OABI - Earnings call transcript Q4 2023

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Operator

Good afternoon, and welcome to OmniAb, Inc. Fourth Quarter and Full Year 2023 Financial Results and Business Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Kurt Gustafson, OmniAb, Inc. Officer. Financial Chief

Thank begin. You you. may

Kurt Gustafson

Thank you, to good and afternoon everyone. operator,

full Gustafson, said, omniab.com. joining want and today's results prepared this available to you at they the are and call. our XXXX There conference is quarter remarks, for As website accompany all Investors Kurt I section slides our financial you to fourth are and year in thank of

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

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

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

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

call the turn Matt. to me over let that, With

Matthew Foehr

and fourth Kurt, year and and our for conference quarter full Thanks, call. good everyone, afternoon, XXXX joining thanks

of we We industry. within therapeutics by here As development scalable, and as innovative pharmaceutical and an the is OmniAb and what the be enable to we need pure-play we is for global mention frontiers enduring meet growth highly that is partnering rapid believe that's like to that the designed business poised now our kick in licensing see leverageable to that focused efficient, the at a drug clear do mission I'd off call technologies. today, of this discovery pushing to

offering challenges of antibody-based discovery. drug technology the Our addresses most critical

across Better a industry, rates of that other We and grew team. We capabilities extremely XXXX, to our our and the our discovery base and extremely are executed is technologies members are suite some cutting-edge elements making of focused of global in partnered significantly machine expansion our with leverageable. of successful that we're factors and based industry Singapore, our substantial in well programs, about expansion to We're success animal, OmnidAb, launched on the Europe. by I'll dedicated which of including progress advancements for novel OmniAb in launches, pharmaceutical late-stage This and key increasingly pipeline AI a technology animals. is our the throughout key technology new by demand woven our transgenic technologies. our now acceleration think and OmniDeep, and increased in we November, have talk continued that which U.S. example included shortly. intelligence technologies suite of positioned of of and business. X of and well we more that well latest learning on In business in of the an differentiated have out innovation that and meet in with Asia, highly antibody-focused transgenic biological stack silico antibody-based investment are partnership XXXX proven programs and and marry development driving partners, our of and of BDT

partners public needs as the We of to our an remains our first and on continue impressive the company. independent full in the to list year achievements now had pushing future. of technologies in boundaries our But focus an of meet

momentum of our from internal how XXXX, believe value on this we frame innovation we'll forward ahead. year growth for helps And efficient create increasingly long-term looking technology in an we're that to all continued have building We the engine stakeholders.

see on was business. now in another many substantial these metrics. growth and year business Despite in indicators and, of macro our ways, last graphs, XXXX well. perform Slide speak progress clearly And can some extremely I sector-related of key #X, our headwinds that performance year, think, you continued and to show Here our for themselves

Our XX% grew representing to a year a active partners XX ago, XX from increase.

XX%, programs our to increase partner active with XX lastly, Our clinical an with increased active had XX%, and at And XXXX programs compared the XX at from end end of also by XXX. XXXX. grew as XXX we approved of by the

are expected of in all of that natural numbers and pharmaceutical note I attrition that And these is net obviously development. discovery stress to attrition. want it's here I and

I'll now on Slide in productive marketing #X. detail expansion, driving attrition. launches. our new a and base of number platform business and talk active to here of our partners about We partner highly commercial was this additions grow including visibility continued and our little more of presence cutting-edge science by XXXX saw as net backed new expanded that's multiple our factors in our development clinical technologies, and partnership technology and validation

to on to we're in set of discovery clinic. diverse bringing interest the As a and wave partners of next to to our focus and we align attracting preclinical candidates licensing continue the bolster partners, with advancing our

Slide #X. Moving to now

XX in disclosing big the that was licenses disclosed from executed of new I a that along fourth with as today, quarter, company further Sciences previously signed Life full new were we're both a in deals XXXX. new we QX. the of year. And in Here, start-up with also as And pharma year deals platform signed partnership in breakdown a XX said, signed platform last one our with deals we're new as XXXX. licensing Enable well We providing

on new We well-established partners, partners. smaller new new strength want a chart, we funding global deals [ business. companies ] with We in new big to well highlight XXXX. players in academic as X here the I with see were XX% start-up with partners pharma as you despite of added biotech the work As biotech companies as for and and that with or partners our done in deals of diversity this drop our start-up significant see deals

growth of #X. track we've also of execution, record I'm business programs. Maintaining And and on active seen nice our Slide now advancement

