Earnings call transcript Q4 2022

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Operator

Good afternoon, ladies and gentlemen, and welcome to the OmniAb, Inc., Fourth Quarter and Full Year of '22 Earnings Conference Call. At this time all lines are in a listen-only mode.

Following the presentation we will conduct a question-and-answer session. [Operator Instructions]. This call is being recorded on Thursday, March 30, 2023.

like the now Kurt over would Gustafson. I to conference turn to And go Please ahead.

Kurt Gustafson

and This joining good OmniAb's Operator call. you, Thank afternoon. Officer. XXXX results you quarter Chief is Thank all fourth for OmniAb's financial conference Financial Gustafson, Kurt

listeners at to are there omniab.com. Those remind today's investors section slides in are available I'd the accompany of remarks. that like to slides our website

of like during uncertainties statements begin, I'd from our and to Federal meaning this within will we contained that and risks made that could cause in are actual forward-looking remind statements results These Before release to press comments Laws. SEC forward-looking be filings. any call include materially results. the qualified different today's involve forward-looking cautionary anticipated by the Securities the listeners statements These statements

conference to or call call. broadcast, this of accurate circumstances required by undertakes sensitive the events of reflect information law XXXX. as after time forward-looking live of as or the contains this Except revise that date OmniAb only update obligation Importantly, any is statements date to today XX, March this no

on me call Joining President Matt today and CEO. Foehr, the is

results. technology will and today's partner questions. Matt operations, on our the and remarks, conclusion the During the the call, recent company's highlights provide call to of I and financial prepared At open updates, we'll

that, let Matt. to with So me turn over the Matt? call

Matt Foehr

for our financial first business thanks conference this, everyone, joining Kurt. and call. afternoon, Thanks, Good results and highlights

in and that enduring human I'm operational well expertise ahead corporate an structure, opportunities of close, health. capitalize independent from acquisitions and growth a current With on year, impact through evolved focus last our discovery resulting positioned strategic leader are so on transaction doing our make with In deep antibody and and integrated to completed technology the space. grown we're now has we Pharmaceuticals, multiple OmniAb to domain us, OmniAb publicly-traded in XXXX, our spin-off in investment organic an Since the confident initiatives company. become becoming our Ligand that November global

and That platform very business promise for team develop future. our employees, partners the globally positions us health discovery over XXX licensing scalable our therapeutics. enables human of rapidly well to our highly impacting innovative energizes model of of just OmniAb's

push technologies. we're value only making of that OmniAb bi-specific we We antibody frontiers most system human the believe discovery enabling four-species antibody the for continue and Our to the discovery. industry's diverse host fully partners platform,

I'll details point is platform active slide. with to market, With up the significantly, projected to XX the number But access on partners participating OmniAb billion of including a our technology, of programs performance with from years. XXX to $XXX we're antibodies to of metrics growing with our further reach billion has here I'd get sales total and to product approvals. on now proven in three in grown antibody another pharmaceutical global like recent about a in $XXX large XXXX, products make approximately that next

just cutting selling the of Some technology. demand edge today are drive best that discovery industry's antibody-based the medicines. of these some the And for are factors drugs

continues its value platform to technology Our prove partners. to

including growing technology's new for other in business in than XXXX deal in strides partners feel added partner. future addition portfolio partnerships with any great made our of teams more the the which an growth. We XX Our XXXX, new year in an this positions we existing of with expansion history,

We the commercial in note being in initial also China. that revenue currently As attrition. I recognized our from sale these commercialized and mentioned, to we developed have partners. And important of numbers of sugemalimab both Zimberelimab royalty graphs net or on slides the it's by XXX are programs

including XX three antibodies rat-derived, our that By XXXX. and human platform generated of cumulative programs. chicken-derived programs the we clinical have entered or mouse-derived And Our a yearend, of new had half approved clinical that total platform continues to the entered clinic generate second antibodies, during have new now trials. clinical

Each programs tumors; and modality, The Genmab three hexabody our further anti-CDXX in and which Janssen's solid antibody BioNTech's in a new or technology. solid flexibility programs malignant anti-CEACAMX of the demonstrates drug trispecific has myeloma. different tumors; relapsed advanced refractory conjugate, of antibody in these multiple include Merck's

than There out clinical programs pipelines. our the partners. antibodies underway as attrition remains of clinical or came OmniAb our of area that completed rate XXX focus two therapeutic said, partners very in There development trials now of low. were the of two are clinical their XXXX, realigned by more different That

using trials XX,XXX partners antibodies. investments see subjects are than testing representation derived in that needs. development discovered in a to for we be of into is More unmet dialogue to three Based for OmniAb XXXX, clinical on are the five major partners, downstream been OmniAb-derived with potential development making novel clinical programs entries medical approximately new technologies. our This are addressing in significant antibodies antibodies our enrolled have or with of that

