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1 Q2 2025 Financial Results & Business Update Nasdaq: OABI August 6, 2025
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2 We caution you that this presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, including our financial guidance for 2025, business strategy, our expectations regarding the application of, and the rate and degree of market acceptance of, our technology platform and other technologies, our or our partners’ expectations regarding the addressable markets for our technologies or their product candidates, as applicable including the growth rate of the markets in which we operate, our competitive advantage and the growth prospects of our business, the scalability of our business, our ability to leverage the growth of our business and to do so efficiently, the timing of the initiation or completion of preclinical studies and clinical trials by our partners, expectations regarding potential safety and therapeutic benefits of our partners’ product candidates, whether they could be first-in-class or best-in-class, product approvals and potential for future revenue growth, launches by our partners and the timing thereof, the anticipated introduction of new technologies and innovations and enhancement of our technology stack and partners' experiences, the continued innovation around and the expected performance of our technologies and the opportunities and earnings and cash flow accretion they may create, including the xPloration Partner Access Program, the ability to add new partners and programs, the scientific presentations and clinical and regulatory events of our partners and the timing thereof, and the potential for and timing of receipt of milestones and royalties under our license agreements with partners, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. Actual results may differ from those set forth in this presentation due to the risks and uncertainties inherent in our business, including, without limitation: our future success is dependent on acceptance of our technology platform and technologies by new and existing partners, as well as on the eventual development, approval and commercialization of products developed by our partners for which we have no control over the development plan, regulatory strategy or commercialization efforts; biopharmaceutical development is inherently uncertain, risks arising from changes in technology; the competitive environment in the life sciences and biotechnology platform market; risks associated with quality and timing in manufacturing our xPloration instruments and related consumables and our reliance on a limited number of third-party manufacturers and suppliers; our failure to maintain, protect and defend our intellectual property rights; difficulties with performance of third parties we will rely on for our business; government healthcare reform, legislative measures and regulatory developments in the United States and foreign countries; unstable market and economic conditions, may have serious adverse consequences on our business, financial condition and stock price; we may use our capital resources sooner than we expect; and other risks described in our press releases and filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Information regarding partnered products and programs comes from reports or information publicly released by our partners and have not been independently verified by OmniAb. For our definitions of “active partners,” “active programs,” “active clinical programs and approved products” and “approved products”, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 18, 2025. This presentation also contains estimates and other statistical data made by independent parties and by us and/or our partners relating to market size and growth and other data about the antibody industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Disclaimer
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3 Introduction Matt Foehr
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4 Q2 2025 Highlights Sold and installed xPloration® instrument within weeks of launch - strong interest from partners for technology that is expected to be accretive to the business Continued partner pipeline advancement Deal flow and new partner additions accelerating, facilitated by our differentiated technologies Outlook for 2025 remains on-track – with an increasingly efficient model that is designed to create value for stakeholders
