OmniAb (OABI)
NASDAQ:OABI
Top Page
OmniAb
(NASDAQ:OABI)
Select Model
Select Model
Rating:55Neutral
Price Target:
$1.50
▲(2.74% Upside)
Action:ReiteratedDate: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 with portfolio royalties provides durable optionality: milestones supply near-to-midterm cash when achieved, while royalties offer long-term, low-COGS revenue upside. This embedded economics pipeline supports multi-year revenue potential despite milestone timing uncertainty.
Negative Factors
Multi-year revenue contraction
Prolonged revenue decline and lumpy, milestone-dependent receipts reduce visibility into sustainable top-line growth. This structural revenue volatility complicates planning, delays steady royalty scaling, and increases reliance on irregular partner milestones to drive meaningful cash inflows over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Large contracted milestone and royalty backlog
A >$3B contracted milestone backlog with portfolio royalties provides durable optionality: milestones supply near-to-midterm cash when achieved, while royalties offer long-term, low-COGS revenue upside. This embedded economics pipeline supports multi-year revenue potential despite milestone timing uncertainty.
Read all positive factors
OmniAb (OABI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$214.28M
Dividend YieldN/A
Average Volume (3M)561.73K
Price to Earnings (P/E)―
Beta (1Y)1.03
Revenue Growth3.36%
EPS Growth5.15%
CountryUS
Employees114
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.11
Shares Outstanding144,782,650
10 Day Avg. Volume481,153
30 Day Avg. Volume561,725
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)0.79
Price to Sales (P/S)11.26
P/FCF Ratio-5.68
Enterprise Value/Market Cap0.76
Enterprise Value/Revenue8.75
Enterprise Value/Gross Profit11.91
Enterprise Value/Ebitda-3.45
Forecast
1Y Price Target
$7.67Price Target Upside425.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.39
Revenue Forecast (FY)$32.00M
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 ...
How the Company Makes Money
OmniAb primarily makes money by partnering with pharmaceutical and biotechnology companies that use its antibody discovery platform to generate therapeutic antibody leads. Revenue is typically generated through (1) upfront fees or access fees paid...
OmniAb Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents strong strategic and operational positives — accelerated partner and program additions, multiple platform launches (OmniUltra and xPloration), significant contracted milestone backlog (> $3B) and demonstrated cost discipline — all of which support a path toward royalty-driven recurring revenue. Offsetting risks include meaningful year‑over‑year revenue declines in 2025, continued net losses, program attrition, nascent instrument-based revenue today, and milestone timing uncertainty that prevents a precise breakeven timetable. On balance the momentum in partner/program growth, new technologies and sizable contracted milestones outweigh the nearer-term financial softness and timing risks.Positive Updates
Partner and Program Growth
Ended 2025 with 107 partners and 407 active programs (net increase of 44 programs). Added 84 programs in 2025 — >20% more than 2024. Over 98% of active programs have contracted future economics to OmniAb.
Negative Updates
Revenue Decline Year‑over‑Year
Q4 2025 revenue were $8.4M versus $10.8M in Q4 2024 (≈-22.2%). Full‑year 2025 revenue $18.7M versus $26.4M in 2024 (≈-29.2%). Declines driven primarily by lower license and milestone revenue and completion of certain small‑molecule service programs; revenue remains lumpy and milestone-dependent.
Read all updates
Q4-2025 Updates
Positive
Negative
Partner and Program Growth
Ended 2025 with 107 partners and 407 active programs (net increase of 44 programs). Added 84 programs in 2025 — >20% more than 2024. Over 98% of active programs have contracted future economics to OmniAb.
Read all positive updates
Company Guidance
OmniAb guided 2026 revenue of $25–30 million, GAAP operating expense of $80–85 million and cash operating expense of $50–55 million (noting roughly $30 million of non‑cash items such as stock‑based compensation, depreciation and amortization), expects to finish 2026 with $30–35 million of cash and an effective tax rate of ~0% (full valuation allowance). Management also highlighted the longer‑term financial picture: over $3 billion of contracted milestone payments across active antibody programs (with >98% of active programs carrying future economics), about $350 million of remaining contracted milestones tied to programs already in the clinic, an average portfolio royalty rate of ~3.4%, and an expected shift from milestone‑driven toward more royalty‑driven revenue (royalties having no COGS), putting the company on a trajectory toward positive cash flow (no precise breakeven date given).OmniAb Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
68
Positive
Cash Flow
30
Negative
| 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
Negative
1.46
Price Trends
1.70
Negative
1.81
Negative
1.78
Negative
Market Momentum
-0.08
Positive
33.49
Neutral
22.22
Neutral
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 1.46 is below the 20-day moving average (MA) of 1.59, below the 50-day MA of 1.70, and below the 200-day MA of 1.78, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 33.49 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OABI.
OmniAb Risk Analysis
OmniAb disclosed 77 risk factors in its most recent earnings report. OmniAb reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
OmniAb Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $468.47M | -1.84 | -46.34% | ― | ― | 14.33% | |
55 Neutral | $214.28M | -3.25 | -22.37% | ― | 3.36% | 5.15% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $194.35M | -3.75 | -40.85% | ― | ― | -38.23% | |
47 Neutral | $762.02M | -0.19 | 72.70% | ― | ― | -1072.48% | |
44 Neutral | $158.79M | -1.44 | 279.62% | ― | ― | ― |
* Healthcare Sector Average
OABI
OmniAb
1.48
-0.29
-16.38%
RNAC
Cartesian Therapeutics
5.99
-4.58
-43.33%
TLSA
Tiziana Life Sciences
1.33
0.44
49.44%
AVIR
Atea Pharmaceuticals
5.88
2.88
96.00%
VOR
Vor Biopharma
15.60
2.60
20.00%
SGMT
Sagimet Biosciences, Inc. Class A
6.07
4.05
200.50%
OmniAb Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
OmniAb Updates Bylaws to Align with SEC Proxy Rules
Positive
Jan 30, 2026
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 sti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.