OmniAb, Inc.
OABIHealthcare|Biotechnology|US
$5.03
+0.20 (+4.14%)
Tangible Book / Share
$0.40
Cash / Share
$0.50
Financials
Financial Snapshot
Market Cap
$733.7M
Enterprise Value
$728.9M
Revenue (TTM)
$40.2M
Net Income (TTM)
-$43.5M
Cash & Investments
$64.2M
Net Cash
$46.1M
Free Cash Flow (TTM)
$2.4M
Operating CF (TTM)
$2.7M
Debt/Equity
0.07
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $0.00 | $0.00 | $0.00 | $88.3M | $87.0M | $59.4M | $54.0M | $64.2M | |
| Operating Cash Flow | -$5.2M | $3.6M | -$5.7M | -$3.6M | $2.3M | -$39.7M | -$36.5M | $2.7M | |
| Free Cash Flow | -$5.5M | $1.9M | -$9.7M | -$20.8M | $703.0K | -$41.5M | -$37.0M | $2.4M | |
| Capital Expenditure | -$255.0K | -$1.8M | -$4.1M | -$17.2M | -$1.6M | -$1.9M | -$565.0K | -$286.0K | |
| Financing Cash Flow | $17.3M | $23.4M | $9.7M | $110.7M | -$892.0K | $13.0M | $27.9M | $1.6M |
R&D Spending
R&D (TTM)
$42.6M
R&D Intensity
106.1%
R&D Growth vs Prior
-10.7%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3M | $23.3M | $34.7M | $59.1M | $34.2M | $26.4M | $18.7M | $40.2M | |
| R&D Expense | $13.2M | $24.8M | $39.2M | $48.4M | $56.5M | $55.1M | $47.8M | $42.6M | |
| R&D % of Revenue | 72.1% | 106.6% | 112.9% | 81.9% | 165.5% | 208.8% | 255.8% | 106.1% | |
| SG&A | $8.7M | $10.2M | $16.9M | $24.9M | $33.3M | $30.7M | $29.2M | $27.3M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3M | $23.3M | $34.7M | $59.1M | $34.2M | $26.4M | $18.7M | $40.2M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $22.1M | $14.6M | |
| Gross Profit | $18.3M | $23.3M | $34.7M | $59.1M | $34.2M | $26.4M | -$3.4M | $25.5M | |
| R&D | $13.2M | $24.8M | $39.2M | $48.4M | $56.5M | $55.1M | $47.8M | $42.6M | |
| SG&A | $8.7M | $10.2M | $16.9M | $24.9M | $33.3M | $30.7M | $29.2M | $27.3M | |
| Operating Income | -$13.0M | -$25.6M | -$35.6M | -$26.6M | -$69.4M | -$74.5M | -$71.5M | -$46.5M | |
| Interest Expense | $0.00 | $5.0K | $7.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$13.0M | -$23.7M | -$34.4M | -$26.1M | -$64.4M | -$71.4M | -$66.3M | -$44.3M | |
| Net Income | -$13.6M | -$17.6M | -$27.0M | -$22.3M | -$50.6M | -$62.0M | -$64.8M | -$43.5M | |
| EPS (Diluted) | -0.12 | -0.15 | -0.24 | -0.26 | -0.51 | -0.61 | -0.57 | -0.34 | |
| EBITDA | -$2.9M | -$10.4M | -$18.1M | -$7.8M | -$44.9M | -$47.8M | -$44.5M | -$21.6M | |
| Shares Out. (M) | 114.82 | 114.82 | 114.82 | 85.32 | 99.68 | 102.36 | 113.63 | 129.29 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $0.00 | $0.00 | $0.00 | $33.4M | $16.4M | $27.6M | $25.5M | $22.9M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $54.9M | $70.6M | $31.8M | $28.5M | $41.3M | |
| Total Current Assets | $7.8M | $16.6M | $22.5M | $125.0M | $94.9M | $68.1M | $65.3M | $71.0M | |
| Total Assets | $262.3M | $295.4M | $304.5M | $421.2M | $375.2M | $325.6M | $300.9M | $290.9M | |
| Total Current Liabilities | $6.1M | $14.3M | $20.6M | $26.0M | $23.1M | $15.1M | $16.3M | $16.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $44.1M | $59.8M | $70.2M | $79.8M | $60.6M | $37.9M | $33.9M | $41.8M | |
| Stockholders' Equity | $218.2M | $235.5M | $234.3M | $341.4M | $314.6M | $287.6M | $267.0M | $249.2M | |
| Retained Earnings | $0.00 | $0.00 | $0.00 | $11.3M | -$39.4M | -$101.4M | -$166.2M | -$195.5M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.2M | $3.6M | -$5.7M | -$3.6M | $2.3M | -$39.7M | -$36.5M | $2.7M | |
| Capital Expenditure | -$255.0K | -$1.8M | -$4.1M | -$17.2M | -$1.6M | -$1.9M | -$565.0K | -$286.0K | |
| Free Cash Flow | -$5.5M | $1.9M | -$9.7M | -$20.8M | $703.0K | -$41.5M | -$37.0M | $2.4M | |
| Investing Cash Flow | -$12.1M | -$27.0M | -$4.0M | -$73.3M | -$18.4M | $37.9M | $6.5M | -$10.0M | |
