OmniAb, Inc.

Q2 2026 revenue was $13.4 million, up from $3.9 million in Q2 2025. Year-to-date revenue was $27.8 million versus $8.1 million in the prior-year period. Q2 net loss improved to $5.9 million, or $0.05 per share, from $15.9 million, or $0.15 per share a year ago; year-to-date net loss improved to $13.6 million, or $0.11 per share, from $34.1 million, or $0.32 per share. The company ended the quarter with $52 million in cash. Full-year 2026 guidance was raised: total revenue is expected to be $32 million to $36 million, GAAP operating expense $84 million to $88 million, cash operating expense $51 million to $55 million, and ending cash and cash equivalents $37 million to $41 million. Management said the full-year effective tax rate should remain approximately 0% because of the valuation allowance.

CEO Matt Foehr emphasized that the business is gaining momentum as partner programs advance into and through the clinic, which he said increases visibility into future milestones and potential royalties. He repeatedly framed OmniAb as a differentiated technology licensing platform with durable revenue streams and highlighted new partner wins, including EnRosa Therapeutics and argenx. His tone was confident and upbeat, especially around xPloration, OmniUltra, OmnidAb, and the expanding clinical pipeline.

CFO Kurt Gustafson said revenue growth was primarily driven by milestone revenue, with added contribution from xPloration instrument sales and a slight increase in service revenue from new ion channel agreements. He pointed to improved profitability metrics, noting that the company continues to drive down cash costs and that about 35% to 40% of operating expense is non-cash. On the balance sheet, he said OmniAb ended Q2 with $52 million in cash, and that the company is well capitalized based on anticipated cash flows; he also raised full-year guidance and narrowed ranges across revenue, operating expense, cash operating expense, and year-end cash.

Analysts focused on xPloration’s early commercial traction, margin profile, and whether sales could become more predictable, while management said instrument margins are good and consumables margins are even better, though mix can create quarter-to-quarter variability. Questions also centered on whether improved biotech/pharma funding would translate into more deal flow; management said they are seeing better partner formation and larger swings toward higher-value indications, including both large pharmas and better-funded smaller biotechs. Analysts pressed on how the company closes the gap between spend and revenue, and management answered that rising milestones, eventual royalties, and a tight cost structure should narrow that gap over time.