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EMERYVILLE, Calif. - OmniAb, Inc. (NASDAQ:OABI) reported a significant revenue increase for the fourth quarter of 2024, driving its shares up 6.6% in after-hours trading. The antibody discovery platform company saw its Q4 revenue more than double to $10.8 million, compared to $4.8 million in the same period last year.
The company reported a net loss of $0.12 per share for the quarter, slightly better than the $0.14 per share loss in Q4 2023. The revenue growth was primarily attributed to higher license and milestone payments, which offset lower service and royalty revenue.
Despite the strong quarterly performance, OmniAb’s full-year 2024 revenue decreased to $26.4 million from $34.2 million in 2023. The company explained this decline was mainly due to a $10 million milestone payment for TECVAYLI® recognized in 2023.
Looking ahead, OmniAb provided guidance for 2025, projecting revenue between $20 million and $25 million. The company also expects operating expenses to range from $90 million to $95 million.
"2024 was a remarkable year featuring double-digit percentage growth in the number of both active partners and programs," said Matt Foehr, CEO of OmniAb. "We exceeded our internal goals for key metrics and continued to build momentum while optimizing the scalability of our business."
OmniAb reported 91 active partners and 363 active programs as of December 31, 2024, including 32 OmniAb-derived programs in clinical development or commercialization. The company signed 10 new license agreements in 2024, with five new OmniAb-derived antibodies entering clinical trials during the year.
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