OmniAb (OABI) AI Stock Analysis

• Market Cap: $253.37M
• Dividend Yield: N/A
• Average Volume (3M): 561.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: 3.36%
• EPS Growth: 5.15%
• Country: US
• Employees: 114
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.11
• Shares Outstanding: 144,782,650
• 10 Day Avg. Volume: 481,153
• 30 Day Avg. Volume: 561,725
• PEG Ratio: 0.49
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 11.26
• P/FCF Ratio: -5.68
• Enterprise Value/Market Cap: 0.77
• Enterprise Value/Revenue: 10.39
• Enterprise Value/Gross Profit: 14.15
• Enterprise Value/Ebitda: -4.10
• 1Y Price Target: $7.67
• Price Target Upside: 338.29% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.39
• Revenue Forecast (FY): $32.00M

• Rating: 55 Neutral
• Price Target: $2.00 ▲(14.29% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held down primarily by weak financial performance (contracting revenue, large ongoing losses, and recent cash burn), partially offset by constructive technical momentum and a moderately positive earnings-call outlook (2026 revenue recovery and cost discipline supported by a large contracted milestone backlog). Valuation provides limited support due to negative earnings and no dividend yield.

Positive Factors

Large contracted milestone and royalty backlog

A >$3B contracted milestone backlog and portfolio royalties provide a durable, program-driven revenue runway. Over time, milestone realizations and a shift toward royalty income can create recurring, lower-cost revenue streams that support cash generation and de‑risk reliance on single upfront payments.

Expanding partner and program base

Rising partner and program counts broaden the company’s addressable opportunity and diversify sources of future milestones and royalties. A larger, growing program funnel increases the probability of downstream clinical progress and recurring economics, strengthening long‑term revenue potential.

Conservative balance sheet and low leverage

Low debt reduces financial distress risk and preserves flexibility to support R&D or bridge milestone timing gaps. For a milestone‑timed business, modest leverage is a durable structural advantage allowing the company to pursue partnerships or raise capital with less cash‑flow pressure compared with highly leveraged peers.

Negative Factors

Multi-year revenue contraction and lumpy revenue

Sustained revenue declines and milestone dependence reduce visibility into growth and delay the shift to stable royalty income. Lumpy, milestone-timed receipts complicate forecasting, constrain reinvestment in platform commercialization, and prolong the timeline to durable, recurring revenues.

Volatile cash generation and expected drawdown

A planned cash drawdown halves year‑end liquidity over 2026 absent material milestone receipts, tightening runway. Volatile operating and free cash flow raises the odds of near‑term financing or dilution if partner progress stalls, making execution and milestone timing critical for survival.

Sustained net losses and deeply negative margins

Persistent, sizable operating losses and severely negative margins erode equity and limit the company’s ability to self‑fund growth. Even with cost cuts, returning to profitability requires significant, durable revenue gains; continued losses increase dilution risk and constrain long‑term strategic optionality.

OmniAb Business Overview & Revenue Model

Company Description

OmniAb, Inc., a biotechnology company, provides therapeutic antibody discovery technologies in the United States. The company's discovery platform provides industry partners access to the diverse antibody repertoires and screening technologies to enable discovery of next-generation therapeutics. Its OmniAb platform is the biological intelligence of proprietary transgenic animals, including OmniRat, OmniChicken, and OmniMouse that have been genetically modified to generate antibodies with human sequences to facilitate development of human therapeutic candidates. The company's OmniFlic (transgenic rat) and OmniClic (transgenic chicken) address industry needs for bispecific antibody applications though a common light chain approach, and OmniTaur that features unique structural attributes of cow antibodies for complex targets. The company was founded in 2012 and is headquartered in Emeryville, California.

How the Company Makes Money

OmniAb generates revenue primarily through its platform technology licensing agreements and collaborative research partnerships with pharmaceutical and biotech companies. The company earns money by charging fees for access to its proprietary antibody discovery platform, which allows clients to develop their own therapeutic candidates more efficiently. Additionally, OmniAb may receive milestone payments and royalties based on the sales of products developed using its technology. Strategic partnerships with larger pharmaceutical firms also contribute to its earnings, as these collaborations often involve upfront payments and shared development costs, enhancing the company's financial stability.

