OmniAb (OABI) 10-K 30 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40720
Entity Registrant Name	OMNIAB, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1584818
Entity Address, Address Line One	5980 Horton Street, Suite 600
Entity Address, State or Province	CA
Entity Address, City or Town	Emeryville
Entity Address, Postal Zip Code	94608
City Area Code	(510)
Local Phone Number	250-7800
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 289.8
Entity Common Stock, Shares Outstanding		115,584,520
Documents Incorporated by Reference	Portions of the definitive Proxy Statement for the Registrant’s 2023 Annual Meeting of Stockholders to be filed with the SEC within 120 days of December 31, 2022 are incorporated by reference in Part III of this Annual Report on Form 10-K. With the exception of those portions that are specifically incorporated by reference in this Annual Report on Form 10-K, such Proxy Statement shall not be deemed filed as part of this report or incorporated by reference herein.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001846253
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	OABI
Security Exchange Name	NASDAQ
Forward purchase warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	OABIW
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 33,390	$ 0
Short-term investments	54,875	0
Accounts receivable, net	30,290	21,136
Prepaid expenses and other current assets	6,395	1,406
Total current assets	124,950	22,542
Intangible assets, net	167,242	176,321
Goodwill	83,979	83,979
Property and equipment, net	19,979	6,795
Operating lease right-of-use assets	21,483	13,332
Other long-term assets	3,579	1,496
Total assets	421,212	304,465
Current liabilities:
Accounts payable	2,971	2,924
Accrued expenses and other current liabilities	5,557	3,747
Income tax payable	3,485	0
Current contingent liabilities	4,022	2,538
Current deferred revenue	8,207	10,790
Current operating lease liabilities	1,780	578
Total current liabilities	26,022	20,577
Long-term contingent liabilities	4,089	4,826
Deferred income taxes, net	21,341	21,962
Long-term operating lease liabilities	24,016	13,272
Long-term deferred revenue	4,325	9,226
Other long-term liabilities	46	295
Total liabilities	79,839	70,158
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no shares issued and outstanding at December 31, 2022; no shares authorized, issued and outstanding at December 31, 2021	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 115,218,229 shares issued and outstanding at December 31, 2022; no shares authorized, issued and outstanding at December 31, 2021	12	0
Additional paid-in capital	330,100	0
Accumulated other comprehensive income	9	0
Retained earnings	11,252	0
Parent company net investment	0	234,307
Total stockholders’ equity	341,373	234,307
Total liabilities and stockholders’ equity	$ 421,212	$ 304,465

CONSOLIDATED AND COMBINED BAL_2

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value, (dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common shares, par value, (dollars per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized (in shares)	1,000,000,000	0
Common shares, shares issued (in shares)	115,218,229	0
Common shares, shares outstanding (in shares)	115,218,229	0

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 59,077	$ 34,748
Operating costs and expenses:
Research and development	48,364	39,232
General and administrative	24,903	16,947
Amortization of intangibles	13,050	12,968
Other operating (income) expense, net	(592)	1,210
Total operating expenses	85,725	70,357
Loss from operations	(26,648)	(35,609)
Other income (expense):
Interest income	587	0
Interest expense	0	(7)
Other income, net	0	1,266
Total other income, net	587	1,259
Loss before income tax	(26,061)	(34,350)
Income tax benefit	3,727	7,308
Net loss	$ (22,334)	$ (27,042)
Net loss per share, basic (dollars per share)	$ (0.26)	$ (0.33)
Net loss per share, diluted (dollars per share)	$ (0.26)	$ (0.33)
Weighted-average shares outstanding, basic (in shares)	85,318,000	82,611,789
Weighted-average shares outstanding, diluted (in shares)	85,318,000	82,611,789
Net loss	$ (22,334)	$ (27,042)
Unrealized net gain on available-for-sale securities	9	0
Comprehensive loss	(22,325)	(27,042)
License and milestone revenue
Revenues:
Total revenues	38,926	14,664
Service revenue
Revenues:
Total revenues	18,784	20,084
Royalty revenue
Revenues:
Total revenues	$ 1,367	$ 0

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENT OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Parent company net investment
Beginning balance at Dec. 31, 2020	$ 235,537					$ 235,537
Net loss	(27,042)					(27,042)
Parent allocation of shared-based compensation	15,065					15,065
Net transfers from parent company	10,747					10,747
Unrealized net gain on available-for-sale securities	0
Ending balance, in shares at Dec. 31, 2021		0
Ending balance at Dec. 31, 2021	234,307	$ 0	$ 0	$ 0	$ 0	234,307
Net loss	(22,334)				11,252	(33,586)
Parent allocation of shared-based compensation	14,444					14,444
Net transfers from parent company	15,047					15,047
Consummation of Separation transaction (in shares)		97,611,032
Consummation of Separation transaction	0	$ 10	230,202			(230,212)
Issuance of Common Stock upon Business Combination (in shares)		17,209,070
Issuance of common stock upon Business Combination, net of transaction costs	95,769	$ 2	95,767
Issuance of common stock under employee stock compensation plans, net (in shares)		398,127
Issuance of common stock under employee stock compensation plans, net of tax	253		253
Share-based compensation	3,878		3,878
Unrealized net gain on available-for-sale securities	9			9
Ending balance, in shares at Dec. 31, 2022		115,218,229
Ending balance at Dec. 31, 2022	$ 341,373	$ 12	$ 330,100	$ 9	$ 11,252	$ 0

CONSOLIDATED AND COMBINED STA_3

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (22,334,000)	$ (27,042,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	18,249,000	16,252,000
Share-based compensation	18,322,000	15,065,000
Deferred income taxes, net	(6,419,000)	(7,325,000)
Short-term investments gain	0	(1,265,000)
Change in estimated fair value of contingent liabilities	(592,000)	1,210,000
Other operating activities	20,000	64,000
Changes in operating assets and liabilities, net
Accounts receivable, net	(12,737,000)	6,019,000
Prepaid expenses and other current assets	(4,714,000)	(632,000)
Other long-term assets	(788,000)	1,454,000
Accounts payable, accrued expenses, and other current liabilities	15,068,000	1,513,000
Operating lease liabilities	1,810,000	(3,255,000)
Deferred revenue	(9,489,000)	(6,717,000)
Other long-term liabilities	17,000	(1,013,000)
Net cash used in operating activities	(3,587,000)	(5,672,000)
Investing activities
Purchases of property and equipment	(17,168,000)	(4,070,000)
Purchases of short-term investments	(54,775,000)	0
Proceeds from sale of short-term investments	70,000	1,265,000
Payments to CVR holders	(1,440,000)	(720,000)
Other investing activities	0	(500,000)
Net cash used in investing activities	(73,313,000)	(4,025,000)
Financing activities
Proceeds from consummation of separation transaction	1,842,000	0
Proceeds from issuance of common stock in Business Combination	96,242,000	0
Proceeds from issuance of common stock from stock plans, net	435,000	0
Payments to CVR holders	(2,025,000)	(1,050,000)
Net transfer from parent	14,245,000	10,747,000
Net cash provided by financing activities	110,739,000	9,697,000
Net increase in cash, cash equivalents, and restricted cash	33,839,000	0
Cash, cash equivalents and restricted cash at beginning of year	0	0
Cash, cash equivalents and restricted cash at end of year	33,839,000	0
Supplemental cash flow information:
Right-of-use assets obtained in exchange for lease obligations:	10,136,000	14,515,000
Deferred revenue recorded in accounts receivable	942,000	11,344,000
Supplemental non-cash investing and financing activities:
Purchase of fixed assets recorded in accounts payable	22,000	1,231,000
Intangible additions recorded in contingent liabilities	4,804,000	720,000
Transaction cost recorded in accounts payable	$ 473,000	$ 0

