# OmniAb, Inc. (OABI)

> Source: Nexqual · https://nexqual.com/OABI · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, OmniAb, Inc. (OABI), nexqual.com/OABI" · informational, not investment advice.

**Price:** USD 5.28 (+6.45% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 4.96 · day 4.91–5.29 · 52w 1.3–5.43 · market cap $768M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $38.5M, net income -$44.3M (-115.1% margin), free cash flow -$18.1M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 8.33 (range 5–12).
- Total return with dividends: 1Y +259.2% vs S&P 500 +13.6%; 5Y -47.1% vs S&P 500 +79.8%.
- Next earnings: 2026-10-30, EPS estimate USD -0.13, revenue estimate $3.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $34.7M | $59.1M | $34.2M | $26.4M | $18.7M | $38.5M |
| Operating income | -$35.6M | -$26.6M | -$69.4M | -$74.5M | -$69.0M | -$48.4M |
| Net income | -$27.0M | -$22.3M | -$50.6M | -$62.0M | -$64.8M | -$44.3M |
| EPS (diluted) | -$0.33 | -$0.26 | -$0.51 | -$0.61 | -$0.57 | — |
| Free cash flow | -$9.7M | -$20.8M | $703K | -$41.5M | -$37.0M | -$18.1M |
| Operating margin | -102.5% | -45.1% | -203.2% | -282.3% | -369.5% | -125.8% |
| Net margin | -77.8% | -37.8% | -148.2% | -235.1% | -347.0% | -115.1% |
| Revenue growth | — | +70.0% | -42.2% | -22.8% | -29.3% | — |
| Cash + short-term investments | $0K | $88.3M | $87.0M | $59.4M | $54.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 20.0x · P/B 3.0x · FCF yield -2.36% · Earnings yield -5.77%

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 8.33 (low 5, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Leerink Partners | Target raised | Outperform | $10 → $12 |
| 2026-10-07 | StoneX | Target raised | Buy | $4 → $6 |
| 2026-08-17 | HC Wainwright & Co. | Reiterated | Buy | $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +259.2% | -47.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +260.8% | -11.9% |
| Volatility (annualized) | 72.4% | 78.8% |
| Max drawdown | -37.0% (Dec 2025→Apr 2026) | -87.7% (Oct 2022→May 2025) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/OABI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OABI's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1846253/000184625326000009/ck0001846253-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | WuXi | "•in ion channel drug discovery, we face technical competition from companies that provide similar technologies, or biological expertise, such as Charles River Labs Inc., Evotec SE, Metrion Biosciences Ltd., and WuXi AppT…" |

Other companies that name OABI in their own reports (relationship from OABI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ALX ONCOLOGY HOLDINGS INC (ALXO) | 10-K 2026-03-09 | "In March 2017, the Company entered into an agreement with Crystal Bioscience Inc. (now a subsidiary of OmniAb, Inc.), or Crystal, under which the Company obtained an assignment of certain patents, cov…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| License and milestone revenue | $9.5M | 70.9% | +666.1% |
| Service revenue | $2.5M | 18.4% | +27.7% |
| xPloration revenue | $1.2M | 8.7% | +91.0% |
| Royalty revenue | $266,000 | 2.0% | +139.6% |
| Total revenue | $13.4M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 15%, 12%, 10% of revenue from unnamed direct customers (10-K, filed 2026-03-04).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.13 | $-0.12 | −$0.01 | $3.5M | 4 |
| Next quarter (ends 2026-12-31) | $-0.14 | $-0.11 | −$0.02 | $3.8M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.37 | $-0.42 | +$0.05 | $35.0M | 5 |
| Next fiscal year (ends 2027-12-31) | $-0.29 | $-0.32 | +$0.03 | $43.9M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.05 | −$0.13 | Beat +61.5% | — |
| — | Quarter ended Mar 31, 2026 | −$0.06 | −$0.10 | Beat +40.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.11 | −$0.09 | Miss −22.2% | — |
| — | Quarter ended Sep 30, 2025 | −$0.14 | −$0.14 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | Whitefort Capital Management, LP, David Salanic: 7.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1846253/000101359426000911/0001013594-26-000911-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1846253/000184625326000046/0001846253-26-000046-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1846253/000184625326000044/0001846253-26-000044-index.htm |
| 2026-07-13 | 8-K | Director or executive officer change, or pay arrangement — “Effective July 13, 2026, Amechi Nwachuku was appointed as the Chief Operating Officer of OmniAb, Inc. (the "Company"). Mr. Nwachuku, 51, is a global life sciences executive with more than two decades of leadership experience spanning life sciences tools, biotechnology, diagnostics, pharmaceuticals, medical devices, and consumer health. Most recently, from May 2024 to April 2025, Mr. Nwachuku served as Vice President, Global Commercial, Genetic Sciences at Thermo Fisher Scientific. From August 2021 to June 2023, he…” | https://www.sec.gov/Archives/edgar/data/1846253/000184625326000042/0001846253-26-000042-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.