of we programs stages X, Slide out development. our XXX break by On

partners see can from programs, base there XX and the large there's three XX a OmniAb two Phase I in totalling and XXX the growing clinic, And discovery totalling now programs Phase X are technologies. In Phase in as You preclinical. X. have our approved products two in stage mentioned, derived and in programs and X,

are a therapeutic high success with our our optimal antibody of antibodies We some in repertoires the than engineered of for cases, different a believe of quality of increases program. Many diverse discovering animals, characteristics. generating partners sources our using an in more and single number one large, antibody likelihood of

been the source and unique OmniFlic and for which with the growing development. antibodies, targets. excellent and industry. are to fixed offer to rats has growing fastest chickens, as to discovery for profiles antibodies designed engineered interest are human and targets pharmaceutical of affinity OmniTaur of access common chain structural OmniClic bispecific challenging OmniChicken species, on provides antibodies for also bind OmniChicken diverse high And efficient characteristics light with epitopes

has been on to available partners launched and slide, OmniRat, here the [ph] this first. largest that category our note source longest, I which is our here was

our place meet on to value they Our ability high partners flexibility provide evolving to tell their needs. scientific us a

and And limit X. the Slide By increases be technologies our therapeutic intelligence as multiple generating of shown of antibody of stack biological believe of leveraged can the antibody on therapeutic quality discovery, and our to success candidates. diverse helps we large formats probability high technology repertoires antibodies, modalities attrition of develop and product

Our from partners will continue related public fourth milestone through $XX the a some and year. to into received this moment. Notably, we development, made TECVAYLI partner, announcements to which advance their in Janssen about talk programs during payments our million more in progress Kurt quarter about and

clinical the treatment Harbour recently for of line batoclimab top to Phase Myasthenia Gravis. results generalized positive BioMed announced Moving X from its trial

announced X thyroid of Phase Phase Xb Immunovant a chronic of demyelinating batoclimab pivotal and addition, In a initiation inflammatory in in trial eye polyneuropathy. disease, trial

Biosciences cancer. positive results analysis the Arcus fourth ARC-X and Gilead Zimberelimab, metastatic of to non-small from X clinical Phase cell first-line, interim with announced the patients lung trial Turning in

and sugemalimab, the cancer. UK regulatory its authorization for that EQRx accepted announced non-small And marketing cell first of for lung European applications agencies treatment metastatic line

that updates In in as announced addition China well. other to CStone

discovery Our our is driven by quality, the intelligence high a enable wide of diseases. antibody stack fully paired range transgenic human for technologies technology biological to therapeutic candidates with screening engineered high of throughput of our animals,

OmniAb most industry's the are making are we only repertoires that platform host four antibody diverse believe we mentioned, available. I the species discovery in-vivo As

innovate proprietary positive critical our into insight experience our feedback it creates and advance a and to Our gives the dialogue industry. partners around loop collective us with And platforms. our

and have antibody specificity technologies also woven and models These by our and suite for machine sequence right leads affinity, databases, large a our for more. to various candidates learning include of tools rapid intelligence, and ability capabilities developability We partners. and of more drug effective are and identification discovery optimization profiles, capabilities. with efficient These the artificial throughout therapeutic multi-species tools in-silico that our modeling, and structural enhance development

centered multiple transporter In channels were capabilities addition, transporters completely established small we clear and and can formats targets. possibilities we potential And think and and approaching around around and channel we modalities. that have create in new paradigms extensive for molecules have for ion built ion

We around invest technology, further to our strategic broaden and acquisitions licensing innovating opportunities while in our to evaluating continue capabilities. technology

access agreement entered to Fc we example, discover creative help therapeutics. effector and and will to expansion silence For with safe platform. of provide develop provides of technology. example its mAbsolve our ability which our sub-licensable license Platform efficiently with the technology, The effective a for exclusive into latest functions to partners February, agreement us the with This in the Silencing STR is

antibody We're discovery generally out conferences and technologies also and roll year. year, platform major new excited to innovations to this relating this new our of engineering antibody with coincide our launches will

expand we mentioned, highly scalable business believe as as for and I pipelines partners' the we're clinic. positioned and As our future we advance into growth, model our support leverage they well

remain we continue technology offer partners enhance add to as in workflows. more development our portfolio. Through a and more committed in Further, marketplace our position to license our plan in platform partners agreements to to and versatility business to the proprietary efforts, our to leader our investing we

As innovation new during access. heavy we that partners fourth just launch which year, important transgenic this one a our quarter want plan an chain-only example to see will of we to as the chicken,

to over discussion these developments for you that keeping the forward to through I look We updated Kurt call year. on of the financials. a Kurt? back the turn will And with

Kurt Gustafson

Thanks, Matt.

