Q1 2025 OmniAb Inc Earnings Call and Business Update
Good afternoon, and welcome to on the Op, Inc. 's first quarter 225 financial results and business update conference call. At this time all participants are in listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.
I'd like to turn the call over to CT Squeeze stepson, Inc.
CT Squeeze: Inks Chief Financial Officer, you may begin.
Speaker Change: Thank you operator, and good afternoon, everyone.
Speaker Change: This is Kurt Gustafson, Chief Financial Officer, and thank you all for joining our first quarter 2025 financial results Conference call.
Speaker Change: There are slides to accompany today's prepared remarks, and they're available on our website at www Dot dot com.
Speaker Change: Before we begin I'd like to remind listeners that comments made during this call by management will include forward looking statements within the meaning of the federal Securities laws. These forward looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results.
Speaker Change: These forward looking statements are qualified by the cautionary statements contained in today's press release and our SEC filings.
Speaker Change: Importantly, this conference call contains time sensitive information that is accurate only as of the date of this live broadcast today may eight 2025, except as required by law on the Abbott undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances. After the date of this call.
Speaker Change: Joining me on the call today is Matt for Omni Abbs, President and CEO and Bob <unk>, Our vice President of discovery systems.
Speaker Change: During today's call will provide highlights on the company's business and operations partner and technology updates on our recent financial results.
Speaker Change: The conclusion of the prepared remarks, we'll open the call to questions and with that let me turn the call over to Matt. Thanks, Curt and good afternoon, everyone and thanks for joining us today on our call.
Speaker Change: 2025 is off to a very good start and is on track with our expectations.
Speaker Change: Might some tumult in the broader landscape and in our industry, we're continuing to sign up new partners and our pipeline of partnered programs continues to grow and to progress.
Speaker Change: He will flow to start the year has been strong with both platform deals in recent asset based deals.
Speaker Change: And I've been impressed with the robustness of both the pace and the quality of our deals.
Speaker Change: Overall, we believe the foundation of our business is getting stronger our technology offering is highly leverage able it's differentiated and it continues to expand.
Speaker Change: As we previously announced we streamlined our operations early in Q1, and we remain focused on creating value for our partners and for all of our stakeholders.
Speaker Change: We've seen nice progression and favorable data from many of our partners.
Speaker Change: And today, we're also excited to be talking about another technology milestone for the company, which is the launch of the exploration partner access program.
Speaker Change: Allows partners to purchase exploration instruments for use in their own labs.
Speaker Change: And yeah, we've always been committed to driving innovation to enable drug discovery part of this innovation has been the development and refinement of tools that we use in our own work flows that increased speed accuracy and efficiency.
Speaker Change: Exploration has been an important part of our work here for many years.
Speaker Change: We highlighted exploration a couple of years back at an analyst event over in San Francisco, and we've continued to make enhancements to both the hardware and the software while it served as a backbone of our internal screening work.
Speaker Change: I'll now touch on just a few of our metrics very briefly before I turn the call over to Bob.
Bob: To talk about some of the technical aspects of exploration.
Bob: Moving now on to slide number five with active partners. We exited the first quarter with 95 active partners, including new deal New deals with Harvard's Weiss Institute Tac as biotech and Orient Corporation.
Bob: The Orient deal is notable as it is related to a single ion channel antibody program.
Bob: Subsequent to the end of the quarter. We also just signed actually earlier today, an asset deal with Angelina pharma for a small molecule ion channel modulator that targets <unk> seven point too.
Bob: You might recall that this was a program that was returned to us from Roche late last year.
Bob: As part of our deal with Angiolini, we expect to receive a $3 million upfront payment.
Bob: And have the potential to receive over $170 million in contracted milestones and royalty.
Bob: Yeah.
Bob: Now on to slide six and the number of active programs also grew in the first quarter.
Bob: We were pleased to see that the momentum of program additions that we noted in Q4 of last year continued into Q1 of this year.
Bob: And our total number of active programs grew to 378 at quarter end.
