OmniAb Q1 2024 Financial Results and Highlights
OmniAb, Inc. (NASDAQ: OABI) has announced its financial results for the quarter ending March 31, 2024, along with updates on its operations and partner programs. CEO Matt Foehr highlighted the company's progress, noting the addition of three new platform license agreements in the first quarter, which increased the total number of active partners to 80.
Financial Results for Q1 2024
For the first quarter of 2024, OmniAb reported revenue of $3.8 million, down from $16.9 million during the same period in 2023. This decline was mainly attributed to the recognition of a $10 million milestone related to the first commercial sale of TECVAYLI® (teclistamab) in the EU during the first quarter of 2023, and lower service revenue due to the completion of certain ion channel discovery programs.
Research and development expenses for the first quarter were recorded at $14.6 million, compared to $13.8 million for the same period in 2023, primarily due to increased personnel costs. General and administrative costs were reported as $8.3 million, slightly up from $8.2 million in the previous year.
OmniAb posted a net loss of $19.0 million, or $0.19 per share, for the first quarter of 2024, compared to a net loss of $6.1 million, or $0.06 per share, for the same period in the previous year.
As of March 31, 2024, the company had cash, cash equivalents, and short-term investments totaling $69.0 million.
2024 Financial Guidance
OmniAb projects operating expenses for 2024 to remain consistent with 2023 levels, and anticipates similar cash usage for 2024, excluding the $35 million TECVAYLI milestone payment received in 2023. The firm expects cash use in 2025 to be significantly lower. Current cash reserves and operational cash flow are deemed sufficient for funding immediate future operations.
Q1 2024 and Recent Business Highlights
During the first quarter, OmniAb secured three new license agreements with ImmunoBiochem Corporation, the University of Georgia, and a stealth Boston-based venture-backed start-up. By March 31, 2024, the company had 80 active partners and 327 active programs, including 31 programs derived from OmniAb in clinical development or commercialization.
Key Partner Updates
Batoclimab: Immunovant's global Phase 3 trials for batoclimab in myasthenia gravis (MG) and thyroid eye disease (TED) are progressing, with data expected in late 2024 (MG) and early 2025 (TED).
IMVT-1402: Immunovant plans to initiate four to five potential registrational programs for IMVT-1402 within the fiscal year ending March 31, 2025. The U.S. Patent and Trademark Office has issued a patent covering IMVT-1402, which will expire in June 2043 unless extended.
M9140: At the American Association for Cancer Research Annual Meeting, Merck KGaA presented preclinical data on M9140, a novel antibody-drug conjugate targeting specific tumors. A Phase 1 study is ongoing.
Acasunlimab: Genmab expects Phase 2 data for acasunlimab in second-line non-small cell lung cancer (NSCLC) in the first half of 2024. Additionally, a Phase 3 study in 2024 is planned.
Sugemalimab: CStone received approval from the National Medical Products Administration of China for sugemalimab in combination with chemotherapy as a first-line treatment for certain types of gastric cancer.
Innovations and Presentations
OmniAb scientists published a paper in the Journal of Immunology, demonstrating the genetic engineering of chickens to produce functional single-domain antibodies (sdAbs). This supports the feasibility of the company's next-generation transgenic chicken platform, OmnidAb™, launched in late 2023.
OmniAb also presented at the 20th Annual PEGS Boston Conference and Expo, where senior director Bob Chen discussed the company's high-throughput single-cell screening technology on May 15, 2024. Additionally, multiple partners presented OmniAb technology data at the ASCO Annual Meeting from May 31 to June 4, 2024.
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