structured of business a moments I how with partners. our like financial model results, our spend discussion to and to our few are reviewing agreements Before a turn I'd license our

at to partners as utilize get we designed to the structure is success. they to is align want. deals both deals that have economic interests technology as and our of low the structured the are the relatively are so of encourage to of paid One that of the to mean when points try cost We technology What they our parties. partners that key keep by this much I our access scientific a

include revenue, for and related do typically products. earn a full And programs ask on stack. are our partner also In of regulatory collaboration terms to or partners' sales milestone to an structure the payments in should a There's us for there deal service payment for clinic, advancements And our us also technology potential of net of to royalties the to upfront learn agreements access lastly, work approval. to them.

revenue term in driven growth primarily will royalties. long be the believe by We

expect most driven I the few growth However, years of will payments. be next the that milestone in by

Turning now of first results, months XX for OmniAb the year. reminder to part a the financial Ligand our was of as

on financial So to X a basis. prepared results the carve-out were prior November

quarter the was $XX.X to based of the U.S. total of recognition revenue in The quarter. XXXX revenue, $XX primarily fourth quarter. due $XX.X of with the year increase million was compared million the Teclistamab revenue in milestone for prior the million Starting to

the first We And we XXXX. been accounting expect for criteria this of don't specific There sale have the Europe commercial revenue. are of today, $XX remaining the met. for as in revenue million criteria believe of milestone to milestone recognition later recognize in as these

recognized be in quarter, but not And $XX the the so even that is it will in likely this million year. likely later first

as revenue with to less Our of result ion our is partly channel some the advance of the of a for down some slightly stage these success programs service they as of development. work due performed into next partners,

in the G&A functions, to necessary for company. expense included increases well as with fourth as we've other compared support expenses includes independent costs. typical as our Operating were $XX.X costs XXXX. company public hired This an people The public increase $XX.X as in structure quarter various million, staff million standalone in

nature. However, quarter also million onetime that approximately in I would $X were that this note of included more expenses

period. Net diluted the loss ago $X.XX a share per of of per $X.XX net million versus or loss the or $X.X for in million was year income $X.X quarter share,

$XX.X primarily Zimberelimab milestone revenue partners the full from spoke the year of The was and as of as of, additional recognition increase well just For our sales was revenue revenue to I total in sugemalimab. XXXX due royalty million. revenue

OmniAb as to XXXX $X.XX Net $X.XX million share. full was well increase company. or same compared per our $XX.X expenses relate to net $XX.X for with $XX $XX.X as The year by a drove increase primarily in the growth Operating the quarter, XXXX. that and full in of million be loss was year for standalone the share, for were the for preparing fourth infrastructure, million a driven XXXX per million or loss approximately mostly R&D items the of versus

and expenses of also period. over I at to Under comments make are expenses U.S. about A taxes. have amortized deducted. beginning generally the a law, tax to XXXX couple went R&D be R&D year into that new of federal law way a five the changed wanted effect expensed new the

R&D to of be result change, just with end the eventually our milestone, the taxpayer all benefits XXXX. were combined tax of for sub is At a to timing we be a day, full period really a company. going this we Teclistamab the the will cash year taxpayer recognition where an the of of as cash we we As of independent difference quarter fourth also of are the this expect law a costs. taxes, for And full realize the for

a share post the make the and spin share outstanding was approximately period numbers million. year comments out, full count for Both million about used Let shares the XX.X EPS. which count which represent me QX approximately EPS and for XX.X prior share spin the was out, also few count the to for a shares, our blended

Going basic million be forward, to appropriate for EPS calculations. XX.X outstanding the base the shares will figure more use

structure, $XX.XX, shares and Just of various have outstanding well as five warrants. The float in of as capital approximately out reminder addition at public to of and of earn-out of The shares, employee five $XX. year a shares spin earn-out half as the strike the awards equity years warrants at also we expire million price price price components transaction our XX various a life a other $XX.XX. and after of close the have vest a and the vest half the of

You'll earn-out shares see outstanding. basic as issued the on share as of and of shares. the XXX statements financial is combination face count that the the This million we our well have

$XX.X ended in cash the year million cash, term short and equivalents with We investments.

January we As disclosed to the launch in Teclistamab. milestone previously from payments related in $XX received of million Janssen

last payments, addition breakeven operating of running for The these we an flow milestone in cash on years. of fairly capital close the a strong basis business With been has are position. to couple the

to balance fund believe operations for that runway gives sufficient cash current we foreseeable our the our us future. So

As discussion financial the outlook we our a higher of the XXXX than that XXXX. will for XX/XX/XX. at be of of end for specific expect balance I'll close guidance, as slightly comments cash balance our with my

quarters For look it the perspective, be expenses I by of at starting our four XXXX. thought might operating to over helpful

a reporting quarter first as started quarter the was public the standalone So fourth that company. OmniAb

our fourth the such, expenses operating best forward. representative the going As provides quarter level base of

will we XXXX grow so base. QX, in to R&D R&D, expect As would Matt quarterly our mentioned, I this XXXX continue to costs in invest off

