0001846253-26-000009
SEC filingOmniAb, Inc. reported a net loss of $64.8 million for fiscal year 2025, a slight increase from a $62.0 million loss in 2024. Total revenue declined 29% year-over-year to $18.7 million, driven by decreases in license and milestone revenue ($9.8 million, down 30%) and service revenue ($7.3 million, down 39%). The company generated $0.9 million in royalty revenue, up 52% year-over-year, and launched its xPloration Partner Access Program, contributing $0.8 million in new revenue. Operating loss was $69.0 million, slightly improved from a $74.5 million loss in 2024, as total costs and operating expenses decreased 13% to $87.6 million. The company ended the year with $25.5 million in cash and cash equivalents and $28.5 million in short-term investments, having raised $28.2 million net from a private placement in August 2025. The business model remains dependent on partners achieving development milestones and commercializing products, with 107 active partners and 407 active programs as of December 31, 2025.
OmniAb, Inc. reported a net loss of $64.8 million for fiscal year 2025, compared to a net loss of $62.0 million in 2024. Total revenue decreased 29% year-over-year to $18.7 million from $26.4 million in 2024. The revenue decline was primarily driven by decreases in license and milestone revenue (down $4.1 million to $9.8 million) and service revenue (down $4.7 million to $7.3 million). Royalty revenue increased 52% to $0.9 million, and the company generated $0.8 million from its newly launched xPloration Partner Access Program. Loss from operations was $69.0 million, slightly improved from $74.5 million in 2024, as total costs and operating expenses decreased 13% to $87.6 million. The company ended the year with $25.5 million in cash and cash equivalents and $28.5 million in short-term investments.
Revenue is derived from four primary sources: license and milestone payments, service revenue, xPloration revenue, and royalties. License and milestone revenue of $9.8 million decreased 30% year-over-year due to a $1.6 million decline in milestone revenue and a $2.5 million decline in license revenue. Service revenue of $7.3 million decreased 39% primarily due to the completion or discontinuation of certain small molecule ion channel programs. Royalty revenue of $0.9 million increased 52% due to higher net sales from partners' product sales in China. xPloration revenue of $0.8 million represents the first full year of the xPloration Partner Access Program launched in May 2025, under which partners can purchase xPloration instruments and consumables.
The company reported a loss from operations of $69.0 million, representing an operating margin of -369.6%. Total costs and operating expenses decreased 13% to $87.6 million, driven by reductions in research and development expenses (down $7.4 million to $47.8 million) and general and administrative expenses (down $1.5 million to $29.2 million). Research and development expenses decreased due to lower personnel expenses related to reduced headcount and lower share-based compensation, as well as lower external expenses associated with ion channel programs. These decreases were partially offset by $3.9 million in impairment charges related to small molecule ion channel assets. Amortization of intangibles decreased 26% to $12.9 million.
Net cash used in operating activities was $36.5 million, primarily reflecting the net loss of $64.8 million adjusted for non-cash charges of $33.3 million. Net cash provided by investing activities was $6.5 million, consisting of $50.8 million from maturity of short-term investments and $3.0 million from the sale of an ion channel asset, partially offset by $46.9 million in purchases of short-term investments. Net cash provided by financing activities was $27.9 million, primarily from the August 2025 private placement. The company ended the year with total assets of $300.9 million, including $65.3 million in current assets and $267.0 million in stockholders' equity. Total liabilities were $33.9 million.
The company's future success depends on partners achieving discovery and development milestones and commercializing products, over which OmniAb has no control. Management believes existing cash, cash equivalents, and short-term investments of $54.0 million are sufficient to support operations through at least the next 12 months. Key risks include partners not achieving projected milestones, intense competition in the antibody discovery technology market, reliance on third parties for animal colonies and supplies, and potential intellectual property challenges. The company continues to focus on expanding partnerships, driving technological innovation, and increasing partner adoption through customizable offerings. Revenue is expected to be driven by milestones and services in the shorter term and by royalties in the longer term, though timing remains uncertain.