Bob: I'll note here as we often do that attrition or terminations are obviously, a natural part of drug development.
Bob: And we saw attrition in Q1 as well mostly concentrated in the discovery stage as it is generally expected.
Bob: Yeah.
Bob: Now on slide seven as of the end of Q1, our partners had 33 active clinical programs and approved products.
Bob: There was one new clinical entering in Q1 from Genmab and you'll see it on the pipeline chart in the appendix of today's presentation materials materials.
Bob: As we look to the rest of the year. We continue to expect a total of five to seven new entries into clinical development for the year.
Bob: Slide eight highlights the growth in our portfolio of post discovery stage assets.
Bob: In Q1, we saw new assets advanced into the preclinical stage of development of New program enter phase one as I just mentioned and a program that is now shown in phase three that is an anti P. C. S. Canine antibody called S. A L double L three with Salubrious pharmaceuticals.
Bob: That antibody was discovered by Wuxi, using our omni rat and.
Bob: And we have a 3% royalty on that phase III stage program.
Bob: I also note that Teva recently disclose progression of P. E. B 408 from phase one to phase two with a new study to evaluate safety and efficacy in adults with celiac disease.
Bob: In general it's good to see the continued growth and he's post discovery stage assets, which have increased more than 39% over the last couple of years.
Bob: And we continue to be excited about the diversity of this.
Bob: Sizable future milestone potential and the potential therapeutic impact of the assets in our preclinical stage bucket that's shown here in the Orange part.
Speaker Change: The Pie chart.
Bob: Okay.
Bob: We expect those will mature and will drive new clinical starts in the future.
Bob: Here on slide nine we've highlighted some select and recent partner updates.
Bob: A few of these updates and positive data disclosures occurred at last week's ACR meeting and it's good to continue to see the progression and substantial financial investments by our partners and programs that have been enabled by our technologies.
Bob: We're also looking forward to a number of partner presentations at the upcoming <unk> annual meeting in Chicago, which gets underway on may 30th.
Bob: Listing of some of those are also in the appendix of our slide deck today as well.
Bob: Yeah.
Bob: So now onto slide 10, Bob and I are going to talk in a little more detail about our exploration partner access program that we launched today and it was described in our press release that came out right after the market close.
Bob: Within our growing ecosystem of partners.
Bob: Increasing recognition of exploration substantial value.
Bob: And partners have expressed interest in integrating it within the work flows of their own labs.
Bob: So after a lot of development and testing.
Bob: She has included deployment outside of our labs, we think exploration has reached a level of technical maturity, where its capabilities and reliability will be an important contributor to the screening instruments space, which we see as a growing area of interest in the industry.
Bob: Yeah.
Bob: We're already in preliminary conversations with some of our partners and the feedback we've received has been overwhelmingly positive.
Bob: Exploration will allow our partners to enhance and accelerate their downstream work.
Bob: And importantly, this new program also has the potential to create new revenue streams for us as well.
Bob: Yeah.
Bob: Now I'll turn the presentation over to Bob to go a little deeper on some of the key elements of the exploration technology, Bob Thanks, Matt I'll pick looks up with slide 12 for the past few years exploration has been an integral part of our discovery engine empowering the antibody discovery services for our partners.
Bob: After seeing this technology in action and the data produces our partners have asked how can we get one of those.
Bob: These years of supporting partner Discovery has also helped us refine and mature the technology.
Bob: This growth paired with field testing has validated exploration to a state where the instrument is now available to be offered to partners for use in their own laboratories.
Bob: As a reminder, from a previous analyst research and technology event that Matt referenced exploration as a AI driven deep functional screening instrument for antibody discovery.
Mining primary b cells from Android Immunized animals has always been a tough challenge and therapeutic antibody discovery traditional.
Bob: Traditional methods can limit antibody diversity and can take weeks to complete but with exploration we have simplified the process into three steps.
Bob: As shown here on slide 13, the process starts by loading b cells into a unique microcap player ratio.
Bob: Which features through whole format with 1.5 million Microcap worries.