As grew mentioned, to with net attrition. active programs, of and started active XXX XXXX we programs XXX

and And as programs are growing of IND-enabling the we the You active confirmed reflected or stage by our stage. can end The chart on were breaks bar discovery in preclinical to chart. programs XXX side see development. programs consisted the programs on ones phase studies. XX in preclinical the the in importantly, define By pie our stage left-hand growth of pre-IND be XXXX, XXX that the right down that of

programs I Phase trials. had X XXXX, from move During to preclinical we clinical

program the from XX international the note Phase first Phase I filing. to its programs at trials. III year, of So end I that we one And also registration had moved in

active and with With have expected indicating partners, for clinical off ended in these metrics, good leading X are Slide to new the X the building programs positive shown new starts. it's kept X growth are see on started that here we we that We year and momentum that our also XXXX we clinical starts clinical to #X. by

a Phase which melanoma solid Seagen To tumors. mention program I just advanced now briefly, its Seagen. bispecific forward, This is in Pfizer's other and is their anti-FcRn, I autoimmune in Pfizer pipeline, of announced that anti-CDXXX following a SGN-BBXXX, Immunovant by initiated trial clinical of number. the clinical be its diseases. its And referenced IMVT-XXXX, of first-in-human and a initiation project in Phase of going closure will acquisition X-XBB few of next-generation targeting trial

antibody a study Phase a CSX-XXXX, I began fentanyl monoclonal prevent to specifically is of Cessation derived which OmniRat designed And from overdose.

first the conjugate, was BioCity During dosed BCXXXX, a announced trial antibody the China. fourth first-in-class in quarter, CDHX-targeting with Phase its patient Biopharma I in drug

assets clinical QX. on also reported A commercial-stage other number in of and our partners progress other

for of new some was that clinical for into approximately Based partners, market in release we OmniAb-derived our with in summarized the see those were And X on X to antibodies development XXXX. after dialogue issued entries closed novel press today. our potential

our industry mentioned, a now, deploy. is we the of I not nature that headed. committed our is we where technologies the right the point only vantage develop to on but innovation that of And As because around informs platform. the where And relationships, we're have great industry continued and

probability OmnidAb another increases are Slide launched the extremely are boxes with on it's immune through yet and process therapeutics we XX is quickly OmniAb. human was here our of our key becoming excellent lower naturally believe vivo technology novel for the transgenic green profiles. they're The left. differentiating highlight animals optimized foundation engineered because the our antibodies biological launched ones system success preferentially QX, ability of and developability and specificity to our is And animals. superior of We from partners sources and novel on are in for like an X approach of of the generated those in antibodies selects well. we iterative Last A to create that in for other out and we at called to as business I'd business our this believe intelligence. antibodies that OmnidAb transgenic what call efficiency both that here OmniDeep positions year, optimized technology

it's host scaffold a vivo So OmnidAb and chicken is variety a in our provide to of a found a novel applications. VH functionally from only immune novel increasingly as the of exploited described a of producing chicken in naturally therapeutic antibodies, that matures this. camelids transgenic on repertoire for on OmnidAb antibodies a Slide being affinity single-domain class that's first systems. is here mammalian is platform unavailable And antibody which latest in XX, based example of diverse human

into we on a application. our in can can as fit partners of also things multiple are the In you modular slide using about hear now of some this it and blocks be active various single-domain assembled a provide see simple from sense, programs. the And partners formats antibodies desired building technology biology the to

on and properties opens a We single-domain is OmnidAb from initiate year as scientific of are that be here many unique their this format opportunities can antibodies It next. perspective. compact and will medical because new up the expressed with physical partly programs and Slide expect #XX. unit, and independently a summarized of more This important