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Description of Business OmniAb, Inc. (“OmniAb” or the “Company”, formerly known as Avista Public Acquisition Corp. II (“APAC”)) is a biotechnology company with a Biological Intelligence powered multi-species antibody platform for the discovery of mono and bispecific therapeutic human antibodies. The Company primarily derives revenue from license fees for technology access, milestones from partnered programs and service revenue from research programs. Separation and Business Combination On November 1, 2022 (the “Closing Date”), the Company, Ligand Pharmaceuticals Incorporated, a Delaware corporation (“Ligand” or the “Parent”), OmniAb Operations, Inc., a Delaware corporation and wholly-owned subsidiary of Ligand (“Legacy OmniAb”, formerly known as OmniAb, Inc. and, together with Ligand, collectively, the “Companies”), and Orwell Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of APAC (“Merger Sub”), consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated as of March 23, 2022. In connection with, and as contemplated by, the Merger Agreement, on November 1, 2022, in accordance with the terms of the Separation and Distribution Agreement, dated as of March 23, 2022, by and among APAC, Ligand and Legacy OmniAb (the “Separation Agreement”), Ligand transferred the Legacy OmniAb business, including certain related subsidiaries of Ligand, to Legacy OmniAb and made a contribution to the capital of Legacy OmniAb of $1.8 million, after deducting certain transaction and other expenses reimbursable by Legacy OmniAb (the “Separation”). Following the Separation, as contemplated by the Separation Agreement, Ligand distributed on a pro rata basis to its stockholders all of the shares of common stock, par value $0.001 per share, of Legacy OmniAb (“Legacy OmniAb Common Stock”) held by Ligand, such that each holder of shares of common stock, par value $0.001 per share, of Ligand (“Ligand Common Stock”) was entitled to receive one share of Legacy OmniAb Common Stock for each share of Ligand Common Stock held by such holder as of the record date for the distribution, October 26, 2022 (the “Distribution”). Following the Separation and Distribution, on November 1, 2022, Merger Sub merged with and into Legacy OmniAb, with Legacy OmniAb surviving as a direct, wholly owned subsidiary of OmniAb (the “Business Combination”). See Note 4 – Business Combination, for further details. The Business Combination was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Under this method of accounting, APAC was treated as the acquired company and Legacy OmniAb was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the reverse recapitalization was treated as the equivalent of Legacy OmniAb issuing stock for the net assets of APAC, accompanied by a recapitalization. The consolidated and combined assets, liabilities and results of operations prior to the Business Combination are those of Legacy OmniAb, and the assets, liabilities and results of operations of APAC were consolidated with Legacy OmniAb beginning on the Closing Date. The net assets of APAC are stated at historical cost, with no goodwill or other intangible assets recorded. Legacy OmniAb was determined to be the accounting acquirer based on the following predominant factors: • Legacy OmniAb’s existing stockholders have the greatest voting interest in the Company with approximately 85% of the voting interest; • Legacy OmniAb nominated a majority of the initial members of the Company’s board of directors; • Legacy OmniAb’s senior management is the senior management of the Company; • Legacy OmniAb is the larger entity based on historical operating activity and has the larger employee base; and • The post-combination company assumed a Legacy OmniAb branded name: “OmniAb, Inc.” Basis of Presentation The Company’s accompanying consolidated and combined financial statements have been prepared in accordance with U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as included in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). Certain prior period amounts in the consolidated and combined financial statements have been reclassified to conform to the current period presentation. Periods prior to Separation The accompanying combined financial statements for periods prior to the Separation have been prepared on a stand-alone basis and are derived from Ligand’s consolidated financial statement accounting records. The operations comprising Legacy OmniAb were in various legal entities wholly owned by Ligand. Accordingly, Ligand’s net investment in these operations is shown in lieu of stockholder’s equity in the combined financial statements. Legacy OmniAb comprised certain stand-alone legal entities for which discrete financial information was available. As Ligand recorded transactions at the legal entity level, allocation methodologies were applied to certain accounts to allocate amounts to Legacy OmniAb, as discussed further below. Legacy OmniAb entities were under the common control of Ligand as a result of, among other factors, Ligand’s ownership. As the entities were under common control, the financial statements report the financial position, results of operations and cash flows of Legacy OmniAb as though the transfer of net assets and equity interests had occurred as of January 2016. Transactions between Ligand and Legacy OmniAb were accounted through Parent company net investment in Legacy OmniAb. The total net effect of the settlement of these intercompany transactions is reflected in Legacy OmniAb’s combined balance sheets as Parent company net investment in Legacy OmniAb. All significant intercompany transactions with Ligand are deemed to have been paid in the period the costs were incurred. Expenses related to corporate allocations from Ligand to Legacy OmniAb were considered to be effectively settled for cash in the combined financial statements at the time the transaction was recorded. The combined financial statements include all revenues, expenses, assets and liabilities directly associated with the business activity of Legacy OmniAb as well as an allocation of certain general and administrative expenses related to facilities, functions and services provided by Ligand. These corporate expenses have been allocated to Legacy OmniAb based on direct usage or benefit, where identifiable, with the remainder allocated based on headcount or a percentage of total operating expenses or other measures that management believes are consistent and reasonable. See Note 3 – Relationship with Parent and Related Entities. Ligand maintains various share-based compensation plans at a corporate level. Legacy OmniAb employees participated in those programs, and a portion of the compensation cost associated with those plans are included in Legacy OmniAb’s combined statements of operations and Parent company net investment. The amounts presented in the combined financial statements are not necessarily indicative of future awards and may not reflect the results that Legacy OmniAb would have experienced as a stand-alone entity. See Note 3 – Relationship with Parent and Related Entities for additional discussion. All of the allocations and estimates in the combined financial statements are based on assumptions that management believes are reasonable. However, the combined financial statements included herein may not be indicative of the financial position, results of operations and cash flows of Legacy OmniAb in the future or if Legacy OmniAb had been a separate, stand-alone publicly traded entity during the periods presented. Periods after the Separation Following the Separation, the Company began accounting for its financial activities as an independent entity. The Company’s financial statements as of December 31, 2022 and for the period from November 1, 2022 through December 31, 2022 are based on the reported results of OmniAb as a standalone company. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts within the Company have been eliminated. Separation-related adjustments Pursuant to the Separation Agreement, certain accounts receivables, accounts payables, and accrued liabilities included in Legacy OmniAb’s combined balance sheets immediately prior to the Separation were retained by Ligand, and therefore, were adjusted through net parent investment in Legacy OmniAb’s combined financial statements. In addition, in connection with the Separation, certain equity awards were converted in accordance with the Employee Matters Agreement, as further described in Note 11 – Share-Based Compensation. As a standalone entity, the Company will file tax returns on its own behalf, and tax balances and the effective income tax rate may differ from the amounts reported in the historical periods. The difference between the tax attributes the Company historically calculated on a carve-out basis and the actual tax attributes that the Company received as a standalone entity on November 1, 2022 was adjusted through additional paid-in-capital. As of November 1, 2022 and in connection with the Separation, the Company adjusted its deferred tax balances and computed its related tax provision to reflect operations as a standalone entity. The following represents the impact of these Separation-related adjustments to the Company’s balance sheet following the Separation on November 1, 2022: As of Separation-Related As of (in thousands) October 31, 2022 Adjustments November 1, 2022 ASSETS Current assets: Cash and cash equivalents $ 1,842 $ 96,242 $ 98,084 Accounts receivable, net 5,541 (5,541) — Prepaid expenses and other current assets 2,220 — 2,220 Total current assets 9,603 90,701 100,304 Deferred income taxes, net 167 (167) — Intangible assets, net 166,182 — 166,182 Goodwill 83,979 — 83,979 Property and equipment, net 19,888 19 19,907 Operating lease right-of-use assets 21,290 — 21,290 Other long-term assets 1,448 — 1,448 Total assets $ 302,557 $ 90,553 $ 393,110 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 8,569 $ (8,096) $ 473 Accrued expenses and other current liabilities 3,381 (3,356) 25 Current contingent liabilities 1,569 — 1,569 Current deferred revenue 8,582 — 8,582 Current operating lease liabilities 1,611 — 1,611 Total current liabilities 23,712 (11,452) 12,260 Long-term contingent liabilities 4,175 — 4,175 Deferred income taxes, net 15,136 5,731 20,867 Long-term operating lease liabilities 24,822 — 24,822 Long-term deferred revenue 5,004 — 5,004 Other long-term liabilities 298 (298) — Total liabilities 73,147 (6,019) 67,128 Parent company net investment 229,410 (229,410) — Common stock — 12 12 Additional paid-in capital — 325,970 325,970 Total liabilities and stockholders’ equity $ 302,557 $ 90,553 $ 393,110 Liquidity and Capital Resources Prior to the Separation, Legacy OmniAb was dependent upon Ligand for all of its working capital and financing requirements, as Ligand used a centralized approach to cash management and financing its operations. There were no cash amounts specifically attributable to Legacy OmniAb for the historical periods presented; therefore, there was no cash reflected in the combined financial statements. Accordingly, cash and cash equivalents, debt or related interest expense were not allocated to Legacy OmniAb in the combined financial statements. Financing transactions related to OmniAb were accounted for as a component of the Parent company net investment in the combined balance sheets and as a financing activity including an interest expense component allocation on the accompanying combined statements of cash flows. In connection with the Separation, Ligand funded the Company with approximately $1.8 million of cash. Additionally, the Company’s proceeds, net of transactions costs from the Business Combination were $95.8 million. See Note 4 – Business Combination, for further details. In January 2023, the Company received an aggregate of $35.0 million in milestone payments in connection with teclistamab. For the years ended December 31, 2022 and 2021, the Company’s revenue was $59.1 million and $34.7 million, respectively. For the years ended December 31, 2022 and 2021, the Company’s net loss was $22.3 million and $27.0 million, respectively. The Company expects to continue to incur losses for the foreseeable future, and anticipates these losses will increase substantially as it invests in research and development activities to improve its technology and platform, market and sell its solutions to existing and new partners, add operational, financial and management information systems and personnel to support its operations and incur additional costs associated with operating as a public company. The Company’s ability to continue its operations is dependent upon its ability to obtain additional capital in the future and generate cash flows from operations. The Company believes its existing cash, cash equivalents and marketable securities and the cash it expects to generate from operations, including milestone payments received in January 2023, will provide it the flexibility needed to meet operating, investing, and financing needs and support operations through at least the next 12 months. The accompanying consolidated and combined financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Emerging Growth Company OmniAb qualifies as an “emerging growth company” (“EGC”) as defined in Section 2(a) of the Securities Act of 1933, as amended, (“Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. OmniAb has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, OmniAb, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of OmniAb’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period, difficult because of the potential differences in accounting standards used.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of these consolidated and combined financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated and combined financial statements and the accompanying notes. Actual results may differ from those estimates. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less when purchased. As of December 31, 2022, cash and cash equivalents consisted of bank deposits, money market funds as well as U.S. government agency and corporate debt securities. The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the consolidated and combined balance sheets to the total of the amount presented in the consolidated and combined statements of cash flows: (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,390 $ — Restricted cash included in other non-current assets 449 — Total cash, cash equivalents and restricted cash presented in the consolidated and combined statements of cash flows $ 33,839 $ — The restricted cash relates to the Company’s property leases and is included in “Other long-term assets”. The restriction will lapse when the related leases expire. Short-term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company classifies short-term investments as “available-for-sale” as the sale of such investments may be required prior to maturity to implement management strategies. Therefore, the Company has classified all investments with original maturity dates beyond three months as current assets in the accompanying consolidated and combined balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders’ equity until realized. Accounts Receivable The Company’s accounts receivable represents the amounts billed to its partners and that are due unconditionally for services the Company has performed. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experienced and adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include historical loss experience, delinquency trends, aging behavior of receivables, credit and liquidity quality indicators for industry groups, customer classes or individual customers and the current and expected future economic and market conditions. Property and Equipment Property and equipment are stated at cost, subject to review for impairment, and depreciated over the estimated useful lives of the assets using the straight-line method. Amortization of leasehold improvements is recorded over the shorter of the lease term or estimated useful life of the related asset. Maintenance and repairs are charged to operations as incurred. When assets are sold, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operating income or expense. Asset Estimated Useful Life Lab and office equipment 4 - 7 years Computer hardware 3 - 5 years Leasehold improvements Shorter of the useful life or remaining lease term Computer software Shorter of 3 years or useful life of asset Acquisitions The Company first determines whether a set of assets acquired constitutes a business and should be accounted for as a business combination. If the assets acquired are not a business, the Company accounts for the transaction as an asset acquisition. Business combinations are accounted for by using the acquisition method of accounting which requires the Company to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the Company may adjust the provisional amounts recognized). Under the acquisition method of accounting, the Company recognizes separately from goodwill the identifiable assets acquired, the liabilities assumed, including contingent consideration and all contractual contingencies, generally at the acquisition date fair value. Contingent purchase consideration to be settled in cash is remeasured to estimated fair value at each reporting period with the change in fair value recorded in the statement of operations. Costs that the Company incurs to complete the business combination such as investment banking, legal and other professional fees are not considered part of consideration and the Company charges them to general and administrative expense as they are incurred. The Company measures goodwill as of the acquisition date as the excess of consideration transferred, which is also measured at fair value, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Should the initial accounting for a business combination be incomplete by the end of a reporting period that falls within the measurement period, the Company reports provisional amounts in its financial statements. During the measurement period, the Company adjusts the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and the Company records those adjustments to its financial statements in the period of change, if any. Under the acquisition method of accounting for business combinations, if the Company identifies changes to acquired deferred tax asset valuation allowances or liabilities related to uncertain tax positions during the measurement period and they relate to new information obtained about facts and circumstances that existed as of the acquisition date, those changes are considered a measurement period adjustment and the Company records the offset to goodwill. The Company records all other changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions in current period income tax expense. Goodwill, Intangible Assets and Other Long-Lived Assets Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of net assets acquired. Goodwill is reviewed for impairment at least annually during the fourth quarter, or more frequently if an event occurs indicating the potential for impairment. During the goodwill impairment review, the Company assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of its reporting unit is less than the carrying amount, including goodwill. The Company operates in one reporting unit. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance, and events affecting the reporting unit. If, after assessing the totality of these qualitative factors, the Company determines that it is not more-likely-than-not that the fair value of its reporting unit is less than the carrying amount, then no additional assessment is deemed necessary. Otherwise, the Company proceeds to perform the quantitative assessment. The Company will then evaluate goodwill for impairment by comparing the estimated fair value of the reporting unit to its carrying value, including the associated goodwill. To determine the fair value, the Company generally uses a combination of market approach based on OmniAb and comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows. The Company’s cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors. The Company may also elect to bypass the qualitative assessment in a period and elect to proceed to perform the quantitative assessment for the goodwill impairment test. The Company performed the annual assessment for goodwill impairment during the fourth quarter of 2022 and 2021, noting no impairment indicators under the qualitative assessment. The Company’s identifiable intangible assets are composed of acquired core technologies, licensed technologies, contractual relationships, customer relationships and trade names. Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over the assets’ respective estimated useful life. The Company regularly performs reviews to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, the Company estimates the fair value of the assets and records an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include market conditions, industry and economic trends, changes in regulations, clinical success, historical and forecasted financial results, significant changes in the ability of a particular asset to generate positive cash flows, and the pattern of utilization of a particular asset. The Company did not identify indicators of impairment for the finite-lived intangibles and other long-lived assets at December 31, 2022 and 2021. Public, Private Placement, Forward Purchase and Backstop Common Stock Warrants The Company assumed 7,666,667 warrants originally issued in APAC’s initial public offering (the “Public Warrants”) and 8,233,333 warrants issued in a private placement that closed concurrently with APAC’s initial public offering, (the “Private Placement Warrants”) in the Business Combination. Additionally, as further discussed in Note 4 – Business Combination, pursuant to the Amended and Restated Forward Purchase Agreement, dated as of March 23, 2022 (the “A&R FPA”), on the Closing Date, the Company issued 1,666,667 warrants in the Forward Purchase (the “Forward Purchase Warrants”) and 1,445,489 warrants in the Redemption Backstop (the “Backstop Warrants”). The Public, Private Placement, Forward Purchase and Backstop Warrants entitle the holder to purchase one share of common stock at an exercise price of $11.50 per share. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the warrants may be cashless exercised at the option of the Company. The Private Placement Warrants have terms and provisions that are identical to the Public Warrants except that the Private Placement Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination. The Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants. The Forward Purchase Warrants and the Backstop Warrants have the same terms as the Private Placement Warrants. The Company evaluated the Public, Private Placement, Forward Purchase and Backstop Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity (“ASC 815-40”), and concluded they meet the criteria for equity classification as they are considered to be indexed to the Company’s own stock. Since the Public, Private Placement, Forward Purchase and Backstop Warrants met the criteria for equity classification upon the consummation of the Business Combination, the Company recorded these warrants in additional paid-in capital as part of the Business Combination. Revenue Recognition The Company’s revenue is primarily generated from license fees for technology access, development, regulatory and sales based milestone payments, service revenue for performance of research, and royalties on product sales. The Company applies the following five-step model in accordance with ASC 606, Revenue from Contracts with Customers, in order to determine revenue: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company’s revenue is typically derived from license agreements with its partners and consists of: (i) upfront or annual payments for technology access (license revenue) and payments for performance of research services (service revenue); (ii) downstream payments in the form of preclinical, intellectual property, clinical, regulatory, and commercial milestones (milestone revenue) and (iii) royalties on net sales from partners’ product sales, if any. License fees are generally recognized at a point in time once the Company grants partners access to intellectual property rights. The Company generally satisfies its obligation to grant intellectual property rights on the effective date of the contract. The Company recognizes service revenue for contracted R&D services performed for partners over time. The Company measures its progress using an input method based on the effort it expends or costs it incurs toward the satisfaction of its performance obligation. The Company estimates the amount of effort it expends, including the time it will take to complete the activities, or the costs it may incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that it multiplies by the transaction price to determine the amount of revenue recognized each period. This approach requires the Company to make estimates and use judgment. If estimates or judgments change over the course of the collaboration, they may affect the timing and amount of revenue recognized in current and future periods. The Company includes contingent milestone based payments in the estimated transaction price when there is a basis to reasonably estimate the amount of the payment and it is probable of being achieved. These estimates are based on historical experience, anticipated results and its best judgment at the time. If the contingent milestone based payment is sales-based, we apply the royalty recognition constraint and record revenue when the underlying sale has taken place. Significant judgments must be made in determining the transaction price for licenses of intellectual property. Because of the risk that products in development with partners will not reach development based milestones or receive regulatory approval, the Company generally recognizes any contingent payments that would be due to it upon or after achievement of the development milestone or regulatory approval. Deferred Revenue Depending on the terms of the arrangement, the Company may also defer a portion of the consideration received if it had to satisfy a future obligation. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated and combined balance sheets. The Company generally receives payment at the point it satisfies its obligation or soon after. Any fees billed in advance of being earned are recorded as deferred revenue. During the year ended December 31, 2022, the amount recognized as revenue that was previously deferred at December 31, 2021 was $10.5 million. During the year ended December 31, 2021, the amount recognized as revenue that was previously deferred at December 31, 2020 was $7.4 million. Disaggregation of Revenue The following table represents disaggregation of revenue by type: (Dollars in thousands) 2022 2021 Milestone revenue $ 33,871 $ 10,164 Service revenue 18,784 20,084 License fees 5,055 4,500 Royalty revenue 1,367 — Total revenue $ 59,077 $ 34,748 Research and Development Expenses Research and development expenses consist of material, equipment, facilities and labor costs of scientific staff who are working pursuant to collaborative agreements and other research and development projects. Also included in research and development expenses are third-party costs incurred for research programs including in-licensing costs, and costs incurred by other research and development service vendors. The Company expenses these costs as they are incurred. When the Company makes payments for research and development services prior to the services being rendered, it records those amounts as prepaid assets on its consolidated and combined balance sheets and it expenses them as the services are provided. Share-Based Compensation Prior to the Separation, certain Company employees, directors, managers and advisors participated in share-based compensation plans sponsored by Ligand. Ligand share-based compensation awards consisted of stock options, restricted stock units (“RSUs”), performance restricted stock units (“PRSUs”) and other cash-based or share-based awards. As such, prior to the Separation the awards granted to Company employees, directors, managers and advisors are reflected in Parent company net investment within the combined statements of stockholders’ equity at the time they were expensed. Prior to the Separation, the consolidated and combined statements of operations and comprehensive loss also include an allocation of Ligand’s corporate and shared employee share-based compensation expenses. The Company recognizes share-based compensation expense based on the estimated fair value on a straight-line basis over the requisite service periods of the awards, taking into consideration forfeitures as they occur. The fair value of RSUs is determined by the closing market price of the Company’s common stock on the date of grant. PRSUs generally represent the right to receive a certain number of shares of common stock based on the achievement of the Company’s corporate performance goals and continued employment during the vesting period. Share-based compensation expense for these PRSUs is measured using the Monte-Carlo valuation model and is not adjusted for the achievement, or lack thereof, of the market conditions. The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of stock purchases under the ESPP and stock options granted. The model assumptions include expected volatility, term, dividends, and the risk-free interest rate. The Company measures and recognizes compensation expense for shares to be issued under its employee stock purchase plan based on an estimated grant date fair value recognized on a straight-line basis over the offering period. Income Taxes The Company provides for income taxes under the asset and liability method prescribed by the ASC Topic 740, Income Taxes (“Topic 740”). Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates in effect when the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to reflect the uncertainty associated with their ultimate realization. The Company accounts for uncertain tax positions recognized in the consolidated and combined financial statements in accordance with the provisions of Topic 740 by prescribing a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. When uncertain tax positions exist, we recognize the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any changes to these estimates, based on the actual results obtained and/or a change in assumptions, could affect its income tax provision in future periods. Interest and penalty charges, if any, related to unrecognized tax benefits would be classified as a provision for income tax in its consolidated and combined statements of operations. Prior to the Separation, Legacy OmniAb’s income taxes include current and deferred income taxes of Ligand allocated to its combined financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed in Topic 740. Accordingly, the Company’s income tax provision was prepared following the “Separate Return Method.” The Separate Return Method applies Topic 740 to the combined financial statements of the OmniAb members of the consolidated group as if the group member were a separate taxpayer which joined in filing a consolidated federal income tax return and combined state income tax returns separate from Ligand. In general, the taxable loss of Legacy OmniAb for the tax periods ended October 31, 2022 and 2021 was included in Ligand’s U.S. consolidated federal and combined state income tax returns, where applicable. As such, separate income tax returns were not prepared for OmniAb. Consequently, income taxes currently payable are deemed to have been remitted to Ligand in the period the liability arose and income taxes currently receivable are deemed to have been received from Ligand in the period that a refund could have been recognized by OmniAb had we been a separate taxpayer, if applicable. For the period from November 1 through December 31, 2022, the Company will file its own consolidated federal income tax return and combined state income tax returns separate from Ligand. Any income taxes due for the tax year ended December 31, 2022 will be directly payable by the Company. Income (Loss) Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. For periods prior to the Separation, basic and diluted income (loss) per share was calculated based on the 82.6 million shares issued to Ligand shareholders at the Closing Date. Comprehensive Income (Loss) Comprehensive income (loss) represents net income (loss) adjusted for the change during the periods presented in unrealized gains and losses on available-for-sale debt securities and reclassification adjustments for realized gains or losses included in net income (loss). The unrealized gains or losses are reported in the consolidated and combined statements of operations and comprehensive income (loss). Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not currently believe that any of these pronouncements will have a material impact on its consolidated and combined financial statements and related disclosures. The Company did not adopt any new accounting standards during the year ended December 31, 2022 which had a material impact on the consolidated and combined financial statements. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision-maker in deciding how to allocate resources and assess performance. The Company currently operates in one reportable business segment. Concentrations of Business Risk Revenue from significant partners, which is defined as 10% or more of total revenue, was as follows: Year Ended December 31, 2022 2021 Partner A 47% 24% Partner B 15% 28% Partner C 10% (1) Partner D (1) 11% _____________ (1) less than 10%

RELATIONSHIP WITH PARENT AND RE

RELATIONSHIP WITH PARENT AND RELATED ENTITIES	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Relationship with Parent and Related Entities	3. Relationship with Parent and Related Entities Prior to the Separation, the OmniAb business was managed and operated in the normal course of business consistent with other affiliates of the Parent. Accordingly, certain shared costs were allocated to the Company and reflected as expenses in the combined financial statements. Management considered the allocation methodologies used to be reasonable and appropriate reflections of the historical Parent expenses attributable to OmniAb for purposes of the stand-alone financial statements. However, the expenses reflected in the combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if OmniAb historically operated as a separate, stand-alone entity. In addition, the expenses reflected in the combined financial statements may not be indicative of related expenses that will be incurred in the future by OmniAb. General Corporate Overhead The combined statements of operations include expenses for certain centralized functions (such as information systems, accounting, treasury, audit, purchasing, human resources, legal and facilities), executive compensation and other programs provided and/or administered by Parent that were charged directly to the Company. A portion of these costs benefited the Company and were allocated using a pro-rata method based on project-related costs or other measures that management believed were consistent and reasonable. Costs of $5.5 million for the ten months ended October 31, 2022, and $6.1 million for the year ended December 31, 2021, respectively, have been reflected in the general and administrative expenses in our combined statements of operations for our allocated share of Parent’s corporate overhead. Cash Management and Financing The Company participated in Ligand’s centralized cash management and financing programs prior to the Separation. Disbursements were made through centralized accounts payable systems which were operated by Ligand. Cash receipts were transferred to centralized accounts, also maintained by Ligand. As cash was disbursed and received by Ligand, it was accounted for through the Parent company net investment. All obligations were financed by Ligand and financing decisions were determined by central Ligand treasury operations. Equity-Based Incentive Plans Certain of our employees participated in the former Parent’s equity-based incentive plans. Under the Ligand 2002 Stock Incentive Plan (2002 Plan), employees, directors, managers and advisors were awarded share-based incentive awards in a number of forms, including nonqualified stock options. Under the 2002 Plan, employees could be awarded share-based incentive awards which included non-statutory stock options or incentive stock options, restricted stock units, performance stock units and other cash-based or share-based awards. Awards granted to employees under the incentive plans typically vested 1/8 on the six forty-two Compensation costs associated with the Company’s employees’ participation in the incentive plans were specifically identified for employees who exclusively supported the Company’s operations and were allocated to the Company as part of the cost allocations from the Company’s former Parent. Total costs charged to the Company related to its employees’ participation in the former Parent’s incentive plans, depending on the nature of the employee’s role in our operations, were $14.4 million ($8.2 million in research and development expenses and $6.2 million in general and administrative expenses), $15.1 million ($9.0 million in research and development expenses and $6.1 million in general and administrative expenses), during the ten months ended October 31, 2022 and year ended December 31, 2021, respectively. Employee Stock Purchase Plan The Company’s eligible employees participated in its former Parent’s ESPP. The ESPP permitted eligible participants to purchase Ligand’s shares at a discount through regular payroll deductions of up to 10% of their eligible compensation during the offering period. The ESPP was typically implemented through consecutive six Costs charged to the Company related to the Company’s participation in its former Parent’s ESPP was $0.1 million for each of the years ended December 31, 2022 and 2021.

