OmniAb, Inc.

Previous wording

As of September 30, 2025, we had 104 active partners with 399 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 developed and commercialized by our partners.

Current wording

As of March 31, 2026, we had 107 active partners with 409 active programs using the OmniAb technology platform, including 27 OmniAb-derived antibodies in clinical development by our partners, two under regulatory review, and three approved products developed and commercialized by our partners.

Previous wording

Our proprietary technologies are joined with and leverage a suite ofin silico, artificial intelligence and machine learning tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities. Additionally, an established core competency focused on ion channels and transporters further differentiates OmniAb’s technology and creates opportunities in many important and emerging target classes. OmniAb technologies are designed to be leveraged for the discovery of a variety of next-generation antibody-based therapeutic modalities, including bi- and multi-specific biologics, antibody-drug conjugates, CAR-T therapies, targeted radiotherapeutics, and many others.

Current wording

Our proprietary technologies are joined with and leverage a suite ofin silico, artificial intelligence and machine learning tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities. Additionally, an established core competency focused on ion channels and transporters further differentiates OmniAb’s technology and creates opportunities in many important and emerging target classes. OmniAb technologies are designed to be leveraged for the discovery of a variety of next-generation antibody-based therapeutic modalities, including bi- and multi-specific biologics, antibody-drug conjugates, CAR-T therapies, targeted radiotherapeutics, peptides and many others.

Previous wording

We believe the long-term value of our business will be driven by royalties given that such payments are based on global sales of potential future partner programs, which generally provide for larger and recurring payments as compared to technology access, research and milestone payments. We believe our revenue will be materially driven by milestones in the shorter term, and by royalties in the longer term, from our partnered programs. However, there is significant uncertainty in timing and likelihood of reaching marketing authorization in drug discovery and development, and we cannot be certain when, if at all, royalty payments will be a material portion of our revenue. Furthermore, we do not control the progression, clinical development, regulatory strategy or eventual commercialization of programs discovered using our platform, and as a result, we are dependent on our partners’ efforts and decisions with respect to such programs.

Current wording

We believe the long-term value of our business will be driven by royalties given that such payments are based on global sales of potential future partner programs, which generally provide for larger and recurring payments as compared to technology access, research and milestone payments. We believe our revenue will be materially driven by milestones and services in the shorter term, and by royalties in the longer term, from our partnered programs. However, there is significant uncertainty in timing and likelihood of reaching marketing authorization in drug discovery and development, and we cannot be certain when, if at all, royalty payments will be a material portion of our revenue. Furthermore, we do not control the progression, clinical development, regulatory strategy or eventual commercialization of programs discovered using our platform, and as a result, we are dependent on our partners’ efforts and decisions with respect to such programs.

Previous wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

Current wording

Comparison of the Three Months Ended March 31, 2026 and 2025

Previous wording

•License and milestone revenue fluctuates depending on the timing of new license agreements with partners and partners’ achievement of milestones. Because of these factors, license and milestone revenue could fluctuate significantly from period to period. License and milestone revenue decreased primarily due to a $1.0 million decline in milestone revenue, partially offset by a $0.3 million increase in license revenue.

Current wording

•License and milestone revenue fluctuates depending on the timing of new license agreements with partners and partners’ achievement of milestones. Because of these factors, license and milestone revenue could fluctuate significantly from period to period. License and milestone revenue increased primarily due to a $10.0 million increase in milestone revenue.

Previous wording

•General and administrative expenses declined primarily due to lower legal fees and share-based compensation expense.

Current wording

•General and administrative expenses declined primarily due to lower personnel expenses related to lower share-based compensation expense and headcount and lower legal fees.

Previous wording

•Amortization of intangibles declined primarily due to the write-off of the net carrying value of $2.7 million of certain small molecule ion channel intangible assets in the prior year period.

Current wording

•Amortization of intangibles increased primarily due to the write-off of the net carrying value of $2.9 million of certain legacy small molecule ion channel intangible assets.

Previous wording

•Other operating income, net during the nine months ended September 30, 2025 includes a gain of $3.0 million from the sale in May 2025 of a small molecule Kv7.2 program to Angelini and a $0.9 million reduction in contingent liabilities attributed to changes in certain ion channel programs, which were partially offset by the $1.0 million contingent liability adjustment associated with the Angelini program. Other operating income, net during the nine months ended September 30, 2024 primarily consists of a $2.4 million reduction in contingent liabilities attributed to changes in ion channel programs.

Current wording

•Other operating income, net decreased primarily due to a lower reduction in contingent liabilities attributed to changes in certain ion channel programs, which was partially offset by an increase in royalty expense.

Previous wording

Other income (expense), net during the three and nine months ended September 30, 2025 and 2024 primarily related to interest earned on short-term investments. The decline in interest income was related to lower short-term investment balances as well as declines in interest rates.

Current wording

Other income (expense), net during the three months ended March 31, 2026 and 2025 primarily related to interest earned on short-term investments. The decline in interest income was related to lower short-term investment balances as well as declines in interest rates.

Previous wording

Our effective tax rate for each of the three and nine months ended September 30, 2025 and 2024 differed from the federal statutory tax rate of 21.0% primarily due to the valuation allowance established on federal and state attributes and the tax impact of stock award activities that was partially offset with the benefit related to research and development tax credits.

Current wording

Our effective tax rate for each of the three months ended March 31, 2026 and 2025 differed from the federal statutory tax rate of 21.0% primarily due to the valuation allowance established on federal and state attributes and the tax impact of stock award activities that was partially offset with the benefit related to research and development tax credits.

Previous wording

As of September 30, 2025, our cash, cash equivalents and short-term investments were $59.5 million. We believe our existing cash, cash equivalents and short-term investments are sufficient to support operations through at least the next 12 months from the date of issuance of these financial statements.

