| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 282.70 | 15433 |
| Intrinsic value (DCF) | 1.77 | -3 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 8.29 | 355 |
OmniAb, Inc. (NASDAQ: OABI) is a pioneering biotechnology company specializing in advanced therapeutic antibody discovery technologies. Headquartered in Emeryville, California, OmniAb leverages its proprietary transgenic animal platforms—OmniRat, OmniMouse, OmniChicken, OmniFlic, OmniClic, and OmniTaur—to generate human-sequence antibodies for next-generation drug development. The company’s innovative OmniAb platform enables pharmaceutical and biotech partners to access diverse antibody repertoires and cutting-edge screening technologies, accelerating the discovery of novel biologics. OmniAb’s unique offerings, such as its common light chain approach for bispecific antibodies (OmniFlic/OmniClic) and cow-derived antibody structures (OmniTaur), position it as a key player in the rapidly growing antibody therapeutics market. With a focus on complex targets and bispecific applications, OmniAb serves a critical niche in the $200B+ global biologics industry, supporting partners in oncology, immunology, and infectious disease research. The company’s asset-light, partnership-driven business model ensures recurring revenue from licensing while minimizing R&D risk.
OmniAb presents a high-risk, high-reward opportunity in the antibody discovery technology space. The company’s asset-light platform model generates recurring licensing revenue with minimal capex, but its financials reveal significant challenges: negative net income (-$62M in latest FY), negative operating cash flow (-$39.7M), and a modest cash position ($27.6M) relative to burn rate. While its proprietary transgenic platforms (especially OmniTaur for complex targets) provide technological differentiation, the competitive landscape includes well-funded rivals. Valuation appears speculative (market cap ~$167M) given current revenue ($26.4M) and profitability metrics. Key upside catalysts include new pharma partnerships and milestone payments, while risks include platform obsolescence, partner attrition, and liquidity constraints. Suitable for investors with high risk tolerance seeking exposure to antibody discovery infrastructure.
OmniAb competes in the antibody discovery platform segment by offering three key advantages: (1) Multi-species transgenic systems (rats, mice, chickens, cows) providing unmatched antibody diversity, (2) Specialized platforms for bispecific antibodies (OmniFlic/Clic) and difficult targets (OmniTaur), and (3) Fully humanized sequences reducing immunogenicity risks. However, its positioning faces challenges from competing approaches—phage display (Dyax), single B-cell sorting (Berkeley Lights), and synthetic libraries (Distributed Bio). OmniAb’s transgenic systems theoretically offer superior affinity maturation compared to in vitro methods but require longer development cycles. The company’s partnership with Ligand Pharmaceuticals (LGND) provides validation but also creates revenue concentration risk (Ligand accounted for ~30% of 2023 revenue). While OmniAb’s cow-derived OmniTaur platform is truly differentiated for complex targets like GPCRs, adoption remains early-stage. The company’s 50+ partnered programs demonstrate platform utility but trail larger competitors in commercial-stage assets. Pricing pressure exists as big pharma increasingly internalizes discovery capabilities. OmniAb’s long-term viability depends on converting platform partnerships into royalty-bearing drugs—a process with 7-10 year timelines and high attrition rates.