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OmniAb, Inc. (OABI)

Fair Value
HealthcareBiotechnologyUnited States

Fundamental

21

Price

$4.66

Market Cap

$667M

Part 1 · What the company is worth

Overview

OmniAb does not develop its own drugs. It licenses a technology platform — genetically engineered animals and AI-driven screening tools — that lets pharmaceutical and biotech partners discover antibody-based therapeutics faster than with older methods. As of the end of 2025 it had 107 active partners running 407 programs on its platform, including 27 antibodies already in clinical trials and three already approved drugs.

How it makes money

Revenue comes from four sources tied to a partner's drug-development timeline: upfront or annual platform access fees, payments for research services performed, milestone payments triggered by preclinical, clinical or regulatory events, and royalties on sales once a partner's drug reaches the market. Near-term revenue leans on fees and milestones; the royalty stream — the largest potential prize — only grows once partner drugs are approved and selling.

Competitive moat

Patents and licences · Narrow

The platform rests on proprietary transgenic animals not available elsewhere, protected by 29 issued U.S. patents expiring between 2028 and 2039, plus a specialized capability in ion-channel targets that the company says is underserved by competitors. Rivals include both large pharmaceutical players and other discovery-technology firms using different methods such as phage or yeast display.

What drives demand

Moderately cyclical

Demand depends on biotech and pharma partners' willingness to fund early-stage drug discovery, which tends to slow when biotech financing conditions tighten. With 107 partners and 407 programs spread across many companies and disease areas, no single partner's decision should move results as much as a downturn across biotech funding broadly would.

Key risks

  • No control over partner decisions — OmniAb does not control the development timeline, regulatory strategy or commercialization decisions of its partners, so its own results depend on choices made by other companies.
  • Milestone and royalty timing is uncertain — Significant uncertainty surrounds whether and when partner programs reach regulatory approval, and royalty payments may never become a material source of revenue if they don't.
  • Competitive discovery-technology market — The antibody discovery platform market is highly competitive, with rivals ranging from established pharmaceutical companies to biotech firms using alternative discovery methods.
  • Healthcare policy pressure on royalties — Regulation such as the U.S. Inflation Reduction Act imposes added pricing and regulatory burdens on drugmakers, which could reduce partner profitability and, in turn, the royalties OmniAb collects.
  • Patent protection is time-limited — Core patents expire between 2028 and 2039, extensions are not guaranteed, and competitors may design around the protected technology before then.

Customer concentration

OmniAb does not disclose a specific revenue percentage for its largest partner in the sections reviewed; the base is described as 107 active partners rather than a handful of dominant ones.

The case for

Buyers argue that licensing a proprietary discovery platform to over 100 partners diversifies away single-drug risk, that royalties on the three already-approved products and 27 clinical-stage antibodies represent call options on future revenue the company doesn't have to fund itself, and that patent protection running to 2039 gives a long runway.

The case against

Sellers worry that near-term revenue leans on unpredictable milestones rather than recurring income, that the royalty payoff depends entirely on partners successfully developing and commercializing drugs OmniAb doesn't control, and that competing discovery technologies could erode the platform's edge well before its patents expire.

Written by the editors, published on August 18, 2026

Direct competitors

Who this company fights with for the same customers

Generated with artificial intelligence on September 19, 2026, shared with all users

AbCellera Biologics Inc.ABCL

Named by OmniAb in its own 10-K as a competitor in both transgenic-animal discovery and single-cell screening, AbCellera courts the same pharmaceutical partners with the same deal structure of technology access fees, milestones and royalties on partnered antibodies.

Ablexis LLCNot tracked

Private owner of the AlivaMab Mouse, it licenses a human-antibody transgenic rodent platform to biotech and pharma companies on exactly the terms OmniAb offers for OmniRat and OmniMouse.

Alloy Therapeutics, Inc.Not tracked

Private company whose ATX-Gx transgenic mouse platform is licensed to drug developers for fully human antibody discovery, competing for the same partner programs OmniAb signs.

Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (百奥赛图)2315.HK

Listed in Hong Kong and named in OmniAb's 10-K, it out-licenses the RenMice fully human antibody mouse platform to global pharma partners for the same milestone-and-royalty deals.

Nona Biosciences (a Harbour BioMed company, 和铂医药)Not tracked

The technology-licensing arm of Harbour BioMed offers the H2L2 and HCAb transgenic mouse platforms to the same biotech partners looking to out-source antibody discovery.

Twist Bioscience CorporationTWST

Its Biopharma division sells synthetic antibody libraries and discovery services to drug developers, an alternative route to the same antibody leads OmniAb's animals are hired to produce.

Balance Sheet & Liquidity

Revenue

$38M

Trailing 12 months (through 6/30/2026)

Net Income

$-44M

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$-37M

Total Equity

$267M

Total Liabilities

$34M

Current Ratio

4.80

Interest Coverage

-

Debt/EBITDA

-

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

Pre-revenueFairly Valued

Fair Value

$5.93

Current Price

$4.66

Margin of Safety

+21.4%

Fair Value Range

$3.86 - $8.01

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$8.33
Discounted cash flow (DCF):Not applicable to this type of company
Earnings multiple (P/E):Not applicable to this type of company
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):Not applicable to this type of company
Justified P/B:Not applicable to this type of company
Dividend discount (Gordon):Not applicable to this type of company
P/FFO, funds from operations:Not applicable to this type of company
Mid-cycle earnings:Not applicable to this type of company
Revenue multiple:$1.13
Last Earnings Surprise:+59.15%