On remember nature. non-recurring that that were close million the to line G&A side, $X in of included expenses the G&A

our quarter expecting in those line quarters expense are largely the level what you G&A If exclude with onetime nominal subsequent growth. for is with throughout in fourth some expenses, XXXX we

is weeks. all Head to introducing Singh of I'm comment, Investor and a to hired look coming announce the final Relations. One Her pleased name in I that you we've forward new to of Neha her

I'd like call that, the Operator? to open for questions. With up

Operator

Instructions]. Thank line go from begin the will you. Ladies first And and from gentlemen, Please we Truist your now comes Robyn Karnauskas the question-and-answer session. Securities. of [Operator question ahead.

Nishant Gandhi

Hi, Nishant. and the my for progress, all taking on is for Congrats questions. you I'm on Robyn. this thank

validated clinic. now deals I than more So is royalty, around year, have a programs mean, your platform with you I partners key lot know question and then signed with last in more XX

projects? for lot for any your So for got programs validation negotiate expect have programs, considering you going a higher forward, royalties to of of do you your

on clinics, have diversity, oncology. in I second pipeline you more lot molecules a programs in And see with

you consideration diversify going a new you. disease partnerships sign for forward new areas disease Thank to that into areas? new and is in So

Kurt Gustafson

better can economics of to Yeah, the more and I'll the Matt actually on you're absolutely to platform part. that of regards the garner of deals. take sort about that, maybe of the to talk we've sort become able point part has With as first out been right validated, second some you royalties,

sort that take signed through is of the forward. at of a slight look going a last deals average the of, are go five function those think I done look rate has can't the royalty for a So out at what in as predict royalty each I historically, if a that. But technology take point signed. of that deals validation and the higher just I rates years, terms that's you see And you'll trend of in

So it's difficult we going hope that that, to forward. but continues, project

on Matt the question. diversity But

Matt Foehr

clinic matriculated first, of, Thanks, platform question. across Yeah, programs. out a into now cumulative our point look the Nishant and has the generated for that for have programs the XX of you clinical total Yeah, if that total you that

correct. therapy perspective. in from inflammation. also The in those highly validated oncology, perspective, in some although a in there immunology, it's GI-disease, majority of from that But are you're are area So some

women's our chart expect, of CNS deck, inflammation, infectious the things breakdown diseases, the and see the But pipeline, discovery, therapy as we Slide used deeper areas. especially one health, other you pie as at X have look in well to as that preclinical might diseases as you in into beginning go there the platform as like areas, we're across

build as progress So developed. clinic matriculate through see I the we'll programs in time think those diversity that and over up

Nishant Gandhi

Great, thank you.

Operator

next your Stifel. ahead. Stephen question of line from from you. go And comes Please Thank the Willey

Unidentified Analyst

for thanks for taking Steve. Josh This the Hey, is on question.

I the further I So platform's of which your have see platforms few garnered Then of do questions. And transgenic a guess coming with, the we'll interest? you and the prioritization development how animal start these follow-up most in years? changing

Matt Foehr

distribution Great. the to leveraging. this Thanks, sourced that some source, we a time break little included technology question. down of Josh partners the bit for the Yeah, data antibody are our

So half programs OmniRat leverage partners a being little portfolio, of our through the moved more if development platform. you across than our that our by look actively are

to even OmniRat work There's breeding our quite our launched, of flexibly mice OmniRat the the space, there actually presents of are transgenic partners that was of flexibility actually a up obviously, widely their been streams. mouse us year. partners produce is multiple who colonies the for proven spinning lot allowing some robust feed programs over rat. antibody that OmniRat out set our for partners. also into efficiency for and a up to We've first are The unique. but a there, used time And and rat platform is responses it's first we

obviously source. is a large OmniRat, So

OmniChicken. advantages creates they to by its became I has our really of are leverage. increase the chicken terms humans part XXx, in the time advantages because we've OmniAb and of lot very partners acquired, number mice growth, evolutionary technology. it to that percentage the since of In largely like of Chickens partners and And point about from OmniChicken terms That for leveraging platform able to The and evolutionary distance. growing, been was of fastest a rats. of distant the

is with both that, chain, see a which a bispecific in And chain. a is space, transgenic our fixed with OmniClic, chicken transgenic OmniFlic, of the light we downstream light nice growth which also with rat a common and

across through the our programs are you large a actually our progressing interest clinic, that of And as partners If antibodies. actually area downstream a partners are bispecific of clinical for look well. number those growing that's

Beyond that, I'd point also to OmniTaur.

