OmniAb (OABI) AI Stock Analysis

• Market Cap: $250.48M
• Dividend Yield: N/A
• Average Volume (3M): 561.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• Revenue Growth: 3.36%
• EPS Growth: 5.15%
• Country: US
• Employees: 114
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.14
• Shares Outstanding: 143,955,400
• 10 Day Avg. Volume: 481,153
• 30 Day Avg. Volume: 561,725
• PEG Ratio: -0.30
• Price to Book (P/B): 1.26
• Price to Sales (P/S): 13.73
• P/FCF Ratio: -8.72
• Enterprise Value/Market Cap: 0.68
• Enterprise Value/Revenue: 8.06
• Enterprise Value/Gross Profit: 10.53
• Enterprise Value/Ebitda: -3.57
• 1Y Price Target: $9.00
• Price Target Upside: 445.45% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $2.00 ▲(21.21% Upside)

Overall score reflects weak financial performance driven by declining revenue and heavy losses, partially offset by low leverage and some operating cash generation. Technicals add a mild headwind with price below key short-term averages and neutral-to-weak momentum. The latest earnings call provides a modest offset due to partner/program growth and strengthened cash position, but delayed milestones and revenue decline keep the score restrained; valuation is also not supportive given losses and no dividend.

Positive Factors

Platform adoption and partner growth

A growing partner base and accelerating program additions increase recurring access, service and milestone opportunities over time. Durable partner adoption expands deal flow, enhances technology validation, and creates a larger pipeline of potential milestone and royalty events that can scale revenue as programs progress.

High gross margins

Very high gross margins reflect a scalable discovery platform and low incremental cost to serve additional partners. Sustained margin advantage supports operating leverage as revenue scales, enabling the business to convert incremental revenue into operating income more efficiently over the medium term.

Strengthened liquidity and low leverage

A recent $30M placement plus a sizable cash balance and minimal financial leverage provide liquidity runway and financial flexibility. This reduces short-term refinancing risk, supports continued R&D and partner programs, and gives time to commercialize platform outputs without immediate pressure to cut strategic investments.

Negative Factors

Revenue decline and milestone timing risk

Declining near-term revenue and deferred partner milestones highlight the company's exposure to milestone timing. Because a portion of revenue is milestone-driven, delays create lumpy, unpredictable cash inflows and compress near-term top-line growth visibility, stressing planning and requiring sustained funding to bridge timing gaps.

Persistent large net losses and weak returns

Very deep operating losses and negative shareholder returns indicate the business is not yet generating sustainable profits from operations. Persistent losses erode equity, increase dilution risk if financed through equity, and constrain the firm's ability to self-fund expansion without recurring external capital raises.

Declining free cash flow and revenue concentration

Negative FCF growth and reliance on upfronts and irregular milestone/royalty receipts create cash generation volatility. Without steady service or subscription revenue, cash flow can dip when milestones slip, increasing funding needs and making longer-term reinvestment and predictability of operating cash generation challenging.

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

Mixed fundamentals: strong gross margin (76.58% TTM) and low leverage (debt-to-equity 0.076) support stability, but revenue is declining (-8.39% TTM) and profitability is very weak (net margin -301.83% TTM) with negative returns (ROE -22.79% TTM). Cash generation is somewhat supportive (operating cash flow to net income 1.93), but free cash flow growth is negative (-11.37% TTM).

Income Statement

OmniAb's income statement reveals a challenging financial environment. The company has experienced a decline in revenue, with a negative revenue growth rate of -8.39% TTM. The gross profit margin remains strong at 76.58% TTM, indicating efficient cost management. However, the net profit margin is significantly negative at -301.83% TTM, reflecting substantial losses. EBIT and EBITDA margins are also deeply negative, suggesting operational inefficiencies. Overall, the company faces profitability challenges despite maintaining a solid gross margin.

Balance Sheet

The balance sheet of OmniAb shows a relatively low debt-to-equity ratio of 0.076 TTM, indicating conservative leverage. However, the return on equity is negative at -22.79% TTM, highlighting the company's struggle to generate returns for shareholders. The equity ratio stands at 89.58% TTM, suggesting a strong equity base relative to total assets. While the company maintains financial stability with low leverage, its inability to generate positive returns is a concern.

Cash Flow

OmniAb's cash flow statement indicates mixed performance. The operating cash flow to net income ratio is positive at 1.93 TTM, suggesting that operating activities are generating cash despite net losses. However, the free cash flow growth rate is negative at -11.37% TTM, reflecting challenges in sustaining cash flow growth. The free cash flow to net income ratio is close to 1, indicating that free cash flow is nearly matching net income losses. While cash flow from operations is a positive aspect, the decline in free cash flow growth is a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	21.09M	26.39M	34.16M	59.08M	34.75M	23.27M
Gross Profit	16.15M	26.39M	34.16M	59.08M	34.75M	23.27M
EBITDA	-47.65M	-50.92M	-49.92M	-8.40M	-18.09M	-10.93M
Net Income	-63.67M	-62.03M	-50.62M	-22.33M	-27.04M	-17.56M
Balance Sheet
Total Assets	309.69M	325.56M	375.23M	421.21M	304.46M	295.38M
Cash, Cash Equivalents and Short-Term Investments	59.50M	59.43M	86.98M	88.27M	0.00	0.00
Total Debt	21.07M	23.16M	25.56M	25.80M	13.85M	2.59M
Total Liabilities	32.25M	37.94M	60.64M	79.84M	70.16M	59.84M
Stockholders Equity	277.44M	287.62M	314.58M	341.37M	234.31M	235.54M
Cash Flow
Free Cash Flow	-35.26M	-41.54M	703.00K	-20.75M	-9.74M	1.87M
Operating Cash Flow	-34.65M	-39.66M	2.35M	-3.59M	-5.67M	3.62M
Investing Cash Flow	4.14M	37.88M	-18.38M	-73.31M	-4.03M	-26.98M
Financing Cash Flow	31.81M	13.02M	-892.00K	110.74M	9.70M	23.36M

OmniAb Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.65
• 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 1.65 is below the 20-day moving average (MA) of 1.88, below the 50-day MA of 1.91, and below the 200-day MA of 1.75, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 30.08 is Neutral, neither overbought nor oversold. The STOCH value of 6.96 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	58 Neutral	$320.32M	-2.26	-37.98%	―	―	14.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	51 Neutral	$177.86M	-0.12	―	―	―	―
OABI	50 Neutral	$250.48M	-2.79	-22.37%	―	3.36%	5.15%
VOR	50 Neutral	$271.69M	-0.03	―	―	―	-1072.48%
SGMT	49 Neutral	$188.49M	-3.04	-39.78%	―	―	-38.23%

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.