tunable Single-domain important applications markets new therapeutic Slide open and obviously can for therapeutics CAR-T leveraged for opportunities routes here penetration and of CNS to broad in our on therapy antibodies also also XX. partners. new and up neurodegenerative in of can theranostics interest They radiotherapy. as alternate we they as which bi- areas and in clearance for applications. diagnostics, in us have pursuing that diseases, show well can to for lead and administration increased They imaging, and significant multi-specifics and be And are in

others. we see we'll programs late-stage programs, expect addition year advancement X X to Genmab, Slide we a at Immunovant Now at at on and of clinical look expecting here the for XX, key to in current as number new

on channel progress investors our that about some of expect the become visible ion more also global will big our with we're pharma excited generally, to research We world partners higher-value programs to that. and and

a staffed of and innovation new new technology we'll and talk conferences that for have efficient our platform now and deal partner support of a the expansion and more technical leverage on and continue to engine introduction business plan enhancements at development team focus scientific experience to through We new that innovation fully the we'll globally. And we technology, expansion about workflows year. and

I with to over financials. run Kurt? call that, will back through Kurt turn And the the to

Kurt Gustafson

Matt. Thanks,

historical Ligand's carve-out makes were operating as one independent our periods for reporting. accounting prior a statement results corporate XXXX, X, final for for to a November differences methodologies about certain the company. were structure from financials. if me given in derived the I prepared difficult, This These the primarily expenses, time comparisons and records an reported basis, OmniAb are with bear make on as financial which So historical

in it moving the QX million XX. summarizes the ion of $XX.X financial So was of revenue quarter. the last primarily certain to channel revenue primarily completion to recorded Slide and year. that performance same Service work the the of to due Total year quarter to XXXX. the million was the decrease fourth programs, compared was $XX was The recognition about million of prior in quarter TECVAYLI revenue was XXXX. due the This for milestone as fourth royalty on lower in was $X.X

Turning expense. to operating

million $XX.X was Our for investments year our costs new to the The due quarter. R&D increase was in the higher compared prior and personnel facilities. expense fourth quarter million $XX.X primarily to in

million G&A, year $XX.X to quarter. expense in million $X.X the For compared prior was

that spinoff of expense million QX net the year quarter $X.XX G&A a built of or as was G&A due loss the net million business was were costs the offset over prior or Our $XX.X per was This of side to by higher The transaction down in somewhat the for $X.XX with the XXXX. period. headcount-related of in recorded the costs up associated XXXX. course the share income fourth per the share versus $X.X we

I is generally primarily that out Absent deduction recognized we expenses be the onetime XX% fourth to tax forward. the that was rate the point benefit One items, expect around tax transaction-related a rate fourth additional We associated the quarter. in with going result XXXX our onetime to for thing want regarding a of our quarter spinout. in of

Turning full year XX. Slide to the on results

For XXXX, revenue was XXXX. total million to compared $XX.X $XX.X million for

both and that milestone TECVAYLI Recall, TECVAYLI prior in for between The the for was in the versus recorded was milestones. We XXXX launch in actually the however, for of States year. recorded launch. that milestone was EU license XXXX $XX was million revenue difference $XX Our in milestone cash the X commercial the primary milestones versus the revenue received lower million the XXXX. for a recognition years the United the

to $XX.X XXXX. was million to in due we in R&D ion for compared was associated $XXX.X an with was costs most on higher saw headcount previous for or Service channel in We investments loss expense normal infrastructure, to a XXXX associated $X.XX net $XX.X And revenue of not that company million new and structure approximately G&A in well per year, $XX.X Net increase costs completion G&A, in in saw of building down part compared our in of an increase XXXX. as million facilities XXXX certain both Operating the the the primarily programs. out which for costs XXXX a share people XXXX. with expense or versus million $X.XX our were the of loss included share. public as work

year and base our a building as was grow operations a the separate establishing public which a we can XXXX of business. from company

facilities see, quarter. of the at now about and $XX the our noncash. total will growth in can is looking But that we on per operating of operating support XX, well operation we personnel the operating to into portion line at As sufficient good believe you million Slide expense keep mind a future. that expense the the have be leveled out expenses But