small the is While a is programs percentage talking team of that area a inbound a an not the antibody potential active our those given as to interest, approaches that features of potential new partners up lot BD of fact to lot today, it's they've structural to interest been it's partners, open therapies antibody-based have before. that access new to able many say cow-inspired

that So well. we're excited about as

Unidentified Analyst

of Awesome, with Is pharma? between to smaller biotech I as then cap feeds generally companies regard you budget cap question BD guess prioritize R&D kind function tightening? large you do second partnerships macro a less how are there of nicely to of smaller And from kind activity you're seeing large discrepancy my companies typically that seeing? kind a into of

Matt Foehr

migration, then by right. moved new one we off at partner or majority in and to the make year, as scientist term then ever where have well. of interest we who've inbound couple of access. to licensed last to partnerships had want get and did others coming I'll and in want want of experiences are Yeah, large I'll year a the history partnerships more And driven than a those Kurt company a positive a new scientists technology, to We're add comments, may what

has and is interest also industry that edge in as So because development increase to cutting we get more to and have important why I it the shifted business which to we really to antibody-based the inbound been expanding as technologies speaks access manage towards see more our think medicines. interesting that and team opportunity are

but added have really many of We of partners in biotechs, of have have been number lot -- earlier the them a we've funded their biology. interesting a lifecycle,

commitment have one stages already existing we're pharma of negotiating pharmas. at think commitment know, as with post big want the understand, pharma -- those a always are any biology, new with on obviously I structure, various not Kurt, include cutting always but many anything our add to well that with players And if Those of especially We who And the deals to number edge interesting large large our negotiating our and terms. partnerships of now only to kinds attract the development, anything our to of things time parties remaining or don't platform. at prolific players of or you with new they users are in continuing discovery. biotechs antibody else. And dialogue as well. I innovation that license are

Kurt Gustafson

capacity situations, have many example, would what talk capacity done in they're the you general, of I all our a that's don't we the In about and rats with do the issue. if guess shipping the have work. maybe that situations, is, most we doing to OmniRat, we're I partners, really issue. them, a of those only if work Because for prioritize these add we to would be, thing to don't had right? you And things, need really would

So that business model for is almost us. infinitely scalable

a really them of over can. to not one we about there's as use encouraging much the other. this we prioritize technology as as to doing people sort up much of so can signing and need deal We're -- is as And the kind many as

Unidentified Analyst

the be Great. same new you specific deal royalty And a asset? regarding to bearing then tried J&J this it with will Or structures, lastly, have Teclistamab? asset, dissipate similar do just

Matt Foehr

U.S. struck after And very a structured that was deal deal launch in And commercial predecessor by J&J OmniRat was payment in actually was the a is Europe. way we was then the acquired, a upon signed and that early there's was launched? that O&E. a the that it Yeah, deal payment with company

$XX million markets those in right? simpler that that's So asset. it's for payments Teclistamab than So the for deal,

Unidentified Analyst

question. Great. Thanks taking the for

Operator

from Wainwright. And next Pantginis comes line question H.C. ahead. Joe you. from of go Thank Please the your

Joseph Pantginis

first under your here Nice guys, Hey, your call belt good afternoon. have earnings. to independent for

ask the your is first underlying about I to question efforts. BD want So

So model. your -- and business

So an first, development programs inherent tool. of in act you of marketing the numbers have, numbers partners almost and that obviously, the number as

So push pull, how much with to meaning, of and of like currently regard efforts inbounds I had guess, how your do? BD your XXXX would to levels describe is current that from the marketing you you versus

Matt Foehr

Yeah, thanks, Joe.

Your it correct. marketing being tool it point about an couldn't more be inherent

partners, platform protein I think And that about conferences. historically podiums we've benefited antibody consistently. or at talking by the engineering happens, success they've at had our with engineering

think We example a Amgen drives I use And see conferences interest. antibody sort where very can talking with of that and one of the highlighting the recently partners OmniFlic from others thing And it. an majority of platform, of the we've their success that that deals lot inbound have struck understand are drives the it. recently. just of of come their about to successful of the at

the of validation, I space. others with the clinical level And the platform, produced number in for as is of programs by who think are that important creates increased visibility that our been clinical Also well. now antibody discovery have

presentations, One both licensing-related, We're business development reach, opportunity. we for with really our of focused and expanding publications. been increasing that conferences have on recently attendance joint and development-related, is business to things more of at partners partnering We're the year. capitalize our this and our related on actually one are some

innovation things to the the opportunity all we're the on continued we and built on those And that's really been capitalize position committed to of innovation forward. us going think that

one it. new as the So at we're we're partnerships, excited positioned now time said, always team's I and license way negotiating about and our deals, new any the managing we're way

Joseph Pantginis

I That's the to growing, prepared in regard comments Matt. constantly And your said you're guess to new in example, technology, prepared to like helpful. present for there. aspect really for and at underlying you're fastest And Thanks you your looking business, alluded working other your engineering was with conferences. antibody you the that. comments, OmniChicken,

kind now, of tech looking improvements sauce the giving you So what general share maybe, street. you'll and right with are without to be special away able at, the but

