Conference Call with Slides Begins at 4:30
p.m. Eastern Time Today
OmniAb, Inc. (NASDAQ: OABI) today reported financial
results for the three and six months ended June 30, 2023, and
provided operating and partner program updates.
“Our business continued to grow and perform well during the
second quarter with advancements in business development and
progress across partner programs. The addition of four new partners
during the quarter, including Merck & Co. and Neurocrine
Biosciences, highlights the relevance and robustness of our
technology platform. Existing partners made progress with two new
programs entering the clinic and the total number of active
programs increased to 305,” said Matt Foehr, Chief Executive
Officer of OmniAb, Inc.
“Our ion channel business continues to identify and explore
high-value targets and one of the GSK programs achieved a key
milestone in its discovery process. We look forward to providing
updates related to our current partners as well as to securing
additional partnerships,” he added.
Second Quarter 2023 Financial Results
Revenue for the second quarter of 2023 was $6.9 million,
compared with $7.2 million for the same period in 2022. Milestone
revenue was higher due to progress with the batoclimab program.
Service revenue was lower primarily related to the completion of
work on certain ion channel programs and a one-time adjustment
related to the extension of one of our programs with GSK, partially
offset by the recognition of a portion of a research progression
milestone achieved in the quarter.
Research and development expense was $14.1 million for the
second quarter of 2023, compared with $11.5 million for the same
period in 2022, with the increase primarily due to higher personnel
and facility costs. General and administrative expense was $8.7
million for the second quarter of 2023, compared with $5.0 million
for the same period in 2022, with the increase primarily due to
higher personnel costs and expenses related to being an independent
publicly traded company.
Net loss for the second quarter of 2023 was $14.7 million, or
$0.15 per share, compared with a net loss of $10.3 million, or
$0.12 per share, for the same period in 2022.
Year-to-Date Financial Results
Revenue for the six months ended June 30, 2023 was $23.9
million, compared with $16.8 million for the same period in 2022.
Milestone revenue was higher, primarily due to the recognition of a
$10.0 million milestone payment related to the first commercial
sale of TECVAYLI® (teclistamab) in the European Union and progress
with the batoclimab program. Service revenue was lower primarily
related to the completion of work on certain ion channel programs
and a one-time adjustment related to the extension of one of our
programs with GSK, partially offset by the recognition of a portion
of a research progression milestone achieved in the quarter.
Research and development expense was $27.9 million for the six
months ended June 30, 2023, compared with $22.3 million for the
same period in 2022, with the increase primarily due to higher
personnel and facility costs. General and administrative expense
was $16.9 million for the six months ended June 30, 2023, compared
with $9.1 million for the same period in 2022, with the increase
primarily due to higher personnel costs and expenses related to
being an independent publicly traded company.
Net loss for the six months ended June 30, 2023 was $20.8
million, or $0.21 per share, compared with a net loss of $16.6
million, or $0.20 per share, for the same period in 2022.
As of June 30, 2023, OmniAb had cash, cash equivalents and
short-term investments of $103.1 million. The Company continues to
expect its cash, cash equivalents and short-term investments
balance at year-end 2023 to be slightly higher than year-end 2022.
Current cash, cash equivalents and short-term investments, along
with the cash OmniAb generates from operations, are expected to be
sufficient to fund operations for the foreseeable future.
On November 1, 2022, OmniAb completed a spin-off from Ligand
Pharmaceuticals Incorporated (NASDAQ: LGND), resulting in OmniAb
becoming an independent publicly traded company. Financial results
prior to November 1, 2022, are presented on a carve-out basis
derived from Ligand’s historical accounting records, as if OmniAb
were an independent company.
Second Quarter 2023 and Recent Business Highlights
During the second quarter of 2023, OmniAb entered into four new
license agreements including with Merck & Co., Inc., Neurocrine
Biosciences Inc., Stanford University and Seattle Children’s
Hospital. These additions bring the total active partner count to
74.
Programs by OmniAb’s partners continued to progress during the
quarter, including two entering the clinic. Immunovant’s IMVT-1402,
a next-generation FcRn antagonist, and Gloria’s GLS-012
(anti-LAG-3), initiated Phase 1 clinical trials in China. In
addition, the Biologics License Application for batoclimab was
accepted by the National Medical Products Administration of China
(NMPA). Batoclimab continues to progress in clinical trials in
other geographies. As of June 30, 2023, the Company’s partners had
a total of 305 active programs. There are 29 active programs that
have advanced into the clinical stage or later, including three
approved drugs, one under regulatory review and 25 in various
stages of clinical development.
Second quarter 2023 and recent partner highlights include the
following:
Batoclimab
- OmniAb earned milestone revenue related to the advancement of
batoclimab into pivotal studies in two additional indications:
thyroid eye disease and chronic inflammatory demyelinating
polyneuropathy. These indications are in addition to the ongoing
Phase 3 study in generalized myasthenia gravis (gMG).