going leverage business. Importantly, we into grow the due of will to is a to forward built expect require to number head this programs. But and the growth partners continue additional that count our minimal

to in into expect streams given XXXX. we result, a As molecules. XXXX leverage the a differentiating the is transgenic approximately new same operating feature was built intelligence as expense our it This in animals to be of business, discover our work that biological our

to position. in that ended that change Slide of sheet balance major The a reduction sheet collection million. year look at our of the with TECVAYLI other only on the balance million of kind of versus accounts note in receivable on was -- based milestones. balance starting was those our $XX and cash taking and the We XX $XX.X Turning the cash a cash

projected set of drove understand is on forward, cash position think which burn what I to cash the here the in XX. To going XXXX, components stage it's for important Slide our shown our

the bars If million. chart look see the XXXX. These that year actual for cash full at our you'll in you net the flows right, $X.X cash black was quarterly the hashed used show our on for

received year. -- XXXX. million for about burn, of receipt show for show $XX.X of both which were TECVAYLI million that pro the a cash per were QX milestones received However, this The the them excluding by quarter a for forma averaged payment bars $XX of the was the this in million aided $X burn payment, cash of blue total

to payment $XX ahead XXXX, exclude similar cash we be the As relatively XXXX, XXXX. in cash use you milestone to when expect TECVAYLI our in in the to million use we XXXX we look received that

are and milestone statements XXXX, second more year, of that toward XXXX. QX our unlike the will loaded our our XXXX, is burn half items. the received due in timing be weighted projecting be public on However, cycle based to we quarter the largest partners of from they've information latest that we've cash burn will in And the front-end payments made. traditionally compensation

Looking be in expected at XXXX capital to our programs, still of inflows from fund The based future. our expect based of industry sufficient longer-term and the model forecasts industry time that expect our partner existing on the XXXX. our pipeline, partner existing substantially cash probabilities We applying standard utilizing operations cash to on year foreseeable use from development, of the for balance lower of a -- cash the cash view and than for standard cash our success. that clinical progression each we our lines following in cash operations provide should current is

Phase to For amount program Phase we multiply of in II with example, average, milestone payment. XXXX. II studies calculate make the programs those standard payment a a in we would probabilities, to spend to half Based a end We of I milestone of Phase had we Phase to Using study. approximately I on study contracted probability expect XX moving Phase come at industry the it projected II study. a this by the time our then up before would industry

half we never reality, milestone of in Now a payment. get will

that of open few with number comments strategic future methodology this technology we a are development, provides way believe Matt excludes closing One to the acquisition. cash let outlook call we up a suitable will I revenue. programs sort forecast that additional given to However, this that, And the any that point under before of is Q&A. make

Matthew Foehr

We assembled execution. and OmniAb we've highly now I the after and that where reiterate and strides is a organizational highly treat our team, communities and energy business company, our made investments partners, made programs is treat, the business. focus course, importantly, the work over stakeholders, given into and spinoff our scalable see team year previous we've growth, independent leverageable the we've an as primed our we that becoming which or will we in for business just patients of in Kurt. here again, their that to completing investors. on and our Thanks and, on great our want our our the

up that, And Operator? open to to now the with operator the back questions. turn it call will I over for

Operator

Puneet from [Operator Instructions] first of from comes Your Partners. line the Leerink question Souda

Puneet Souda

up could the you ahead. and one, ahead if ask the overall also that, of in terms I Matt, first ended programs of around So were of -- expectations, number

out, a Could function this in some So this those fundraising biotech we out? that year? just conversations? to seeing much in more business effect trying seen the months M&A of of of is much simply maybe parse you XXXX. how maybe parse also how that to have And first and And development of already is this due X you're

development So you side saw in the first XXXX the on about maybe to what's of sort talk what at end just the here well. as business quarter the us been of and conversation

Matthew Foehr

implicit and Yes, really having active the despite a programs. partners well companies growth said, and as pipelines at active your saw their right? we're in or when look nice of areas. and And XXXX XXXX, in XXXX a we Thanks XXXX well as and, really, substantially, pharmas, And Big the energy established, question. assets generally their Smaller on for -- Puneet. question especially that certain were therapy from net taking attrition biotech in close focusing coming hard period down were was raising you off in funding a money. as who's time