Valuation Metrics

P/E Ratio

-

ROE

-24.3%

P/B Ratio

2.60

P/FCF

-

Gross Margin

-

ROIC

-13.8%

Profitability Radar

Value Creation (Economic Moat)

ROIC

-13.8%

WACC

7.8%

ROIC − WACC

-21.6 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Fundamental Analysis Criteria

Passed (5)

  • P/B ratio 2.60
  • Debt/equity ratio
  • Current ratio
  • Earnings surprise, average 20.1%
  • Net margin trend -115.1% vs -275.8%

Failed (12)

  • EPS shows upward trend
  • Price CAGR -13.69%
  • ROIC -13.8%
  • Operating margin -125.8%
  • Positive free cash flow
  • Return on tangible assets
  • Low reliance on intangibles
  • DCF valuation (Overvalued)
  • ROE -16.6%
  • Revenue growth 5Y -4.3%
  • Share dilution 11.8%
  • Piotroski F-Score 2/9

Unavailable (9)

  • Gross margin –
  • P/FCF –
  • Dividend payout –
  • CapEx intensity
  • Interest coverage
  • Debt/EBITDA
  • Price below Graham Number
  • PEG ratio (needs P/E > 0 and growth > 0)
  • Earnings quality (operating cash flow / net income)

Piotroski F-Score

2/9

Serious financial concerns

ROA > 0
Operating cash flow > 0
ΔROA > 0
Cash flow > net income
Leverage ↓
Current ratio ↑
No dilution
Gross margin ↑
Asset turnover ↑

Earnings Quality

-

Low quality: investigate accounting

Share Dilution

11.8%

Issuing new shares, diluting ownership

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Matthew W. FoehrPresident, CEO & Director52
Mr. Kurt A. GustafsonExecutive VP of Finance & CFO57
Mr. Charles S. Berkman J.D.Chief Legal Officer56
Mr. Amechi NwachukuExecutive VP & Chief Operating Officer50
Ms. Cia McCaffreySenior Vice President of People & Talent-
Dr. Bill Harriman Ph.D.Senior Vice President of Discovery Partnership Mgt., Technology Development & Operations-
Dr. Christel Iffland Ph.D.Senior Vice President of R&D Portfolio Management and Technology Operations-
Dr. Yasmina Noubia Abdiche Ph.D.Senior Vice President of Exploratory Research-
Dr. Bob ChenSenior Vice President of Discovery Systems-
Mr. Todd Pettingill C.F.A.Vice President of Business Development & Strategy-

Audit Risk

6

Board Risk

10

Compensation Risk

8

Shareholder Rights Risk

8

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-03-04

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-08-06

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-08-06

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Part 2 · The price and its context

This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Market Reaction Profile

How much OABI moves, measured on its daily prices.

VolatilityExtreme

More volatile than 97% of the tracked stocks (90-day volatility).

Volatility 30d
65.1%
Volatility 90d
88.5%
Beta vs S&P 500 (1y)
1.18Correlation 0.20
Max drawdown (12m)
-37.0%
ATR (14d, % of price)
6.78%

Earnings reactions

How OABI moved around its past quarterly results.

Next earnings release

Oct 30, 2026 · In 6 days · Before the open

EPS estimate: -0.13Revenue estimate: $3M

What usually happens

  • Over the last 12 releases the stock moved a median of 6.7% the next day, up or down.
  • Next-day moves: up 4, down 8 (out of 12).

Release history

DateWhen EPS est.EPS actualSurprise Gap 1 day5 days
Aug 6, 2026After the close-0.12-0.05+59.2% +5.8% +37.5% +53.1%
May 7, 2026After the close-0.10-0.06+41.2% +4.8% +12.9% +49.0%
Mar 4, 2026After the close-0.09-0.11-21.8% 0.0% +10.5% +8.0%
Nov 4, 2025After the close-0.14-0.14+2.0% -2.7% -3.7% +8.8%
Aug 6, 2025After the closen/an/an/a-1.0% -2.6% +6.2%
May 8, 2025After the closen/an/an/a-0.6% -8.3% -1.3%
Mar 18, 2025After the closen/an/an/a-4.4% -20.4% -23.5%
Nov 12, 2024After the closen/an/an/a-10.9% -9.4% -14.5%
Aug 8, 2024After the closen/an/an/a+5.4% -1.2% -1.6%
May 9, 2024After the closen/an/an/a-3.5% +2.4% -0.4%
Mar 20, 2024After the closen/an/an/a+5.5% -5.2% -0.6%
Nov 9, 2023Before the openn/an/an/a-2.2% -4.2% +2.0%

Release dates from SEC 8-K filings.

Updated 10/24/2026

Historical statistics for educational purposes only. They are not forecasts and not investment advice.

Price reaction to the news

Latest news on OABI and what the price did next.

No positive or negative news on OABI has been archived yet.

Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.

Latest News

Recent headlines for OABI.

  • 3/15/2026NEUTRAL
    OmniAb (OABI) Q4 2025 Earnings Call Transcript

    OmniAb Inc. is scheduled to hold its Q4 2025 earnings call on March 15, 2026. While the content of the call transcript is not available, the announcement itself is a routine corporate event. Investors will be looking for key financial metrics, management's outlook on future performance, and any strategic updates. The market's reaction will depend entirely on the details revealed during the call, making this announcement neutral in isolation.