- Harbour BioMed announced the NMPA accepted the Biologics
License Application of batoclimab for the treatment of gMG.
- HanAll Biopharma announced it is progressing toward initiation
of a Phase 3 clinical study in Japan later this year with
batoclimab in gMG.
IMVT-1402
- Immunovant announced it received Investigational New Drug
clearance from the U.S. Food and Drug Administration (FDA) for
IMVT-1402, a subcutaneously-administered FcRn inhibitor, and
initiated a Phase 1 clinical trial in healthy volunteers. This
trial will evaluate the safety, tolerability and pharmacodynamics
of IMVT-1402. Initial data are expected later this year.
GLS-012
- Gloria Pharmaceuticals initiated a Phase 1/2 study in China to
investigate the safety, tolerability and preliminary efficacy of
GLS-012 (anti-LAG-3) monotherapy and in combination with GLS-010 in
subjects with advanced solid tumors after progression on standard
treatment.
CSX-1004
- Cessation Therapeutics announced that the FDA has authorized
the company to initiate a clinical trial in the U.S. for CSX-1004,
a monoclonal antibody designed specifically to prevent fentanyl
overdose. Cessation announced plans to begin trials with the first
cohort of subjects in August of 2023.
APVO436
- Aptevo Therapeutics announced that its bispecific acute myeloid
leukemia (AML) drug candidate APVO436, in combination with emerging
standard-of-care venetoclax and azacitidine, achieved positive
duration of remission results in its Phase 1b dose-escalation
trial. Aptevo intends to conduct two Phase 2 clinical trials to
include relapsed/refractory AML patients beginning in the second
half of 2023 and frontline patients beginning in the first half of
2024.
GSK Program-1 (Ion Channels and
Transporters)
- OmniAb achieved a research progression milestone for small
molecule inhibitors of a genetically-validated target relevant to
neurological diseases in collaboration with GSK. Upon this
achievement, OmniAb was entitled to a progression milestone payment
of $2.0 million.
In May 2023, OmniAb highlighted some of its new technology at
the 19th Annual PEGS Boston Conference and Expo, including a
presentation on its OmniDeep™ platform. OmniDeep is a suite of in
silico tools for therapeutic discovery and optimization that are
woven throughout OmniAb’s various technologies and capabilities.
OmniDeep facilitates rapid identification of candidates with the
right affinity, specificity and developability profiles to make
drug development more effective and efficient.
Conference Call and Webcast
OmniAb management will host a conference call with slides today
beginning at 4:30 p.m. Eastern time to discuss this announcement
and answer questions. To participate via telephone, please dial
(888) 396-8049 using the conference ID 10758721. Slides, as well as
the live and replay webcast of the call, are available at
https://investors.omniab.com/investors/events-and-presentations/default.aspx.
About OmniAb®
OmniAb’s discovery platform provides pharmaceutical industry
partners access to diverse antibody repertoires and high-throughput
screening technologies to enable discovery of next-generation
therapeutics. At the heart of the OmniAb platform is the Biological
Intelligence™ (BI) of our proprietary transgenic animals, including
OmniRat®, OmniChicken® and OmniMouse® that have been genetically
modified to generate antibodies with human sequences to facilitate
development of human therapeutic candidates. OmniFlic® (transgenic
rat) and OmniClic® (transgenic chicken) address industry needs for
bispecific antibody applications though a common light chain
approach, and OmniTaur™ features unique structural attributes of
cow antibodies for complex targets. We believe the OmniAb animals
comprise the most diverse host systems available in the industry
and they are optimally leveraged through computational antigen
design and immunization methods, paired with high-throughput single
B cell phenotypic screening and mining of next-generation
sequencing datasets with custom algorithms to identify fully human
antibodies with superior performance and developability
characteristics. These proprietary technologies are joined with and
leverage OmniDeep™, which is a suite of in silico tools for
therapeutic discovery and optimization that are woven throughout
OmniAb’s various technologies and capabilities. Additionally, an
established core competency focused on ion channels and
transporters further differentiates OmniAb’s technology and creates
opportunities in many emerging target classes. OmniAb antibodies
have been leveraged across modalities, including bispecific
antibodies, antibody-drug conjugates and others.
The OmniAb suite of technologies span from BI-powered repertoire
generation to cutting-edge antibody discovery and optimization
offering a highly efficient and customizable end-to-end solution
for the growing discovery needs of the global pharmaceutical
industry.
For more information, please visit www.omniab.com.