XXXX and of new some fact, number growth were our of years in licenses. highest In XXXX of terms

nice right? innovation the as it were ways, the that We last and be for team were partners visibility of out increased development business some as through who hard nice We the elements what's our driving year. new clinic. progressing from various the platform driven building some growth, year In parse really headlines to in well by through launching nicely technologies had investment can

I growth think in those things all the So seeing. a of play we're role that

visibility well, start be building and XXXX. position as off given the technology is year, and the XXXX think a quite that appears to validation and It it especially whole, to our a momentum really of that level this And up. we're good that to when clear compare you we industry, does

So hopefully, a that more color. gives little you

Puneet Souda

And of little bit where antibodies, be that's a Yes, they talk couple you helpful, applicable. Matt. to a in could areas potentially you pointed of single-domain about terms could

you're just the Within the your the your product sort stack to would growth in this, for technology. and of of context maybe here, getting us expectations launches, prior you talk of level interest how

Matthew Foehr

Puneet. Thanks. Yes,

or on amount that interest had the launched of of really X. can't another we've technology recall OmnidAb, interest terms has on In in I day that added more

In timed was now were antigen is, when them a leveraging that that the it, partners really a were of -- for the already from number technology programs. it working moment really on was And of coming, knew we multiple already number technology, with partners we multiple fact, it have We we programs. launched very some think, I launch of well a perspectives.

like this informed it was host, Obviously, these stack. when our a can paired the are that couple chicken need are with technologies other technology But all throughout and leverage really at last discovery with partners of screening single-domain point. years it's stage that especially the woven having been that the our our over conviction dialogue we've OmnidAb for around

provided deliverables we're business. the year. the yes, to we excited work the going earliest end good are were it of already positions about users being yes, that partners and on, the feel dialogue So already how who about And that's that started the at the last really

Operator

next comes from Wainright. H.C. Pantginis the Your line question of Joe from

Joseph Pantginis

number programs encouraging questions, actually, the don't of point, this and at ends the have having that really to both to you I grow. hear you my from efficiencies much, pretty add that place days, it's need the employees modeled now Ligand even as of think in really that you're Before business

hear. that's to nice very So

starting So level. first, guess, I question, my high first

sound already to antibody cutting-edge not regard doing discovery. to well, -- So with you're technologies

regard not breakthroughs. of comments, briefly mention did seen but the catchphrase -- it only Because what the impacting your have important day obviously, how to with these you you technological that's role of in just prepared but your increasingly So AI technologies? the

Matthew Foehr

and the And for areas thanks. you've and Yes. business are while, learning, these the AI in business machine big AI, learning, been for we've obviously, comes the more. data -- known that tracked in into that a of we've involved science the an while. area This leaning deep cutting-edge while, much years or sort when for more. that quite been leaning management, is in. naturally And into is a a Joe, few last really we're world Matt. all It you're it

Last that. were capabilities we May, long large suite launched last is tools the best machine partners deep this of really, to is in in multi-species that in knew really capabilities. our silico launched of OmniDeep, space year, really, last OmniDeep we engineering our which And of advance provide we learning our is databases. leverage year. designed silico of of our in And do AI, and But in what that many and learning in vivo May leverage

we high-quality input So use data.

to get deep presented new from that function screening through we to have encoders our already on silico models on suggesting really areas, conferences hits hits We insights we and other learning developability putting filters. extend at that variational those auto in that untested scientific infer leverage then

we've built up workflows. and high-quality are leveraging a have big optimization for new that a discovery us does for it and offer really for here So will, and provides With use if really a to larger-scale you allows over It while. our campaigns data, AI partners we quite time. data, those training capabilities lot really using of been existing tools discovery

that's helpful to hopefully, So you.