OmniAb Financial Statement Overview

Summary

Income statement and cash flow are the main drags: multi-year revenue contraction, persistent large net losses with very negative margins, and a return to sizable operating/free-cash-flow burn in 2024–2025. The balance sheet is a partial offset with low leverage, but shrinking equity/assets and negative returns indicate ongoing value erosion.

Income Statement

Revenue has been shrinking for several years (down ~42% in 2023, down ~0.2% in 2024, and down ~11.5% in 2025), signaling weakening momentum. While gross profit remains very high (near ~98–100%), the business is not operating profitably: net losses are large and have persisted each year, with net margin deteriorating to roughly -347% in 2025. Losses improved versus 2024 in absolute dollars, but profitability is still far from breakeven.

Balance Sheet

The balance sheet looks relatively conservative for a biotech: leverage is low with debt-to-equity around ~0.06–0.08 across 2020–2025, which reduces financial risk. However, equity and total assets have trended down from 2022 to 2025, consistent with ongoing losses and cash usage. Returns on equity remain meaningfully negative each year, highlighting continued value erosion despite low debt.

Cash Flow

Cash generation is volatile and recently weak. After modestly positive operating and free cash flow in 2023 (and 2020), the company swung back to sizable cash burn in 2024 and 2025, with both operating cash flow and free cash flow solidly negative. Free cash flow also deteriorated sharply in 2024 before improving in 2025, but it remains negative overall—suggesting ongoing funding needs if conditions persist.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.67M	26.39M	34.16M	59.08M	34.75M
Gross Profit	-3.39M	26.39M	34.16M	59.08M	34.75M
EBITDA	-49.76M	-50.92M	-49.92M	-8.40M	-18.09M
Net Income	-64.78M	-62.03M	-50.62M	-22.33M	-27.04M
Balance Sheet
Total Assets	300.91M	325.56M	375.23M	421.21M	304.46M
Cash, Cash Equivalents and Short-Term Investments	54.02M	59.43M	86.98M	88.27M	0.00
Total Debt	20.33M	23.16M	25.56M	25.80M	13.85M
Total Liabilities	33.89M	37.94M	60.64M	79.84M	70.16M
Stockholders Equity	267.03M	287.62M	314.58M	341.37M	234.31M
Cash Flow
Free Cash Flow	-37.02M	-41.54M	703.00K	-20.75M	-9.74M
Operating Cash Flow	-36.45M	-39.66M	2.35M	-3.59M	-5.67M
Investing Cash Flow	6.47M	37.88M	-18.38M	-73.31M	-4.03M
Financing Cash Flow	27.91M	13.02M	-892.00K	110.74M	9.70M

OmniAb Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OABI, the sentiment is Negative. The current price of 1.75 is below the 20-day moving average (MA) of 1.83, below the 50-day MA of 1.83, and below the 200-day MA of 1.78, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.17 is Neutral, neither overbought nor oversold. The STOCH value of 15.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OABI.

OmniAb Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AVIR	57 Neutral	$450.94M	-1.84	-46.34%	―	―	14.33%
OABI	55 Neutral	$253.37M	-3.25	-22.37%	―	3.36%	5.15%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VOR	50 Neutral	$499.90M	-0.10	274.58%	―	―	-1072.48%
SGMT	50 Neutral	$149.43M	-3.75	-40.85%	―	―	-38.23%
RNAC	49 Neutral	$172.57M	-1.44	279.62%	―	―	―

OmniAb Corporate Events

OmniAb Updates Bylaws to Align with SEC Proxy Rules

On January 30, 2026, OmniAb, Inc.’s board approved amended and restated bylaws that took effect the same day, aligning the company’s governance framework with updated U.S. Securities and Exchange Commission universal proxy rules by stipulating that proxy solicitations for director nominees other than the board’s own must comply with Rule 14a-19. The revisions also tighten and modernize the procedural and disclosure requirements for shareholder director nominations and other business proposals at shareholder meetings—mandating more extensive background and ownership information from proposing shareholders, nominees and related parties—which is likely to strengthen the company’s control over the nomination process and enhance transparency in corporate governance.

The most recent analyst rating on (OABI) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on OmniAb stock, see the OABI Stock Forecast page.