Second Quarter 2026
Filed Aug 6, 2026OmniAb Reports Second Quarter 2026 Financial Results and Business Highlights Raises Full Year 2026 Revenue and Cash Outlook Driven by Continued Business Momentum
Second-quarter revenue was $13.4 million versus $3.9 million in the prior-year period, net loss narrowed to $5.9 million from $15.9 million, and the company raised its 2026 revenue and year-end cash outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $13.4 million | – | – |
| Cost of xPloration revenueGAAP | $0.6 million | – | – |
| Research and development expenseGAAP | $9.6 million | – | – |
| General and administrative expenseGAAP | $6.7 million | – | – |
| Amortization of intangiblesGAAP | $3.1 million | – | – |
| Other operating expense (income)GAAP | $0.2 million | – | – |
| Total costs and operating expensesGAAP | $20.1 million | – | flat |
| Cash costs and operating expensesnon-GAAP | $13.3 million | – | – |
| Net lossGAAP | $5.9 million | – | – |
| Net loss per shareGAAP | $0.05 per share | – | – |
| Revenue, first halfGAAP | $27.8 million | – | – |
| Cost of xPloration revenue, first halfGAAP | $0.6 million | – | – |
| Research and development expense, first halfGAAP | $19.2 million | – | – |
| General and administrative expense, first halfGAAP | $13.3 million | – | – |
| Amortization of intangibles, first halfGAAP | $9.1 million | – | – |
| Other operating expense (income), first halfGAAP | $0.1 million | – | – |
| Total costs and operating expenses, first halfGAAP | $42.3 million | – | – |
| Cash costs and operating expenses, first halfnon-GAAP | $25.5 million | – | – |
| Net loss, first halfGAAP | $13.6 million | – | – |
| Net loss per share, first halfGAAP | $0.11 per share | – | – |
| Active partnersother | 110 active partners | – | – |
| Active programsother | 425 active programs | – | – |
| OmniAb-derived programs in clinical development or being commercializedother | 34 OmniAb-derived programs | – | – |
2026 outlook
- Revenue$32 million to $36 million
- Operating expenses$84 million to $88 million
- Tax rateapproximately 0%
- NoteCash costs and operating expenses are expected to be in the range of $51 million to $55 million
- NoteThe Company now expects to end the year with cash and cash equivalents in the range of $37 million to $41 million
What drove it
- The second-quarter revenue increase was driven primarily by milestone revenue.
- Service revenue increased primarily due to the commencement of new ion channel programs.
- xPloration revenue increased on higher instrument sales and related consumables.
- Research and development expense decreased due to lower personnel expense related to share-based compensation and salary expense and lower facility-related costs.
- General and administrative expense decreased primarily due to lower personnel expense related to share-based compensation and salary expense and lower professional fees.
- OmniAb entered into new license agreements with EnRosa Therapeutics and argenx during the second quarter of 2026.
Concerns
- The revenue increase was driven primarily by milestone revenue.
- Cash costs and operating expenses were $13.3 million in the second quarter of 2026, compared with $11.9 million in the same period in 2025.
- First-half amortization of intangibles included a $2.9 million non-cash impairment related to the discontinuation of certain legacy small-molecule ion channel programs.
- The prior-year periods included a net $2.0 million one-time gain from the sale of a small-molecule program in the second quarter of 2025.
What to watch
- Execution against 2026 revenue guidance of $32 million to $36 million.
- Execution against the expected year-end cash and cash equivalents range of $37 million to $41 million.
- Progress of ramantamig (JNJ-79635322) following its advance to Phase 3 from Phase 1 clinical trials.
- The expected fourth-quarter of 2026 start of Teva's Phase 2b study of TEV-'408 in vitiligo.
- Topline Phase 2a results for TEV-'408 in celiac disease, which continue to be expected in the second half of 2026.
- Further updates on the potentially registrational IMVT-1402 difficult-to-treat rheumatoid arthritis program and topline data from the proof-of-concept trial in cutaneous lupus erythematosus in the second half of calendar year 2026.
Balance sheet and cash flow
- As of June 30, 2026, OmniAb had cash, cash equivalents and short-term investments of $52.0 million.
Analysis
OmniAb reported second-quarter revenue of $13.4 million, compared with $3.9 million in the prior-year period. The company attributed the increase primarily to milestone revenue, while service revenue increased with the commencement of new ion channel programs and xPloration revenue increased on higher instrument sales and related consumables. First-half revenue was $27.8 million, compared with $8.1 million in the same period in 2025, also primarily related to milestone revenue.
Reported operating costs showed lower research and development and general and administrative spending versus the prior-year quarter. Research and development expense was $9.6 million versus $10.9 million, and general and administrative expense was $6.7 million versus $7.7 million. Total costs and operating expenses were flat at $20.1 million. Cash costs and operating expenses, the company's non-GAAP measure, were $13.3 million versus $11.9 million in the quarter, while first-half cash costs and operating expenses declined to $25.5 million from $26.6 million.
Net loss narrowed to $5.9 million, or $0.05 per share, from $15.9 million, or $0.15 per share, in the prior-year quarter. The first-half net loss was $13.6 million, or $0.11 per share, compared with $34.1 million, or $0.32 per share, a year earlier. Comparability with 2025 is affected by the prior-year net $2.0 million one-time gain from the sale of a small-molecule program. First-half amortization of intangibles increased to $9.1 million and included a $2.9 million non-cash impairment associated with discontinued legacy small-molecule ion channel programs.
The company raised 2026 revenue guidance to $32 million to $36 million from $28 million to $33 million previously. It also raised its expected year-end cash and cash equivalents range to $37 million to $41 million from $33 million to $38 million previously, while retaining the upper ends of its costs and operating expenses and cash costs and operating expenses ranges. Cash, cash equivalents and short-term investments were $52.0 million as of June 30, 2026.
The partner network stood at 110 active partners and 425 active programs, including 34 OmniAb-derived programs in clinical development or being commercialized. Recent partner milestones included JNJ-79635322 advancing to Phase 3, Merck KGaA dosing the first patient in the Phase 3 PROCEADE-CRC-03 trial, and Boehringer Ingelheim commencing a Phase 2a study of BI 3802876. These program updates and the new EnRosa Therapeutics and argenx license agreements are the reported business backdrop for the increased outlook.
Management, verbatim
We are pleased to report a strong quarter and to increase our revenue and cash outlook for 2026 based on continued momentum in our business. Recent updates from partner programs have been very encouraging with important advancements in clinical development,
Matt Foehr, Chief Executive Officer of OmniAb
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating income or loss
- Non-GAAP net income or loss and non-GAAP EPS
- Prior-quarter financial metrics
- Operating cash flow
- Free cash flow
- Debt
- Share repurchases
- Dividends
- Revenue by reportable segment or revenue category
- Guidance for gross margin
- Previous-release outlook for comparison with reported results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.