Operating margins remain severely constrained at -54.9% in 2026Q1, reflecting a business model where R&D costs consistently outpace gross profit generation.
| Sales/Revenue | 28.91M | 18.67M | 26.39M | 34.16M | 59.08M | 34.75M | 23.27M | 18.32M |
| Revenue Growth % | 8.11% | -29.27% | -22.75% | -42.17% | 70.02% | 49.34% | 27.02% | - |
| Cost of Goods Sold | 18.66M | 22.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 118.17% | - | - | - | - | - | - |
| Gross Profit | 10.25M | -3.39M | 26.39M | 34.16M | 59.08M | 34.75M | 23.27M | 18.32M |
| Gross Margin % | 35.45% | -18.17% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -112.85% | -22.75% | -42.17% | 70.02% | 49.34% | 27.02% | - |
| Operating Expenses | 68.17M | 68.13M | 100.89M | 103.58M | 85.72M | 70.36M | 48.89M | 31.34M |
| OpEx % of Revenue | - | 364.98% | 382.3% | 303.19% | 145.11% | 202.48% | 210.12% | 171.12% |
| Selling, General & Admin | 26.47M | 29.21M | 30.74M | 33.31M | 24.9M | 16.95M | 10.22M | 8.65M |
| SG&A % of Revenue | - | 156.51% | 116.48% | 97.51% | 42.15% | 48.77% | 43.94% | 47.23% |
| Research & Development | 44.75M | 47.75M | 55.11M | 56.52M | 48.36M | 39.23M | 24.8M | 13.21M |
| R&D % of Revenue | - | 255.83% | 208.82% | 165.45% | 81.87% | 112.9% | 106.57% | 72.1% |
| Other Operating Expenses | 110K | -8.84M | 15.04M | 13.74M | 12.46M | 14.18M | 13.87M | 9.49M |
| Operating Income | -57.92M | -71.52M | -74.5M | -69.42M | -26.65M | -35.61M | -25.62M | -13.03M |
| Operating Margin % | -200.35% | -383.15% | -282.3% | -203.19% | -45.11% | -102.48% | -110.12% | -71.12% |
| Operating Income Growth % | - | 4.01% | -7.32% | -160.5% | 25.16% | -38.97% | -96.69% | - |
| EBITDA | -34.91M | -49.76M | -50.92M | -49.92M | -8.4M | -19.36M | -13M | -2.43M |
| EBITDA Margin % | -120.76% | -266.6% | -192.94% | -146.12% | -14.22% | -55.71% | -55.85% | -13.29% |
| EBITDA Growth % | 26.37% | 2.27% | -2% | -494.38% | 56.61% | -48.95% | -433.94% | - |
| D&A (Non-Cash Add-back) | 23.01M | 21.75M | 23.58M | 19.5M | 18.25M | 16.25M | 12.63M | 10.59M |
| EBIT | -58.13M | -71.52M | -74.5M | -69.42M | -26.65M | -34.34M | -23.55M | -13.85M |
| Net Interest Income | 2.32M | 2.66M | 3.11M | 5.05M | 587K | -7K | -5K | 0 |
| Interest Income | 2.32M | 2.66M | 3.11M | 5.05M | 587K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 7K | 5K | 0 |
| Other Income/Expense | 4.56M | 5.22M | 3.09M | 5.06M | 587K | 1.26M | 1.9M | 0 |
| Pretax Income | -53.37M | -66.29M | -71.41M | -64.36M | -26.06M | -34.35M | -23.73M | -13.03M |
| Pretax Margin % | -184.58% | -355.16% | -270.59% | -188.39% | -44.11% | -98.85% | -101.98% | -71.12% |
| Income Tax | 913K | -1.51M | -9.38M | -13.74M | -3.73M | -7.31M | -6.17M | 562K |
| Effective Tax Rate % | -1.71% | 2.29% | 13.13% | 21.35% | 14.3% | 21.28% | 26.01% | -4.31% |
| Net Income | -54.28M | -64.78M | -62.03M | -50.62M | -22.33M | -27.04M | -17.56M | -13.59M |
| Net Margin % | -187.74% | -347.04% | -235.05% | -148.16% | -37.8% | -77.82% | -75.46% | -74.18% |
| Net Income Growth % | 11.41% | -4.43% | -22.55% | -126.65% | 17.41% | -54.02% | -29.2% | - |
| Net Income (Continuing) | -54.28M | -64.78M | -62.03M | -50.62M | -22.33M | -27.04M | -17.56M | -13.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.42 | -0.57 | -0.61 | -0.51 | -0.26 | -0.24 | -0.15 | -0.12 |
| EPS Growth % | 20.69% | 6.56% | -19.61% | -96.15% | -8.33% | -60% | -25% | - |
| EPS (Basic) | - | -0.57 | -0.61 | -0.51 | -0.26 | -0.24 | -0.15 | -0.12 |
| Diluted Shares Outstanding | 128.33M | 113.64M | 102.36M | 99.68M | 85.32M | 114.82M | 114.82M | 114.82M |
| Basic Shares Outstanding | 128.33M | 113.64M | 102.36M | 99.68M | 85.32M | 114.82M | 114.82M | 114.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High Cash Burn Rate