Forward-Looking Statements
OmniAb cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. Words such as “may,” “will,” “should,”
“expect,” “plan,” “anticipate,” “could,” “intend,” “target,”
“project,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential” or continue” and similar expressions, are intended to
identify forward-looking statements. The forward-looking statements
are based on our current beliefs and expectations and include, but
are not limited to: the growth prospects of our business and the
discovery needs of the pharmaceutical industry; the expected
performance of, our technologies and the opportunities they may
create; the ability to add new partners and programs; scientific
presentations and clinical and regulatory events of our partners
and the timing thereof; expected cash runway; and the future
balance of cash, cash equivalents and short-term investments.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties inherent in our
business, including, without limitation: our future success is
dependent on acceptance of our technology platform 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; our failure to maintain, protect and
defend our intellectual property rights; difficulties with
performance of third parties we will rely on for our business;
regulatory developments in the United States and foreign countries;
unstable market and economic conditions, including adverse
developments with respect to financial institutions and associated
liquidity risk, 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 prior press releases and filings with the SEC, including
under the heading “Risk Factors” in the our annual report on Form
10-K and any subsequent filings with the SEC. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and we undertake no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date hereof. 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.
Partner Information
The information in this press release regarding partnered
products and programs comes from information publicly released by
our partners.
[Tables Follow]
OMNIAB, INC. CONDENSED CONSOLIDATED
AND COMBINED BALANCE SHEETS (in thousands, except share and per
share data)
June 30, 2023
(Unaudited)
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
20,988
$
33,390
Short-term investments
82,161
54,875
Accounts receivable, net
8,611
30,290
Prepaid expenses and other current
assets
4,180
6,395
Total current assets
115,940
124,950
Intangible assets, net
161,921
167,242
Goodwill
83,979
83,979
Property and equipment, net
19,226
19,979
Operating lease right-of-use assets
20,827
21,483
Other long-term assets
3,346
3,579
Total assets
$
405,239
$
421,212
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
2,359
$
2,971
Accrued expenses and other current
liabilities
4,929
5,557
Income tax payable
3,455
3,485
Current contingent liabilities
2,810
4,022
Current deferred revenue
7,271
8,207
Current operating lease liabilities
3,417
1,780
Total current liabilities
24,241
26,022
Long-term contingent liabilities
3,384
4,089
Deferred income taxes, net
17,189
21,341
Long-term operating lease liabilities
23,100
24,016
Long-term deferred revenue
3,479
4,325
Other long-term liabilities
40
46
Total liabilities
71,433
79,839
Stockholders' equity:
Preferred stock, $0.0001 par value;
100,000,000 shares authorized at June 30, 2023 and December 31,
2022; no shares issued and outstanding at June 30, 2023 and
December 31, 2022
—
—
Common stock, $0.0001 par value;
1,000,000,000 shares authorized at June 30, 2023 and December 31,
2022; 115,584,520 and 115,218,229 shares issued and outstanding at
June 30, 2023 and December 31, 2022, respectively
12
12
Additional paid-in capital
343,419
330,100
Accumulated other comprehensive income
(49
)
9
(Accumulated deficit) Retained
earnings
(9,576
)
11,252
Total stockholders’ equity
333,806
341,373
Total liabilities and stockholders’
equity
$
405,239
$
421,212
OMNIAB, INC. CONDENSED CONSOLIDATED
AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) (in
thousands, except per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenues:
License and milestone revenue
$
4,330
$
2,325
$
16,976
$
6,426
Service revenue
2,451
4,735
6,409
9,994
Royalty revenue
165
139
480
402
Total revenues
6,946
7,199
23,865
16,822
Operating expenses:
Research and development
14,133
11,484
27,892
22,256
General and administrative
8,738
5,003
16,933
9,115
Amortization of intangibles
3,380
3,113
6,749
6,518
Other operating expense (income), net
140
165
189
(278
)
Total operating expenses
26,391
19,765
51,763
37,611
Loss from operations
(19,445
)
(12,566
)
(27,898
)
(20,789
)
Other income:
Interest income
1,285
—
2,609
—
Other expense
(4
)
—
(4
)
—
Total other income, net
1,281
—
2,605
—
Loss before income taxes
(18,164
)
(12,566
)
(25,293
)
(20,789
)
Income tax benefit
3,436
2,290
4,465
4,231
Net loss
$
(14,728
)
$
(10,276
)
$
(20,828
)
$
(16,558
)
Net loss per share, basic and diluted
$
(0.15
)
$
(0.12
)
$
(0.21
)
$
(0.20
)
Weighted-average shares outstanding, basic
and diluted
99,493
82,612
99,326
82,612
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230810363027/en/
OmniAb, Inc. Neha Singh, Ph.D. investors@OmniAb.com Twitter
@OmniAbTech (510) 768-7760
OmniAb (NASDAQ:OABI)
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