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5 US 54% Europe 25% Asia 20% Middle East 1% Discovery 68% Commercial 21% Academic 11% Active Partners • We continue to grow and diversify our partnership base, with 100 Active Partners as of 6/30/2025 • New licenses added in Q2 include those with Veraxa Biotech AG, Duke-NUS, University of Maryland, AB-Ray Bio, and an undisclosed global CRO, and an asset deal with Angelini Pharma • On pace for one of our strongest years ever in new partner additions Q2 2025: 100 ACTIVE PARTNERS Number of Active Partners 100 Partner Type Partner Location n=100 n=100 See our SEC filings for Active Partners definition Partner location based on partner headquarters 0 50 100
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6 363 (27) 45 381 381 0 200 400 Active Programs • 381 Active Programs as of 6/30/2025 • Strong 1H 2025 for additions, balanced by attrition • Net addition of 18 programs year-to-date, more than double the net additions in 1H 2024 Q2 2025: 381 ACTIVE PROGRAMS Number of Active Programs YTD 2025 Change in Active Programs See our SEC filings for Active Program definition
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7 Number of Active Programs 0 200 400 Active Programs and Potential Downstream Economics 381 (1) Calculated for Active Programs as of 6/30/25. Excludes prepaid licenses and grandfathered licenses, small molecule ion chann el programs, and programs from Academic Partner/Revenue Share licenses where the economics to OmniAb are not yet known. For programs with tiered royalties, the royalty rate is calculated as a blended royalty assuming $1.7B annu al sales level. • Total remaining milestones for Antibody Standard Licenses: >$3 Billion(1) • Average royalty rate for Antibody Standard Licenses: 3.36%(1) • ~99% of Active Programs have contracted future economics to OmniAb License Type for Active Programs Antibody Standard License 90% Revenue Share 7% Small Molecule Ion Channel 2% Grandfathered/ Prepaid License 1% n=381
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8 Post-Discovery Stage Programs 22% GROWTH OVER THE LAST 12 MONTHS n=50 n=61 As of 6/30/2024 As of 6/30/2025 Growth in Post -Discovery Stage Active Programs shown net of attrition Preclinical: 18 Phase 1: 24 Phase 2: 2 Phase 3: 2 Registration : 1 Approved: 3 • Continued growth and progression of Post-Discovery stage programs • Increasing diversity of therapy areas within Preclinical programs that include: inflammation, fibrosis, renal, dermatology, oncology, CNS, others • Total milestones of ~$1.3 billion for Post-Discovery stage programs; includes $700 million of milestones for small molecule ion channel programs Preclinical: 29 Phase 1: 20 Phase 2: 2 Phase 3: 6 Registration: 1 Approved: 3
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9 0 15 30 Active Clinical Programs and Approved Products • 32 active clinical programs and approved products as of 6/30/2025 • One new OmniChicken-derived program entered a first-in-human clinical trial in Q2 ‒ Seismic Therapeutics’ S-4321 Phase 1 trial is designed to provide safety, tolerability, pharmacokinetic, and pharmacodynamic data in healthy volunteers (3) • We continue to see potential for a total of approximately 5 - 7 new entries into clinical development for novel OmniAb-derived programs this year, which includes two entries as of 6/30/2025 (1) See our SEC filings for Active Clinical Programs and Approved Products definition (2) Programs shown net of attrition. Clinical attrition in Q2 2025 includes CN1 program returned from Curon to WuXi (CN1 program remains Active Program, now at Preclinical stage) and GEN1078 that entered the clinical development in Q1 2025 and exited the clinic in Q2 2025 (reference clinicaltrial s.gov) (3) Reference NCT06877611, clinicaltrials.gov Number of Active Clinical Programs and ApprovedProducts(1)(2) 32
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10 Clinical and Commercial-Stage Partner Pipeline(1)(2) ONLY PROGRAMS WITH DOWNSTREAM ECONOMICS ARE SHOWN (1) Program placement is based on most advanced status in any geography/market/indication (2) Figure excludes any Clinical and Commercial-Stage Active Partner programs that do not have future or remaining economics to OmniAb, e.g., Teclistamab, Tiragolumab, Etentamig (ABBV-383), AZD0486/TNB-486 (3) Arcus Biosciences and Gilead Sciences are conducting multiple studies using zimberelimab in various oncology therapeutic settings and combinations in the US (see www.arcus.com) (4) Indicates a trial is active-not recruiting or suspended and/or patients remain on study in follow-up (5) M9140 is also referred to as