OmniAb, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>OmniAb, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

OmniAb, Inc. (OABIW) filed a Annual Report (10-K) with the SEC on March 25, 2024. OmniAb, Inc. filed its 2023 Form 10-K on March 25, 2024, reporting on the fiscal year ending December 31, 2023. The company's primary business is in Commercial Physical & Biological Research (SIC 8731). OmniAb, Inc. was formerly known as Avista Public Acquisition Corp. II, with a name change effective February 12, 2021. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Additional Paid In Capital, Accumulated Other Comprehensive Income, and Retained Earnings are detailed for these periods.

Why It Matters

For investors and stakeholders tracking OmniAb, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of OmniAb's financial health and operational status for the fiscal year 2023, crucial for investors to assess the company's performance and future prospects. The detailed financial statements and disclosures within the report are essential for understanding OmniAb's revenue streams, equity structure, and any potential risks or restatements, informing investment decisions.

Risk Assessment

Risk Level: medium — OmniAb, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the biotechnology and research sector, as detailed in its 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess OmniAb's current financial position and future growth potential.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-25 — Filing Date (Date of submission)
• 8731 — SIC Code (Standard Industrial Classification)
• 2021-02-12 — Name Change Date (Date of former name change)

Key Players & Entities

• OmniAb, Inc. (company) — Filer name
• Avista Public Acquisition Corp. II (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• 510-250-7800 (phone_number) — Business phone number
• DE (state) — State of incorporation
• CA (state) — State of business address
• 001-40720 (filing_number) — SEC file number

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various regulations in the biotechnology and research sector.
• Market Competition [medium — market]: OmniAb operates in a competitive market for biological research and development.
• Operational Risks [medium — operational]: Risks associated with research and development activities, including potential failures or delays.
• Financial Stability [medium — financial]: The company's financial performance and ability to secure future funding are critical.

Key Financial Figures

• $0.0001 — ange on Which Registered Common stock, $0.0001 par value per share OABI The Nasdaq Glo

Filing Documents

• ck0001846253-20231231.htm (10-K) — 1911KB
• a2023q4ex23110-kconsent.htm (EX-23.1) — 4KB
• a2023q4exhibit311-ceocert.htm (EX-31.1) — 8KB
• a2023q4exhibit312-cfocert.htm (EX-31.2) — 9KB
• a2023q4ex321-ceosoxcert.htm (EX-32.1) — 4KB
• a2023q4ex322-cfosoxcert.htm (EX-32.2) — 5KB
• a2023q4ex97policyforrecove.htm (EX-97) — 28KB
• ck0001846253-20231231_g1.jpg (GRAPHIC) — 107KB
• ck0001846253-20231231_g10.gif (GRAPHIC) — 118KB
• ck0001846253-20231231_g2.gif (GRAPHIC) — 37KB
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• ck0001846253-20231231_g8.gif (GRAPHIC) — 219KB
• ck0001846253-20231231_g9.gif (GRAPHIC) — 433KB
• 0001846253-24-000006.txt (&nbsp;) — 13451KB
• ck0001846253-20231231.xsd (EX-101.SCH) — 64KB
• ck0001846253-20231231_cal.xml (EX-101.CAL) — 117KB
• ck0001846253-20231231_def.xml (EX-101.DEF) — 370KB
• ck0001846253-20231231_lab.xml (EX-101.LAB) — 830KB
• ck0001846253-20231231_pre.xml (EX-101.PRE) — 635KB
• ck0001846253-20231231_htm.xml (XML) — 1648KB

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 62 Item 1C. C ybersecurity 62

Properties

Item 2. Properties 63

Legal Proceedings

Item 3. Legal Proceedings 63

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 64 PART II

Market for Registrant's Common Equity

Item 5. Market for Registrant's Common Equity 64

[Reserved]

Item 6. [Reserved] 65

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 65

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 73

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 74

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108

Controls and Procedures

Item 9A. Controls and Procedures 108

Other Information

Item 9B. Other Information 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 109

Executive Compensation

Item 11. Executive Compensation 109

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 109

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 109 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 110

Signatures

Signatures 113 PART I

FORWARD-LOOKING STATEMENTS AND MARKET DATA

FORWARD-LOOKING STATEMENTS AND MARKET DATA This Annual Report on Form 10-K ("Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report, including statements regarding our future results of operations and financial position, our expected cash runway, our business strategy, the effects of the separation or the distribution, our expectations regarding the application of, and the rate and degree of market acceptance of, our OmniAb technology platform and other technologies, our expectations regarding the addressable markets for our technologies, including the growth rate of the markets in which we operate, the potential for and timing of receipt of milestones and royalties under our license agreements with partners, our research and development plans, the potential for our partnered or internal programs to progress in their development, the anticipated timing of the initiation and completion of preclinical studies and clinical trials by our partners or us, the timing and likelihood of regulatory filings and product approvals by our partners, the potential for and timing and geographic markets of any commercial product launches by our partners and potential for commercial success, our ability to enter into any new, or maintain existing, strategic partnerships or collaborative relationships, our ability to obtain and maintain intellectual property protection for our platform, products and technologies, the timing and likelihood of success, plans and objectives of management for future operations, and future results of anticipated business development and product development efforts, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factor

Business

Item 1. Business Overview OmniAb, Inc. licenses cutting edge discovery research technology to the pharmaceutical and biotech industry to enable the discovery of next generation therapeutics. Our technology platform creates and screens diverse antibody repertoires and is designed to quickly identify optimal antibodies for our partners' drug development efforts. At the heart of the OmniAb platform is something we call Biological Intelligence TM , which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics. We believe the OmniAb animals comprise the most diverse host systems available in the industry. Our suite of technologies and methods, including computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms, are used to 1 identify fully-human antibodies with exceptional performance and developability characteristics. We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions. As of December 31, 2023, we had 77 active partners with 325 active programs using the OmniAb technology platform, including 28 OmniAb-derived antibodies in clinical development by our partners, one under regulatory review, and three approved products of our partners. Our proprietary transgenic animals, including OmniRat , OmniChicken and OmniMouse have been genetically modified to generate antibodies with human sequences to streamline the development of human therapeutic candidates. OmniFlic and OmniClic are fixed or common light-chain rats and chickens, respectively, designed to facilitate the discovery of bispecific antibodies. OmniTaur provides cow-inspired antibodies with unique structural characteristics for challenging targets. In May 2023, we

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View this 10-K filing on SEC EDGAR