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what it is
It gives drugmakers engineered animals and screening tools to find antibody drugs.
how it gets paid
Last year Omniab made $19M in revenue.
why growth slowed
Revenue fell 29.3% last year. The $10M quarter mattered because it was 360% above last year.
what just happened
OmniAb posted $10M of quarterly revenue and -$0.46 EPS, so the loss is still doing the talking.
At a glance
B balance sheet — gets the job done, barely
-$0.61 fy2024 eps est
$26M fy2024 rev est
n/a operating margin
1.2 beta
xvary composite: 47/100 — below average
What they do
It gives drugmakers engineered animals and screening tools to find antibody drugs.
you are not buying a drugmaker. you are buying a license machine with 114 employees and 407 active antibody programs. That contrast matters because the business booked $19M of revenue while the platform still sat on a -369.5% operating margin. If partners keep funding those programs, your risk is timing; if 407 slips, the whole story gets smaller fast.
How they make money
$19M
annual revenue · revenue declined -29.3% last year
total revenue
$19M
29.3%
The products that matter
antibody discovery licensing
omniab platform
$18.7M · 407 active programs
it produced $18.7M in 2025 revenue and sits underneath all 407 active partner programs. in plain english: this is basically the whole business today.
current revenue engine
transgenic chicken platform
omniultra
newer platform · no revenue disclosed here
it expands the antibody library and partner pitch, but this snapshot gives you no standalone revenue number. that means you should treat it as strategic promise, not proven economics.
optionality, not proof
Key numbers
$19M
ttm revenue
You are looking at a $19M business with a $259M market cap. The market is paying for future programs, not current sales.
-369.5%
op margin
For every $1 of sales, the company spent about $4.70 on operations. That is a cash-burn story, not a profit story.
$17M
long-term debt
Debt is 6% of capital, so this is not a balance-sheet crisis. It still matters when revenue is only $19M.
407
active programs
407 active antibody programs is the number that keeps the platform alive. It is a lot of shots on goal for 114 employees.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $17M (6% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for OABI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
OmniAb posted $10M of quarterly revenue and -$0.46 EPS, so the loss is still doing the talking.
Revenue was up 360% vs. prior year, but the annual run rate was still only $19M. That is launch speed, not profit speed.
$10M
revenue
$0.46
eps
98.4%
gross margin
the number that mattered
The $10M quarter mattered because it was 360% above last year, but the company still lost $0.46 a share.
source: company earnings report, 2026
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What could go wrong
the #1 risk is spending $80M–$85M in 2026 before the royalty engine exists.
med
cash burn outruns platform monetization
management is guiding to $25M–$30M of revenue against $80M–$85M of spending. that is roughly three dollars out for every one dollar in. public markets tolerate that only when future economics look obvious. here, they do not yet.
if licensing and follow-on monetization do not accelerate, the balance sheet has to carry a business model that is still waiting for scale.
med
407 programs does not mean 407 winners
the platform has breadth, but biotech attrition is brutal. the snapshot itself frames early-stage success rates at roughly 1–2%. you do not need all 407 to work. you do need a few to matter financially, and that has not shown up yet.
the entire upside rests on a small number of partner assets becoming valuable enough to offset the many that will go nowhere.
med
volatility can outrun fundamentals
a 20 / 100 price-stability score, 1.2 beta, and a $1–$3 52-week range tell you the stock can swing hard while the underlying business changes slowly. that is a bad mix for impatient shareholders.
even if the platform thesis stays alive, you may sit through sharp drawdowns before any royalty math becomes visible.
$25M–$30M of revenue versus $80M–$85M of spending is the whole risk picture in one line. if the pipeline does not monetize faster, dilution pressure and patience pressure arrive before royalties do.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q1 2026 earnings report
expected on or around may 14, 2026. the number that matters is not just revenue. it is whether quarterly progress supports the $25M–$30M full-year guide without making the $80M–$85M spend plan look even heavier.
metric
revenue versus expense gap
this is the cleanest scoreboard. if revenue inches up while spending stays pinned near the high end of guidance, the platform story gets harder to finance.
pipeline
partner program quality, not just count
407 active programs sounds impressive. what you need next is evidence that more of them are maturing into meaningful economics rather than just making the headline number bigger.
risk
market tolerance for platform burn
with a $259M market cap and a 20 / 100 price-stability score, this stock depends on investor belief. if biotech sentiment cools, expensive platform stories get repriced fast.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for OABI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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