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	4. Business Combination As discussed in Note 1 – Organization and Basis of Presentation, on November 1, 2022, the Company consummated the transactions contemplated by the Merger Agreement. At the Closing Date, and subject to the terms and conditions of the Merger Agreement, each outstanding share of Legacy OmniAb Common Stock was cancelled in exchange for 4.90007 shares of common stock of OmniAb, par value $0.0001 per share (“OmniAb Common Stock”) and 0.75842 shares of OmniAb Common Stock subject to certain price-based earnout triggers (the “Earnout Shares”). Holders of shares of Legacy OmniAb common stock received an aggregate 82,611,789 shares of the OmniAb Common Stock, excluding Earnout Shares, as consideration in the Business Combination. In addition, all outstanding Legacy OmniAb equity awards were converted into OmniAb equity awards to purchase, in the case of options, or receive, in the case of restricted stock units and performance-vesting restricted stock units, shares of OmniAb Common Stock, in each case, equal to the number of shares underlying such Legacy OmniAb equity awards multiplied by the Exchange Ratio. Each holder of an outstanding Legacy OmniAb equity award also received Earnout Shares equal to the number of shares of Legacy OmniAb Common Stock underlying such equity award multiplied by 0.75842. Holders of shares of Legacy OmniAb common stock and holders of Legacy OmniAb equity awards received an aggregate 14,999,243 Earnout Shares as consideration in the Business Combination. 50% of the Earnout Shares will vest on the date on which the volume-weighted average price (“VWAP”) equals or exceeds $12.50 on any 20 trading days in any 30 consecutive trading-day period, and all remaining Earnout Shares will vest on the date on which the VWAP equals or exceeds $15.00 on any 20 trading days in any 30 consecutive trading-day period, in each case provided such vesting occurs during the five Pursuant to the Sponsor Insider Letter Agreement executed concurrently with the Merger Agreement, by and among APAC, Avista Acquisition LP II (the “Sponsor”), Legacy OmniAb and certain insiders of APAC, 1,293,299 shares of OmniAb Common Stock held by the Sponsor became subject to the same price-based vesting conditions as the Earnout Shares (the “Earnout Founder Shares”). The Earnout Founder Shares are accounted for as equity-classified equity instruments and recorded in additional paid-in capital as part of the Business Combination. On the Closing Date, the Company completed the issuance and sale of 1,500,000 shares of the Company’s common stock and 1,666,667 Forward Purchase Warrants to the Sponsor for an aggregate purchase price of $15.0 million (the “Forward Purchase”), pursuant to the amended and restated forward purchase agreement (the “A&R FPA”). Additionally, and also pursuant to the A&R FPA, on the Closing Date, the Company completed the sale of 8,672,934 shares of the Company’s common stock and 1,445,489 Backstop Warrants to the Sponsor for a purchase price of $10.00 per share and aggregate purchase price of $86.7 million in order to backstop shareholder redemptions which would have otherwise resulted in the cash proceeds available to OmniAb following the Business Combination from OmniAb’s trust account to be less than $100,000,000. Refer to Note 10 – Stockholders' Equity, for additional information on the accounting for the Forward Purchase Warrants and Backstop Warrants. The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, APAC was treated as the “acquired” company and OmniAb is treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of OmniAb issuing stock for the net assets of APAC, accompanied by a recapitalization. The net assets of APAC are stated at historical cost, with no goodwill or other intangible assets recorded. Upon the closing of the Business Combination, the Company’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of all classes of capital stock to 1,100,000,000 shares, $0.0001 par value per share, of which, 1,000,000,000 shares are designated as OmniAb Common Stock and 100,000,000 shares are designated as preferred stock. The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of stockholders’ equity for the year ended December 31, 2022: in thousands Amount Cash - A&R FPA - Backstop $ 86,729 Cash - A&R FPA 15,000 Cash - Avista trust and cash, net of redemptions 9,103 Less: Transaction costs paid at closing by Avista (9,209) Less: Transaction costs paid at closing by OmniAb (5,381) Cash contributions from the Business Combination, net of transaction costs 96,242 Less: Transaction costs accrued not paid by OmniAb (473) Net Business Combination and related transactions $ 95,769 The number of shares of common stock issued immediately following the consummation of the Business Combination: Amount Shares issued pursuant to A&R FPA - Backstop 8,672,934 Avista shares held by the Sponsor 4,456,701 Shares issued pursuant to A&R FPA 1,500,000 Earnout shares issued to founders 1,293,299 Common stock of Avista net of redemptions 1,286,136 Total shares issued in Business Combination, A&R FPA 17,209,070 Shares issued for OmniAb common stock 82,611,789 Earnout shares issued to OmniAb 14,999,243 Total shares of common stock immediately following the Business Combination 114,820,102

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	5. Fair Value Measurement The Company measures its financial assets and liabilities at fair value, which is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following three-level valuation hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value its financial assets and liabilities: • Level 1 - Observable inputs such as unadjusted quoted prices in active markets for identical instruments. • Level 2 - Quoted prices for similar instruments in active markets or inputs that are observable for the asset or liability, either directly or indirectly. • Level 3 - Significant unobservable inputs based on the Company’s assumptions. Financial Instruments Measured on a Recurring Basis The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021: Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 26,056 $ — — $ 26,056 Government and agency securities — 2,987 — 2,987 Corporate debt securities — 1,510 — 1,510 Total cash equivalents $ 26,056 $ 4,497 $ — $ 30,553 Short-term investments Government and agency securities 29,951 4,838 — 34,789 Corporate debt securities — 1,983 — 1,983 Commercial paper — 17,491 — 17,491 Asset-backed securities — 612 — 612 Total short-term investments $ 29,951 $ 24,924 $ — $ 54,875 Liabilities: Current contingent liabilities $ — $ — $ 4,022 $ 4,022 Long-term contingent liabilities — — 4,089 4,089 Total liabilities $ — $ — $ 8,111 $ 8,111 Fair Value Measurements as of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Current contingent liabilities $ — $ — $ 2,538 $ 2,538 Long-term contingent liabilities — — 4,826 4,826 Total liabilities $ — $ — $ 7,364 $ 7,364 The carrying amounts reported in our consolidated and combined balance sheets for accounts receivable, other assets, accounts payable and other accrued expenses approximate fair value due to their relatively short periods to maturity. Available-for-Sale Securities The Company obtains the fair value of its Level 2 available-for-sale securities from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. The Company did not adjust or override any fair value measurements provided by these pricing services as of December 31, 2022. The Company has not transferred any investment securities between classification levels. Contingent Liabilities Contingent liabilities are measured at fair valued each reporting period by using a probability weighted income approach. A reconciliation of the Level 3 financial instruments as of December 31, 2022 and 2021 is as follows: (in thousands) Crystal (1) Taurus (2) xCella (2) Icagen (1) Total Beginning balance as of January 1, 2021 $ 800 $ — $ — $ 6,404 $ 7,204 Payments to CVR holders — — (720) (1,050) (1,770) Fair value adjustments to contingent liabilities (800) — 720 2,010 1,930 Balance as of December 31, 2021 — — — 7,364 7,364 Payments to CVR holders — — (1,440) (2,025) (3,465) Fair value adjustments to contingent liabilities — 1,600 3,204 (592) 4,212 Balance as of December 31, 2022 $ — $ 1,600 $ 1,764 $ 4,747 $ 8,111 _____________ (1) Changes in the fair values of contingent liabilities in connection with the acquisition of Crystal and Icagen are recognized in Other operating (income) expense, net in the consolidated and combined statements of operations and comprehensive loss and in the operating section of the statements of cash flows . Payments to CVR holders are disclosed in the financing section of the statements of cash flows. (2) Changes in the fair values of contingent liabilities in connection with the acquisition of Taurus and xCella are recognized in Intangible assets, net in the consolidated and combined balance sheets. Payments to CVR holders are disclosed in the investing section of the statement of cash flows. Contingent liabilities are classified as Level 3 liabilities as their valuation requires substantial judgment and estimation of factors that are not currently observable in the market. These subjective estimates include but are not limited to assumptions involving the achievement probability of certain developmental and commercialization milestones, discount rates, and projected years of payments. If different assumptions were used for the various inputs to the valuation approaches, the estimated fair value could be materially higher or lower than the fair value determined. Assets Measured on a Non-Recurring Basis The Company applies fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to goodwill, finite-lived intangible assets, and long-lived assets.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	6. Short-Term Investments The Company classified short-term investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies. The Company did not have short-term investments as of December 31, 2021. The following table summarizes short-term investments as of December 31, 2022: As of December 31, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Government and agency securities $ 34,781 $ 15 $ (7) $ 34,789 Commercial paper 17,491 — — 17,491 Corporate debt securities 1,983 — — 1,983 Asset-backed securities 611 1 — 612 Total investments $ 54,866 $ 16 $ (7) $ 54,875 The Company has classified all investments with maturity dates beyond three months at the date of purchase as short-term investments in the consolidated and combined balance sheets based upon its ability and intent to use the investments to satisfy the liquidity needs of current operations. The following table summarizes available-for-sale investments by maturity as of December 31, 2022: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 54,866 $ 54,875 Due after one year — — Total investments $ 54,866 $ 54,875 The following table summarizes the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of December 31, 2022: As of December 31, 2022 Less than 12 months More than 12 months Total (in thousands) Count Fair Unrealized Count Fair Unrealized Count Fair Unrealized Government and agency securities 7 $ 13,667 $ (7) — $ — $ — 7 $ 13,667 $ (7) 7 $ 13,667 $ (7) — $ — $ — 7 $ 13,667 $ (7)

BALANCE SHEET ACCOUNT DETAILS

BALANCE SHEET ACCOUNT DETAILS	12 Months Ended
	Dec. 31, 2022
Balance Sheet Account Details [Abstract]
Balance Sheet Account Details	7. Balance Sheet Account Details Property and Equipment, Net Property and equipment, net, consisted of the following as of December 31, 2022 and 2021: December 31, (in thousands) 2022 2021 Leasehold improvements $ 16,085 $ 1,320 Lab and office equipment 8,126 5,597 Computer equipment and software 641 182 Construction in progress 315 2,988 Property and equipment, at cost 25,167 10,087 Less accumulated depreciation and amortization (5,188) (3,292) Total property and equipment, net $ 19,979 $ 6,795 Depreciation expense of $3.2 million and $2.0 million was recognized during the years ended December 31, 2022 and 2021, respectively, and was included in operating expenses. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of December 31, 2022 and 2021: December 31, (in thousands) 2022 2021 Compensation $ 4,101 $ 2,320 Royalties owed to third parties 739 296 Professional service fees 664 67 Acquisitions related liabilities — 1,000 Other 53 64 Total accrued expenses and other current liabilities $ 5,557 $ 3,747

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets The following is a summary of goodwill and intangible assets: December 31, (in thousands) 2022 2021 Goodwill $ 83,979 $ 83,979 Definite-lived intangible assets Complete technology 231,379 227,403 Less: Accumulated amortization (71,964) (60,099) Customer relationships 11,100 11,100 Less: Accumulated amortization (3,273) (2,083) Intangible assets, net $ 167,242 $ 176,321 Total goodwill and other identifiable intangible assets, net $ 251,221 $ 260,300 Goodwill There were no changes in the carrying amount of goodwill during the years ended December 31, 2022 and 2021. Intangible Assets Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful life of the asset of up to 20 years and is reflected within depreciation and amortization expense on the consolidated and combined statements of operations and comprehensive loss. Amortization expense of $13.0 million and $13.0 million was recognized for the years ended December 31, 2022 and 2021, respectively. For each of the years ended December 31, 2022 and 2021, there was no impairment of intangible assets with finite lives. The remaining weighted-average useful life of definite lived intangible assets is 13.1 years. At December 31, 2022, future amortization expense on intangible assets is estimated to be as follows: (in thousands) Years Ending December 31, 2023 $ 13,478 2024 13,478 2025 13,358 2026 13,318 2027 13,318 Thereafter 100,292 $ 167,242

