OmniAb, Inc. reported a significant decline in its financial performance for the second quarter of 2025, with total revenue of $3.9 million, down 49% from $7.6 million in the same period last year. The decrease was primarily driven by a 60% drop in license and milestone revenue, which fell to $1.2 million from $3.1 million, and a 54% decline in service revenue, which decreased to $1.9 million from $4.2 million. The company also recorded a net loss of $15.9 million for the quarter, compared to a loss of $13.6 million in the prior year, reflecting a 16% increase in losses.
For the first half of 2025, OmniAb's total revenue was $8.1 million, a 29% decrease from $11.4 million in the same period of 2024. The company attributed the decline in revenue to lower milestone payments and service revenue, as well as reduced royalty income due to decreased net sales from partners' products in China. Despite these challenges, OmniAb reported a notable increase in xPloration revenue, which rose to $0.6 million in the second quarter, attributed to the sale of an instrument and related consumables.
Operationally, OmniAb has expanded its partner base, increasing the number of active partners to 100, with 381 active programs utilizing its technology platform as of June 30, 2025. This marks an increase from 91 partners and 363 programs at the end of 2024. The company continues to focus on its proprietary technology, which enables the discovery of next-generation therapeutics, and currently has 28 OmniAb-derived antibodies in clinical development, with three approved products.
In terms of financial health, OmniAb's cash and cash equivalents decreased to $18.3 million as of June 30, 2025, down from $27.6 million at the end of 2024. The company reported cash used in operating activities of $21 million for the first half of 2025, an improvement from $29.2 million in the same period of the previous year. OmniAb expects its existing cash and short-term investments to support operations for at least the next 12 months, although it may seek additional capital to fund future growth and operational needs.
Looking ahead, OmniAb remains focused on enhancing its technology platform and expanding its market presence. The company anticipates that its revenue will be increasingly driven by milestone payments in the short term and royalties in the long term, contingent on the success of its partners in developing and commercializing therapies based on its technology. However, the company acknowledges the inherent uncertainties in drug development and the potential impact of market conditions on its financial performance.
About OmniAb, Inc.
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