Bob: Each just 40 microns in diameter.
Bob: These micro calculators isolate b cells for various assays.
Bob: Next the trip is loaded into our instrument, which performs automated imaging of each so using advanced AI computer vision the instrument the techs promising hits that match, the desired antibody properties, providing precision and efficiency and identifying the best candidates.
Sure.
Bob: And lastly, the hits are recovered using a precise rapid touches laser method to sort cells from the microcap layers onto recovery.
Bob: After a recovery the antibodies are sequenced from the sort itself.
Bob: From.
Bob: I'm a technical perspective as described here on slide 14, we will leave the exploration represents a significant advancement in single piece of screening for antibody discovery. It provides.
Bob: Important advantages in fast processing speed powerful throughput exceptional hit recovery and ease of use combined with reliability.
Bob: Our platform has rapid run times of approximately $1 five hours, enabling multiple daily runs and offers 10 times more single cell screening throughput versus other instruments.
Bob: The screening throughput, it's paired with the ability to rapidly solve thousands of lives sells for large scale repertoire mining.
Bob: Along with these advanced capabilities and speed dance room was designed to provide simplicity and robustness from installation to training to use the system features no fluidics at all which ensures simple setup with minimum maintenance.
Bob: AI assisted analysis automatically scans images to find his leading to faster speeds and less labor fatigue for users.
Bob: Since the AI models are trained from expert user input new users can.
Bob: Can use this expertise and leverage it improving ease of use and reducing training.
Bob: I will now turn it over to Matt to discuss the business elements relating to our exploration launch.
Matt: Thanks, Bob from a business perspective, and I'm now on slide number 15, we expect exploration will increase the diversity of our technology based sources of revenue.
Matt: The instrument, which is built here in the United States is available to our partners at a list price of about $500000.
Matt: Partners will also need to sign up for a subscription service that will cover proprietary software and maintenance.
Matt: And in addition, there are proprietary consumables that are used in operating the instrument each time run has performed.
Matt: We're really excited about this new offering for our partners and while I say all that Ah I also do want to emphasize that our core business of licensing novel discovery technology into the pharmaceutical industry is and remains the foundation of our strategy.
Matt: And that is in what has been driving consistent growth and key partner and program metrics for multiple years, that's all unchanged.
Matt: We see the offering of exploration to our partners as additive and is a natural strategic enhancements that expands and elevates our existing offerings and a highly scalable and highly leverage able way.
Matt: We think now is the right time to do it as we're quickly approaching 100 active omni App partners.
Matt: We're highly committed to growing the business with a clear focus on value creation and long term profitability.
Matt: By consistently prioritizing innovation efficiency and creating leverage in the business, we aimed to enhance our position and deliver sustainable value to all of our stakeholders.
Matt: We expect the launch of exploration will be accretive to earnings and cash flow in both the short and the long term.
Matt: And lastly for me here on Slide number 16, you will see a summary of some of the upcoming technical presentations that we have.
Matt: Well, obviously be highlighting exploration next week quite extensively at the pegs conference out in Boston.
Matt: And one of our partners who were early adopters through a collaboration we will be presenting data related to exploration as well.
Matt: And with that let me turn the call back to Kurt for a discussion of our Q1 financial results.
Matt: Thanks, Matt.
Matt: Let me start with slide 18, with a review of our revenue in the first quarter of 2025.
Matt: We're reporting a revenue increased to $4 $2 million compared with $3 8 million for the same period. In 2024. This increase was primarily due to higher milestone revenue as a result of the phase one milestone for the start of Genmab 10, 78 clinical program.
Matt: This was partially offset by lower service revenue associated with the completion of certain small molecule ion channel programs royalty.
Matt: Royalty revenue was also lower for the first quarter of 2025 compared to the same period in 2024.
Matt: Turning to slide 19, Youll see our operating expenses for the first quarter of 2025.
Matt: Operating expense declined to 23 million from $26 4 million for the prior year period.