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Lease Commitments The Company’s corporate headquarters and research and development facilities are located in Emeryville, California, where it leases approximately 35,000 square feet of space under leases expiring in 2032. The Company’s Icagen ion technology business leases approximately 31,000 square feet of research and development space in Durham, North Carolina and Tucson, Arizona, under leases that expire between 2026 and 2029. The Company’s lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material termination options. The Company’s operating lease costs are primarily related to facility leases for administration offices and research and development facilities and its finance leases are immaterial. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using the Company’s incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the consolidated and combined balance sheets, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The below table provides supplemental cash flow and other information related to operating leases (in thousands, except for lease term and discount rate): Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: $ 2,480 $ 1,071 Right-of-use assets obtained in exchange for lease obligations: $ 10,136 $ 14,515 Weighted average remaining lease term (in years) 8.6 9.2 Weighted average discount rate 4.3 % 3.9 % In addition to base rent, certain of the Company’s operating leases require variable payments. These variable lease costs include amounts relating to common area maintenance and are expensed when the obligation for those payments is incurred and are recognized as operating expenses in the consolidated and combined statements of operations. The following table summarizes the components of operating lease expense for the years ended December 31, 2022 and 2021: Year Ended December 31, (in thousands) 2022 2021 Operating lease cost $ 3,041 $ 1,630 Variable lease cost 1,281 597 Total lease costs $ 4,322 $ 2,227 Future minimum lease commitments are as follows as of December 31, 2022 (in thousands): Years Ending December 31, Operating Leases 2023 $ 3,329 2024 3,442 2025 3,727 2026 3,822 2027 3,922 Thereafter 15,018 Total lease payments 33,260 Less tenant improvement allowance (1,549) Less imputed interest (5,915) Present value of lease liabilities $ 25,796 Legal Proceedings From time to time, the Company has been and may be involved in various legal proceedings arising in its ordinary course of business. In the opinion of management, resolution of any pending claims (either individually or in the aggregate) is not expected to have a material adverse impact on the consolidated and combined financial statements, cash flows or financial position and it is not possible to provide an estimated amount of any such loss. However, the outcome of disputes is inherently uncertain. Therefore, although management considers the likelihood of such an outcome to be remote, an unfavorable resolution of one or more matters could materially affect future results of operations or cash flows, or both, in a particular period.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	10. Stockholders' Equity Authorized and Outstanding Capital Stock The total number of shares of the Company’s authorized capital stock is 1,100,000,000. The total amount of authorized capital stock consists of 1,000,000,000 shares of Common Stock and 100,000,000 shares of preferred stock. As of December 31, 2022, no shares of preferred stock are issued or outstanding. Common Stock Holders of Common Stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, including the election of directors, and do not have cumulative voting rights. Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our Common Stock are entitled to receive ratably those dividends, if any, as may be declared by the Board out of legally available funds. In the event of our liquidation, dissolution or winding up, the holders of Common Stock will be entitled to share ratably in the assets legally available for distribution to stockholders after the payment of or provision for all of our debts and other liabilities, subject to the prior rights of any preferred stock then outstanding. Holders of our Common Stock have no preemptive or conversion rights or other subscription rights and there are no redemption or sinking fund provisions applicable to the Common Stock. All outstanding shares of Common Stock are duly authorized, validly issued, fully paid and nonassessable. The rights, preferences and privileges of holders of our Common Stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future. Preferred stock Under the terms of our certificate of incorporation, our Board has the authority, without further action by our stockholders, to issue up to 100,000,000 shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, to fix the dividend, voting and other rights, preferences and privileges of the shares of each wholly unissued series and any qualifications, limitations or restrictions thereon, and to increase or decrease the number of shares of any such series, but not below the number of shares of such series then outstanding. Our Board may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our Common Stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deterring or preventing a change in our control and may adversely affect the market price of the Common Stock and the voting and other rights of the holders of our Common Stock. We have no current plans to issue any shares of preferred stock. Earnout Shares OmniAb Earnout Shares and Sponsor Earnout Shares are issued and outstanding. Earnout Shares vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of the Company for any 20 trading days over a consecutive 30 trading-day period during the five-year period following the Closing Date, with (i) fifty of such Earnout Shares vesting upon achievement of a VWAP of $12.50 per share of New OmniAb common stock or upon the occurrence of a change of control transaction that will result in the holders of New OmniAb common stock receiving a price per share in excess of $12.50, and (ii) the remaining fifty percent of the Earnout Shares vesting upon achievement of a VWAP of $15.00 per share of New OmniAb common stock or upon the occurrence of a change of control transaction that will result in the holders of New OmniAb common stock receiving a price per share in excess of $15.00. The Earnout Shares are not transferable until the vesting condition for the applicable tranche of Earnout Shares has been achieved. The Earnout Shares will be automatically forfeited for no consideration if an applicable OmniAb Triggering Event or Sponsor Triggering Event has not occurred from the Closing Date to and including the fifth anniversary of the Closing Date. Warrants As part of APAC’s initial public offering, 7,666,667 Public Warrants were sold. The Public Warrants entitle the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to adjustments. The Public Warrants are only exercisable for a whole number of shares of common stock. No fractional shares are to be issued upon exercise of the warrants. The Public Warrants will expire on November 1, 2027 (which is five years after the completion of the Business Combination), at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Public Warrants are listed on the Nasdaq Capital Market under the symbol “OABIW”. Additionally, once the Public Warrants become exercisable, the Company can redeem the outstanding Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three If the Company calls the Public Warrants for redemption as previously described, the Company has the option to require all holders that wish to exercise the Public Warrants to do so on a cashless basis. Simultaneously with APAC’s initial public offering, APAC consummated a private placement of 8,233,333 Private Placement Warrants with APAC’s sponsor. Each Private Placement Warrant is exercisable for one share of common stock at a price of $11.50 per share, subject to adjustment. The Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants except that the Private Placement Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination. The Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants. Additionally, on the Closing Date, the Company issued 1,666,667 Forward Purchase Warrants and 1,445,489 Backstop Warrants pursuant to the A&R FPA. The Forward Purchase Warrants and Backstop Warrants have the same terms as the Private Placement Warrants. The Company concluded the Public, Private Placement, Forward Purchase and Backstop Warrants meet the criteria to be classified as equity. Upon consummation of the Business Combination, the Public, Private Placement, Forward Purchase and Backstop Warrants were recorded in additional paid-in capital. Equity Compensation Plans 2022 Incentive Award Plan The Company’s board and stockholders adopted the 2022 Incentive Award Plan, or the 2022 Plan, which became effective upon the Closing of the Business Combination. Under the 2022 Plan, the Company may grant cash and equity incentive awards to eligible employees, directors and consultants. The initial aggregate number of shares of our common stock that was available for issuance under the 2022 Plan was equal to the sum of (i) 16,409,022 shares, and (ii) any shares which, as of the effective date of the 2022 Plan, were subject to awards under the OmniAb Prior Plans which, on or following the effective date of the 2022 Plan, become available for issuance pursuant to the 2022 Plan recycling provisions. In addition, the number of shares of our common stock available for issuance under the 2022 Plan will be annually increased on January 1 of each calendar year beginning in 2023 and ending in 2032 by an amount equal to the lesser of (i) a number equal to 5% of the fully-diluted shares on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as is determined by our Board. The 2022 Plan provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, dividend equivalents, RSUs and other stock or cash based awards. OmniAb Prior Plans In connection with the Business Combination, Legacy OmniAb adopted the OmniAb, Inc. 2022 Ligand Service Provider Assumed Award Plan and the OmniAb, Inc. 2022 OmniAb Service Provider Assumed Award Plan, collectively referred to as the OmniAb Prior Plans, which govern the OmniAb Equity Awards issued upon adjustment of outstanding Ligand equity awards in connection with the Distribution. All awards under the OmniAb Prior Plans that are outstanding as of the closing of the Business Combination will continue to be governed by the terms, conditions and procedures set forth in the OmniAb Prior Plans and any applicable award agreements, as those terms may be equitably adjusted in connection with the Business Combination. The Company assumed the OmniAb Prior Plans in connection with the closing of the Business Combination, and each of the awards thereunder. At the time of the Distribution, and after giving effect to the adjustment of the OmniAb Equity Awards to reflect the Business Combination, awards representing the right to receive an aggregate of 5,997,765 and 8,302,710 shares of our common stock were outstanding under the OmniAb, Inc. 2022 Ligand Service Provider Assumed Award Plan and the OmniAb, Inc. 2022 OmniAb Service Provider Assumed Award Plan, respectively. No future awards will be granted under the OmniAb Prior Plans. Shares subject to outstanding awards under the OmniAb Prior Plans as of the effective date of the 2022 Plan may, on or following the effective date of the 2022 Plan, become available for issuance pursuant to the 2022 Plan recycling provisions.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	11. Share-Based Compensation Conversion and Modification of Equity Awards Outstanding at Separation Date In connection with the Separation on November 1, 2022, under the provisions of the existing plans, the Company adjusted its outstanding equity awards in accordance with the Merger Agreement to preserve the intrinsic value of the awards immediately before and after the Distribution. Upon the Distribution, employees holding stock options, restricted stock units and performance restricted stock units denominated in pre-Distribution Ligand stock received a number of otherwise-similar awards either in post-Distribution Ligand stock or in a combination of post-Distribution Ligand stock and OmniAb stock based on conversion ratios outlined for each group of employees in the Merger Agreement that the Company entered into in connection with the Distribution. The equity awards that were granted prior to March 2, 2022 were converted under the shareholder method, wherein employees holding outstanding equity awards received equity awards in both Ligand and OmniAb. For equity awards granted after March 2, 2022, for Ligand employees, the number of awards that were outstanding at the Separation were proportionately adjusted into post-Distribution Ligand stock to maintain the aggregate intrinsic value of the awards at the date of the Separation; for OmniAb employees, the number of awards that were outstanding at the Separation were proportionately adjusted into post-Distribution OmniAb stock to maintain the aggregate intrinsic value of the awards at the date of the Separation. The conversion ratio was determined based on the relative values of Ligand common stock in the “regular way” and “ex-distribution” markets during the five These modified awards otherwise retained substantially the same terms and conditions, including term and vesting provisions. Due to the modification of the equity awards as a result of the Distribution, the Company compared the fair value of the outstanding equity awards immediately before and after the Distribution. Due to the immaterial amount of incremental expense, the Company did not recognize any incremental fair value as a result of the modification. The Company will not incur any future compensation cost related to equity awards held by Ligand employees and directors. The Company will incur future compensation cost related to Ligand equity awards held by OmniAb employees. The Company recognized share-based compensation expense by function as follows: Year Ended December 31, (in thousands) 2022 2021 Research and development expenses $ 10,312 $ 9,016 General and administrative expenses 8,010 6,049 Total share-based compensation expense $ 18,322 $ 15,065 The Company recognized share-based compensation expense by award type as follows: Year Ended December 31, (in thousands) 2022 2021 Stock options $ 10,489 $ 9,306 Restricted stock units 5,264 3,823 Performance restricted stock units 2,219 1,852 Employee share purchase plan 350 84 Total share-based compensation expense $ 18,322 $ 15,065 Stock Options Stock options granted under the 2022 Plan typically vest 1/8 on the 6-month anniversary of the date of grant, and 1/48 each month thereafter for 42 months. All option awards generally expire ten years from the date of grant. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options granted. The model assumptions include expected volatility, term, dividends, and the risk-free interest rate. • Expected volatility : Since the Company is a newly public company and does not have a trading history for its common stock, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. • Expected term : The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method which is an average of the contractual term of the option and its vesting period. • Dividend yield : The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero. • Risk-free interest rate : The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected term of the share-based awards. Prior to the Separation on November 1, 2022, valuation assumptions were determined by the Company’s former parent, Ligand, using historical and implied volatility of Ligand stock to determine the expected volatility. The expected term of an award was based on historical forfeiture experience, exercise activity, and on the terms and conditions of the stock awards. The expected dividend yield was determined to be 0% given that it had not paid any dividends on common stock in the past except for 2007, during which Ligand declared a cash dividend on its common stock of $2.50 per share, and did not expect to pay cash dividends or make any other distributions on common stock in the future. The risk-free interest rate was based upon U.S. Treasury securities with remaining terms similar to the expected term of the share-based awards. Following the Separation on November 1, 2022, the fair value of each option issued to employees was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 Risk-free interest rate 3.6 % — Expected volatility 49.6 % — Expected term (years) 6.1 0 Dividend yield — % — % The following table summarizes stock option activity under the Company’s equity award plans: Shares Weighted-average exercise price per share Weighted-average remaining contractual life (in years) Aggregate intrinsic value (in thousands) (1) Outstanding at January 1, 2022 — Converted in distribution (2) 6,952,164 $ 11.76 Granted 5,849,771 $ 3.71 Exercised — $ — Cancelled/Expired (111,147) $ 12.66 Outstanding at December 31, 2022 12,690,788 $ 8.04 8.5 $ 246 Exercisable at December 31, 2022 3,148,763 $ 12.21 5.9 $ — _____________ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options at December 31, 2022. (2) Excludes 5,625,551 of options issued to Ligand employees. As of December 31, 2022, unrecognized stock-based compensation expense related to OmniAb options was $29.3 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.66 years. As of December 31, 2022, unrecognized stock-based compensation expense related to Ligand options was $5.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.01 years. Restricted Stock Units Restricted stock units (“RSUs”) are awards of nontransferable shares of common stock subject to certain vesting conditions and other restrictions. RSUs generally vest over three years. The fair value of restricted stock is determined by the closing market price on the date of grant. The following table summarizes RSU activity during the year ended December 31, 2022 under the Company’s equity awards plans: Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2022 — $ — Converted in distribution (1) 1,017,696 $ 10.36 Granted — $ — Vested (145,544) $ 10.47 Forfeited (12,923) $ 10.48 Unvested balance at December 31, 2022 859,229 $ 10.31 _____________ (1) Excludes 464,196 unvested RSUs issued and outstanding to Ligand employees as of the Separation on November 1, 2022. As of December 31, 2022, unrecognized stock-based compensation expense related to OmniAb RSUs was $5.8 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.39 years. The aggregate intrinsic value of OmniAb RSUs vested during the year ended December 31, 2022 was $0.5 million. As of December 31, 2022, unrecognized stock-based compensation expense related to Ligand RSUs was $2.6 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.01 years. Performance Restricted Stock Units PRSUs are share awards that, upon vesting, will deliver to the holder shares of the Company’s common stock. PRSUs vest over a continued employment period and are based on the achievement of certain corporate performance or market goals. The Company’s PRSUs contain a market condition dependent upon the Company’s relative and absolute total stockholder return over a three-year period, with a payout range of —% to 200% of the target shares granted. Share-based compensation expense for these PRSUs is measured using the Monte-Carlo valuation model and is not adjusted for the achievement, or lack thereof, of the market conditions. The following table summarizes the PRSU activity during the year ended December 31, 2022, under the Company’s equity awards plans: Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2022 — $ — Converted in distribution (1) 94,749 $ 16.11 Granted — $ — Vested — $ — Forfeited — $ — Unvested balance at December 31, 2022 94,749 $ 16.11 _____________ (1) Pursuant to the terms of the awards granted, the actual number of awards earned could range between —% and 200% of target. The amount disclosed represents PRSU grants at target payout. As of December 31, 2022, unrecognized stock-based compensation expense related to OmniAb PRSUs was $1.2 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.00 years. Employee Stock Purchase Plan Under the Company’s 2022 Employee Stock Purchase Plan (the “ESPP”), eligible employees are entitled to purchase shares of common stock at a discount with accumulated payroll deductions. The ESPP provides for a series of overlapping 24-month offering periods comprising four six-month purchase periods. The initial offering period under the 2022 ESPP is longer than 24 months, commencing November 1, 2022 and ending on November 29, 2024. The purchase price for shares of common stock purchased under the ESPP is equal to 85% of the lesser of the fair market value of the Company’s common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each six The aggregate number of shares of our common stock that may be issued pursuant to rights granted under the ESPP equals 1,758,109 shares of our common stock. In addition, on the first day of each calendar year beginning on January 1, 2023 and ending on (and including) January 1, 2032, the number of shares available for issuance under the ESPP will be increased by a number of shares equal to the lesser of (i) 1% of the fully diluted shares outstanding on the final day of the immediately preceding calendar year, and (ii) such smaller number of shares as determined by our Board. Following the Separation on November 1, 2022, the fair value of ESPP shares issued to employees was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 Risk-free interest rate 4.7 % — Expected volatility 54.8 % — Expected term (years) 1.3 0 Dividend yield — % — % As of December 31, 2022, there was $1.6 million of unrecognized compensation expense associated with the ESPP, which is expected to be recognized over an estimated weighted-average period of 1.22 years.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The components of the income tax expense (benefit) are as follows: Year Ended December 31, (in thousands) 2022 2021 Current expense (benefit): Federal $ 3,477 $ — State 44 17 3,521 17 Deferred expense (benefit): Federal (7,063) (6,756) State (185) (569) (7,248) (7,325) Total income tax expense (benefit) $ (3,727) $ (7,308) A reconciliation of income tax expense (benefit) to the amount computed by applying the statutory federal income tax rate to the net income (loss) is summarized as follows: Year Ended December 31, (in thousands) 2022 2021 Tax at federal statutory rate $ (5,473) 21.0 % $ (7,214) 21.0 % State, net of federal benefit (218) 0.8 % (350) 1.0 % Contingent liabilities — — % (168) 0.5 % Share-based compensation 2,371 (9.0) % 1,143 (3.3) % Foreign-derived intangible income (55) 0.2 % — — % Research and development credits (444) 1.7 % (1,064) 3.1 % Change in uncertain tax positions 78 (0.3) % 119 (0.3) % State tax rate change (570) 2.2 % 37 (0.1) % Change in valuation allowance 880 (3.4) % 228 (0.7) % Other (296) 1.1 % (39) 0.1 % Total income tax benefit and effective tax rate $ (3,727) 14.3 % $ (7,308) 21.3 % The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are shown below. The Company assesses the positive and negative evidence to determine if sufficient future taxable income will be generated to realize the existing deferred tax assets. The Company’s evaluation of evidence resulted in management concluding that the majority of the Company’s deferred tax assets will be realized. The Company offsets all deferred tax assets and liabilities by jurisdiction, as well as any related valuation allowance, and presents them on our consolidated balance sheet as a non-current deferred income tax asset or liability (as applicable). Deferred tax assets (liabilities) are comprised of the following: December 31, (in thousands) 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 316 $ 6,618 Research credit carryforwards 1,341 2,803 Share-based compensation 3,454 1,703 Deferred revenue 2,090 1,768 Operating lease liabilities 5,650 3,088 Contingent liabilities 745 — Capitalized research and experimental expenditures 4,992 — Other 256 1,488 Valuation allowance for deferred tax assets (314) (526) Net deferred tax assets $ 18,530 $ 16,942 Deferred tax liabilities: Identified intangibles $ (32,890) $ (35,114) Operating lease assets (4,713) (2,973) Fixed assets (2,212) — Other (56) (817) Net deferred tax liabilities $ (39,871) $ (38,904) Deferred income taxes, net $ (21,341) $ (21,962) Prior to the Separation on November 1, 2022, OmniAb operated as part of Ligand and not as a stand-alone company. We determined the OmniAb income tax provision as if Legacy OmniAb had filed consolidated federal income tax returns and combined state income tax returns separate from Ligand since its inception on January 8, 2016 when Ligand acquired Legacy OmniAb (originally known as Open Monoclonal Technology, Inc. or OMT). We recorded the deferred tax assets related to net operating loss and research credit carryforwards at December 31, 2022 as a stand-alone company. We adjusted our deferred tax assets as of November 1, 2022 to reflect the actual tax attributes that the Company received when it left the consolidated group of Ligand. As of December 31, 2022, our deferred tax assets reflect the tax attributes that are available for us to use going forward. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 requires taxpayers to capitalize and amortize certain research and experimental expenditures over five years for domestic research and 15 years for foreign research pursuant to Section 174 of the Internal Revenue Code of 1986, as amended. The Company recorded a net increase of $5.0 million to income tax payable and deferred tax assets during 2022 due to the capitalization of research and experimental expenditures under Section 174. As of December 31, 2022, the Company had federal net operating loss carryforwards set to expire through 2037 of $0.4 million, and $3.2 million of state net operating loss carryforwards that are set to expire through 2039. The Company also had $0.5 million of federal research and development credit carryforwards, which expire through 2028, and $1.4 million of California research and development credit carryforwards that have no expiration date. Pursuant to Section 382 and 383 of the Internal Revenue Code of 1986, as amended, utilization of the Company’s net operating losses and credits may be subject to annual limitations in the event of any significant future changes in its ownership structure. These annual limitations may result in the expiration of net operating losses and credits prior to utilization. The deferred tax assets as of December 31, 2022 are net of any previous limitations due to Section 382 and 383. The Business Combination on November 1, 2022 did not trigger an ownership change under Section 382. The Company accounts for income taxes by evaluating a probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company’s remaining liabilities for uncertain tax positions are presented net of the deferred tax asset balances on the accompanying consolidated and combined balance sheets. A reconciliation of the amount of unrecognized tax benefits at December 31, 2022 and 2021 is as follows: December 31, (in thousands) 2022 2021 Balance at beginning of year $ 894 $ 766 Additions based on tax positions related to the current year 41 128 Reductions for tax positions of prior years (472) — Balance at end of year $ 463 $ 894 Included in the balance of unrecognized tax benefits at December 31, 2022 is $0.4 million of tax benefits that, if recognized would impact the effective rate. There are no positions for which it is reasonably possible that the uncertain tax benefit will significantly increase or decrease within twelve months. For the year ended December 31, 2022, the Company recorded reductions in unrecognized tax benefits of $0.4 million related to certain tax attributes utilized by Ligand in the prior years.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss Per Share Income (Loss) Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed based on the sum of the weighted average number of common shares and dilutive common shares outstanding during the period. As described in Note 2 – Summary of Significant Accounting Policies, earnout shares issued in connection with the Business Combination, as further described in Note 4 – Business Combination, are subject to vesting based on the volume-weighted average trading prices (“VWAP”) of common shares during the earnout period. The earnout shares are excluded from the calculation of basic and diluted weighted-average number of common shares outstanding until vested. For periods prior to the Business Combination, basic and diluted loss per share was calculated based on the 82.6 million shares issued to Ligand shareholders at the Closing Date. As of December 31, 2022, there were 98.9 million shares issued and outstanding, excluding earnout shares. The following table outlines the basic and diluted net loss per share for the years ended December 31, 2022 and 2021 (in thousands, except per share data): Year Ended December 31, 2022 2021 Net loss $ (22,334) $ (27,042) Weighted-average shares outstanding, basic and diluted 85,318 82,612 Net loss per share, basic and diluted $ (0.26) $ (0.33) The following table outlines dilutive common share equivalents outstanding, which are excluded in the above diluted net loss per share calculation, as the effect of their inclusion would be anti-dilutive or the share equivalents were contingently issuable as of each period presented: December 31, 2022 2021 Options to purchase common stock issued and outstanding (1) 18,033,304 — Earnout shares 16,292,542 — Avista private placement warrants 8,233,333 — Avista public warrants 7,666,667 — Shares expected to be purchased under employee stock purchase plan 1,983,180 — Forward purchase warrants 1,666,667 — Backstop warrants 1,445,489 — Restricted stock units issued and outstanding (1) 1,308,070 — Total anti-dilutive shares 56,629,252 — _____________ (1) Outstanding stock options and restricted stock units include awards outstanding to employees of Ligand.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s accompanying consolidated and combined financial statements have been prepared in accordance with U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as included in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). Certain prior period amounts in the consolidated and combined financial statements have been reclassified to conform to the current period presentation.
Liquidity and Capital Resources	Liquidity and Capital Resources Prior to the Separation, Legacy OmniAb was dependent upon Ligand for all of its working capital and financing requirements, as Ligand used a centralized approach to cash management and financing its operations. There were no cash amounts specifically attributable to Legacy OmniAb for the historical periods presented; therefore, there was no cash reflected in the combined financial statements. Accordingly, cash and cash equivalents, debt or related interest expense were not allocated to Legacy OmniAb in the combined financial statements. Financing transactions related to OmniAb were accounted for as a component of the Parent company net investment in the combined balance sheets and as a financing activity including an interest expense component allocation on the accompanying combined statements of cash flows. In connection with the Separation, Ligand funded the Company with approximately $1.8 million of cash. Additionally, the Company’s proceeds, net of transactions costs from the Business Combination were $95.8 million. See Note 4 – Business Combination, for further details. In January 2023, the Company received an aggregate of $35.0 million in milestone payments in connection with teclistamab. For the years ended December 31, 2022 and 2021, the Company’s revenue was $59.1 million and $34.7 million, respectively. For the years ended December 31, 2022 and 2021, the Company’s net loss was $22.3 million and $27.0 million, respectively. The Company expects to continue to incur losses for the foreseeable future, and anticipates these losses will increase substantially as it invests in research and development activities to improve its technology and platform, market and sell its solutions to existing and new partners, add operational, financial and management information systems and personnel to support its operations and incur additional costs associated with operating as a public company. The Company’s ability to continue its operations is dependent upon its ability to obtain additional capital in the future and generate cash flows from operations. The Company believes its existing cash, cash equivalents and marketable securities and the cash it expects to generate from operations, including milestone payments received in January 2023, will provide it the flexibility needed to meet operating, investing, and financing needs and support operations through at least the next 12 months. The accompanying consolidated and combined financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
Emerging Growth Company	Emerging Growth Company OmniAb qualifies as an “emerging growth company” (“EGC”) as defined in Section 2(a) of the Securities Act of 1933, as amended, (“Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. OmniAb has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, OmniAb, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of OmniAb’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period, difficult because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of these consolidated and combined financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated and combined financial statements and the accompanying notes. Actual results may differ from those estimates.
Cash and Cash Equivalents	Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less when purchased. As of December 31, 2022, cash and cash equivalents consisted of bank deposits, money market funds as well as U.S. government agency and corporate debt securities. The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the consolidated and combined balance sheets to the total of the amount presented in the consolidated and combined statements of cash flows: (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,390 $ — Restricted cash included in other non-current assets 449 — Total cash, cash equivalents and restricted cash presented in the consolidated and combined statements of cash flows $ 33,839 $ — The restricted cash relates to the Company’s property leases and is included in “Other long-term assets”. The restriction will lapse when the related leases expire.
Short-term Investments	Short-term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company classifies short-term investments as “available-for-sale” as the sale of such investments may be required prior to maturity to implement management strategies. Therefore, the Company has classified all investments with original maturity dates beyond three months as current assets in the accompanying consolidated and combined balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders’ equity until realized.
Accounts Receivable	Accounts Receivable The Company’s accounts receivable represents the amounts billed to its partners and that are due unconditionally for services the Company has performed. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experienced and adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include historical loss experience, delinquency trends, aging behavior of receivables, credit and liquidity quality indicators for industry groups, customer classes or individual customers and the current and expected future economic and market conditions.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, subject to review for impairment, and depreciated over the estimated useful lives of the assets using the straight-line method. Amortization of leasehold improvements is recorded over the shorter of the lease term or estimated useful life of the related asset. Maintenance and repairs are charged to operations as incurred. When assets are sold, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operating income or expense. Asset Estimated Useful Life Lab and office equipment 4 - 7 years Computer hardware 3 - 5 years Leasehold improvements Shorter of the useful life or remaining lease term Computer software Shorter of 3 years or useful life of asset
Acquisitions	Acquisitions The Company first determines whether a set of assets acquired constitutes a business and should be accounted for as a business combination. If the assets acquired are not a business, the Company accounts for the transaction as an asset acquisition. Business combinations are accounted for by using the acquisition method of accounting which requires the Company to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the Company may adjust the provisional amounts recognized). Under the acquisition method of accounting, the Company recognizes separately from goodwill the identifiable assets acquired, the liabilities assumed, including contingent consideration and all contractual contingencies, generally at the acquisition date fair value. Contingent purchase consideration to be settled in cash is remeasured to estimated fair value at each reporting period with the change in fair value recorded in the statement of operations. Costs that the Company incurs to complete the business combination such as investment banking, legal and other professional fees are not considered part of consideration and the Company charges them to general and administrative expense as they are incurred. The Company measures goodwill as of the acquisition date as the excess of consideration transferred, which is also measured at fair value, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Should the initial accounting for a business combination be incomplete by the end of a reporting period that falls within the measurement period, the Company reports provisional amounts in its financial statements. During the measurement period, the Company adjusts the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date and the Company records those adjustments to its financial statements in the period of change, if any.
Goodwill, Intangible Assets and Other Long-Lived Assets	Goodwill, Intangible Assets and Other Long-Lived Assets Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of net assets acquired. Goodwill is reviewed for impairment at least annually during the fourth quarter, or more frequently if an event occurs indicating the potential for impairment. During the goodwill impairment review, the Company assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of its reporting unit is less than the carrying amount, including goodwill. The Company operates in one reporting unit. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance, and events affecting the reporting unit. If, after assessing the totality of these qualitative factors, the Company determines that it is not more-likely-than-not that the fair value of its reporting unit is less than the carrying amount, then no additional assessment is deemed necessary. Otherwise, the Company proceeds to perform the quantitative assessment. The Company will then evaluate goodwill for impairment by comparing the estimated fair value of the reporting unit to its carrying value, including the associated goodwill. To determine the fair value, the Company generally uses a combination of market approach based on OmniAb and comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows. The Company’s cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors. The Company may also elect to bypass the qualitative assessment in a period and elect to proceed to perform the quantitative assessment for the goodwill impairment test. The Company performed the annual assessment for goodwill impairment during the fourth quarter of 2022 and 2021, noting no impairment indicators under the qualitative assessment.
Public, Private Placement, Forward Purchase and Backstop Common Stock Warrants	Public, Private Placement, Forward Purchase and Backstop Common Stock Warrants The Company assumed 7,666,667 warrants originally issued in APAC’s initial public offering (the “Public Warrants”) and 8,233,333 warrants issued in a private placement that closed concurrently with APAC’s initial public offering, (the “Private Placement Warrants”) in the Business Combination. Additionally, as further discussed in Note 4 – Business Combination, pursuant to the Amended and Restated Forward Purchase Agreement, dated as of March 23, 2022 (the “A&R FPA”), on the Closing Date, the Company issued 1,666,667 warrants in the Forward Purchase (the “Forward Purchase Warrants”) and 1,445,489 warrants in the Redemption Backstop (the “Backstop Warrants”). The Public, Private Placement, Forward Purchase and Backstop Warrants entitle the holder to purchase one share of common stock at an exercise price of $11.50 per share. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the warrants may be cashless exercised at the option of the Company. The Private Placement Warrants have terms and provisions that are identical to the Public Warrants except that the Private Placement Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination. The Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants. The Forward Purchase Warrants and the Backstop Warrants have the same terms as the Private Placement Warrants. The Company evaluated the Public, Private Placement, Forward Purchase and Backstop Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity (“ASC 815-40”), and concluded they meet the criteria for equity classification as they are considered to be indexed to the Company’s own stock. Since the Public, Private Placement, Forward Purchase and Backstop Warrants met the criteria for equity classification upon the consummation of the Business Combination, the Company recorded these warrants in additional paid-in capital as part of the Business Combination.
Revenue Recognition and Deferred Revenue	Revenue Recognition The Company’s revenue is primarily generated from license fees for technology access, development, regulatory and sales based milestone payments, service revenue for performance of research, and royalties on product sales. The Company applies the following five-step model in accordance with ASC 606, Revenue from Contracts with Customers, in order to determine revenue: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company’s revenue is typically derived from license agreements with its partners and consists of: (i) upfront or annual payments for technology access (license revenue) and payments for performance of research services (service revenue); (ii) downstream payments in the form of preclinical, intellectual property, clinical, regulatory, and commercial milestones (milestone revenue) and (iii) royalties on net sales from partners’ product sales, if any. License fees are generally recognized at a point in time once the Company grants partners access to intellectual property rights. The Company generally satisfies its obligation to grant intellectual property rights on the effective date of the contract. The Company recognizes service revenue for contracted R&D services performed for partners over time. The Company measures its progress using an input method based on the effort it expends or costs it incurs toward the satisfaction of its performance obligation. The Company estimates the amount of effort it expends, including the time it will take to complete the activities, or the costs it may incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that it multiplies by the transaction price to determine the amount of revenue recognized each period. This approach requires the Company to make estimates and use judgment. If estimates or judgments change over the course of the collaboration, they may affect the timing and amount of revenue recognized in current and future periods. The Company includes contingent milestone based payments in the estimated transaction price when there is a basis to reasonably estimate the amount of the payment and it is probable of being achieved. These estimates are based on historical experience, anticipated results and its best judgment at the time. If the contingent milestone based payment is sales-based, we apply the royalty recognition constraint and record revenue when the underlying sale has taken place. Significant judgments must be made in determining the transaction price for licenses of intellectual property. Because of the risk that products in development with partners will not reach development based milestones or receive regulatory approval, the Company generally recognizes any contingent payments that would be due to it upon or after achievement of the development milestone or regulatory approval. Deferred Revenue Depending on the terms of the arrangement, the Company may also defer a portion of the consideration received if it had to satisfy a future obligation.
Research and Development Expenses	Research and Development ExpensesResearch and development expenses consist of material, equipment, facilities and labor costs of scientific staff who are working pursuant to collaborative agreements and other research and development projects. Also included in research and development expenses are third-party costs incurred for research programs including in-licensing costs, and costs incurred by other research and development service vendors. The Company expenses these costs as they are incurred. When the Company makes payments for research and development services prior to the services being rendered, it records those amounts as prepaid assets on its consolidated and combined balance sheets and it expenses them as the services are provided.
Share-Based Compensation	Share-Based Compensation Prior to the Separation, certain Company employees, directors, managers and advisors participated in share-based compensation plans sponsored by Ligand. Ligand share-based compensation awards consisted of stock options, restricted stock units (“RSUs”), performance restricted stock units (“PRSUs”) and other cash-based or share-based awards. As such, prior to the Separation the awards granted to Company employees, directors, managers and advisors are reflected in Parent company net investment within the combined statements of stockholders’ equity at the time they were expensed. Prior to the Separation, the consolidated and combined statements of operations and comprehensive loss also include an allocation of Ligand’s corporate and shared employee share-based compensation expenses. The Company recognizes share-based compensation expense based on the estimated fair value on a straight-line basis over the requisite service periods of the awards, taking into consideration forfeitures as they occur. The fair value of RSUs is determined by the closing market price of the Company’s common stock on the date of grant. PRSUs generally represent the right to receive a certain number of shares of common stock based on the achievement of the Company’s corporate performance goals and continued employment during the vesting period. Share-based compensation expense for these PRSUs is measured using the Monte-Carlo valuation model and is not adjusted for the achievement, or lack thereof, of the market conditions. The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of stock purchases under the ESPP and stock options granted. The model assumptions include expected volatility, term, dividends, and the risk-free interest rate. The Company measures and recognizes compensation expense for shares to be issued under its employee stock purchase plan based on an estimated grant date fair value recognized on a straight-line basis over the offering period.
Income Taxes	Income Taxes The Company provides for income taxes under the asset and liability method prescribed by the ASC Topic 740, Income Taxes (“Topic 740”). Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates in effect when the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to reflect the uncertainty associated with their ultimate realization. The Company accounts for uncertain tax positions recognized in the consolidated and combined financial statements in accordance with the provisions of Topic 740 by prescribing a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. When uncertain tax positions exist, we recognize the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any changes to these estimates, based on the actual results obtained and/or a change in assumptions, could affect its income tax provision in future periods. Interest and penalty charges, if any, related to unrecognized tax benefits would be classified as a provision for income tax in its consolidated and combined statements of operations. Prior to the Separation, Legacy OmniAb’s income taxes include current and deferred income taxes of Ligand allocated to its combined financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed in Topic 740. Accordingly, the Company’s income tax provision was prepared following the “Separate Return Method.” The Separate Return Method applies Topic 740 to the combined financial statements of the OmniAb members of the consolidated group as if the group member were a separate taxpayer which joined in filing a consolidated federal income tax return and combined state income tax returns separate from Ligand.
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. For periods prior to the Separation, basic and diluted income (loss) per share was calculated based on the 82.6 million shares issued to Ligand shareholders at the Closing Date.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) represents net income (loss) adjusted for the change during the periods presented in unrealized gains and losses on available-for-sale debt securities and reclassification adjustments for realized gains or losses included in net income (loss). The unrealized gains or losses are reported in the consolidated and combined statements of operations and comprehensive income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not currently believe that any of these pronouncements will have a material impact on its consolidated and combined financial statements and related disclosures. The Company did not adopt any new accounting standards during the year ended December 31, 2022 which had a material impact on the consolidated and combined financial statements.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision-maker in deciding how to allocate resources and assess performance. The Company currently operates in one reportable business segment.
Fair Value Measurement	The Company measures its financial assets and liabilities at fair value, which is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following three-level valuation hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value its financial assets and liabilities: • Level 1 - Observable inputs such as unadjusted quoted prices in active markets for identical instruments. • Level 2 - Quoted prices for similar instruments in active markets or inputs that are observable for the asset or liability, either directly or indirectly.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Separation-Related Adjustments to the Company's Balance Sheet	The following represents the impact of these Separation-related adjustments to the Company’s balance sheet following the Separation on November 1, 2022: As of Separation-Related As of (in thousands) October 31, 2022 Adjustments November 1, 2022 ASSETS Current assets: Cash and cash equivalents $ 1,842 $ 96,242 $ 98,084 Accounts receivable, net 5,541 (5,541) — Prepaid expenses and other current assets 2,220 — 2,220 Total current assets 9,603 90,701 100,304 Deferred income taxes, net 167 (167) — Intangible assets, net 166,182 — 166,182 Goodwill 83,979 — 83,979 Property and equipment, net 19,888 19 19,907 Operating lease right-of-use assets 21,290 — 21,290 Other long-term assets 1,448 — 1,448 Total assets $ 302,557 $ 90,553 $ 393,110 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 8,569 $ (8,096) $ 473 Accrued expenses and other current liabilities 3,381 (3,356) 25 Current contingent liabilities 1,569 — 1,569 Current deferred revenue 8,582 — 8,582 Current operating lease liabilities 1,611 — 1,611 Total current liabilities 23,712 (11,452) 12,260 Long-term contingent liabilities 4,175 — 4,175 Deferred income taxes, net 15,136 5,731 20,867 Long-term operating lease liabilities 24,822 — 24,822 Long-term deferred revenue 5,004 — 5,004 Other long-term liabilities 298 (298) — Total liabilities 73,147 (6,019) 67,128 Parent company net investment 229,410 (229,410) — Common stock — 12 12 Additional paid-in capital — 325,970 325,970 Total liabilities and stockholders’ equity $ 302,557 $ 90,553 $ 393,110