Matt Foehr

thanks, Yeah, Joe.

plan As our engineering platform. innovate on it's launching I of terms our said, are view continuing we protein the technology never elements through at conferences antibody in a -- to engineering There or process around major the in around ending innovations year. well,

We number really where have partners have what really seat headed the they need industry, dialogue technologically. but with with of deep a only programs can to unique, XX collaborative and understand important that in I and also where predict active not think now, partners, they're we to

engineering, was we couple done heavy And ago. become it and of that's reasons this ago the leverageable across you things started a When same innovations a chicken will the years pharma of really pharma year. industry. why chain That seeing plan collaboration biotechs, and couple launch it that's will with one of big sense players hearing the of start good years in quarter what and available, fourth in past only example that right one bispecific a the field do smaller But of forming was partners. multiple big we we ago. of you get and out be really the of launching broadly the with One where to OmniFlic of in were OmniClic, really years our years

therapeutic chain and antibodies some have desired a and in Heavy approaches We've think only desirable new we lot them that pica biological that bodies other up open they partners. is or have will that interesting our instances, [ph] something benefits by but of characteristics. can into be turned antibodies

in major launch the quarter. we expect conference that fourth one at that's a So to

Joseph Pantginis

the thanks Great, color for guys.

Matt Foehr

Joe. Thanks

Operator

your Mah And the from question you. line Thank Steven from next of ahead. comes Cowen. go Please

Steven Mah

ads is two-part active partners. there If questions. I'm looks the like on Great. XX question Thanks off your I in math a doing right, rolling XX the and quarter. for have new the partner

the could So a large or these Or these mostly big or biotechs? could Are paused these then And XX any that were us possibly biotechs the just they Thanks. partners second rolled were question part, of rolled off, give off? of or they terminated? pharma that small for programs they you is resurface? sense XX

Matt Foehr

I'm right the that think did of partners your an thing And Yeah, I thanks one following with and added math. last new agreement XX Steve. we an -- an year, expansion don't I'm was existing point year. would out, then we through I The one not -- partner.

we quarter there, there you're not partners might there rolling of we're up or So programs So maybe -- clarification a be be have a We talking annual. Speakers]. interchanging might off. [Multiple -- did Speakers] maybe partners versus mix or about [Multiple talking a or might

Steven Mah

looking Yeah, annual with first No, quarterly. yeah, my right. guys. was -- I But it you I This my do math sorry versus call -- I didn't didn't do sorry. is was

yeah, got Okay, Got you. it.

Matt Foehr

Good.

Steven Mah

the on adds, us give then and new you give fastest. type partner a of OmniChicken you Could percentage these added is could And some on you new the OmniChicken? of or partners for then sense what said biotech, and then pharma partner color us the growing XX

Matt Foehr

give partners with new companies I can who you little year the there. are a bringing forward. added Yeah, XX think I the -- and these majority last companies program a were color biotechs Of are well-funded

for biology active the impacts an partner and on what high a and think And I an we impact and excites as scientists we have potential have some standard that program. in interesting active interesting have ways. We count for health really our

team our about. area an is to excited be is that So continuing

in may be chicken, for approach. terms an is how new of those OmniFlic as our flexibility right, platform. terms various where But technologies, say use at the well. time leveraging mix, really or ideal a partners are In also attracts to what using program to some same a on many is of it's OmniRat of our the that One the partners

get license partners access So when it do us. they mix fact that the technologies a really multiple is a value they take with and to

pair scientific a the in perspective a what can from needs, and an only but terms for them. not scientific we perspective, dialogue also really from best technologies deeply works operational with And of have their

Steven Mah

And a Or if great. of joint you then like is? it one receive us Okay, milestones give is they you? with I are any Is on sneak venture? licensing deal royalties to one this in, last And from eligible can just mAbsolve, that strict or a sense agreement structure a could fee? the it

Matt Foehr

first are Well, to there's partners of able color license I'll exclusively a platform. no we're downstream economic technology our answer to And that Silencing agreement, the to little then mAbsolve. FC there license you Yeah, no It's first. I'll a question. STR the at antibodies give There's more with generated with downstream mAbsolve. it their where to OmniAb economics

Now they -- bit, color those stepping a little effects. that are immune But FC-mediated of or are lot to adverse an antibody's more are eliminate an lead in obviously, interactions antibodies activities function. important give there part back many But just it's on important, little a a function. desirable of of really natural a the can obviously are limitations. variety not And effector approaches have to therapeutic to effector

FC see therapeutic fusion antibodies So therefore we from PLoS described was we what delivers Silencing It STR to-date. the truly And detail safety were a has it impressed proteins. in recently paper, and in developed. have FC Fc Platform as efficacy that most and potential with mAbsolve the it that to mutations the ONE for been but silent improve described

offer And so to our partners can we downstream. now something it's

you that hopefully color. gives little bit So more a

Steven Mah

Yeah, on that's new for And the partners. mix-up the Thank helpful. you. apologies

Matt Foehr

all. No problem at

Kurt Gustafson

Steve. Thanks

Operator

the next from And Instructions] go Securities. Thank you. your comes of Puneet Souda SVB line question from Please [Operator ahead.

