OmniAb (OABI)
NASDAQ:OABI
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OmniAb
(NASDAQ:OABI)
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Rating:53Neutral
Price Target:
$2.50
▲(52.44% Upside)
Action:Reiterated
Date:06/19/26
The score is held back primarily by weak financial performance—large losses and ongoing cash burn—despite improving revenue and a low-debt balance sheet. The latest earnings call adds support via raised revenue guidance and strong Q1 momentum, while technicals are mixed and valuation is limited by negative earnings and no dividend.
Positive Factors
Large contracted milestone and royalty base
A sizable, contractually backed $3B+ milestone pool and near-universal contracted economics give durable upside as partner programs advance. These legally enforceable future payments and average royalties create a multi-year pipeline of potential cash inflows that underpin long-term value beyond single-quarter variability.
Negative Factors
Negative operating cash flow and declining FCF
Sustained negative operating cash flow and a near-30% decline in FCF indicate structural cash burn. This trend forces reliance on external financing or milestone timing to fund operations, increasing dilution and constraining strategic flexibility to invest in platform enhancements or scale commercial teams over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Large contracted milestone and royalty base
A sizable, contractually backed $3B+ milestone pool and near-universal contracted economics give durable upside as partner programs advance. These legally enforceable future payments and average royalties create a multi-year pipeline of potential cash inflows that underpin long-term value beyond single-quarter variability.
Read all positive factors
OmniAb (OABI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$339.24M
Dividend YieldN/A
Average Volume (3M)561.73K
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue Growth8.21%
EPS Growth21.41%
CountryUS
Employees114
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.46
Shares Outstanding144,972,580
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 Cap0.69
Enterprise Value/Revenue8.04
Enterprise Value/Gross Profit22.67
Enterprise Value/Ebitda-6.87
Forecast
1Y Price Target
$7.00Price Target Upside326.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.41
Revenue Forecast (FY)$30.46M
OmniAb Business Overview & Revenue Model
Company Description
OmniAb, Inc. is an American biotechnology firm focused on pioneering therapeutic antibody discovery. The company provides a sophisticated platform that allows its industry partners to access a broad spectrum of antibody repertoires and advanced sc...
How the Company Makes Money
OmniAb primarily makes money by licensing access to its antibody discovery platform and associated intellectual property to drug developers, and by receiving downstream economics when partnered programs progress and generate commercial value. Key ...
OmniAb Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive operational and commercial momentum: a large YoY revenue surge driven by partner milestones, multiple clinical advancements (including OmnidAb entrants and a Phase III progression), improved operating efficiencies, raised revenue guidance, healthy technology traction (xPloration and OmniUltra) and a solid near-term cash balance. Offsetting items include a $2.9M noncash impairment that increased GAAP expense guidance, continued reliance on lumpy milestone revenue rather than royalties, ongoing net losses, and projected year-end cash decline. Overall, the positive operational and revenue developments and guidance raise materially outweigh the lowlights, though risks from milestone variability and funding remain.Positive Updates
Strong Quarter Revenue Growth
Total revenue of $14.4M in Q1 2026 versus $4.2M in Q1 2025, an increase of approximately 243%, driven primarily by higher milestone revenue from partner clinical progress.
Negative Updates
Noncash Impairment Charge
Recorded a $2.9M noncash write-off related to legacy small-molecule ion channel intangible assets in Q1 2026; drove higher GAAP operating expense and raised GAAP operating expense guidance to $83M–$88M for 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarter Revenue Growth
Total revenue of $14.4M in Q1 2026 versus $4.2M in Q1 2025, an increase of approximately 243%, driven primarily by higher milestone revenue from partner clinical progress.