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the consolidated and combined balance sheets to the total of the amount presented in the consolidated and combined statements of cash flows: (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,390 $ — Restricted cash included in other non-current assets 449 — Total cash, cash equivalents and restricted cash presented in the consolidated and combined statements of cash flows $ 33,839 $ —
Schedule of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the consolidated and combined balance sheets to the total of the amount presented in the consolidated and combined statements of cash flows: (in thousands) December 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,390 $ — Restricted cash included in other non-current assets 449 — Total cash, cash equivalents and restricted cash presented in the consolidated and combined statements of cash flows $ 33,839 $ —
Schedule of Property and Equipment, Useful Life	When assets are sold, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operating income or expense. Asset Estimated Useful Life Lab and office equipment 4 - 7 years Computer hardware 3 - 5 years Leasehold improvements Shorter of the useful life or remaining lease term Computer software Shorter of 3 years or useful life of asset December 31, (in thousands) 2022 2021 Leasehold improvements $ 16,085 $ 1,320 Lab and office equipment 8,126 5,597 Computer equipment and software 641 182 Construction in progress 315 2,988 Property and equipment, at cost 25,167 10,087 Less accumulated depreciation and amortization (5,188) (3,292) Total property and equipment, net $ 19,979 $ 6,795
Summary of Disaggregation of Revenue	The following table represents disaggregation of revenue by type: (Dollars in thousands) 2022 2021 Milestone revenue $ 33,871 $ 10,164 Service revenue 18,784 20,084 License fees 5,055 4,500 Royalty revenue 1,367 — Total revenue $ 59,077 $ 34,748
Summary of Revenue from Significant Partners	Revenue from significant partners, which is defined as 10% or more of total revenue, was as follows: Year Ended December 31, 2022 2021 Partner A 47% 24% Partner B 15% 28% Partner C 10% (1) Partner D (1) 11% _____________ (1) less than 10%