Matt: To break this down R&D expense was $12 6 million compared to $14 6 million a year ago with the decrease primarily due to lower stock based compensation expense and lower external expenses associated with small molecule ion channel programs and technology development.
Matt: G&A expense declined to seven point.
Matt: $7 9 million from $8 3 million for the same period in 2024.
Matt: The decrease primarily due to lower legal fees and lower stock based comp.
Matt: On slide 20, focusing on the bottom section of the P&L, our net loss for the first quarter of 2025 was $18 2 million or <unk> 17 per share and this compares with a net loss of $19 million or <unk> 19 per share for the same period in 2024.
Matt: Turning to slide 21, Youll see our balance sheet as of March 31, 2025.
Matt: We ended the quarter with $43 6 million in cash and this was in line with our expectations Q1 is traditionally our largest cash use quarter and similar to previous years, there are certain seasonal compensation items that occur in the first quarter.
Matt: In addition, as we previously disclosed we implemented a reduction in force in early February. This resulted in approximately $1 million of additional cash outlay in the first quarter.
Matt: However, we will see the benefit of lower expenses and lower cash use going forward.
Matt: With regards with regards to guidance for 2025 here on slide 22, you'll see that we continue to expect that 2025 revenue will be between 20 and $25 million.
Matt: We have not included any revenue contribution from the launch of the exploration partner access program in our 2025 revenue guidance.
Matt: At this stage.
Matt: Difficult to predict the precise number and timing of instruments that we might sell to our partners.
Matt: However, as Matt said the feedback from some of our early conversations has been quite positive.
Matt: And we believe this program will be accretive to both earnings and cash flow.
Matt: With regards to operating expense guidance, we now expect operating expense to be in the range of $85 million to $90 million, which is lower than our previous range of $90 million to $95 million.
Matt: As a reminder, approximately 40% of our operating expense is noncash expense, which as a result of depreciation amortization and stock based compensation.
Matt: We also continue to expect that our cash use in 2025 will be lower than the cash used in 2024 and as a reminder, our cash use in 2024 was $38 9 million, excluding the 2020 for ATM issuance.
Matt: And finally, our guidance on the tax rate remains unchanged at approximately zero percent.
Matt: And with that I'd like to open up the call for questions. So operator.
Matt: Thank you ladies and gentlemen, we will now begin the question and answer session.
Speaker Change: Should you have a question. Please press the star followed by the number one are you touched on the phone.
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Speaker Change: One moment. Please for your first question.
Speaker Change: Okay.
Speaker Change: Your first question comes from Puneet <unk> from Leerink partners. Please go ahead.
Speaker Change: Hi, you have Michael on for Puneet, Thanks for taking my question.
Speaker Change: My first time with the number.
Speaker Change: Hi, My.
Speaker Change: First question has to do with the number of programs start this quarter. Its very strong I think you've matched almost half of what you did all of last year. I was wondering if you could attribute that to any particular trends and whether the strength was balanced across geographies or size of the partner you know large pharma versus smid cap.
Speaker Change: Yes.
Yeah, Michael Thanks, Yeah, I mean as I noted in the earlier remarks.
We saw as we as we talked about at our Q4 call I believe we saw some nice momentum of ads at the end of 2024.
Speaker Change: And that continued.
Speaker Change: Here in the first quarter of 2025, I think there are a lot of things that drive it candidly it's.
Speaker Change: Continued innovation, obviously, we've launched.
Speaker Change: New technologies, and new workflow enhancements over recent years, Omni Dab, which is our single chain antibody technology has driven a lot of interest from new partners.
Speaker Change: And we continue to see existing partners, starting new programs. So it's good to see that I always.
Speaker Change: On balance that we're saying starts and attrition can be lumpy. There are factors like timing of reports that we may get from partners either on a quarterly or biannual or annual basis right. So some of those things can drive lumpiness in starts and attrition, but overall it was great to see.
Speaker Change: <unk>.
Speaker Change: The momentum in new program additions that we saw at the end of last year continue.
Speaker Change: In Q1 as well so.
Speaker Change: I think it says a lot about.