Puneet Souda

Hey, my and taking Matt questions, Kurt. guys. Thanks for

ask out biotech if obviously high I is could funding one small on, first is question maybe a the major So level there. on, a question

and the seeing that provide tools that to small are biotechs. We capabilities companies from the

your a give year? you maybe us seeing what you're of of the are your Sort for How from calculation including that perspective. view in

-- of programs about talked the you something on talk going ion low, remains which Is full wondering can, about you to to what's small the were calibrate clinical your you on year. down. in But just if you but the attrition biotechs? us slightly positive wanted I'm also partners my for about very among that you're year? talked And know wanted you for the can channel I a is if full view, sort into considering calculation

Matt Foehr

space will is Puneet. and have an global on the of kind Matt we're Thanks. Yeah, here keep too. the This then Obviously, landscape. and understand Kurt probably eye some comments

biotech coming funding there a period companies, off right. where are has We of lot into a been

really and again, a last we here. That year on our led investment, found the to mean, in has year talk coming So speaking with of kind partners new ever. off I'm -- I a past to focus more we've partnerships as

sustained be to to a commitment does And there right. really seem discovery,

haven't with of on on macro partners partners. kind a perspective we obviously dialogue think, a you're and from I based level with implying, kind important effects, discovery seen cost of the is our

to. ones to edge are at You the can we a There is for the be targets, scientists antibody-based about innovation who phase. access want conferences, go of structural that that our real provide to may talk at, of is all elucidate really discovery or on remaining focus they the new ways elements only cutting approaching

to we new to That continue want to ramp But quickly up shows bit we But etc. coming of you on technology where gives year the projects. instances, many the landscape little a partners commitment we're that in a partners ever off a than obviously have. new access we to So watch up signed color. more hopefully,

want to there? you anything Kurt, Now add

Kurt Gustafson

that we might year in ever, I think I mean, we're still the questioned ago state universe. in the have mean, biotech had funding of sign sort that's But I told would seeing XXXX a deals interest. right. given that I of than just you me clearly, the more

Puneet Souda

where that's side backdrop you at animal have position on question have seeing on board, we're the the the look currently and the and and other out the encouraging for is. Kurt, great that strength you capabilities One across platform cash when on given the maybe Right, diverse that's there. platform, you

into how think markets, technologies that your investments of capabilities? antibodies that we maybe space whatnot, the organic? private identifying and to those and there overall, technologies, internal Should that? have do stack in in at and about right overall more you and the about some screening, line, hit look the even opportunities Or think you technology when more work the given across think of about the the you down out improve terms assays to stat of we down should or the explore come But valuations sort capabilities, can that

Kurt Gustafson

stack. we've I missing both. answer is of to the technology lookout of with that think need said, really, the think don't on short But those. the on we stack for we're our got is have synergistic we eyes nothing I the certain go terms that we that do And That sort there's -- in would on being M&A have be technology we think today. technologies

acquisition through technology And some to today. come us of could that's of an that external

will of internal got think be internal that. it well stack be as of internal make. a it'll further. But investment And of build our some And we an -- how I execute Some new plan of that investment to strategic want both as acquired we're combination going acquisition technology we'll out we've to some technology.

Puneet Souda

that additions And then last one it. OmniChicken long cow-inspired the platform, ultra about to Got talking on you with were CDRs. potential

So can just on stands? that provide that, where update you

Matt Foehr

a opens for lot And OmniTaur Yeah, was Puneet. up properties prepared platform heavy originally a were chicken in we for bring But acquiring it launch didn't in We unique us thanks, the the humanized where CDR-HX will that chicken today. QX. resided, that. chain of and yeah, remarks the do rationale Yeah, into host. engineer the cow-like highlighting the only right of those of that behind of business you're to for that part science it there's to the cover possibility we long

is have, a program they of partners that, kind transporters, progressing to we some into having especially we emergency and variety realize substantial a is And impact or can planet humanized And the doing channels positioned, and ion structural more technology or excited I that perhaps will could ion the host like can something and where innovation that targets chicken do diseases, about that attracts well only because infectious it's or be are talking well, areas very with we uniquely CNS future. matched that characteristic settings even in especially of the that that downstream, that that, built we're more opportunities channels about, are our work be meaningful us, And the in that. because as targets transporters other diseases our pretty that feel people great capabilities creates think on and meaningful. team the around

in many So the with largest over the capacity high anywhere you we capabilities believe that decades were talking electrophysiology transporters. for built channel we're our and of throughput that may the pair in years, ion extreme many, screening we world world, some up have that

pretty pair downstream. like terms, capability, you to So they have that if just will, that's in, like in significant use industry could are something chicken, a you OmniTaur, impact that to something OmniTaur general engineering the

expansion example we're of But we tech expect be the in something the And on and internally. things some another we'll more of talking that's advancement about future. around working it's just

Puneet Souda

Thank Got you. the it. on call and solid a quarter one. Super, congrats it's first and

Kurt Gustafson

Thank you.