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Elements of the Business Combination	The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of stockholders’ equity for the year ended December 31, 2022: in thousands Amount Cash - A&R FPA - Backstop $ 86,729 Cash - A&R FPA 15,000 Cash - Avista trust and cash, net of redemptions 9,103 Less: Transaction costs paid at closing by Avista (9,209) Less: Transaction costs paid at closing by OmniAb (5,381) Cash contributions from the Business Combination, net of transaction costs 96,242 Less: Transaction costs accrued not paid by OmniAb (473) Net Business Combination and related transactions $ 95,769 The number of shares of common stock issued immediately following the consummation of the Business Combination: Amount Shares issued pursuant to A&R FPA - Backstop 8,672,934 Avista shares held by the Sponsor 4,456,701 Shares issued pursuant to A&R FPA 1,500,000 Earnout shares issued to founders 1,293,299 Common stock of Avista net of redemptions 1,286,136 Total shares issued in Business Combination, A&R FPA 17,209,070 Shares issued for OmniAb common stock 82,611,789 Earnout shares issued to OmniAb 14,999,243 Total shares of common stock immediately following the Business Combination 114,820,102

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value	The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021: Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 26,056 $ — — $ 26,056 Government and agency securities — 2,987 — 2,987 Corporate debt securities — 1,510 — 1,510 Total cash equivalents $ 26,056 $ 4,497 $ — $ 30,553 Short-term investments Government and agency securities 29,951 4,838 — 34,789 Corporate debt securities — 1,983 — 1,983 Commercial paper — 17,491 — 17,491 Asset-backed securities — 612 — 612 Total short-term investments $ 29,951 $ 24,924 $ — $ 54,875 Liabilities: Current contingent liabilities $ — $ — $ 4,022 $ 4,022 Long-term contingent liabilities — — 4,089 4,089 Total liabilities $ — $ — $ 8,111 $ 8,111 Fair Value Measurements as of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Current contingent liabilities $ — $ — $ 2,538 $ 2,538 Long-term contingent liabilities — — 4,826 4,826 Total liabilities $ — $ — $ 7,364 $ 7,364
Summary of Liabilities Measured at Fair Value	The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021: Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 26,056 $ — — $ 26,056 Government and agency securities — 2,987 — 2,987 Corporate debt securities — 1,510 — 1,510 Total cash equivalents $ 26,056 $ 4,497 $ — $ 30,553 Short-term investments Government and agency securities 29,951 4,838 — 34,789 Corporate debt securities — 1,983 — 1,983 Commercial paper — 17,491 — 17,491 Asset-backed securities — 612 — 612 Total short-term investments $ 29,951 $ 24,924 $ — $ 54,875 Liabilities: Current contingent liabilities $ — $ — $ 4,022 $ 4,022 Long-term contingent liabilities — — 4,089 4,089 Total liabilities $ — $ — $ 8,111 $ 8,111 Fair Value Measurements as of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Liabilities: Current contingent liabilities $ — $ — $ 2,538 $ 2,538 Long-term contingent liabilities — — 4,826 4,826 Total liabilities $ — $ — $ 7,364 $ 7,364
Summary of changes in the fair value of the Company's Level 3 financial instruments that are measured at fair value	A reconciliation of the Level 3 financial instruments as of December 31, 2022 and 2021 is as follows: (in thousands) Crystal (1) Taurus (2) xCella (2) Icagen (1) Total Beginning balance as of January 1, 2021 $ 800 $ — $ — $ 6,404 $ 7,204 Payments to CVR holders — — (720) (1,050) (1,770) Fair value adjustments to contingent liabilities (800) — 720 2,010 1,930 Balance as of December 31, 2021 — — — 7,364 7,364 Payments to CVR holders — — (1,440) (2,025) (3,465) Fair value adjustments to contingent liabilities — 1,600 3,204 (592) 4,212 Balance as of December 31, 2022 $ — $ 1,600 $ 1,764 $ 4,747 $ 8,111 _____________ (1) Changes in the fair values of contingent liabilities in connection with the acquisition of Crystal and Icagen are recognized in Other operating (income) expense, net in the consolidated and combined statements of operations and comprehensive loss and in the operating section of the statements of cash flows . Payments to CVR holders are disclosed in the financing section of the statements of cash flows. (2) Changes in the fair values of contingent liabilities in connection with the acquisition of Taurus and xCella are recognized in Intangible assets, net in the consolidated and combined balance sheets. Payments to CVR holders are disclosed in the investing section of the statement of cash flows.

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Short-Term Investments	The following table summarizes short-term investments as of December 31, 2022: As of December 31, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Government and agency securities $ 34,781 $ 15 $ (7) $ 34,789 Commercial paper 17,491 — — 17,491 Corporate debt securities 1,983 — — 1,983 Asset-backed securities 611 1 — 612 Total investments $ 54,866 $ 16 $ (7) $ 54,875
Summary of Available-for-Sale Investments by Maturity	The following table summarizes available-for-sale investments by maturity as of December 31, 2022: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 54,866 $ 54,875 Due after one year — — Total investments $ 54,866 $ 54,875
Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position	The following table summarizes the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of December 31, 2022: As of December 31, 2022 Less than 12 months More than 12 months Total (in thousands) Count Fair Unrealized Count Fair Unrealized Count Fair Unrealized Government and agency securities 7 $ 13,667 $ (7) — $ — $ — 7 $ 13,667 $ (7) 7 $ 13,667 $ (7) — $ — $ — 7 $ 13,667 $ (7)

BALANCE SHEET ACCOUNT DETAILS (

BALANCE SHEET ACCOUNT DETAILS (Tables)	12 Months Ended
	Dec. 31, 2022
Balance Sheet Account Details [Abstract]
Schedule of Property and Equipment, Net	When assets are sold, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operating income or expense. Asset Estimated Useful Life Lab and office equipment 4 - 7 years Computer hardware 3 - 5 years Leasehold improvements Shorter of the useful life or remaining lease term Computer software Shorter of 3 years or useful life of asset December 31, (in thousands) 2022 2021 Leasehold improvements $ 16,085 $ 1,320 Lab and office equipment 8,126 5,597 Computer equipment and software 641 182 Construction in progress 315 2,988 Property and equipment, at cost 25,167 10,087 Less accumulated depreciation and amortization (5,188) (3,292) Total property and equipment, net $ 19,979 $ 6,795
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consisted of the following as of December 31, 2022 and 2021: December 31, (in thousands) 2022 2021 Compensation $ 4,101 $ 2,320 Royalties owed to third parties 739 296 Professional service fees 664 67 Acquisitions related liabilities — 1,000 Other 53 64 Total accrued expenses and other current liabilities $ 5,557 $ 3,747

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill and Intangible Assets	The following is a summary of goodwill and intangible assets: December 31, (in thousands) 2022 2021 Goodwill $ 83,979 $ 83,979 Definite-lived intangible assets Complete technology 231,379 227,403 Less: Accumulated amortization (71,964) (60,099) Customer relationships 11,100 11,100 Less: Accumulated amortization (3,273) (2,083) Intangible assets, net $ 167,242 $ 176,321 Total goodwill and other identifiable intangible assets, net $ 251,221 $ 260,300
Schedule of Finite- Lived Assets Future Amortization Expense	The remaining weighted-average useful life of definite lived intangible assets is 13.1 years. At December 31, 2022, future amortization expense on intangible assets is estimated to be as follows: (in thousands) Years Ending December 31, 2023 $ 13,478 2024 13,478 2025 13,358 2026 13,318 2027 13,318 Thereafter 100,292 $ 167,242

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Expense	The below table provides supplemental cash flow and other information related to operating leases (in thousands, except for lease term and discount rate): Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: $ 2,480 $ 1,071 Right-of-use assets obtained in exchange for lease obligations: $ 10,136 $ 14,515 Weighted average remaining lease term (in years) 8.6 9.2 Weighted average discount rate 4.3 % 3.9 % Year Ended December 31, (in thousands) 2022 2021 Operating lease cost $ 3,041 $ 1,630 Variable lease cost 1,281 597 Total lease costs $ 4,322 $ 2,227
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments are as follows as of December 31, 2022 (in thousands): Years Ending December 31, Operating Leases 2023 $ 3,329 2024 3,442 2025 3,727 2026 3,822 2027 3,922 Thereafter 15,018 Total lease payments 33,260 Less tenant improvement allowance (1,549) Less imputed interest (5,915) Present value of lease liabilities $ 25,796

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The Company recognized share-based compensation expense by function as follows: Year Ended December 31, (in thousands) 2022 2021 Research and development expenses $ 10,312 $ 9,016 General and administrative expenses 8,010 6,049 Total share-based compensation expense $ 18,322 $ 15,065 The Company recognized share-based compensation expense by award type as follows: Year Ended December 31, (in thousands) 2022 2021 Stock options $ 10,489 $ 9,306 Restricted stock units 5,264 3,823 Performance restricted stock units 2,219 1,852 Employee share purchase plan 350 84 Total share-based compensation expense $ 18,322 $ 15,065
Schedule of Assumptions Used to Estimate Fair Value of Employee Stock Options	Following the Separation on November 1, 2022, the fair value of each option issued to employees was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 Risk-free interest rate 3.6 % — Expected volatility 49.6 % — Expected term (years) 6.1 0 Dividend yield — % — %
Schedule of Stock Options Roll Forward	The following table summarizes stock option activity under the Company’s equity award plans: Shares Weighted-average exercise price per share Weighted-average remaining contractual life (in years) Aggregate intrinsic value (in thousands) (1) Outstanding at January 1, 2022 — Converted in distribution (2) 6,952,164 $ 11.76 Granted 5,849,771 $ 3.71 Exercised — $ — Cancelled/Expired (111,147) $ 12.66 Outstanding at December 31, 2022 12,690,788 $ 8.04 8.5 $ 246 Exercisable at December 31, 2022 3,148,763 $ 12.21 5.9 $ — _____________ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options at December 31, 2022.
Summary of RSU and PRSU Activity	The following table summarizes RSU activity during the year ended December 31, 2022 under the Company’s equity awards plans: Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2022 — $ — Converted in distribution (1) 1,017,696 $ 10.36 Granted — $ — Vested (145,544) $ 10.47 Forfeited (12,923) $ 10.48 Unvested balance at December 31, 2022 859,229 $ 10.31 _____________
Summary of RSU and PRSU Activity	The following table summarizes the PRSU activity during the year ended December 31, 2022, under the Company’s equity awards plans: Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2022 — $ — Converted in distribution (1) 94,749 $ 16.11 Granted — $ — Vested — $ — Forfeited — $ — Unvested balance at December 31, 2022 94,749 $ 16.11 _____________
Schedule of Assumptions Used to Estimate Fair Value of Employee Stock Options	Following the Separation on November 1, 2022, the fair value of ESPP shares issued to employees was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 Risk-free interest rate 4.7 % — Expected volatility 54.8 % — Expected term (years) 1.3 0 Dividend yield — % — %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the income tax expense (benefit) are as follows: Year Ended December 31, (in thousands) 2022 2021 Current expense (benefit): Federal $ 3,477 $ — State 44 17 3,521 17 Deferred expense (benefit): Federal (7,063) (6,756) State (185) (569) (7,248) (7,325) Total income tax expense (benefit) $ (3,727) $ (7,308)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income tax expense (benefit) to the amount computed by applying the statutory federal income tax rate to the net income (loss) is summarized as follows: Year Ended December 31, (in thousands) 2022 2021 Tax at federal statutory rate $ (5,473) 21.0 % $ (7,214) 21.0 % State, net of federal benefit (218) 0.8 % (350) 1.0 % Contingent liabilities — — % (168) 0.5 % Share-based compensation 2,371 (9.0) % 1,143 (3.3) % Foreign-derived intangible income (55) 0.2 % — — % Research and development credits (444) 1.7 % (1,064) 3.1 % Change in uncertain tax positions 78 (0.3) % 119 (0.3) % State tax rate change (570) 2.2 % 37 (0.1) % Change in valuation allowance 880 (3.4) % 228 (0.7) % Other (296) 1.1 % (39) 0.1 % Total income tax benefit and effective tax rate $ (3,727) 14.3 % $ (7,308) 21.3 %
Schedule of Deferred Tax Assets and Liabilities	The Company offsets all deferred tax assets and liabilities by jurisdiction, as well as any related valuation allowance, and presents them on our consolidated balance sheet as a non-current deferred income tax asset or liability (as applicable). Deferred tax assets (liabilities) are comprised of the following: December 31, (in thousands) 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 316 $ 6,618 Research credit carryforwards 1,341 2,803 Share-based compensation 3,454 1,703 Deferred revenue 2,090 1,768 Operating lease liabilities 5,650 3,088 Contingent liabilities 745 — Capitalized research and experimental expenditures 4,992 — Other 256 1,488 Valuation allowance for deferred tax assets (314) (526) Net deferred tax assets $ 18,530 $ 16,942 Deferred tax liabilities: Identified intangibles $ (32,890) $ (35,114) Operating lease assets (4,713) (2,973) Fixed assets (2,212) — Other (56) (817) Net deferred tax liabilities $ (39,871) $ (38,904) Deferred income taxes, net $ (21,341) $ (21,962)
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward	A reconciliation of the amount of unrecognized tax benefits at December 31, 2022 and 2021 is as follows: December 31, (in thousands) 2022 2021 Balance at beginning of year $ 894 $ 766 Additions based on tax positions related to the current year 41 128 Reductions for tax positions of prior years (472) — Balance at end of year $ 463 $ 894

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Summary of Basic and Diluted Net Loss Per Share	The following table outlines the basic and diluted net loss per share for the years ended December 31, 2022 and 2021 (in thousands, except per share data): Year Ended December 31, 2022 2021 Net loss $ (22,334) $ (27,042) Weighted-average shares outstanding, basic and diluted 85,318 82,612 Net loss per share, basic and diluted $ (0.26) $ (0.33)
Summary of Dilutive Common Shares	The following table outlines dilutive common share equivalents outstanding, which are excluded in the above diluted net loss per share calculation, as the effect of their inclusion would be anti-dilutive or the share equivalents were contingently issuable as of each period presented: December 31, 2022 2021 Options to purchase common stock issued and outstanding (1) 18,033,304 — Earnout shares 16,292,542 — Avista private placement warrants 8,233,333 — Avista public warrants 7,666,667 — Shares expected to be purchased under employee stock purchase plan 1,983,180 — Forward purchase warrants 1,666,667 — Backstop warrants 1,445,489 — Restricted stock units issued and outstanding (1) 1,308,070 — Total anti-dilutive shares 56,629,252 — _____________ (1) Outstanding stock options and restricted stock units include awards outstanding to employees of Ligand.

