OmniAb (OABI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 rose to $14.4 million, up from $4.2 million year-over-year, driven by milestone revenue and technology innovation, with 107 active partners and 409 active programs, including 32 clinical programs and 3 approved products leveraging the platform.

• Net loss narrowed to $7.7 million ($0.06/share) from $18.2 million ($0.17/share) year-over-year, reflecting higher revenue and reduced operating expenses.

• Launches of OmniUltra, OmnidAb, and OmniClic technologies, along with the xPloration platform, are expanding market opportunities and partner demand.

• Eight of the ten largest pharmaceutical companies are active partners, validating technology strength.

• New license agreements, including with Florida State University, and expansion of the partner base support future growth.

Financial highlights

• Q1 2026 total revenue was $14.4 million, up from $4.2 million in Q1 2025, mainly due to higher milestone revenue; license and milestone revenue was $12.0 million, and service revenue was $2.1 million.

• Operating expenses decreased to $22.3 million from $23 million, with R&D and G&A expenses both down year-over-year; cash costs and operating expenses (non-GAAP) were $12.3 million, down from $14.7 million.

• Amortization of intangibles increased by $2.8 million due to a $2.9 million non-cash impairment charge from discontinued legacy programs.

• Net loss per share improved to $(0.06) from $(0.17) year-over-year; excluding the write-off, EPS loss would have been $0.04.

• Cash and investments at quarter-end were $49.1 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $28–$33 million, reflecting strong Q1 and an unanticipated partner milestone.

• 2026 GAAP operating expenses expected at $83–$88 million, mainly due to the non-cash impairment charge; cash operating expense guidance unchanged at $50–$55 million.

• Year-end 2026 cash projected at $33–$38 million.

• Effective tax rate for 2026 expected to be approximately 0%.

• Revenue growth expected to accelerate as royalty streams increase in future years.