Joseph Pantginis

or that last I does, in well question question that really certainly applies next rates. the seeing growth And attrition my to Matt. number guess my appreciate as the It as color. of been partners both you've I

standard I from the we times spinout, steady from So growth? have and regard of that only start course, from of steady-state is links mature. the attrition you see Any that in the to of of initial a the from partner of that sort guess not it changing And how growing, of even long-term state charts Or BD have your do volatility? number using rates from where the but Ligand the quarter-to-quarter. sort but about how does there rates, the you with partners about data, Captisol, -- really is Obviously, And over the sort day back OmniAb. because many discussions, time? a seeing analogy of to visibility lot at of you're of I'm are it's

Matthew Foehr

I Yes, partners, -- active approved find Joe. active stands you headed. that gives our clinical best programs where and the net we mean, we attrition products, report pointed it's as numbers largely always and and for active of clarity where because we the Look, business out, on

pie I'll investment These in the Attrition, to I as a we're for attrition and very which hurdle of a in what in you versus from slides, and out the sequentially charts high in our not our work that's I the while are in parallel orange are to natural, is can stage is I put insights. have actually had are our are how portfolio, and can point slice and of partner needed, area done into variety But different in is, think, based will many we point still course, that mean, the can studies. And But building early with in out we stage. in different time section, some is least preclinical difference very ways. therapy on expected it in phase. phases one It pharmaceutical programs on vary profile have discovery at that, some a development. interesting factors, experience We've pre-IND be program to phase up program, preclinical. things based and preclinical. like programs things very any that our there

cancer if to in in indication the different CNS Because it's frame a a something move into time indication metabolic more a of it it's if in it's is in frame preclinical. inflammation. how Now terms than if it time be or quickly indication, can may or in clinic long a

time in to various in variability terms versus versus differences clinical. discovery stage the see do stages, -- we but So in stage preclinical attrition rates, of

Operator

question Stifel. from the Your line of Stephen from Willey comes next

comes Chad from of the TD Cowen. Your from next Wiatrowski question line

Chad Wiatrowski

sales do the the the transgenic on and And launched that reps of geographic On focus the entire mentioned can EU. Singapore including U.S., the you size animals, And products? sales force? newly I sales mix? know suite of all rep, you give what's the

Matthew Foehr

yes. Thanks Matt. for This Chad, is that. Yes.

we've as business scientific also. are experienced So deep team business -- as built our foundation who well really folks have foundation of development

a BD team of here we in So professionals U.S. the have

Europe. presence then U.K. the West We East a in U.S. of a a and covers BD have coverage middle professional Then of and presence Coast the we've the that got Coast also based

well, also involved have development all of Europe based members who And but in then with is Singapore efforts. We are alliance and support team Asia. Asia our covers based as that in business our are presence

So makeup of BD team. that's our our

Chad Wiatrowski

Got like indication launch China does through Or teclistamab on a business in large are any legacy-type this you upfront additional the or cycled of U.S. approval type give largely milestone? milestones potential these then it. approval after year? And of the sugemalimab, the the

Kurt Gustafson

Yes.

specifically approval for have sugemalimab, So the already. of sort been hit milestones

the thing to on left really, only is So that program receive royalties.

that generating -- we was we're but there extent to royalty of kind that hope royalties would that us other no into there's would for that, steady the territories, were that. from for on approved payments that onetime So for translate would program. would in small translate into revenues additional the additional To drug milestones us. sort China come of sales additional that But

Operator

of next line Your Stephen Stifel. from question from the comes Willey

Stephen Willey

guys me hear I Hopefully, can now. apologize for you Yes. that.

Matthew Foehr

Steve. you, hear can We Yes.

Stephen Willey

Perfect.

X past you And I licensing now, include royalty? I of participation paid Roche front, those downstream X right? a guess, active fully of the asset clinic X stages development the included through royalty the fully what think I year, of of of participation on enter the paid think were programs proportion kind of know legacy the to was a lot in -- those programs So on only discovery or transactions? those the license. I have of of various those worked downstream this and

Kurt Gustafson

Yes.

kind year. So is of we Kurt. Technology last on Steve, what this Day you Research take about back kind talked back of I'd to of November in and our

where where handful will, our grandfathered a just not or of have don't there prepaid was we about only So you license if license, a economics. involved a we're -- where something programs

don't I still number portfolio. today. think the that we'll update of That X% said quarter, as -- we of number is So every entire but holds still it

is have sort the few every of that structure license. was downstream this majority But prepaid that a very programs different. our vast economics. Obviously, there So are of have program

