monoclonal and bispecific antibodies discovered using OmniRat, OmniMouse, OmniFlic, or OmniChicken and target a range of therapeutic indications including oncology, immunology, and metabolic disorders.
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