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1 Q3 2025 Financial Results & Business Update Nasdaq: OABI November 4, 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 and OmniUltra, 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 Q3 2025 and Recent Highlights OmniUltra – a significant new technology launch is scheduled for December, potentially opening important new markets and business opportunities Building foundation for the xPloration® business Partner and program additions remain strong, pipeline advancement continues, facilitated by our highly differentiated technologies Welcomed new shareholders, bolstering the balance sheet, while continuing to drive efficiencies in the business
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5 US 54% Europe 25% Asia 20% Middle East 1% Discovery 66% Commercial 21% Academic 13% Active Partners • We continue to grow and diversify our partnership base, with 104 Active Partners as of 9/30/2025 • New licenses added in Q3 include those with A*Star and the University of Leeds Q3 2025: 104 ACTIVE PARTNERS Number of Active Partners Partner Type Partner Location n=104 n=104 See our SEC filings for Active Partners definition Partner location based on partner headquarters 104
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6 363 (33) 69 399 399 0 200 400 Active Programs • 399 Active Programs as of 9/30/2025 • Net addition of 36 programs year-to-date, showing continued strength Q3 2025: 399 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 Post-Discovery Stage Programs • Total milestones of ~$1.3 billion for Post-Discovery stage programs; includes $700 million of milestones for small molecule ion channel programs 15% GROWTH OVER THE LAST 12 MONTHS n=53 n=61 As of 9/30/2024 As of 9/30/2025 Growth in Post-Discovery Stage Active Programs shown net of attrition Preclinical: 20 Phase 1: 24 Phase 2: 2 Phase 3: 3 Registration: 1 Approved: 3 Preclinical: 29 Phase 1: 20 Phase 2: 2 Phase 3: 5 Registration: 2 Approved: 3
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8 0 15 30 Active Clinical Programs and Approved Products • 32 active clinical programs and approved products as of 9/30/2025 • First OmnidAb-derived partner program has now entered human clinical trials, less than 2 years after the launch of the technology(3) • Based on recent dialogues with our partners, we expect 5 new entries into clinical development for novel OmniAb-derived programs this year, which includes 2 entries as of 9/30/2025 and 2 entries that occurred in October(3)(4) (1) See our SEC filings for Active Clinical Programs and Approved Products definition (2) Programs shown net of attrition. Clinical attrition in Q2 2025 included CN1 program returned from Curon to WuXi (CN1 program remains Active Program, moved to Preclinical stage) and GEN1078 that entered the clinical development in Q1 2025 and exited the clinic in Q2 2025 (reference clinicaltrials.gov) (3) Undisclosed OmnidAb-derived partner program entered first-in-human clinical trial in October 2025 (4) Undisclosed OmniFlic-derived partner program entered first-in-human clinical trial in October 2025 Number of Active Clinical Programs and Approved Products(1)(2) 32
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9 Select Partner Updates Reference: Partner disclosures Batoclimab/IMVT-1402 FcRn Immunovant presented an abstract at the 2025 Annual Meeting of the American Thyroid Association with six- month off-treatment data in uncontrolled Graves’ disease (GD) patients treated with batoclimab for 24 weeks. Of the 21 patients who entered the six-month off-treatment follow-up period, ~80% (17/21) demonstrated response, resulting in normal thyroid function (T3 and T4 less than the upper limit of normal) at the end of the six- month follow-up period. Of the 17 responders to therapy, ~50% (8/17) achieved anti-thyroid drug free remission at six months following the end of batoclimab treatment. Safety and tolerability were observed to be consistent with prior batoclimab studies. Immunovant’s lead compound IMVT- 1402 has two ongoing potentially registrational trials in GD and are currently enrolling patients, with topline readouts expected in 2027. RNDO-564 CD28 x Nectin-4 Rondo Therapeutics’ abstract titled “Comprehensive Characterization of RNDO-564, a First-in-Class CD28 x Nectin-4 Bispecific Antibody for the Treatment of Solid Tumors” was accepted for presentation at the Society for Immunotherapy of Cancer on November 7, 2025. Zimberelimab Anti-PD-1 SAL003 Anit-PCSK9 China’s National Medical Products Administration accepted Shenzhen Salubris Pharmaceuticals’ SAL003 New Drug Application as a Class 1 therapeutic biological. SAL003 is a recombinant fully-human anti-PCSK9 monoclonal antibody designed for the treatment of hypercholesterolemia and mixed dyslipidemia. Arcus Biosciences presented the first overall survival results from Arm A1 of the Phase 2 EDGE-Gastric study at the European Society for Medical Oncology 2025 Congress. Anti-TIGIT domvanalimab plus anti-PD- 1 zimberelimab and chemotherapy demonstrated 26.7 months of median overall survival as first-line treatment of unresectable or advanced gastro- esophageal adenocarcinomas.
