OmniAb Inc Dossier
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SectorHealth Care IndustryLife Sciences Tools & Services Beta (adjusted)1.28 Intrinsic Value $4.47median of 2 methodsbased on filings through 30 Jun 2026 Market Price $4.96Price as of 30 Sep 2026 Near fair valueIntrinsic value is 10% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $721.1M Enterprise Value $716.5M Shares Outstanding 136.3M diluted Next Earnings Date4 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary OmniAb, Inc. (OABI) represents a highly scalable, pure-play antibody discovery platform with a robust economic model. By licensing its proprietary transgenic animal platforms (such as OmniRat, OmniChicken, and the newly launched OmniUltra) to global pharmaceutical and biotech partners, OmniAb secures upfront fees, milestone payments, and long-term royalty streams. The company's Q1 2026 financial results demonstrated strong operational momentum, highlighted by a significant revenue jump to $14.4 million and an upward revision of full-year 2026 revenue guidance to $28 million to $33 million. With over $3 billion in total contracted milestones and an average royalty rate of approximately 3.4% across a broad portfolio of 409 active programs, OmniAb is well-positioned to capture substantial long-term upside as partnered assets advance through clinical development. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$3.00 Mean target$7.33 High · most bullish analyst$11.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case reflects potential clinical setbacks, program discontinuations, or strategic reprioritizations by key partners, which are outside of OmniAb's direct control. A major failure or delay in a lead program like IMVT-1402 would severely impact investor sentiment and push out the timeline for royalty generation. Furthermore, slower-than-anticipated adoption of new technology platforms or intense competition from alternative discovery modalities could pressure licensing terms and slow partner acquisition. Base CaseCentral scenario The base case assumes steady expansion of the partner network and continued clinical progression of key partnered assets, particularly Immunovant's IMVT-1402. OmniAb successfully executes on its revised 2026 revenue guidance of $28 million to $33 million, driven by milestone achievements. The launch of OmniUltra and the xPloration partner access program continues to drive partner engagement and diversify revenue streams. Operating expenses remain disciplined within the guided range of $83 million to $88 million (GAAP), leading to narrowing net losses and a stable cash runway. Bull CaseUpside scenario The bull case assumes rapid adoption of the xPloration high-throughput single B-cell screening platform, multiple clinical wins across the partner portfolio (such as Immunovant's IMVT-1402 and J&J's ramantamig), and stronger-than-expected outsourcing demand as the Inflation Reduction Act (IRA) pushes biopharma R&D toward biologics. This scenario projects Year 5 revenue reaching $175.0 million, with $110.0 million from royalties and $65.0 million from milestones, reflecting a much faster conversion of today's clinical inventory into commercial products. Scale benefits are substantial, with net margin expanding to 45.0%, generating $78.75 million of net income. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |