OmniAb, Inc.

Previous wording

OmniAb licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions 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 and other target-binding proteins for our partners’ drug development efforts. At the heart of the OmniAb platform is what we call Biological Intelligence™, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics.

Current wording

OmniAb licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions 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 and other target-binding proteins for our partners’ drug development efforts. This includes xPloration, our AI-powered, high-throughput single B-cell screening platform. At the heart of the OmniAb platform is what we call Biological Intelligence™, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics.

Previous 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.

Current wording

As of June 30, 2026, we had 110 active partners with 425 active programs using the OmniAb technology platform, including 29 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, peptides and many others.

Current wording

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

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

Current wording

Comparison of the Three and Six Months Ended June 30, 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 increased primarily due to a $10.0 million increase in milestone 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 $8.3 million increase in milestone revenue.

Previous wording

•Research and development expenses consist of (1) personnel related expenses, including salaries, benefits and share-based compensation, (2) external expenses, including third-party costs for goods and services such as lab supplies and contract research, and (3) facility and other overhead expenses, including depreciation and occupancy costs. Research and development expenses decreased primarily due to lower personnel expenses related to lower share-based compensation expense and headcount, and lower external expenses associated with ion channel programs.

Current wording

•Research and development expenses consist of (1) personnel related expenses, including salaries, benefits and share-based compensation, (2) external expenses, including third-party costs for goods and services such as lab supplies and contract research, and (3) facility and other overhead expenses, including depreciation and occupancy costs. Research and development expenses declined primarily due to lower personnel costs, including share-based compensation and salaries and wages resulting from our 2025 reorganizations, as well as lower facility-related costs following a fixed asset impairment charge recorded in the fourth quarter of 2025.

Previous 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.

Current wording

•General and administrative expenses declined primarily due to lower personnel expenses related to lower share-based compensation, lower salaries and wages from reduced headcount following our 2025 reorganizations, and lower other professional fees.

Previous 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.

Current wording

•Other operating expense (income), net during the six months ended June 30, 2026 primarily includes a contingent liability adjustment associated with certain ion channel programs. Other operating income, net during the six months ended June 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.

Previous 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.

Current wording

Other income (expense), net during the three and six months ended June 30, 2026 and 2025 primarily related to interest earned on short-term investments and remained relatively consistent period over period.

Previous 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.

Current wording

Our effective tax rate for each of the three and six months ended June 30, 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, the tax impact of stock award activities, and the benefit related to research and development tax credits.

Previous 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.

Current wording

As of June 30, 2026, our cash, cash equivalents and short-term investments were $52.0 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

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.

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 six months ended June 30, 2026, we sold no shares of our common stock under the Sales Agreement. As of June 30, 2026, $88.3 million remains available under the Sales Agreement for future sales of our common stock.

Previous 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.

Current wording

During the six months ended June 30, 2026, cash used in operating activities of $2.2 million primarily reflected our net loss of $13.6 million and changes in our operating assets and liabilities in the amount of $6.1 million, partially offset by net non-cash charges of $17.5 million which primarily included $9.1 million in amortization of intangible assets, $6.5 million in share-based compensation, $1.2 million in depreciation of property and equipment, and $1.2 million in amortization of operating lease right-of-use assets.

Previous 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.

Current wording

During the six months ended June 30, 2025, cash used in operating activities of $21.0 million primarily reflected our net loss of $34.1 million, changes in our operating assets and liabilities in the amount of $1.5 million, partially offset by net non-cash charges of $14.6 million which primarily included $8.3 million in share-based compensation, $6.5 million in amortization of intangible assets, a gain on sale of an ion channel assets of $3.0 million, $1.8 million in depreciation of property and equipment, and $1.1 million in amortization of operating lease right-of-use assets.

Previous 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.

Current wording

During the six months ended June 30, 2026, cash provided by investing activities of$0.8 million primarily consisted of$34.1 million of proceeds from the maturity of short-term investments, partially offset by$33.0 million of cash used to purchase short-term investments.

Previous 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.

Current wording

During the six months ended June 30, 2025, cash provided by investing activities of$11.4 million primarily consisted of$27.3 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$18.6 million of cash used to purchase short-term investments.

Previous 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.

Current wording

There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 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.