OmniAb, Inc. (NASDAQ: OABI)

OmniAb Inc licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions to enable the discovery of next-generation therapeutics. The company's core business revolves around its proprietary OmniAb technology platform which creates and screens diverse antibody repertoires to quickly identify optimal antibodies and other target-binding proteins for partners' drug development efforts. At the heart of the platform is Biological Intelligence™ which powers the immune systems of proprietary engineered transgenic animals to generate optimized antibody candidates for human therapeutics. The company believes its suite of technologies and methods including computational antigen design immunization methods high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms identify fully human antibodies with exceptional performance and developability characteristics. OmniAb provides partners with both integrated end-to-end capabilities and highly customizable offerings addressing critical industry challenges and delivering optimized discovery solutions. The company's technologies are leveraged for the discovery of various next-generation antibody-based therapeutic modalities including bi- and multi-specific biologics antibody-drug conjugates CAR-T therapies targeted radiotherapeutics and others.

OmniAb generates revenue primarily through license agreements with pharmaceutical and biotechnology partners and academic institutions. These agreements typically include upfront or annual payments for technology access payments for performance of research services downstream payments in the form of preclinical intellectual property clinical regulatory and commercial milestones and royalties on net sales of partners' products. License agreements with academic institutions are typically structured with revenue sharing. The company's revenue streams consist of license and milestone revenue service revenue xPloration revenue and royalty revenue. License and milestone revenue fluctuates based on the timing of new license agreements and partners' achievement of milestones. Service revenue arises from the performance of research services including small molecule ion channel programs. xPloration revenue relates to the sale of instruments and related consumables. Royalty revenue is derived from net sales of partners' products incorporating OmniAb-derived antibodies with royalty terms generally linked to the patents partners file related to the discovered antibody. The company believes long-term value will be driven by royalties while shorter-term revenue will be materially driven by milestones from partnered programs.

The company operates through the following segments:

• OmniAb technology platform segment. This segment encompasses the company's core discovery research technology including the Biological Intelligence-powered transgenic animal systems computational antigen design immunization methods high-throughput single B cell phenotypic screening and next-generation sequencing analysis with custom algorithms. It provides integrated end-to-end capabilities and customizable offerings for antibody discovery and optimization supporting the development of next-generation therapeutics such as bi- and multi-specific biologics antibody-drug conjugates CAR-T therapies and targeted radiotherapeutics.

• xPloration segment. This segment focuses on the sale of instruments and related consumables used in antibody discovery and optimization workflows. Revenue from this segment increased due to the sale of an instrument and related consumables as noted in the results of operations.

OmniAb operates within the highly competitive biotechnology industry specifically in the antibody discovery and therapeutic development sector. The company positions itself as having one of the most diverse host systems available in the industry through its proprietary OmniAb animals which it believes comprise the most diverse host systems for antibody generation. Its competitive advantages include the Biological Intelligence™ technology that powers immune systems in engineered transgenic animals the suite of in silico artificial intelligence and machine learning tools integrated throughout its platform and an established core competency focused on ion channels and transporters which differentiates its technology and creates opportunities in important and emerging target classes. The company faces competition from other technology providers offering antibody discovery platforms and services but believes its full suite of integrated end-to-end capabilities and customizable solutions provide an attractive option to industry stakeholders.

OmniAb serves pharmaceutical and biotechnology companies and leading academic institutions that vary in size clinical stage geography and therapeutic focus. The company's partners gain access to wide repertoires of antibodies and state-of-the-art screening technologies designed to enable efficient discovery of next-generation novel therapeutics. As of September 30 2025 the company had 104 active partners with 399 active programs using the OmniAb technology platform including 28 OmniAb-derived antibodies in clinical development by partners one under regulatory review and three approved products developed and commercialized by partners. The company does not disclose specific partner names in the filing but serves a diverse base of organizations engaged in drug discovery and development across various therapeutic areas.