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• Nvidia for antibody drug discovery
• Amazon Web Services (AWS) for creating new antibody drugs
• Qualcomm for biotech drug development platforms

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• OmniAb Antibody Discovery Platforms: These are a suite of proprietary transgenic animal platforms (e.g., OmniMouse, OmniRat, OmniChicken) that are licensed to pharmaceutical and biotechnology companies to accelerate the discovery and development of human-sequence therapeutic antibodies.

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Matt Foehr Chief Executive Officer

Mr. Foehr is President and Chief Executive Officer and a member of the Board of Directors of OmniAb, bringing over 25 years of pharmaceutical industry experience in managing operations, technology development, and global research and development programs. He previously served as President and Chief Operating Officer at Ligand Pharmaceuticals from 2015 to 2022, and prior to that, as Ligand's Executive Vice President and Chief Operating Officer since 2011. Before joining Ligand, he was Vice President and Head of Consumer Dermatology R&D and Acting Chief Scientific Officer of Dermatology in the Stiefel division of GlaxoSmithKline, where he led the R&D integration of Stiefel into GSK following its acquisition in 2009. Mr. Foehr also held various executive roles at Connetics Corporation, including Senior Vice President of Technical Operations and Vice President of Manufacturing. Connetics Corporation was acquired by Stiefel Laboratories. He serves on the Board of Directors of Viking Therapeutics, Inc. and previously served as a director of Ritter Pharmaceuticals, Inc. until its merger with Qualigen Therapeutics, Inc. in 2020.

Kurt Gustafson Chief Financial Officer

Mr. Gustafson has served as OmniAb's Executive Vice President, Finance and Chief Financial Officer since March 2022. Prior to OmniAb, he was Executive Vice President and Chief Financial Officer of Spectrum Pharmaceuticals, Inc., a publicly traded biopharmaceutical company, a position he held since 2013. Before joining Spectrum, Mr. Gustafson served as Vice President and Chief Financial Officer at Halozyme Therapeutics, Inc., also a publicly traded biopharmaceutical company. He worked at Amgen Inc. for over 18 years in various roles, including Treasurer, Vice President, Finance, and Chief Financial Officer of Amgen International. Mr. Gustafson is currently a member of the Board of Directors of Xencor, Inc., a clinical-stage biopharmaceutical company.

Charles Berkman, JD Chief Legal Officer and Secretary

Mr. Berkman has served as OmniAb's Chief Legal Officer and Secretary since March 2022. Before this, he served as Senior Vice President, General Counsel, and Secretary at Ligand Pharmaceuticals from 2018 to 2022, and as Ligand's Vice President, General Counsel, and Secretary from 2007 to 2018. He joined Ligand in November 2001 as Associate General Counsel and Chief Patent Counsel. Prior to Ligand, Mr. Berkman was an attorney specializing in intellectual property law at the international law firm of Baker & McKenzie and at the law firm of Lyon & Lyon.

Todd Pettingill, CFA Vice President, Business Development and Strategy

Mr. Pettingill is Vice President of Business Development and Strategy at OmniAb. He joined Ligand Pharmaceuticals in 2013 and held various roles including Mergers and Acquisitions, Business Development, Strategy, and Investor Relations. At Ligand, Mr. Pettingill participated in or led more than 10 company and asset acquisitions or divestitures, including acquisitions that formed the scientific basis and original business foundation of OmniAb.

Bill Harriman Senior Vice President of Antibody Discovery

Mr. Harriman serves as the Senior Vice President of Antibody Discovery at OmniAb.

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The key risks to OmniAb's (OABI) business include its precarious financial health and heavy reliance on partner success, the significant concentration of its pipeline value in a single drug, and the evolving regulatory landscape coupled with intense competition.