As evidenced by the quarterly financial data, OABI's revenue trajectory remains highly volatile, characterized by significant fluctuations in milestone recognition that resulted in a 2.5% growth rate in 2026Q1, following several periods of sharp contraction that underscore the inherent unpredictability of the company's current licensing-based business model.
The reliance on contingent milestone payments creates a non-linear revenue profile that complicates trend analysis for investors. The recent uptick in 2026Q1 suggests a potential recovery, yet the historical data indicates that such gains are often offset by subsequent periods of inactivity in partner-led clinical programs.
According to the provided income statements, OABI's gross margin has experienced extreme variance, swinging from a 100% margin in periods with no recognized COGS to a negative 109.2% in 2025Q3, highlighting the sensitivity of profitability to the timing of direct costs associated with transgenic platform maintenance.
The inconsistency in gross margins suggests that the company's cost structure is not yet optimized for its current revenue scale. Investors should monitor whether the recent stabilization in 2026Q1 at 58.3% represents a sustainable shift or merely another temporary deviation in a highly variable cost environment.
Based on reported figures, OABI continues to struggle with negative operating leverage, as evidenced by the 2026Q1 operating margin of -54.9%, which indicates that the company's fixed overhead and R&D expenditures significantly outpace the gross profit generated by its current portfolio of active antibody discovery programs.
The persistent gap between operating expenses and gross profit suggests that the platform has yet to achieve the necessary scale to cover its fixed cost base. Without a substantial increase in high-margin royalty revenue, the company appears likely to remain dependent on external funding to sustain its current R&D intensity.
As reported in financial statements, OABI maintains a heavy R&D expenditure profile, with quarterly costs consistently exceeding $9 million, which effectively consumes the majority of gross profit and prevents the company from reaching a break-even point despite ongoing efforts to manage SG&A expenses more effectively.
The high R&D spend is a strategic necessity for a platform-based biotech, yet it creates a structural hurdle for profitability. Management's ability to maintain this level of investment while simultaneously reducing the cash burn rate will be a critical factor for long-term viability.
While the multi-species platform offers a unique competitive moat, the income statement data suggests that the current revenue model may be insufficient to support the company's long-term operational requirements, as evidenced by the persistent net losses and the significant depletion of cash reserves over the last ten quarters.
Short-term observers may focus on the potential for a blockbuster royalty stream, but the fundamental reality remains that the company is currently burning cash to maintain its infrastructure. The lack of a clear path to self-sustaining profitability warrants caution until milestone-driven revenue transitions into more predictable commercial royalties.
Quick answers to the most common questions about buying OABI stock.
For fiscal year 2025, OmniAb, Inc. (OABI) reported total revenue of $18.7M. This represents a 1.9% increase compared to $18.3M in 2019.
OmniAb, Inc. (OABI) reported a net loss of $64.8M for the fiscal year ending 2025.
OmniAb, Inc. (OABI) reported an operating income of $-71.5M, resulting in an operating profit margin of -383.1%. This margin reflects the operational efficiency of the business before interest and taxes.
OmniAb, Inc. (OABI) generated $-3.4M in gross profit for the year, representing a gross profit margin of -18.2%. This demonstrates the company's core pricing power and production efficiency.