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 01, 2022 USD ($) $ / shares	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Proceeds from consummation of separation transaction	$ 1,800		$ 1,842	$ 0
Common shares, par value, (dollars per share) | $ / shares	$ 0.001		$ 0.0001	$ 0.0001
Contingent consideration, liability, share | shares			1
Voting interest prior to combination, percentage	0.85
Net Business Combination and related transactions			$ 95,769
Total revenues			59,077	$ 34,748
Net loss			$ (22,334)	$ (27,042)
Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Milestone payments		$ 35,000

ORGANIZATION AND BASIS OF PRE_4

ORGANIZATION AND BASIS OF PRESENTATION - Summary of Separation-Related Adjustments to the Company's Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 33,390	$ 98,084	$ 0
Accounts receivable, net		0
Prepaid expenses and other current assets	6,395	2,220	1,406
Total current assets	124,950	100,304	22,542
Deferred income taxes, net		0
Intangible assets, net	167,242	166,182	176,321
Goodwill	83,979	83,979	83,979
Property and equipment, net	19,979	19,907	6,795
Operating lease right-of-use assets	21,483	21,290	13,332
Other long-term assets	3,579	1,448	1,496
Total assets	421,212	393,110	304,465
Current liabilities:
Accounts payable	2,971	473	2,924
Accrued expenses and other current liabilities		25
Current contingent liabilities	4,022	1,569	2,538
Current deferred revenue	8,207	8,582	10,790
Current operating lease liabilities	1,780	1,611	578
Total current liabilities	26,022	12,260	20,577
Long-term contingent liabilities	4,089	4,175	4,826
Deferred income taxes, net	21,341	20,867	21,962
Long-term operating lease liabilities	24,016	24,822	13,272
Long-term deferred revenue	4,325	5,004	9,226
Other long-term liabilities	46	0	295
Total liabilities	79,839	67,128	70,158
Parent company net investment	0	0	234,307
Common stock	12	12	0
Additional paid-in capital	330,100	325,970	0
Total liabilities and stockholders’ equity	$ 421,212	393,110	$ 304,465
As of October 31, 2022
Current assets:
Cash and cash equivalents		1,842
Accounts receivable, net		5,541
Prepaid expenses and other current assets		2,220
Total current assets		9,603
Deferred income taxes, net		167
Intangible assets, net		166,182
Goodwill		83,979
Property and equipment, net		19,888
Operating lease right-of-use assets		21,290
Other long-term assets		1,448
Total assets		302,557
Current liabilities:
Accounts payable		8,569
Accrued expenses and other current liabilities		3,381
Current contingent liabilities		1,569
Current deferred revenue		8,582
Current operating lease liabilities		1,611
Total current liabilities		23,712
Long-term contingent liabilities		4,175
Deferred income taxes, net		15,136
Long-term operating lease liabilities		24,822
Long-term deferred revenue		5,004
Other long-term liabilities		298
Total liabilities		73,147
Parent company net investment		229,410
Common stock		0
Additional paid-in capital		0
Total liabilities and stockholders’ equity		302,557
Separation-Related Adjustment
Current assets:
Cash and cash equivalents		96,242
Accounts receivable, net		(5,541)
Prepaid expenses and other current assets		0
Total current assets		90,701
Deferred income taxes, net		(167)
Intangible assets, net		0
Goodwill		0
Property and equipment, net		19
Operating lease right-of-use assets		0
Other long-term assets		0
Total assets		90,553
Current liabilities:
Accounts payable		(8,096)
Accrued expenses and other current liabilities		(3,356)
Current contingent liabilities		0
Current deferred revenue		0
Current operating lease liabilities		0
Total current liabilities		(11,452)
Long-term contingent liabilities		0
Deferred income taxes, net		5,731
Long-term operating lease liabilities		0
Long-term deferred revenue		0
Other long-term liabilities		(298)
Total liabilities		(6,019)
Parent company net investment		(229,410)
Common stock		12
Additional paid-in capital		325,970
Total liabilities and stockholders’ equity		$ 90,553

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 33,390	$ 98,084	$ 0
Restricted cash included in other non-current assets	449		0
Total cash, cash equivalents and restricted cash presented in the consolidated and combined statements of cash flows	$ 33,839		$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Computer software
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	3 years
Minimum | Lab and office equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	4 years
Minimum | Computer equipment and software
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	3 years
Maximum | Lab and office equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	7 years
Maximum | Computer equipment and software
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 01, 2022 $ / shares shares	Dec. 31, 2022 USD ($) segment reporting_unit $ / shares shares	Dec. 31, 2021 USD ($) shares	Mar. 23, 2022 shares
Number of reporting units | reporting_unit		1
Warrant price (dollars per share) | $ / shares	$ 10	$ 11.50
Contract with customer liability revenue recognized | $		$ 10.5	$ 7.4
Weighted-average shares outstanding, basic (in shares)	82,600,000	85,318,000	82,611,789
Weighted-average shares outstanding, diluted (in shares)	82,600,000	85,318,000	82,611,789
Number of reportable segments | segment		1
Public Warrants
Warrants outstanding (in shares)	7,666,667
Private Placement Warrants
Warrants outstanding (in shares)	8,233,333
Warrant restriction on transfer	30 days
Forward Purchase Warrants
Warrants outstanding (in shares)				1,666,667
Backstop warrants
Warrants outstanding (in shares)				1,445,489
Avista private placement warrants
Warrants outstanding (in shares)	7,666,667			8,233,333

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 59,077	$ 34,748
Milestone revenue
Disaggregation of Revenue [Line Items]
Total revenues	33,871	10,164
Service revenue
Disaggregation of Revenue [Line Items]
Total revenues	18,784	20,084
License fees
Disaggregation of Revenue [Line Items]
Total revenues	5,055	4,500
Royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,367	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Revenue from Significant Partners (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	47%	24%
Partner B
Concentration Risk [Line Items]
Concentration risk, percentage	15%	28%
Partner C
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Partner D
Concentration Risk [Line Items]
Concentration risk, percentage		11%

RELATIONSHIP WITH PARENT AND _2

RELATIONSHIP WITH PARENT AND RELATED ENTITIES - Additional Details (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Total share-based compensation expense		$ 18,322	$ 15,065
Share-Based Payment Arrangement, Tranche One
RELATED PARTY TRANSACTIONS
Award vesting period		6 months
Award vesting period, percentage		12.50%
Share-Based Payment Arrangement, Tranche Two
RELATED PARTY TRANSACTIONS
Award vesting period		42 months
Award vesting period, percentage		2.10%
Employee share purchase plan
RELATED PARTY TRANSACTIONS
Total share-based compensation expense		$ 350	84
Series of offering periods		24 months
Purchase price of common stock expressed as a percentage of its fair value		85%
General Corporate Overhead [Member]
RELATED PARTY TRANSACTIONS
Selling, general and administrative expenses from transactions with related party	$ 5,500		6,100
Employee Stock Purchase Plan
RELATED PARTY TRANSACTIONS
Total share-based compensation expense	14,400		15,100
Former Parent's ESPP | Employee share purchase plan
RELATED PARTY TRANSACTIONS
Total share-based compensation expense		$ 100	100
Maximum deductions, percentage		10%
Series of offering periods		6 months
Purchase price of common stock expressed as a percentage of its fair value		85%
Maximum amount of common stock purchased (in dollars)		$ 25
Research and development expenses
RELATED PARTY TRANSACTIONS
Total share-based compensation expense		10,312	9,016
Research and development expenses | Employee Stock Purchase Plan
RELATED PARTY TRANSACTIONS
Total share-based compensation expense	8,200		9,000
General and administrative expenses
RELATED PARTY TRANSACTIONS
Total share-based compensation expense		$ 8,010	6,049
General and administrative expenses | Employee Stock Purchase Plan
RELATED PARTY TRANSACTIONS
Total share-based compensation expense	$ 6,200		$ 6,100

BUSINESS COMBINATION- Additiona

BUSINESS COMBINATION- Additional Details (Details) - USD ($)			8 Months Ended	11 Months Ended	12 Months Ended
	Nov. 01, 2022	Mar. 23, 2022	Nov. 01, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Common shares, par value, (dollars per share)	$ 0.001		$ 0.001	$ 0.0001	$ 0.0001	$ 0.0001
Weighted-average shares outstanding, basic (in shares)	82,600,000				85,318,000	82,611,789
Weighted-average shares outstanding, diluted (in shares)	82,600,000				85,318,000	82,611,789
Earnout shares issued to OmniAb (in shares)	14,999,243
VWAP trading price (dollars per share)	$ 12.50
Threshold trading days	20 days		5 days
Threshold consecutive trading days	30 days
Common shares, shares authorized (in shares)				0	1,000,000,000	0
Preferred stock, shares authorized (in shares)				100,000,000	100,000,000	100,000,000
Warrant price (dollars per share)	$ 10		$ 10		$ 11.50
Authorized capital stock (in shares)					1,100,000,000
Preferred stock, par value, (dollars per share)				$ 0.0001	$ 0.0001	$ 0.0001
Amended and Restated Forward Purchase Agreement
Business Combination, Separately Recognized Transactions [Line Items]
Issuance of Class B ordinary shares to Sponsor (in shares)	1,500,000
Consideration received	$ 15,000,000
Amended and Restated Forward Purchase Agreement - Backstop
Business Combination, Separately Recognized Transactions [Line Items]
Issuance of Class B ordinary shares to Sponsor (in shares)	8,672,934
Consideration received	$ 86,700,000
Avista Acquisition LP II
Business Combination, Separately Recognized Transactions [Line Items]
Issuance of common stock (in shares)	1,293,299
Forward Purchase Warrants
Business Combination, Separately Recognized Transactions [Line Items]
Warrants outstanding (in shares)		1,666,667
Backstop warrants
Business Combination, Separately Recognized Transactions [Line Items]
Warrants outstanding (in shares)		1,445,489
Public Warrants
Business Combination, Separately Recognized Transactions [Line Items]
Shares cancelled in exchange for common stock (in shares)					1
Shares vesting upon first achievement, percentage				50%
Threshold trading days				20 days
Threshold consecutive trading days				30 days
Threshold after closing date				5 years	5 years	5 years
Warrants outstanding (in shares)	7,666,667		7,666,667
Amended and Restated Forward Purchase Agreement | Sponsor | Avista Public Acquisition Corp. II
Business Combination, Separately Recognized Transactions [Line Items]
Maximum additional aggregate purchase price		$ 100,000,000
Earnout shares
Business Combination, Separately Recognized Transactions [Line Items]
Commons stock subject to price-based earnout triggers (in shares)	758.42000		758.42000
VWAP trading price (dollars per share)	$ 15
New OmniAb Common Stock
Business Combination, Separately Recognized Transactions [Line Items]
Shares cancelled in exchange for common stock (in shares)	4,900.07000		4,900.07000
Common shares, par value, (dollars per share)	$ 0.0001		$ 0.0001

BUSINESS COMBINATION - Schedule

BUSINESS COMBINATION - Schedule of Elements of the Business Combination (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 01, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Reverse Recapitalization [Line Items]
Proceeds from issuance of common stock in Business Combination		$ 96,242	$ 0
Cash - Avista trust and cash, net of redemptions		9,103
Cash contributions from the Business Combination, net of transaction costs		96,242
Less: Transaction costs accrued not paid by OmniAb		(473)
Net Business Combination and related transactions		$ 95,769
Avista shares held by the sponsor (in shares)	4,456,701
Total shares issued in Business Combination, A&R FPA (in shares)	17,209,070
Shares issued for OmniAb common stock (in shares)	82,611,789
Earnout shares issued to OmniAb (in shares)	14,999,243
Common shares, shares outstanding (in shares)	114,820,102	115,218,229	0
Amended and Restated Forward Purchase Agreement - Backstop
Schedule Of Reverse Recapitalization [Line Items]
Proceeds from issuance of common stock in Business Combination		$ 86,729
Issuance of shares to Sponsor (in shares)	8,672,934
Amended and Restated Forward Purchase Agreement
Schedule Of Reverse Recapitalization [Line Items]
Proceeds from issuance of common stock in Business Combination		15,000
Issuance of shares to Sponsor (in shares)	1,500,000
Avista Public Acquisition Corp. II
Schedule Of Reverse Recapitalization [Line Items]
Less: Transaction costs paid at closing		(9,209)
OmniAb
Schedule Of Reverse Recapitalization [Line Items]
Less: Transaction costs paid at closing		$ (5,381)
Avista Acquisition LP II
Schedule Of Reverse Recapitalization [Line Items]
Issuance of common stock (in shares)	1,293,299
Avista Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Issuance of common stock (in shares)	1,286,136

FAIR VALUE MEASUREMENT - Summar

FAIR VALUE MEASUREMENT - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 54,875
Current contingent liabilities	4,022	$ 1,569	$ 2,538
Long-term contingent liabilities	4,089	$ 4,175	4,826
Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	34,789
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,983
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	17,491
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	612
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	30,553
Total short-term investments	54,875
Current contingent liabilities	4,022		2,538
Long-term contingent liabilities	4,089		4,826
Total liabilities	8,111		7,364
Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	34,789
Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,983
Fair Value, Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	17,491
Fair Value, Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	612
Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,056
Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	2,987
Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	1,510
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,056
Total short-term investments	29,951
Current contingent liabilities	0		0
Long-term contingent liabilities	0		0
Total liabilities	0		0
Level 1 | Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	29,951
Level 1 | Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 1 | Fair Value, Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 1 | Fair Value, Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 1 | Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,056
Level 1 | Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0
Level 1 | Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	4,497
Total short-term investments	24,924
Current contingent liabilities	0		0
Long-term contingent liabilities	0		0
Total liabilities	0		0
Level 2 | Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	4,838
Level 2 | Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	1,983
Level 2 | Fair Value, Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	17,491
Level 2 | Fair Value, Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	612
Level 2 | Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0
Level 2 | Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	2,987
Level 2 | Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	1,510
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0
Total short-term investments	0
Current contingent liabilities	4,022		2,538
Long-term contingent liabilities	4,089		4,826
Total liabilities	8,111		$ 7,364
Level 3 | Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 3 | Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 3 | Fair Value, Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 3 | Fair Value, Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 3 | Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0
Level 3 | Fair Value, Recurring | Government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0
Level 3 | Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 0

FAIR VALUE MEASUREMENT - Summ_2

FAIR VALUE MEASUREMENT - Summary of Level 3 Financial Instruments (Details) - Business Combination Contingent Consideration Liability - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of level 3 financial instruments, beginning balance	$ 7,364	$ 7,204
Payments to CVR holders	(3,465)	(1,770)
Fair value adjustments to contingent liabilities	4,212	1,930
Fair value of level 3 financial instruments, ending balance	8,111	7,364
Crystal
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of level 3 financial instruments, beginning balance	0	800
Payments to CVR holders	0	0
Fair value adjustments to contingent liabilities	0	(800)
Fair value of level 3 financial instruments, ending balance	0	0
Taurus
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of level 3 financial instruments, beginning balance	0	0
Payments to CVR holders	0	0
Fair value adjustments to contingent liabilities	1,600	0
Fair value of level 3 financial instruments, ending balance	1,600	0
xCella
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of level 3 financial instruments, beginning balance	0	0
Payments to CVR holders	(1,440)	(720)
Fair value adjustments to contingent liabilities	3,204	720
Fair value of level 3 financial instruments, ending balance	1,764	0
Icagen
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of level 3 financial instruments, beginning balance	7,364	6,404
Payments to CVR holders	(2,025)	(1,050)
Fair value adjustments to contingent liabilities	(592)	2,010
Fair value of level 3 financial instruments, ending balance	$ 4,747	$ 7,364