1. Financial Health, Dependence on Partner Success, and Cash Burn: OmniAb's business model relies on licensing its transgenic animal technologies, with financial success contingent upon its partners' drug approvals and commercialization, over which the company has no direct control. OmniAb has consistently reported losses, and milestone payments have not been sufficient to sustain the company. It faces a cash burn issue, with operating expenses expected to outpace royalties, potentially leading to a depletion of cash reserves well before most drugs in its pipeline are approved or generate substantial royalties. For the trailing twelve months, OmniAb recorded negative revenue growth and deeply negative operating and net margins, and it is not forecast to achieve profitability within the next three years. This reliance on partner-driven royalties and the timing of milestone payments result in volatile and unpredictable revenue streams.
2. High Concentration of Pipeline Value: A substantial portion of OmniAb's late-stage pipeline value, approximately 74%, is concentrated in a single drug, IMVT-1402. The failure of this particular drug in trials or its inability to achieve commercial success would significantly diminish the overall value of OmniAb's pipeline and severely impact its future revenue prospects.
3. Regulatory Shifts and Intense Competition: OmniAb's core business model, which involves licensing transgenic animals for drug discovery, faces a significant threat from potential shifts in regulatory policies, such as the FDA moving away from requiring animal trials. Additionally, the company operates in a highly competitive biotechnology industry, facing pressure from alternative antibody discovery platforms and the emergence of AI-driven technologies. This competitive environment may necessitate increased research and development spending, potentially eroding long-term profitability and market share.

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The rapid advancement and potential widespread adoption of artificial intelligence and machine learning platforms for de novo antibody design and optimization. This technology could fundamentally shift the paradigm of therapeutic antibody discovery by computationally engineering antibodies with desired properties, potentially reducing the reliance on traditional empirical screening of large libraries generated by platforms like OmniAb's genetically engineered animal models.

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The addressable market for OmniAb's (OABI) main products and services, which revolve around its antibody discovery platforms and licensing, is the global antibody market. This market is estimated to be $279 billion by 2025.

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OmniAb (OABI) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from its strategic initiatives and expanding technology platforms.

The expected drivers include:

1. Growth in Active Partners and Programs: OmniAb has reported a consistent increase in the number of active partners and programs. This expansion of its partner base and the ongoing addition of new programs are expected to lead to robust future milestone and royalty revenues. The company's total contracted potential milestone payments remain strong at $3 billion, with an average royalty rate increasing to 3.36%.
2. Launch and Expansion of Novel Technology Platforms: The introduction and commercialization of new platforms, such as OmniUltra and the expanded xPloration platform, are significant drivers. OmniUltra, a transgenic chicken producing cow-like antibodies, is expected to open new markets and business opportunities, particularly for novel peptide therapeutics. The xPloration platform, described as a high-throughput single B cell screening instrument leveraging machine learning and AI, is anticipated to enhance future revenue streams by providing stable, high-margin revenue through consumables and increased platform adoption.
3. Milestone Payments and Royalties from Licensed Technologies: OmniAb's business model is centered on generating revenue from license fees, milestone payments, and royalties derived from its antibody discovery technologies. As programs with its partners advance through development stages, the company expects to recognize additional milestone payments and recurring royalty streams, contributing to future revenue.
4. Strategic Pipeline Development and Collaborations: The company emphasizes a strategic focus on pipeline development, expanding partnerships, and continuous enhancement of its platform capabilities. Ongoing investment in research and development and a commitment to innovation are central to supporting future collaborations and unlocking new therapeutic possibilities, thereby securing long-term value creation and revenue growth.

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Share Issuance

• OmniAb completed a private placement in August 2025, issuing approximately 21.25 million shares of common stock for gross proceeds of about $30 million, with net proceeds of approximately $28 million.
• In November 2022, OmniAb became an independent public company through a tax-free spin-off from Ligand Pharmaceuticals. Ligand distributed 4.90007 shares of OmniAb for each Ligand share, resulting in Ligand shareholders owning an estimated 75% to 84% of OmniAb.
• As part of the spin-off, Restricted Stock Units (RSUs) for directors have vested and settled into common stock, such as 13,333 and 17,769 RSUs vesting in November 2025.

Inbound Investments

• Upon its spin-off in November 2022, Avista Capital Partners agreed to invest up to $115 million into OmniAb, and Ligand Pharmaceuticals contributed $15 million, providing the combined company with a minimum of $130 million in gross cash. OmniAb expected to have approximately $95 million in cash at the closing of the spin-off.
• In August 2025, OmniAb raised $30 million through a private placement of common stock, with net proceeds to the company of approximately $28 million.

Capital Expenditures

• OmniAb's capital expenditures are forecasted to be $2 million for the next fiscal year and average $2.555 million over the next five fiscal years.
• The company's xPloration platform, including instrument purchases, is considered a capital expenditure, with its launch timing in Q3 and Q4 2025 aligning with partners developing their 2026 capital spend plans.