Speaker Change: Not only the work that the team is doing but also the technologies themselves and the innovation around them.
Speaker Change: Great. Thank you and then my second question has to do with the exploration platform.
Speaker Change: Make sure I am understanding right. So this is exclusively for people who are.
<unk>, who are like have access to your broader.
Speaker Change: Platform and not just any.
Speaker Change: Theoretical pharma company and I was just wondering what the incremental costs associated with promoting this product will look like and how that balances with the decrease in Opex guide that you have.
Speaker Change: Yeah, Yeah. Thanks, Michael So the first.
Speaker Change: I'll say, yes. This is a partner access program so.
Speaker Change: This is making omnia of instruments and the associated consumables et cetera.
Speaker Change: Mailable to those that are in the omni app ecosystem of partners right, which is at the end of Q1 was 95 partners.
Speaker Change: So that's kind of the answer.
Speaker Change: So the first question, obviously, we updated our guidance on expense today.
Speaker Change: We've known and had been planning for.
Speaker Change: The exploration partner access program launch.
Speaker Change: For a while we have positioned our organization and our plans.
Speaker Change: Accordingly so.
Speaker Change: We're ready for it we are positioned for it.
Speaker Change: Built into our our financial plans as well.
Speaker Change: Thank you very much.
Michael: Thanks, Michael.
Michael: Thank you.
Speaker Change: Your next question comes from Rick Rip out the vertical and their police warhead from through Securities.
Hi, This is Alex on for Chris.
Speaker Change: I also have a question on the exploration partner access program I know you said that the.
Speaker Change: <unk> potential partners I was a little bit speculative at this point in time, but any color or any benchmarks or.
Speaker Change: Ceiling and floor of numbers that you could give to put a boundary on that would be helpful. I imagine a lot of the partners would have their own machinery. So maybe they would have to make a decision on whether to upgrade and then.
Speaker Change: How fast would these partnership discussions happen with respect to the exploration.
Speaker Change: Imagine that outside U E mail, all the different partners and it could be a sort of an instant rollout or would it take some time to get up and running with each partner.
Yeah, Yeah. Thanks, Alex.
Speaker Change: Great question.
Speaker Change: Obviously, our partner base now has been growing consistently at double digit rates now for multiple years, where as I said, we're up at 95 partners.
Speaker Change: Realistically it is a.
Speaker Change: A portion of those partners.
Speaker Change: That are the most likely and best candidates for <unk>.
Speaker Change: In exploration instrument or exploration instruments, depending on the work that they do.
Speaker Change: And we know who those folks are we have the benefit of having.
Speaker Change: Deep relationships with our partners there are very deep technical relationships in some instances multiple years, we understand what their capabilities are we understand their research interests. So that informs kind of how we're going to target.
Speaker Change: The different partners.
Speaker Change: As I mentioned, we've had preliminary conversations with some partners those.
<unk> have been overwhelmingly positive and very very good.
Speaker Change: But it is difficult to give any kind of exact numbers at this point I expect as we get deeper into the launch.
Speaker Change: We'll be talking more about that.
Speaker Change: Here in the future.
Speaker Change: Next week, we'll be at the Pegs conference in Boston, which is a major conference for our protein engineering.
Speaker Change: Well there'll be multiple presentations about exploration will actually have an instrument in our booth and.
Speaker Change: And we will be talking more about it then so.
Speaker Change: It's more of a stay tuned at this point, but again, we're excited about.
Speaker Change: Being able to offer this to our partners. We think it will streamline their workflows. It creates new revenue streams for us not only with the instruments, but with the consumables and software maintenance et cetera.
Speaker Change: Yeah.
Speaker Change: Thanks, that's great to see all the progress in your development.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: Your next question comes from Joe <unk> from H C. Wainwright. Please go ahead.
Speaker Change: Hey, guys. Good afternoon, thanks for taking the questions. So congrats.
Speaker Change: Congrats on the exploration public launch now and wanted to see if I can get a little more color. Obviously, you focused on a key element of the differentiation and that was the time and throughput are there any other key differentiators to point to.
Speaker Change: Yeah multiple from a simple sense.
Speaker Change: Joe and I'll have I'll have Bob Bob can comment.
Speaker Change: And Phil and it's a it's actually a very.
Speaker Change: Easy instrument to use and it's highly efficient obviously, an interplay is very well with big data management.
Speaker Change: We've talked a lot about as we've rolled out new things like our omni deep in our omni hub platforms, but actually I'll turn it over to Bob.
Bob: Can you talk through that yes, I think the topline numbers thats kind of the throughput in screening and speed, that's very clear, but I think one thing.
Bob: Its also add is that we've really matured this technology with live discovery campaigns in our hand, so maturity.
Bob: Part of that comes from the fact that there is no technology.
Bob: It is designed around no fluid system right. So very often with these instrumentation fluidics is a big like achilles' heel. It causes leaks clogs. It can cause some issues there, but we have a system that is very simple and that also makes it very easy to use on a daily basis, we really refine the software so that they are using these AI tools.
Bob: NAV agate aid with a guided scanned and everything so that this instrument is approachable even for junior members in the lab.
Bob: That's very helpful actually thanks for that and then.
Bob: Think for someone on the actual lab itself, even having the pitch of less clogs can be very powerful.
Bob: So just as an addendum to prior question wanted to see if you guys had any sort of views on the revenue opportunity number one and then also considering exploration and the fact that you're a tech heavy company for.
Bob: First its nice to hear that.
Bob: It is made in the U S. But when you look at the individual parts and also all of the supplies needed and what have you for your current platforms I almost feel awkward in asking this question, but what are the impacts of tariffs right now and how do you consider this currently or potentially in the intermediate term for you.
Speaker Change: Yeah, Joe I can comment on tariffs Kurt can talk through some of the other the other elements, we really dove for exploration.
Bob: <unk> and across our business we.
Bob: We really don't see significant impacts to tariffs.
Bob: For a lot of reasons.
Bob: The exploration instrument and the vast majority of the parts are all here in the U S. They are built the instrument is built here in the U S. We built our supply chain in that way.
Speaker Change: Curt maybe you want to comment on the other and I just think with regards to other things that we use in our business other lab supplies and things like that they are fairly straightforward and theres multiple suppliers that we can use so we really don't see and it's a small part of our overall operating expense. So we see very little impact if any from from.
Bob: Many of these tariffs.
Speaker Change: Great to hear thanks, guys.
Speaker Change: Thanks, Joe Thank you.
Speaker Change: Your next question comes from Stephen Willey from Stifel Financial. Please go ahead.
Steve Glenn: Hi, guys. This is totally unfair Steve Glenn Congrats on your progress.
Speaker Change: For the.
Steve Glenn: Question regarding exploration.
Speaker Change: Exploration platform. So first of all like I know I understand that it is available to existing partners throw this partner program and I'm. Just wondering if there is any trend I know that Matt just mentioned that there has been an ongoing discussion with us.
Speaker Change: Thanks, you partner so was there any trend in terms of like.
Speaker Change: Targets that partners pursue or indications or even the types of partners partners like large versus small mid cap companies et cetera, and secondly, just out of like nave curiosity would it also be possible in the future to extensive program too.
Speaker Change: They like our new partners not the current partner so that would be my question. Thank you.
Speaker Change: Great Great questions I'll take the second one or the last one first.
Speaker Change: Yeah.
Speaker Change: New partner sign up they also will have access to.
Speaker Change: The exploration platform right and so.
Speaker Change: Like for instance, the.
Speaker Change: As we sign new partners, we're always negotiating new deals.
Speaker Change: Those partners will also get access and the ability to purchase an exploration instrument from us and the ability to purchase.
Speaker Change: The custom and proprietary consumables so that will.
Speaker Change: That will continue as we add.
you.
Speaker Change: You know, nice flow of addition of new programs and these kind of deep relationship partnerships is you really do get a good sense of not only where the industry is, where it's been, where it is now, and where it's heading.