Precemtabart tocentecan by Merck KGaA (6) IMVT-1402 is also referred to as Imeroprubart by Hanall Biopharma Phase 1 Phase 2 Phase 3 Registration Approved Gloria Biosciences, Arcus Biosciences, Gilead Sciences Zimberelimab(3) PD-1 r/r Hodgkin’s lymphoma (China) r/r Cervical cancer (China) CStone Pharmaceuticals, Pfizer, EwoPharma Sugemalimab PD-L1 Non-small cell lung cancer (China, UK, and EU) Extranodal NK/T-cell lymphoma (China) Esophageal squamous cell carcinoma (China) Gastric or gastroesophageal junction adenocarcinoma (China) Merck KGaA M6223 TIGIT Urothelial carcinoma Hanall Biopharma, Harbour Biomed, Immunovant, CSPC Batoclimab FcRn Myasthenia gravis (China) Phase 3 trial: Thyroid eye disease (Japan) Potentially registrational trial: Thyroid eye disease (US) Phase 2 proof-of-concept trial: Graves' disease (US) Genmab Acasunlimab PD-L1 x 4-1BB Non-small cell lung cancer Johnson & Johnson JNJ-70218902 TMEFF2 x CD3 Aptevo Therapeutics Mipletamig CD123 x CD3 CTTQ Pharma TQB2223 LAG-3 Teva TEV-53408 IL-15 Celiac disease Phase 1 trial: Vitiligo Merck KGaA M9140(5) CEACAM -5 Johnson & Johnson JNJ-79635322 BCMAxGPRC5DxCD3 Pfizer PF-08046049(4) CD228 x 4 -1BB Gloria Biosciences GLS-012 LAG3 CessationTherapeutics CSX1004 Fentanyl Zhikang Hongyi (Biocity) BC3195 CDH3 Boehringer Ingelheim BI 765179 CD137 x FAP Zhikang Hongyi (Biocity) BC3425 4-1BB Teva, Fosun TEV-56278 PD-1 (with IL-2) Genmab GEN1057 FAPα x DR4 Merck KGaA M5542(4) CTLA4-OX40L Johnson & Johnson JNJ-87562761 Undisclosed Servier (Symphogen) S095018 TIM-3 Servier (Symphogen ) S095024 CD73 Servier (Symphogen ) S095029 NKG2A AS OF 6/30/2025 Salubris SAL003 PCSK9 Hypercholesterolemia and combined hyperlipidemia (China) Immunovant, Hanall Biopharma IMVT-1402(6) FcRn Myasthenia gravis Potentially registrational trials: Graves’ disease D2T rheumatoid arthritis Chronic inflammatory demyelinating polyneuropathy Sjogren's Disease Phase 2 proof-of-concept trial: Cutaneous Lupus Erythematosus Innolake ILB2101 CD40 Seismic Therapeutics S-4321 PD-1 and FcyRIIb
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11 Select Partner Updates Reference: Partner disclosures IMVT-1402 FcRn A randomized, placebo-controlled, double- blind Phase 3 study to assess the efficacy and safety of IMVT-1402 in patients with mild to severe generalized MG started recruitment in May (NCT07039916). Additionally, Immunovant has ongoing potentially registrational trials Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), Graves' Disease, Difficult to Treat Rheumatoid Arthritis and Sjogren’s Disease. Additionally, a proof-of-concept study has been initiated in a sixth indication, Cutaneous Lupus Erythematosus. TEV-53408 IL-15 Teva announced that the FDA granted Fast Track designation for investigational TEV- 53408, for the treatment of people with celiac disease on a gluten-free diet. TEV- 53408 is being evaluated in Phase 2a and Phase 1 clinical trials to assess its efficacy and safety in the treatment of celiac disease and vitiligo, respectively. M9140 CEACAM-5 JNJ-79635322 BCMA x GPRC5D x CD3 Johnson & Johnson presented initial Phase 1 results of JNJ-5322, a novel investigational trispecific antibody, in patients with relapsed or refractory multiple myeloma at the ASCO Annual Meeting. Results showed a 100% overall response rate at the recommended Phase 2 dose of 100 mg in anti-BCMA/-GPRC5D naïve patients, with convenient every 4 week dosing. Initial data with JNJ-5322 suggest a paradigm shift, offering ORRs similar to CAR-Ts but as an off-the-shelf therapy intended for outpatient dosing. Merck KGaA presented dose optimization results of M9140, an anti-CEACAM5 ADC with exatecan payload at the ASCO Annual Meeting. Results showed that M9140 demonstrated a predictable, manageable safety profile and promising early clinical activity in heavily pretreated metastatic colorectal cancer (mCRC) patients in the Phase 1 PROCEADE-CRC-01 study. The ORR of 31% (17.2% confirmed) and median progression free survival (mPFS) of 6.9 months at 2.8 mg/kg Q3W compares favorably with current monotherapy SoCs (ORRs 1-2%, mPFS 1.9 – 3.7 months) and recent phase 3 data with trifluridine–tipiracil + bevacizumab (ORR 6.1%, mPFS 5.6 months) in 3L+ mCRC. Results suggest 2.8 mg/kg as the RP2D for further development in CRC, and other solid tumors. Teva and Shanghai Fosun Pharmaceutical announced a strategic partnership for the development of TEV-56278, an anti-PD1- IL2 ATTENUKINE therapy. Teva disclosed that the collaboration agreement was established with the goal of accelerating clinical development for TEV-56278, which is in Phase 1 for the treatment of various forms of cancer, including melanoma. TEV-56278 PD-1 (with IL-2)
