OABIOmniAb, Inc.

Services-Commercial Physical & Biological Research

Revenue: $19M; 29% YoY
Operating margin: -369.5%; 31% YoY
EBITDA: −$47M; 7.3% YoY
Market cap: $745M
Employees: —
Net debt / EBITDA: —
AI in 10-K: 6.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
85% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
6.2 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$745M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$175K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$35M	$59M	$34M	$26M	$19M	29%
Operating income	−$36M	−$27M	−$69M	−$75M	−$69M	7.4%
Net income	−$27M	−$22M	−$51M	−$62M	−$65M	4.4%
Operating cash flow	−$6M	−$4M	$2M	−$40M	−$36M	8.1%
Capex	$4M	$17M	$2M	$2M	$565K	70%
Stock-based comp	$15M	$18M	$25M	$21M	$16M	26%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 2, 2024	Avista Capital Managing Member V, LLC	SC 13D/A	21.1%	Active
Dec 13, 2022	Avista Acquisition LP II	SC 13D/A	21.6%	Passive
Nov 14, 2022	Avista Acquisition LP II	SC 13D	21.5%	Passive

Insider trading

Open-market buys, 12 mo: $108K · 2
Open-market sells, 12 mo: $283K · 12
Net: −$175K

Pay vs performance

No pay-versus-performance disclosure yet.