Free cash flow remains deeply negative, with quarterly outflows reaching as high as $18 million in 2024Q1, highlighting a reliance on non-cash adjustments to mask underlying burn.
| Cash from Operations | -25.5M | -36.45M | -39.66M | 2.35M | -3.59M | -5.67M | 3.62M | -5.2M |
| Operating CF Margin % | - | -195.3% | -150.29% | 6.87% | -6.07% | -16.32% | 15.55% | -28.36% |
| Operating CF Growth % | 31.84% | 8.09% | -1789.99% | 165.43% | 36.76% | -256.73% | 169.66% | - |
| Net Income | -54.28M | -64.78M | -62.03M | -50.62M | -22.33M | -27.04M | -17.56M | -13.59M |
| Depreciation & Amortization | 23.64M | 21.75M | 23.58M | 19.5M | 18.25M | 16.25M | 13.14M | 10.92M |
| Stock-Based Compensation | 11.06M | 15.82M | 21.5M | 24.82M | 18.32M | 15.06M | 9.16M | 6.66M |
| Deferred Taxes | -1.27M | 0 | -9.04M | -12.54M | -6.42M | -7.33M | -6.18M | 557K |
| Other Non-Cash Items | 2.65M | -4.3M | -3.5M | -3.68M | -572K | 9K | 331K | -818K |
| Working Capital Changes | -7.29M | -4.95M | -10.17M | 24.87M | -10.83M | -2.63M | 4.73M | -8.92M |
| Change in Receivables | -4.26M | 189K | -625K | 26.9M | -12.74M | 6.02M | 339K | -4.29M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -1.51M | 0 | 0 |
| Change in Payables | 215K | -231K | -2.41M | 920K | 15.07M | 1.51M | 0 | 0 |
| Cash from Investing | 15.78M | 6.47M | 37.88M | -18.38M | -73.31M | -4.03M | -26.98M | -12.1M |
| Capital Expenditures | -523K | -565K | -1.88M | -1.64M | -17.17M | -4.07M | -1.75M | -255K |
| CapEx % of Revenue | 1.81% | 3.03% | 7.1% | 4.81% | 29.06% | 11.71% | 7.53% | 1.39% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -27.13M | -11.84M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 3M | 3M | -400K | -4.44M | -1.44M | -1.22M | 1.9M | 0 |
| Cash from Financing | 27.87M | 27.91M | 13.02M | -892K | 110.74M | 9.7M | 23.36M | 17.29M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 28.32M | 28.36M | 11.37M | 0 | 96.24M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -450K | -450K | 1.65M | -892K | 14.5M | 9.7M | 23.36M | 17.29M |
| Net Change in Cash | 18.15M | -2.07M | 11.24M | -16.92M | 33.84M | 0 | 0 | 0 |
| Free Cash Flow | -26.02M | -37.02M | -41.54M | 703K | -20.75M | -9.74M | 1.87M | -5.45M |
| FCF Margin % | -90% | -198.33% | -157.4% | 2.06% | -35.13% | -28.04% | 8.02% | -29.75% |
| FCF Growth % | 34.4% | 10.88% | -6008.82% | 103.39% | -113.05% | -622.08% | 134.24% | - |
| FCF per Share | -0.20 | -0.33 | -0.41 | 0.01 | -0.24 | -0.08 | 0.02 | -0.05 |
| FCF Conversion (FCF/Net Income) | 0.48x | 0.56x | 0.64x | -0.05x | 0.16x | 0.21x | -0.21x | 0.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 16K | 2.61M | 0 | 0 | 0 | 0 |
Rapid Cash Reserve Depletion
According to quarterly financial data, OABI consistently reports a significant gap between net losses and operating cash flow, with the OCF/NI ratio fluctuating between 0.30 and 0.90, suggesting that non-cash charges like stock-based compensation and depreciation are the primary drivers of the reported cash flow profile.
The persistent divergence between net income and operating cash flow indicates that the company's accounting losses are partially mitigated by substantial non-cash expenses. Investors should monitor whether this conversion ratio stabilizes as the company attempts to scale its royalty-based revenue streams.
As reported in recent filings, OABI's free cash flow remains deeply negative, with quarterly outflows reaching as high as $18 million in 2024Q1, reflecting a business model that currently consumes capital at a rate that far outpaces its ability to generate self-sustaining operational liquidity.
The trajectory of free cash flow highlights the heavy reliance on external funding to maintain the transgenic platform. Without a material shift toward commercial royalty realization, the current burn rate appears to be a structural feature rather than a temporary phase of development.
Based on OABI's reported figures, working capital changes have been highly erratic, swinging from a $5.4 million outflow in 2025Q1 to a $3.9 million inflow in 2025Q2, which suggests significant lumpiness in the timing of partner milestone payments and the associated cash collection cycles.
This volatility in working capital underscores the difficulty in predicting cash inflows for a platform-based biotech firm. The lack of a consistent trend in these movements may indicate that the company's liquidity position is highly sensitive to the administrative timelines of its pharmaceutical partners.
Analysis of the cash flow statement reveals that stock-based compensation and depreciation are critical components of the company's cash flow reconciliation, often totaling millions per quarter, which effectively masks the underlying cash burn required to maintain the specialized transgenic animal colonies and laboratory infrastructure.
By isolating these non-cash items, it becomes clear that the core operational cash burn is more severe than the headline operating cash flow figures might suggest. This warrants further investigation into the true cost of maintaining the platform's competitive moat versus the cash generated by current licensing activities.
Quick answers to the most common questions about buying OABI stock.
OmniAb, Inc. (OABI) generated $-36.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OmniAb, Inc. (OABI) reported negative free cash flow of $37.0M in 2025, indicating capital requirements exceeded cash from operations.
OmniAb, Inc. (OABI) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.