Current wording

As of March 31, 2026, our cash, cash equivalents and short-term investments were $49.1 million. We believe our existing cash, cash equivalents and short-term investments are sufficient to support operations through at least the next 12 months from the date of issuance of these financial statements.

Previous wording

On August 26, 2025, we completed a private placement (“August 2025 PIPE”) of 21,254,106 shares of our common stock at a price of $1.40 per share or, with respect to any purchaser that was an officer, director, employee or consultant of the Company, $1.85 per share. The aggregate gross proceeds from the August 2025 PIPE were approximately $30.0 million, before deducting placement agent fees and offering expenses. On September 12, 2025, we filed a registration statement on Form S-3 with the SEC registering the resale of the shares of common stock issued in the August 2025 PIPE, which registration statement was declared effective by the SEC on September 19, 2025.

Current wording

On August 26, 2025, we completed a private placement (“August 2025 PIPE”) of 21,254,106 shares of our common stock at a price of $1.40 per share or, with respect to any purchaser that was an officer, director, employee or consultant of the Company, $1.85 per share. The aggregate gross proceeds from the August 2025 PIPE were approximately $30.0 million, before deducting placement agent fees and offering expenses.

Previous wording

In December 2023, we entered into an Open Market Sale Agreement SM (the “Sales Agreement”), with Jefferies LLC (the “Sales Agent”) under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100.0 million in an “at the market” (“ATM”) offerings program through the Sales Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Sales Agent. The Sales Agent will receive a commission from us of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. Sales of our common stock made pursuant to the Sales Agreement are made under our shelf registration statement on Form S‐3 which was filed on December 8, 2023 and declared effective by the SEC on December 18, 2023. We are not obligated to sell, and the Sales Agent is not obligated to buy or sell, any shares of common stock under the Sales Agreement. As of September 30, 2025, $88.3 million remains available under the Sales Agreement for future sales of our common stock.

Current wording

In December 2023, we entered into an Open Market Sale Agreement SM (the “Sales Agreement”), with Jefferies LLC (the “Sales Agent”) under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100.0 million in an “at the market” (“ATM”) offerings program through the Sales Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Sales Agent. The Sales Agent will receive a commission from us of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. We are not obligated to sell, and the Sales Agent is not obligated to buy or sell, any shares of common stock under the Sales Agreement. During the three months endedMarch 31, 2026, we sold no shares of our common stock under the Sales Agreement. As of March 31, 2026, $88.3 million remains available under the Sales Agreement for future sales of our common stock.

Previous wording

During the nine months ended September 30, 2025, cash used in operating activities of $30.8 million primarily reflected our net loss of $50.6 million and changes in our operating assets and liabilities in the amount of $2.0 million, partially offset by net non-cash charges of $21.9 million which primarily included $12.2 million in share-based compensation, $14.0 million in depreciation and amortization, a gain on sale of an ion channel asset of $3.0 million and a change in our deferred income taxes of $1.1 million.

Current wording

During the three months ended March 31, 2026, cash used in operating activities of $4.9 million primarily reflected our net loss of $7.7 million and changes in our operating assets and liabilities in the amount of $7.7 million, partially offset by net non-cash charges of $10.5 million which primarily included $6.0 million in amortization of intangible assets, $3.3 million in share-based compensation, $0.6 million in depreciation of property and equipment, and $0.6 million in amortization of operating lease right-of-use assets, and a change in our deferred income taxes of $0.4 million.

Previous wording

During the nine months ended September 30, 2024, cash used in operating activities of $35.8 million primarily reflected our net loss of $49.0 million, changes in our operating assets and liabilities in the amount of $8.8 million, partially offset by net non-cash charges of $22.0 million which primarily included $16.4 million in share-based compensation, $16.0 million in depreciation and amortization, a change in our deferred income taxes of $7.2 million, a change in the estimated fair value of contingent liabilities of $2.4 million, and the amortization of discounts on short-term investments of $1.3 million.

Current wording

During the three months ended March 31, 2025, cash used in operating activities of $15.9 million primarily reflected our net loss of $18.2 million, changes in our operating assets and liabilities in the amount of $5.4 million, partially offset by net non-cash charges of $7.7 million. These non-cash charges primarily included $4.1 million in share-based compensation, $3.2 million in amortization of intangible assets, $1.0 million in depreciation of property and equipment, and $0.5 million in amortization of operating lease right-of-use assets, partially offset by $0.8 million of changes in estimated fair value of contingent liabilities.

Previous wording

During the nine months ended September 30, 2025, cash provided by investing activities of$3.8 million primarily consisted of$39.8 million of proceeds from the maturity of short-term investments and $3.0 million of proceeds from the sale of an ion channel asset, partially offset by$38.6 million of cash used to purchase short-term investments.

Current wording

During the three months ended March 31, 2026, cash provided by investing activities of$8.4 million primarily consisted of$18.0 million of proceeds from the maturity of short-term investments, partially offset by$9.4 million of cash used to purchase short-term investments.

Previous wording

During the nine months ended September 30, 2024, cash provided by investing activities of$37.5 million primarily consisted of$63.5 million of proceeds from the maturity of short-term investments and $1.9 million from the sale of short-term investments, partially offset by$25.7 million of cash used to purchase short-term investments and$1.8 millionof cash used to purchase property and equipment.

Current wording

During thethree months ended March 31, 2025, cash used in investing activities of$0.9 million primarily consisted of$10.3 million of cash used to purchase short-term investments, partially offset by$9.5 million of proceeds from the maturity of short-term investments.

Previous wording

There have been no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2025, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2024 Annual Report.

Current wording

There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2026, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Annual Report.