OABI

OmniAb is a royalty/milestone-driven antibody-discovery platform, and the qualitative footprint is genuinely deep: per the 10-K, 107 active partners, 407 active programs, 27 OmniAb-derived antibodies in clinical development, two under regulatory review, and three approved products. The royalty term (the longer of 10 years from first sale or last patent expiry, tied to partner-filed patents) creates long-dated, diversified optionality if partner pipelines convert. That is the entire bull case — and it lives almost entirely in the future.

The reported numbers are moving the wrong way. Revenue has fallen four of the last five years — $34.7M (2021) → $59.1M (2022) → $34.2M (2023) → $26.4M (2024) → $18.7M (2025), a -29.3% drop in the latest year — while the net loss has widened every year to -$64.8M and operating margin sits at -369.5%. The MD&A itself concedes losses 'for the last several years' and warns results 'may fluctuate significantly,' and the model is structurally out of the company's hands: revenue depends on partners hitting milestones OmniAb 'has no control over,' with licenses 'terminable by our partners without penalty.' Downstream milestones and low-to-mid-single-digit royalties only pay if partner drugs advance — none of which the reported P&L yet reflects.