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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 9/30/2025 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 COMPETITIVELY-PRICED INSTRUMENT PROPRIETARY, SINGLE-USE CONSUMABLES ANNUAL SOFTWARE SUBSCRIPTION MAINTENANCE CONTRACTS • Deployed instruments performing for partners and driving efficiencies • Strong demand for instrument demos • Expected to be accretive to earnings and cash flow in both the short- and long-term XPLORATION PLATFORM OFFERING INCLUDES: xPloration Platform PARTNER ACCESS PROGRAM
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12 Innovation Continues to Differentiate OmniAb NOVEL CHICKEN-BASED PLATFORMS PRODUCING HUMAN SEQUENCES Evolutionary divergent host system for robust immune responses Fixed light chain for bispecific applications Single domain framework Ultralong CDRH3s
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13 Upcoming New Technology Launch - OmniUltra PLANNED LAUNCH AT ANTIBODY ENGINEERING & THERAPEUTICS CONFERENCE IN DECEMBER OmniUltra is the first and only transgenic chicken producing antibodies with ultralong CDRH3s; a feature of antibodies found in cows. Ultralong CDRH3s are designed to reach binding pockets not accessible with other antibodies or modalities. Ultralong CDRH3s have the potential to be cleaved to create a novel Picobody - the smallest functional antibody fragment (about 1/3 the size of a nanobody®). Picobodies have a range of potential uses, including as: • Bi-specifics and multi-specifics • Binders for CAR-T and radiopharmaceutical therapies • in vivo-generated peptides Nanobody is a registered trademark of Ablynx
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14 New Opportunities - OmniUltra ANTIBODY AND PEPTIDE THERAPEUTICS DISCOVERY APPLICATIONS Leverageable for Peptide Therapeutic Discovery Unlike phage display or other technologies for peptide discovery, OmniUltra is the only therapeutic discovery platform with a transgenic chicken host delivering biologically-optimized structured peptides. New Antibody Discovery Platform Along with its unique architecture, OmniUltra is also engineered for in vivo optimization, enabling generation of molecules that are pre- selected for function, affinity, and structural stability, with the potential to uncover novel binding domains.
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15 Upcoming OmniUltra Presentations & Events December 15th-18th San Diego OmniUltra: A new in vivo platform for discovery of novel mini-proteins and structured peptides OmniUltra: Leveraging evolutionary distance for the discovery of ultralong CDRH3 antibodies with broad epitope coverage Development of OmniUltra: A transgenic chicken platform for the generation of ultralong CDRH3 antibodies, mini-proteins and structured peptides for human therapeutics Empowering the efficient discovery of ultralong CDRH3 antibodies with high-throughput xPloration® workflows OmniAb to host investor webcast highlighting launch of OmniUltra on December 15th at 2 p.m. PT/5 p.m. ET
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16 Components of Technology Licenses Time Potential Program IP Extension DEALS CAN CREATE MULTIPLE SOURCES OF REVENUE AND VALUE FOR STAKEHOLDERS Collaboration/ Service Milestones Royalties • Significantly increases our potential audience of new partners • Ability to drive higher potential chicken- based Collaboration/Service revenue in nearer years Can create durable and stackable revenue streams as programs reach the marketEvent-driven revenue events on program progressionRevenue generated from work performed for our partners
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17 Financial Updates Kurt Gustafson
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18 Q3 2025 Revenue • xPloration revenue includes consumables sales • License and Milestone revenue was lower due to lower milestone revenue • Service revenue decreased primarily due to the completion of a small-molecule ion channel program • Royalty revenue was similar to the prior year $ in millions Royalty Revenue Royalty Revenue Service Service License & Milestone License & Milestone xPloration $4.2 $2.2 $0 $2 $4 Q3 2024 Q3 2025
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19 Q3 2025 Costs and Operating Expense • Research and Development expense decreased primarily due to lower stock-based compensation expense and 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 stock-based compensation expense • Other includes costs of xPloration revenue and the amortization of intangibles $ in millions R&D R&D G&A G&A Other Other $23.9 $20.4 $0 $5 $10 $15 $20 $25 Q2 2024 Q2 2025
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20 Q3 2025 vs. Q3 2024 Financial Results Table includes rounded figures. Please reference press release dated 11/4/2025 for more detailed information (in millions, except per share data) Q3 2024 Q3 2025 Variance License and milestone revenue $ 1.4 $ 0.6 ($ 0.8) Service revenue 2.5 1.2 (1.3) xPloration revenue 0.0 0.1 0.1 Royalty revenue 0.3 0.4 0.1 Total revenue 4.2 2.2 (1.9) Cost of xPloration revenue - 0.0 0.0 Research & development 13.3 10.4 (2.9) General & administrative 7.1 6.8 (0.3) Amortization of intangibles 3.4 3.2 (0.2) Other operating expense (income), net 0.1 (0.0) (0.2) Total costs and operating expenses 23.9 20.4 (3.6) Loss from operations (19.8) (18.1) 1.6 Other income (expense), net 0.7 0.5 (0.2) Loss before income taxes (19.1) (17.7) 1.4 Income tax benefit (expense) 2.7 1.2 (1.5) Net loss ($ 16.4) ($ 16.5) ($ 0.2) Net loss per share, basic and diluted (0.16)$ (0.14)$ Shares used in per share calculation 102.4 114.7
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21 Balance Sheet Table includes rounded figures. Please reference press release dated 11/4/2025 for more detailed information (in millions) December 31, September 30, 2024 2025 ASSETS Current assets: Cash & investments $ 59.4 $ 59.5 Accounts receivable, net 5.3 3.1 Other current assets 3.4 3.8 Goodwill & intangible assets 222.0 212.4 PPE & leases 33.3 29.4 Other assets 2.1 1.5 Total assets $ 325.6 $ 309.7 LIABILITIES AND STOCKHOLDERS’ EQUITY A/P & accrued expenses $ 8.4 $ 7.2 Contingent liabilities 1.5 1.2 Deferred revenue 2.5 1.6 Operating lease liabilities 23.2 21.1 Deferred income taxes, net 2.3 1.2 Stockholders’ equity 287.6 277.4 Total liabilities and stockholders’ equity $ 325.6 $ 309.7
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22 2025 Guidance • We now expect revenue to be in the range of $18 to $22 million • We now expect operating expense to be in the range of $82 to $86 million • 2025 cash use is expected to be lower than cash use in 2024, excluding financings • We expect to end the year with cash between $52 and $56 million • 2025 effective tax rate is expected to be approximately 0% due to a valuation allowance
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23 Q&A
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