Matthew Foehr

do the you generally. Yes. across of that will, not I'll is there just getting Steve, lower add do which And today, if deals color as number portfolio. deals, on Those would we the -- too, new all a we that we X%, little the inherited, ones that were

Stephen Willey

year-over-year had to that of back 'XX. of expecting And I had shared November. in cash you're 'XX guys then, use you Understood. referencing in lower substantially relative forgotten kind Kurt,

use think partnership I front. other about, about Would that an you when a milestone of there you number? guys Is But on think that? royalty not that's there talked to maybe just bit ion XXXX little are there component some just kind Is channel as you kind to here. whether that milestones thinking of cash about of curious that? component all be to or are kind the that drivers there any

Kurt Gustafson

Yes.

of that of of to vast the shape that's the talked the from I think sort sort think in think come majority majority revenue in I I near of term. is We revenue vast medium to going growth our about the milestones. --

As in of -- think lay looking just the Steve, we and will of kind this, just in the way a programs think years lot just lines out, royalties and X, And I growth we catalysts part to we're at all we of we a XXXX, you what out, we happen. the terms when essentially, out could of sort X, of are. that potentially say partner bigger time X there's estimate get start revenue events more story. But of further start terms be to looking the yes,

probabilitized whether for of they more as additional for We take we about, happen. But to sure going driven your talked at possibilities from else know the when the I of kind And there. a I more the by going look -- inflows milestone mean, approach payments. but -- nothing yes, don't we events, there's is is milestones. really be But short question, to sort basic -- term out nothing back This those.

Stephen Willey

lastly, just guess, become about I maybe there ion with the Matt, to partnerships And over it. had for next a to Roche I more investors, and made opportunity appreciate visible channel GSK and maybe I comment, being Okay. you transport the think, an guess, add driving sure made? say? can just this, with you but... to part that I are GSK anything communication there, year or kind Or that so. you progress more that's there just anything Roche Is I'm of can respect being and of the

Matthew Foehr

Yes. heritage billion. areas a and programs on work discovery excited Yes. channel are the on are the neurodegenerative X in Roche. this to rich up have excited about the added that all ion They're over about there highlighted with -- those we that programs so want screening. got stage, to generally And we've We active discovery make stress discovery and for in we channels before going we've and X that. expect area that's critical. and They're where channel progress are $X the GSK ion are Total in But I do those that ion programs other milestones really year. programs

Operator

comes line question the from next from Your Hewitt of Craig-Hallum. Matt

Jack Christopher Siedow

like Jack Matt. Has seems noted end one how is question. momentum far? through quarter 'XX. activity Or on fiscal just have carried It so of the is for looking the that at This QX? pickup there's a We in

Matthew Foehr

get the at we Thanks. are formally. from obviously QX the And always for various get we metrics Jack. our perspective. during of working We'll deals report time points all we quarter. day when partners -- often Yes, and from quarter, But partners with end obviously the on on near obviously, interact we reports development business the every also a update

when we'll likely those QX. numbers report time we in May So frame report for the

Operator

from the Truist. of Your line next Robyn question from Karnauskas comes

Alexander Xenakis

progress see. We're Alex has -- more is for great. really the now it really has there pipeline to really, that the more progress Yes, excited is are is mature, how The Robyn. wondering We're the on been been going? various will clinic, at in the with This you all you're than the anything different Let if change deals new approach know were now with partnerships stage that a new potentially that will partners? at change and stages, strategy considering you're us you how molecules before.