Speaker Change: Some of that, we see a lot of diversity as you get deep into our portfolio. Some of it also relates to the technologies that we launch.
Speaker Change: in the industry. Of course, there's always a consistent interest in oncology, in I&I, and in a variety of areas, and metabolic disease, aging, those kinds of things, and we see that through our pipeline as well, but I really can't provide, you know, specific...
Speaker Change: Target that folks are working on generally those become visible as partners enter the clinic and as they you know kind of pursue downstream clinical development.
Thank you.
Speaker Change: Thank you. Your next question comes from Matt Hewitt from Break Helm. Please go ahead.
Speaker Change: Hello, this is Talfon from Matthew, and so with the new FDA decision to move away for animal testing, where does it put your business prospects, especially with the rollout of the exploration platform? Some detail now would be great, thank you.
Speaker Change: Yeah, so I think what you're referring to is, there was an FDA announcement around essentially revising some of the requirements for antibody-based medicines from a toxicology screening perspective before they go into the clinic.
and so...
Speaker Change: To be clear, that's totally different from what we are providing, which are transgenic animals that provide broad bespoke antibody repertoires in response to antigens that that partners can then screen, so this is a totally different part of the industry.
getting into the clinic faster, so we actually see that.
Speaker Change: or if it attracts other partners into an antibody-based modality, also as the potential to perhaps
for antibody-based medicines to get into the clinic, which we see as a benefit as well. Now, there's a-
Speaker Change: Scientific Foundation for Why This Applied to Antibody Based Medicines Because When You
Speaker Change: When you're doing, you know, in vitro work with them, you can get a much better sense of where they're going and what they're doing and that's one of the reasons why I think foundationally the FDA made that an accident. So overall we think that's, you know, potentially good news for the industry.
Appreciate it. Thank you.
Speaker Change: Thank you. Your next question comes from Brandon Smith from TD Cowan. Please go ahead.
Speaker Change: Hey, this is Jeff Yonfer-Brandon, thanks for taking my question. I guess also on the bandwagon diving right into the exploration access program sounds really awesome. You intend to build out additional computational or AI-driven platform offerings or data packages for customers.
Speaker Change: as sort of a stand-alone partner, SAF offering. And are there any specific models, data sets, or areas of light space that you think would be great for your platform to really dive into?
Speaker Change: Yeah, before Bob comments on that, I'm sure Bob's got all kinds of things he's going to do to that, but I'll just say, but first I'll ask Jack for the question and I think you see...
Implicit in your question is the connection between…
V.
Speaker Change: The various technologies we have launched over recent years, right? There's been a lot of intention in what we've been doing when we've launched things like our OmniDeep platform which is a suite of Encilico tools that are woven throughout our discovery platform including exploration and importantly exploration. And...
Speaker Change: Last year we also launched our OmniHub platform, which is a digital platform for data sharing and tool sharing things like that.
Speaker Change: But Bob can talk about kind of the ever evolving elements of leveraging AI and big data management and how that fits in. Yeah, I think a few things there.
Bob: Exploration in its core abilities to just look at millions of biological variants and then recover thousands of positive events, right? And to do that we, of course, use AI tools to support that process, to really kind of understand the image analysis, to help the user get the end profile. But really, if we view exploration overall as a great way to get larger amounts of data, larger as a functional data in particular in our hands on antibodies against different targets.
And so we...
new model training.
Speaker Change: That's great. Thank you so much for the color and I'll hold back for other people to join in.
Thanks, Jackie. Thanks, Jackie.
Speaker Change: Thank you, ladies and gentlemen, as a reminder, should you have a question, please press
Speaker Change: There are no further questions at this time. I will now turn the call over to the OmniAb team. Please go ahead.
Speaker Change: Great, thank you operator. I'd like to thank everyone for joining today's call and for your engagement and your questions. We'll be traveling over the next few weeks to attend various investor conferences and scientific and technical conferences and we look forward to keeping you updated. Thank you again.
Speaker Change: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.
Speaker Change: Sure.