SHORT-TERM INVESTMENTS - Schedu

SHORT-TERM INVESTMENTS - Schedule of Short-Term Investments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 54,866
Gains	16
Losses	(7)
Estimated Fair Value	54,875
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	34,781
Gains	15
Losses	(7)
Estimated Fair Value	34,789
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	17,491
Gains	0
Losses	0
Estimated Fair Value	17,491
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,983
Gains	0
Losses	0
Estimated Fair Value	1,983
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	611
Gains	1
Losses	0
Estimated Fair Value	$ 612

SHORT-TERM INVESTMENTS - Summar

SHORT-TERM INVESTMENTS - Summary of Available-for-Sale Investments by Maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Amortized Cost
Due in one year or less	$ 54,866
Due after one year	0
Total investments	54,866
Estimated Fair Value
Due in one year or less	54,875
Due after one year	0
Estimated Fair Value	$ 54,875

SHORT-TERM INVESTMENTS - Summ_2

SHORT-TERM INVESTMENTS - Summary of Available-for-Sale Investments in a Continuous Loss Position (Details) $ in Thousands	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-Sale [Line Items]
Count | security	7
Fair Value	$ 13,667
Unrealized Losses	$ (7)
Count | security	0
Fair Value	$ 0
Unrealized Losses	$ 0
Count | security	7
Fair Value	$ 13,667
Unrealized Losses	$ (7)
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Count | security	7
Fair Value	$ 13,667
Unrealized Losses	$ (7)
Count | security	0
Fair Value	$ 0
Unrealized Losses	$ 0
Count | security	7
Fair Value	$ 13,667
Unrealized Losses	$ (7)

BALANCE SHEET ACCOUNT DETAILS -

BALANCE SHEET ACCOUNT DETAILS - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 25,167		$ 10,087
Less accumulated depreciation and amortization	(5,188)		(3,292)
Total property and equipment, net	19,979	$ 19,907	6,795
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	16,085		1,320
Lab and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	8,126		5,597
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	641		182
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 315		$ 2,988

BALANCE SHEET ACCOUNT DETAILS_2

BALANCE SHEET ACCOUNT DETAILS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Depreciation expense	$ 3.2	$ 2

BALANCE SHEET ACCOUNT DETAILS_3

BALANCE SHEET ACCOUNT DETAILS - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Account Details [Abstract]
Compensation	$ 4,101	$ 2,320
Royalties owed to third parties	739	296
Professional service fees	664	67
Acquisitions related liabilities	0	1,000
Other	53	64
Total accrued liabilities	$ 5,557	$ 3,747

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 83,979	$ 83,979	$ 83,979
Definite-lived intangible assets
Intangible assets, net	167,242	$ 166,182	176,321
Total goodwill and other identifiable intangible assets, net	251,221		260,300
Complete technology
Definite-lived intangible assets
Definite-lived intangible assets	231,379		227,403
Less: Accumulated amortization	(71,964)		(60,099)
Customer relationships
Definite-lived intangible assets
Definite-lived intangible assets	11,100		11,100
Less: Accumulated amortization	$ (3,273)		$ (2,083)

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Additional Details (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived asset, useful life (in years)	20 years
Amortization expense	$ 13,050,000	$ 12,968,000
Impairment of intangible assets	$ 0	$ 0
Finite-lived asset, weighted average useful life (in years)	13 years 1 month 6 days

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite- Lived Assets Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 13,478
2024	13,478
2025	13,358
2026	13,318
2027	13,318
Thereafter	100,292
Total future amortization expense	$ 167,242

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Summary of Supplemental Cash Flow and Other Information Related to Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Cash paid for amounts included in the measurement of lease liabilities: | $	$ 2,480	$ 1,071
Right-of-use assets obtained in exchange for lease obligations: | $	$ 10,136	$ 14,515
Weighted average remaining lease term (in years)	8 years 7 months 6 days	9 years 2 months 12 days
Weighted average discount rate	4.30%	3.90%
Emeryville, California
Other Commitments [Line Items]
Leased area, square footage | ft²	35,000
Durham, North Carolina
Other Commitments [Line Items]
Leased area, square footage | ft²	31,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Summary of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,041	$ 1,630
Variable lease cost	1,281	597
Total lease costs	$ 4,322	$ 2,227

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Lease Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 3,329
2024	3,442
2025	3,727
2026	3,822
2027	3,922
Thereafter	15,018
Total lease payments	33,260
Less tenant improvement allowance	(1,549)
Less imputed interest	(5,915)
Present value of lease liabilities	$ 25,796

STOCKHOLDER'S EQUITY - Addition

STOCKHOLDER'S EQUITY - Additional Details (Details)		8 Months Ended	11 Months Ended	12 Months Ended
	Nov. 01, 2022 $ / shares shares	Nov. 01, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2022 vote $ / shares shares	Mar. 23, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized capital stock (in shares)				1,100,000,000
Common shares, shares authorized (in shares)			0	1,000,000,000
Preferred stock, shares authorized (in shares)			100,000,000	100,000,000
Preferred stock, shares issued (in shares)			0	0
Preferred stock, shares outstanding (in shares)			0	0
Voting rights | vote				1
Threshold trading days	20 days	5 days
Threshold consecutive trading days	30 days
VWAP trading price (dollars per share) | $ / shares	$ 12.50
Warrant price (dollars per share) | $ / shares	$ 10	$ 10		$ 11.50
2022 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance (in shares)				16,409,022
2022 Ligand Service Provider Assumed Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance, annual increase, percentage				5%
Shares available for issuance (in shares)				5,997,765
2022 OmniAb Service Provider Assumed Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance (in shares)				8,302,710
Public Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold trading days			20 days
Threshold consecutive trading days			30 days
Threshold after closing date			5 years	5 years
Shares vesting upon first achievement, percentage			0.50
Shares vesting upon second achievement, percentage			50%
Warrants outstanding (in shares)	7,666,667	7,666,667
Shares cancelled in exchange for common stock (in shares)				1
Trading days prior to redemption notice			3 days
Redemption price (dollars per share) | $ / shares			$ 0.01
Redemption period			30 days
Warrant redemption, minimum share price (dollars per share) | $ / shares				$ 18
Private Placement Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold trading days	30 days
Warrants outstanding (in shares)	8,233,333	8,233,333
Shares cancelled in exchange for common stock (in shares)	1	1
Forward Purchase Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding (in shares)					1,666,667
Backstop warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding (in shares)					1,445,489
Earnout shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
VWAP trading price (dollars per share) | $ / shares	$ 15

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Share-Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 18,322	$ 15,065
Research and development expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	10,312	9,016
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 8,010	$ 6,049

SHARE-BASED COMPENSATION - Su_2

SHARE-BASED COMPENSATION - Summary of Share-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 18,322	$ 15,065
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 10,489	$ 9,306
Risk-free interest rate	3.60%	0%
Expected volatility	49.60%	0%
Expected term (years)	6 years 1 month 6 days	0 days
Dividend yield	0%	0%
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 5,264	$ 3,823
Performance restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,219	1,852
Employee share purchase plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 350	$ 84
Risk-free interest rate	4.70%	0%
Expected volatility	54.80%	0%
Expected term (years)	1 year 3 months 18 days	0 years
Dividend yield	0%	0%

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Assumptions Used to Estimate Fair Value of Employee Stock Options (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.60%	0%
Expected volatility	49.60%	0%
Expected term (years)	6 years 1 month 6 days	0 days
Dividend yield	0%	0%
Employee share purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.70%	0%
Expected volatility	54.80%	0%
Expected term (years)	1 year 3 months 18 days	0 years
Dividend yield	0%	0%

SHARE-BASED COMPENSATION - Sc_2

SHARE-BASED COMPENSATION - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Shares
Outstanding, beginning of period (in shares)	0
Converted in distribution (in shares)	6,952,164
Granted (in shares)	5,849,771
Exercised (in shares)	0
Cancelled/Expired (in shares)	(111,147)
Outstanding, end of period (in shares)	12,690,788
Exercisable (in shares)	3,148,763
Weighted-average exercise price per share
Weighted-average exercise price per share, beginning balance (in dollars per share) | $ / shares
Converted in distribution (in dollars per share) | $ / shares	11.76
Granted (in dollars per share) | $ / shares	3.71
Exercised (in dollars per share) | $ / shares	0
Cancelled/expired (in dollars per share) | $ / shares	12.66
Weighted-average exercise price per share, ending balance (in dollars per share) | $ / shares	8.04
Exercisable (in dollars per share) | $ / shares	$ 12.21
Weighted-average remaining contractual life (in years)	8 years 6 months
Weighted-average remaining contractual life, excercisable (in years)	5 years 10 months 24 days
Aggregate intrinsic value | $	$ 246
Aggregate intrinsic value, exercisable | $	$ 0
Parent company net investment
Shares
Outstanding, end of period (in shares)	5,625,551

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Details (Details) $ / shares in Units, $ in Thousands		8 Months Ended	12 Months Ended
	Nov. 01, 2022	Nov. 01, 2022	Dec. 31, 2022 USD ($) period shares	Dec. 31, 2021	Dec. 31, 2007 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold trading days	20 days	5 days
Common stock, cash dividend (dollars per share) | $ / shares					$ 2.50
OmniAb
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 29,300
Parent company net investment
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 5,500
Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			6 months
Award vesting period, percentage			12.50%
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			42 months
Award vesting period, percentage			2.10%
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			10 years
Dividend yield			0%	0%
Stock options | OmniAb
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period for recognition			1 year 7 months 28 days
Stock options | Parent company net investment
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period for recognition			1 year 3 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			3 years
Intrinsic value of RSUs vested			$ 500
Restricted stock units | OmniAb
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period for recognition			1 year 4 months 20 days
Unrecognized stock-based compensation expense related to RSUs and ESPP			$ 5,800
Restricted stock units | Parent company net investment
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period for recognition			1 year 3 days
Unrecognized stock-based compensation expense related to RSUs and ESPP			$ 2,600
Performance restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			3 years
Performance restricted stock units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period, percentage			0%
Performance restricted stock units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period, percentage			200%
Performance restricted stock units | OmniAb
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period for recognition			2 years
Unrecognized stock-based compensation expense related to RSUs and ESPP			$ 1,200
Employee share purchase plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield			0%	0%
Weighted-average period for recognition			1 year 2 months 19 days
Unrecognized stock-based compensation expense related to RSUs and ESPP			$ 1,600
Series of offering periods			24 months
Number of offering periods | period			4
Offering period			6 months
Initial offering period			24 months
Purchase price of common stock expressed as a percentage of its fair value			85%
Shares available to be issued under ESPP (in shares) | shares			1,758,109
Increase in shares available for issuance, percent			0.01

SHARE-BASED COMEPNSATION - Summ

SHARE-BASED COMEPNSATION - Summary of RSU and PRSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Nov. 01, 2022
Restricted stock units
Shares
Unvested, beginning balance (in shares)	0
Converted in distribution (in shares)	1,017,696
Granted (in shares)	0
Vested (in shares)	(145,544)
Forfeited (in shares)	(12,923)
Unvested, ending balance (in shares)	859,229
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 0
Converted in distribution (in dollars per share)	10.36
Granted (in dollars per share)	0
Vested (in dollars per share)	10.47
Forfeited (in dollars per share)	10.48
Unvested, ending balance (in dollars per share)	$ 10.31
Unvested RSUs (in shares)	859,229
Restricted stock units | Parent company net investment
Weighted-Average Grant Date Fair Value
Unvested RSUs (in shares)		464,196
Performance restricted stock units
Shares
Unvested, beginning balance (in shares)	0
Converted in distribution (in shares)	94,749
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Unvested, ending balance (in shares)	94,749
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 0
Converted in distribution (in dollars per share)	16.11
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Unvested, ending balance (in dollars per share)	$ 16.11
Unvested RSUs (in shares)	94,749

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current expense (benefit):
Federal	$ 3,477	$ 0
State	44	17
Total current income tax expense (benefit)	3,521	17
Deferred expense (benefit):
Federal	(7,063)	(6,756)
State	(185)	(569)
Total deferred income tax expense (benefit)	(7,248)	(7,325)
Total income tax expense (benefit)	$ (3,727)	$ (7,308)

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at federal statutory rate	$ (5,473)	$ (7,214)
State, net of federal benefit	(218)	(350)
Contingent liabilities	0	(168)
Share-based compensation	2,371	1,143
Foreign-derived intangible income	(55)	0
Research and development credits	(444)	(1,064)
Change in uncertain tax positions	78	119
State tax rate change	(570)	37
Change in valuation allowance	880	228
Other	(296)	(39)
Total income tax expense (benefit)	$ (3,727)	$ (7,308)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at federal statutory rate	21%	21%
State, net of federal benefit	0.80%	1%
Contingent liabilities	0	0.005
Share-based compensation	(9.00%)	(3.30%)
Foreign-derived intangible income	0.20%	0%
Research and development credits	1.70%	3.10%
Change in uncertain tax positions	(0.30%)	(0.30%)
State tax rate change	2.20%	(0.10%)
Change in valuation allowance	(3.40%)	(0.70%)
Other	1.10%	0.10%
Total income tax benefit and effective tax rate	14.30%	21.30%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Capitalized research and experimental expenditures	$ 4,992	$ 0
Unrecognized tax benefits	400
Domestic Tax Authority
Income Tax Disclosure [Line Items]
Operating loss carryforwards	400
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards	3,200
Research Tax Credit Carryforward | Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Tax credit carryforward	500
Research Tax Credit Carryforward | California Franchise Tax Board
Income Tax Disclosure [Line Items]
Tax credit carryforward	$ 1,400

IINCOME TAXES - Schedule of Def

IINCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 316	$ 6,618
Research credit carryforwards	1,341	2,803
Share-based compensation	3,454	1,703
Deferred revenue	2,090	1,768
Operating lease liabilities	5,650	3,088
Contingent liabilities	745	0
Capitalized research and experimental expenditures	4,992	0
Other	256	1,488
Valuation allowance for deferred tax assets	(314)	(526)
Net deferred tax assets	18,530	16,942
Deferred tax liabilities:
Identified intangibles	(32,890)	(35,114)
Operating lease assets	(4,713)	(2,973)
Fixed assets	(2,212)	0
Other	(56)	(817)
Net deferred tax liabilities	(39,871)	(38,904)
Deferred income taxes, net	$ (21,341)	$ (21,962)

INCOME TAXES - Schedule of Unre

INCOME TAXES - Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 894	$ 766
Additions based on tax positions related to the current year	41	128
Reductions for tax positions of prior years	(472)	0
Balance at end of year	$ 463	$ 894

NET LOSS PER SHARE - Additional

NET LOSS PER SHARE - Additional Details (Details) - shares		12 Months Ended
	Nov. 01, 2022	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted-average shares outstanding, basic (in shares)	82,600,000	85,318,000	82,611,789
Weighted-average shares outstanding, diluted (in shares)	82,600,000	85,318,000	82,611,789
Common stock, issued, excluding earnout shares (in shares)		98,900,000
Common stock, outstanding, excluding earnout shares (in shares)		98,900,000

NET LOSS PER SHARE - Summary of

NET LOSS PER SHARE - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 01, 2022	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss		$ (22,334)	$ (27,042)
Weighted-average shares outstanding, basic (in shares)	82,600,000	85,318,000	82,611,789
Weighted-average shares outstanding, diluted (in shares)	82,600,000	85,318,000	82,611,789
Net loss per share, basic (dollars per share)		$ (0.26)	$ (0.33)
Net loss per share, diluted (dollars per share)		$ (0.26)	$ (0.33)

NET LOSS PER SHARE - Summary _2

NET LOSS PER SHARE - Summary of Dilutive Common Shares (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	56,629,252	0
Warrants | Earnout shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	16,292,542	0
Warrants | Avista private placement warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	8,233,333	0
Warrants | Avista public warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	7,666,667	0
Warrants | Forward purchase warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	1,666,667	0
Warrants | Backstop warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	1,445,489	0
Options to purchase common stock issued and outstanding
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	18,033,304	0
Shares expected to be purchased under employee stock purchase plan
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	1,983,180	0
Restricted stock units issued and outstanding
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive shares	1,308,070	0