Matt Foehr

Thanks Puneet.

Operator

of comes Yuan your line Thank Zhi f you. go Riley. B. next Please And the rom from question ahead.

Yuan Zhi

our you antibodies. AI of taking of some And them. I using two have questions. your Thank are peers for to generate Matt

has Just will of to this potential hear your factors choice. discussed talk think them? do right account platform want when your with is being customers, the And platform you you topic with customers, your what with

Matt Foehr

thanks. Yeah,

a something and to is naturally we do, engineered from superior positioned the process system through And are the animals based they're with our of specificity right. comments biological sources millions an at uniquely excellent generated optimized of what iterative foundation right. is vivo other make. that over So technology antibodies a of of And millions transgenic immune largely that's of couple we've selects core we that also of in evolution, developability in -- because Really developed intelligence, been I'll is preferentially profiles, but really call that ability years and right. our antibodies

antibody limit antibodies, attrition So It's us. that lot to animals a partners of and we those what optimized intelligence. of believe clinic. candidates the drives call the what our of also we success. increases probability biological is to approach And ability and efficiency it the really do in helps This of

with tools host a of Carolina. of where as dedicated have and whole our time, said, in obviously a a in Durham, across capabilities, history spread well long team in and team Tucson, here Arizona, That here other all our we we the modeling, North scientific silico leverage three silico right, in Emeryville, modeling as in sites structural

paired with therapeutic silico and are that So I here be optimization through really technologies. it up our we've appreciated may discovery suite little think many a for for that tools a built woven of under antibody and years, in

I part. tools with paired modeling, two key large a And These antibody they're structural databases. but species, as that's are, multi said, really

been leverage also else deep and that and then our we many here programs be over And are If think AI have something we well. years, was that I not to years those partners. of that learning got we And you've well with through you may you've tools machine unless as we because over as built that. value, many is partners hindered use intelligence that that But source collaborations millions known do weave together. that science, biological good without as that evolution, it us, it's of as

novel fact that that leverage of capabilities, internal for those obviously proud with partners, pairing advanced the that we're transgenic programs as our obviously our well. animals. And we We

Yuan Zhi

Yes, uniqueness your review got it. your That's very you, the helpful of And of Kurt understand one and thorough business. for platform. maybe

will collaborations can As to deals any have you helpful? on be monetize you discussion or you And there potential know players remind are royalty may your the royalty the of or markets. us your these very had active thoughts with loyalty future

Kurt Gustafson

have with and come conversations folks These them. Sure. we

So certainly out we're are there. are aware those options that that

a the think talked right. have business fairly close a money strong balance I amount on we're though, mature of as we're sheet position, cash This of And some ways that the I stand fairly we capital to about, It's in sort set. kind given where sitting today, business. terms flow. we breakeven in today, in of of

into we forward additional future, As the barring need the some to capital, raise of that sort foresee I might look I acquisition don't do.

there, So we're it's at We what's not those of out anything that people. we contemplating part talk sort this point. to aware of were but of

Yuan Zhi

all Got question. it. you. our Thank That's

Kurt Gustafson

Yuan. Great, thanks

Operator

there Foehr, further this proceed. Mr. Please time. questions you, Thank no at are

Matt Foehr

stamina, to questions a technology to thank here the engagement. and take to innovating you project some to as the that detail attention relentless close support our call, as to call collaborative out running and I'd completing the for Great. as out thank substantial like business to a for our we've and partners, I Thanks. that takes and is well. really business, do want your and -- a around company I while public quick And a today's growing had joining moment from also all do. split And employees all teamwork

to So I thank the to I employees. want want

and about ability of our importantly, course our to stakeholders, you And I investors. partners, and for will feel value together, positioning includes, that which course of say great we build all our the

at So OmniAb. here of we mind things top keep these

so to that. wanted close with out just And

Hutton the I'll in in May City. York BioConnect Global on that also in term. is City near a New which conferences NASDAQ Wainwright couple investor headquarters be Conference mention the planning at also attending EF we're Conference York we'll at the at We'll be the New on of also H. and C. X, May on XX,

forward keeping on a to Thank So day. you. great progress you we'll look updated has our everybody and hope

Operator

conclude our participating. does for you today. That you. Thank for all conference Thank

You may now disconnect.

OmniAb (OABI) 30 Mar 232022 Q4 Earnings call transcript