OmniAb reports Q2 EPS (13c), consensus (17c)

Reports Q2 revenue $7.6M, consensus $5.8M. OmniAb now expects total operating expenses in 2024 to be slightly less than total operating expenses in 2023. OmniAb continues to expect its cash use in 2024 to be relatively similar to its cash use in 2023, excluding the $35 million TECVAYLI milestone payment received in 2023. Given the expected progression of the existing partnered pipeline, OmniAb expects its cash use in 2025 to be substantially lower than in 2024. OmniAb’s current cash balance and cash from operations are expected to provide sufficient capital to fund operations for the foreseeable future. “Second quarter results were in-line with our expectations and support our view of the full year. We advanced our business by adding new partnerships and programs as existing partners made important clinical progress in their respective programs,” said Matt Foehr, Chief Executive Officer of OmniAb. “With recent momentum in business development, 2024 has the potential to be a record year in terms of deal flow, which we believe is driven by the quality and differentiation of our technology platforms and by the superior execution of our team.”