| Financing Cash Flow | $17.3M | $23.4M | $9.7M | $110.7M | -$892.0K | $13.0M | $27.9M | $1.6M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $96.2M | $0.00 | $11.4M | $28.4M | $2.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.7M | $9.2M | $15.1M | $18.3M | $24.8M | $21.5M | $15.8M | $13.2M | |
| Net Change in Cash | $0.00 | $0.00 | $0.00 | $33.4M | -$16.9M | $11.2M | -$2.1M | -$5.7M |
Dilution Tracker
Shares Outstanding
146M
5-Year Share Growth
-1.0%
Stock Issuance (TTM)
$2.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 114.82 | 114.82 | 114.82 | 85.32 | 99.68 | 102.36 | 113.63 | 129.29 | |
| Change vs Prior % | — | 0.0% | 0.0% | -25.7% | 16.8% | 2.7% | 11.0% | 13.8% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $96.2M | $0.00 | $11.4M | $28.4M | $2.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.7M | $9.2M | $15.1M | $18.3M | $24.8M | $21.5M | $15.8M | $13.2M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -18.2% | 63.6% | |
| Operating Margin % | -71.1% | -110.1% | -102.5% | -45.1% | -203.2% | -282.3% | -383.1% | -115.8% | |
| Net Margin % | -74.2% | -75.5% | -77.8% | -37.8% | -148.2% | -235.1% | -347.0% | -108.2% | |
| EBITDA Margin % | -16.0% | -44.8% | -52.1% | -13.2% | -131.3% | -181.2% | -238.6% | -53.7% | |
| FCF Margin % | -29.8% | 8.0% | -28.0% | -35.1% | 2.1% | -157.4% | -198.3% | 5.9% | |
| ROE % | -6.2% | -7.5% | -11.5% | -6.5% | -16.1% | -21.6% | -24.3% | -16.7% | |
| ROA % | -5.2% | -5.9% | -8.9% | -5.3% | -13.5% | -19.1% | -21.5% | -14.9% | |
| ROIC % | -5.1% | -6.7% | -9.9% | -5.8% | -15.4% | -20.6% | -24.2% | -16.4% | |
| R&D / Revenue % | 72.1% | 106.6% | 112.9% | 81.9% | 165.5% | 208.8% | 255.8% | 106.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 27.0% | 49.3% | 70.0% | -42.2% | -22.8% | -29.3% | |
| Gross Profit | 0.0% | 27.0% | 49.3% | 70.0% | -42.2% | -22.8% | -112.8% | |
| Operating Income | 0.0% | -96.7% | -39.0% | 25.2% | -160.5% | -7.3% | 4.0% | |
| Net Income | 0.0% | -29.2% | -54.0% | 17.4% | -126.6% | -22.5% | -4.4% | |
| EPS (Diluted) | 0.0% | -25.0% | -60.0% | -8.3% | -96.2% | -19.6% | 6.6% | |
| Operating Cash Flow | 0.0% | 169.7% | -256.7% | 36.8% | 165.4% | -1790.0% | 8.1% | |
| Free Cash Flow | 0.0% | 134.2% | -622.1% | -113.0% | 103.4% | -6008.8% | 10.9% | |
| R&D Expense | 0.0% | 87.7% | 58.2% | 23.3% | 16.9% | -2.5% | -13.3% | |
| SG&A Expense | 0.0% | 18.2% | 65.7% | 46.9% | 33.8% | -7.7% | -5.0% | |
| Total Assets | 0.0% | 12.6% | 3.1% | 38.3% | -10.9% | -13.2% | -7.6% | |
| Book Value / Share | 0.0% | 8.0% | -0.5% | 96.1% | -21.1% | -11.0% | -16.4% | |
| Debt | 0.0% | 0.7% | 434.3% | 86.3% | -0.9% | -9.4% | -12.2% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | -25.7% | 16.8% | 2.7% | 11.0% |
Valuation
P/E (TTM)At Loss
P/S18.26
10Y Low / Med / High5.20 / 18.00 / 61.18
P/B2.61
10Y Low / Med / High0.79 / 1.96 / 5.14
EV/EBITDAAt Loss
EV/Revenue18.14
10Y Low / Med / High5.07 / 18.27 / 61.32
P/FCF308.27
Intrinsic Value Models (per share)
Tangible Book / Share
$0.40
Net Current Assets / Share
$0.20
Graham Net-Net
$0.19
Cash / Share
$0.50
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -81.33 | -65.07 | -41.67 | -13.85 | -12.10 | -5.80 | -3.25 | -14.79 | |
| P/S Ratio | 61.18 | 48.16 | 33.04 | 5.20 | 18.00 | 13.73 | 11.26 | 18.26 | |
| P/B Ratio | 5.14 | 4.76 | 4.90 | 0.90 | 1.96 | 1.26 | 0.79 | 2.61 | |
| EV/EBITDA | -383.62 | -107.84 | -64.23 | -38.34 | -13.91 | -7.48 | -4.60 | -33.80 | |
| EV/Revenue | 61.32 | 48.27 | 33.44 | 5.07 | 18.27 | 13.56 | 10.98 | 18.14 |
Analyst Estimates & Quality
Altman Z-Score
9.46
Safe
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $36.9M | $47.0M | $73.3M |
| Net Income | -$34.7M | -$25.5M | -$10.2M |
| EPS | $-0.31 | $-0.22 | $-0.07 |
| # Analysts (EPS) | 4 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| License | $5.1M | — | — | — |
| Milestone | $33.9M | — | — | — |
| Royalty | $1.4M | $1.3M | $576.0K | $878.0K |
| Service | $18.8M | $12.2M | $11.9M | $7.3M |