Read all positive updates
Company Guidance
OmniAb raised its 2026 revenue outlook to $28–33 million after a strong Q1 (Q1 revenue $14.4M vs $4.2M a year ago), ending the quarter with $49.1M in cash; management now expects 2026 GAAP operating expenses of $83–88M (driven in part by a $2.9M noncash impairment recorded in Q1) while keeping cash operating expense guidance unchanged at $50–55M, and projects year‑end cash of $33–38M with an effective tax rate of ~0%. Q1 operating expense was $22.3M (R&D $9.6M, G&A $6.6M), net loss was $7.7M (‑$0.06/share) or ‑$0.04/share excluding the one‑time charge, and management highlighted portfolio metrics that underpin the outlook: 107 active partners, 409 active programs, 32 active clinical/approved programs, >$3B of total contracted milestones with an average royalty of ~3.4%, and roughly $350M of remaining potential milestones from clinical‑stage programs.OmniAb Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
68
Positive
Cash Flow
36
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.91M | 18.67M | 26.39M | 34.16M | 59.08M | 34.75M |
| Gross Profit | 10.25M | -3.39M | 26.39M | 34.16M | 59.08M | 34.75M |
| EBITDA | -33.82M | -44.54M | -47.83M | -44.87M | -7.81M | -18.09M |
| Net Income | -54.28M | -64.78M | -62.03M | -50.62M | -22.33M | -27.04M |
Balance Sheet | ||||||
| Total Assets | 293.65M | 300.91M | 325.56M | 375.23M | 421.21M | 304.46M |
| Cash, Cash Equivalents and Short-Term Investments | 49.07M | 54.02M | 59.43M | 86.98M | 88.27M | 0.00 |
| Total Debt | 19.67M | 20.33M | 23.16M | 25.56M | 25.80M | 13.85M |
| Total Liabilities | 31.00M | 33.89M | 37.94M | 60.64M | 79.84M | 70.16M |
| Stockholders Equity | 262.65M | 267.03M | 287.62M | 314.58M | 341.37M | 234.31M |
Cash Flow | ||||||
| Free Cash Flow | -26.02M | -37.02M | -41.54M | 703.00K | -20.75M | -9.74M |
| Operating Cash Flow | -25.50M | -36.45M | -39.66M | 2.35M | -3.59M | -5.67M |
| Investing Cash Flow | 15.78M | 6.47M | 37.88M | -18.38M | -73.31M | -4.03M |
| Financing Cash Flow | 27.87M | 27.91M | 13.02M | -892.00K | 110.74M | 9.70M |
OmniAb Technical Analysis
Positive
1.64
Price Trends
1.97
Positive
1.85
Positive
1.80
Positive
Market Momentum
0.03
Positive
53.78
Neutral
23.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OABI, the sentiment is Positive. The current price of 1.64 is below the 20-day moving average (MA) of 2.44, below the 50-day MA of 1.97, and below the 200-day MA of 1.80, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 53.78 is Neutral, neither overbought nor oversold. The STOCH value of 23.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OABI.
OmniAb Risk Analysis
OmniAb disclosed 75 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 |
|---|---|---|---|---|---|---|---|
55 Neutral | $282.94M | ― | 194.13% | ― | ― | ― | |
53 Neutral | $339.24M | -5.53 | -20.31% | ― | 8.21% | 21.41% | |
52 Neutral | $408.71M | -5.00 | -37.57% | ― | ― | 24.50% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $348.92M | -2.04 | -57.01% | ― | ― | -28.75% | |
46 Neutral | $785.15M | >-0.01 | 87.31% | ― | ― | -1004.74% |
* Healthcare Sector Average
OABI
OmniAb
2.34
0.73
45.34%
RNAC
Cartesian Therapeutics
9.63
-0.20
-2.03%
TLSA
Tiziana Life Sciences
1.16
-0.39
-25.16%
AVIR
Atea Pharmaceuticals
4.36
1.04
31.33%
VOR
Vor Biopharma
14.49
8.69
149.83%
SGMT
Sagimet Biosciences, Inc. Class A
6.68
-1.68
-20.10%
OmniAb Corporate Events
Executive/Board ChangesShareholder Meetings
OmniAb Shareholders Approve Directors and Auditor at Meeting
Positive
Jun 18, 2026
OmniAb, Inc. held its 2026 Annual Meeting of Shareholders on June 17, 2026, where investors voted on board composition and auditor appointment, decisions that shape the company’s governance and financial oversight. Shareholders elected Jenni...
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.