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12 xPloration Partner Access Program Launch • xPloration is an innovative and highly leverageable technology ‒ Poised to significantly enhance and drive efficiencies in our partners' capabilities for antibody discovery and screening, potentially enabling more OmniAb-derived programs • Now creating new revenue streams for the business • Strong initial launch phase, with selection as “Best-of-Show” at PEGS conference, and instrument installation just weeks after introduction ‒ Potential “right technology at the right time”, as our partners and the industry embrace the value of lab automation and instrumentation for big data generation and AI/ML -aided screening and selection
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13 Financial Updates Kurt Gustafson
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14 Q2 2025 Revenue • xPloration revenue primarily includes sale of instrument and related consumables • License and Milestone revenue was lower due to lower milestone revenue • Service Revenue decreased primarily due to the discontinuation of a small-molecule ion channel program and the related acceleration of non-cash revenue in the 2024 period $ in millions Royalty Service Service License & Milestone License & Milestone xPloration $7.6 $3.9 $0 $5 $10 Q2 2024 Q2 2025
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15 Q2 2025 Costs and Operating Expense • Research and Development expense decreased primarily due to lower stock-based compensation expense, lower headcount as well as lower external expenses associated with small-molecule ion channel programs • General and Administrative expense decreased primarily due to lower legal fees and lower stock- based compensation expense • Other includes costs of xPloration revenue, amortization of intangibles, and the net gain from the sale of an asset to Angelini $ in millions R&D R&D G&A G&A Other Other $23.9 $20.1 $0 $5 $10 $15 $20 $25 Q2 2024 Q2 2025
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16 Q2 2025 vs. Q2 2024 Financial Results Table includes rounded figures. Please reference press release dated 8/6/2025 for more detailed information (in millions, except per share data) Q2 2024 Q2 2025 Variance License and milestone revenue $ 3.1 $ 1.2 ($ 1.9) Service revenue 4.2 1.9 (2.2) xPloration revenue 0.0 0.6 0.6 Royalty revenue 0.3 0.1 (0.2) Total revenue 7.6 3.9 (3.7) Cost of xPloration revenue - 0.3 0.3 Research & development 13.9 10.9 (3.1) General & administrative 8.0 7.7 (0.3) Amortization of intangibles 4.5 3.2 (1.3) Other operating expense (income), net (2.5) (1.9) 0.6 Total costs and operating expenses 23.9 20.1 (3.8) Loss from operations (16.3) (16.2) 0.1 Other income (expense), net 0.8 0.5 (0.3) Loss before income taxes (15.5) (15.8) (0.2) Income tax benefit (expense) 1.9 (0.1) (2.0) Net loss ($ 13.6) ($ 15.9) ($ 2.2) Net loss per share, basic and diluted (0.13)$ (0.15)$ Shares used in per share calculation 101.5 106.1
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17 Balance Sheet Table includes rounded figures. Please reference press release dated 8/6/2025 for more detailed information • Cash use in the quarter was $2 million • Primary receipts in the quarter were a milestone payment for GEN1078, acasunlimab and a payment related to asset sale to Angelini (in millions) December 31, June 30, 2024 2025 ASSETS Current assets: Cash & investments $ 59.4 $ 41.6 Accounts receivable, net 5.3 2.7 Other current assets 3.4 3.3 Goodwill & intangible assets 222.0 215.6 PPE & leases 33.3 30.8 Other assets 2.1 1.7 Total assets $ 325.6 $ 295.7 LIABILITIES AND STOCKHOLDERS’ EQUITY A/P & accrued expenses $ 8.4 $ 6.8 Contingent liabilities 1.5 1.7 Deferred revenue 2.5 1.0 Operating lease liabilities 23.2 21.8 Deferred income taxes, net 2.3 2.3 Stockholders’ equity 287.6 262.1 Total liabilities and stockholders’ equity $ 325.6 $ 295.7
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18 2025 Guidance – No Change from Previous Quarter • Revenue expected to be in the range of $20 to $25 million • Operating expense to be in the range of $85 to $90 million • 2025 cash use expected to be lower than cash use in 2024(1) • 2025 effective tax rate expected to be approximately 0% due to valuation allowance (1) Cash use in 2024 was $38.9 million, excluding 2024 ATM issuance
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19 Q&A
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