Matthew Foehr

technologies. I right, discovery extremely, Alex, development on mission really rapid cutting-edge focused, drug of we on I'll being for partners Yes. are drugs by mean say, licensing focused our enabling

We our and is plan. -- that expect

the built committed are with really inform we've number really partners stage value. up, that I we our think deep that our in technology have And now, plan. to a we We the It's that own that something relationships are focus investments. that of conviction around highly partnerships the at growth partners and our with

feel with great That going up to strategy. So business. strategy we're about about we're that the mission, is stick this momentum with right partners. building for the we great And our

attracted development their We especially point hear last but partners, focus meeting newer it out in pharma big because partners, who were now only new of on year all the our not our technology clear-minded technology time our of from the to and I'll we some and added who needs future. partners

about and it. And building so execute yes, we business the we're feel that our ability great on to

Alexander Xenakis

Sounds about like that see addressed? of from great. other partnerships that can type excited And tech allude OmnidAb Is anything What feedback could. all still in the unturned? that if that to What the investors and scaffolding another the really on left stones new need Or stage to that. in future? another you be working the one, goes there -- interest on? tech to any We're about then challenges into hear the I program you're is the could there might

Matthew Foehr

of major our in Yes. other Look, years. plan. area, rolling conferences efficient scalability things. benefit and generally, through more we've in over at an things about our That's It work largely big technologies facilities new And investment our around continuum. Also, you. plan work that's here becoming into I we're data our we'll tell about gets some a But out recent those investments and accelerate of terms excited because abilities I'm around think the things novel pretty more made PEGS the and of that also, say, workflows and pretty of plan. just technologies. lower programs I'll and around which and is more that scaffolds left-hand We're we've and more management excited got and exciting will that get talking area screening kind everyone it's internal very AETC. I in be excited built about, new pretty area the more about technology but things technical year will discovery and innovation like fast, antibody programs that, like that initiatives as

Operator

from Capital comes McNamara the question Markets. next line from RBC Conor of Your

Conor Noel McNamara

adjust the you, for color probability appreciate throughout you that Kurt, I year. program you progression just how gave the on

impact like year financing model your kind a -- have you up probability -- a it you XXXX the hit any what this did you did where was were If you you just of year on ago, think about how and expecting you where for this were -- stack on where what Are said? have year? versus would versus

Kurt Gustafson

when the look with not have because partners, for in as a maybe at I of short of When short our the is actually probabilitized visibility. tend for little a approach, more we the to different term, for bit kind the In we on sort little conversations about XXXX, the probabilistic at basis. based term that's sort on bit a so guidance, out? decide of look tend year, it's of set we talk it -- them And example, years. we to for -- future current we sort We in or

out we of partner in that's have QX year. there start Phase a to study a saying, expect public For III a study Phase or example, we'll statement this a making II

So in to us as of that I of happening. mean, that well, sort going we're makes kind say, slot

point. were things of So the for X something But were or that. like were partners I next think going on part, kind quarter said that There expected. think most say, XXXX pushed we're programs one hit the as got that I largely in or things to to,

Conor Noel McNamara

you standpoint, those if market several of that that you And that are Okay. total the -- clarity are from either to has has guys evolved do to programs years? were winning? competitive have any number just of share look clinic you programs, at guys programs many how over discovery the last entering how then a or And the as

Matthew Foehr

where there's antibody in all I'll of, because I balance -- it sits. as terms and are on lot data about you interesting will thing excited that greenfield very refer discovery, say and really discovery Frankenstein a of can say, new that kinds sometimes, not or But I of in to exact our here there's greenfield molecules. and fulsome with campaigns. based, of to people point not share large them broadly technology that discovery data there's modalities out that clear Conor, around kind one The on exciting Yes. the things here I'll of are so campaigns the are on lot good there. that discovery antibody-based We're is in going a terms market but programs of that. that really growing, is say

that give sponsors documented number to are are pretty driven this that's things more at more modalities, success compared well And a or as to attracting an have point things the answer be But and there. driven antibody-based whether by of clinical or to rates that the small that factors largely that dynamics antibodies. IRA exact market investment you hard molecules other like more towards within better

Operator

at questions time. continue. Please this further are There no

Matthew Foehr

to you you spring, quarter. call seeing our an in our Great. for we I look and want investors forward keeping forward updated today. update for to this to meantime, and on thank we next give joining everyone We when appreciate we speaking OmniAb, interest various with we'll look at then. be be conferences thanks your again. so obviously that the In We'll progress attending

Operator

conference today's participation. concludes you this call. gentlemen, your and Ladies Thank for

may disconnect. now You

OmniAb (OABI) 20 Mar 242023 Q4 Earnings call transcript