OmniAb, Inc. Common Stock Investor Day 2026

We are right at 8:00 A.M. Pacific Time, 11:00 A.M. Eastern Time. We are going to get rolling here. Before I jump in, I just want to take a quick moment and mention that our team today will be making forward-looking statements. Those involve risks. Our business faces risks, our industry faces risks, our world faces risks, and I encourage investors to review our SEC filings for a fulsome discussion of risks. Welcome to what is essentially OmniAb's first Investor and Analyst Day by name. We did something similar to this, an R&D day when we launched our OmnidAb single domain technology a few years ago. This is the first time we have hosted something like this here at our site in Emeryville. I really appreciate that many of you flew out here long distances or drove across bridges or both to get here.

We are really, really proud of our East Bay home here. It is a very efficient place for us to do business. We are looking forward to kind of sharing our labs and touring the folks that are here in person. Today's agenda, I am just going to do a quick business overview. We will cover licensing strategy, talk a little bit about our transgenic chicken platforms, our new OmniTides platform, and then we will have a substantive discussion around xPloration, and then also a taste of how we continue to leverage AI within our business. Then Kurt will do a wrap up. At the end of the formal presentation, we will do a Q&A section. Those in the room we will have a mic and you can ask questions. For those that are on the webcast, you can actually click on the question box.

Those will go directly to Kurt and we can address those in the Q&A section as well. Here are today's presenters. One thing that I will just recount for everyone, a couple of weeks ago or a little more than that, maybe about a month ago, I was touring an investor through our labs and as we were walking to the elevator here, he said this business is really fortunate in that it has both of the critical Ts. He used the term Ts. I said, "Well, what are the Ts?" His comment was team and technology. I fully agree with that sentiment. We have really an esteemed and decorated team, an esteemed and decorated board of directors as well. Candidly, it is an honor for me to work with and lead the team that is shown here on this slide.

This group has played a really critical role in a variety of ways, each of them in building the foundation for this business. Also now positioning it for growth. The folks on here are company founders and entrepreneurs. They are inventors. They are innovators of technologies that are having important impacts on the industry, not only technologies here at OmniAb, but in prior lives. They are experienced global executives as well. I am really pleased to have the opportunity for these folks to present to investors today. Todd here on the upper row will present on our licensing strategy. Todd played a really critical role in forming what became the technical and business foundation of OmniAb. We did a string of acquisitions years ago, 6 acquisitions in less than 5 years. Todd played a key role in that and now leads our licensing.

Bill Harriman was a co-founder of Crystal Bioscience who we acquired back in 2018. Crystal was the original innovator of the transgenic chicken, actually in this building where we're standing today. This is technically, I guess, the birthplace of the transgenic chicken, a couple of floors down in a smaller suite. Bill was the Chief Scientific Officer there. Yas joined us three years ago, right at the time we were beginning to realize that we had the ability to engineer a variety of novel scaffolds into the transgenic chicken and were starting to realize how important that could be to the industry. Prior to joining, Yas was Chief Technical Officer at FairJourney Biologics, as well as the scientific co-founder of Carterra, which is an instrumentation company that plays a critical role in discovery.

Prior to that was actually a collaborator around the chicken when she was leading antibody discovery programs at Pfizer. So a long history there with the technology. Brian McGinnis joined us recently, most recently heading business development at Bicycle Therapeutics, which was an early mover in bicyclic compounds. So more from the therapeutics perspective, but it's great to have Brian on board managing the business development activities associated with our new OmniTides platform. Amechi Nwachuku joined us in July as Chief Operating Officer. Many here have already met Amechi. Amechi has obviously had a multi-decade successful global career in instrumentation, most recently at Thermo Fisher and then prior to that at Danaher. Bob Chen will present today on how we're leveraging AI. Bob was a co-founder at xCella Biosciences, who we acquired back in 2020.

xCella was spun out of the Stanford School of Bioengineering, and really the foundation of that was what became and is xPloration. So it's great to have Bob presenting on AI and how we're leveraging that. Kurt will finish up today. Many of you, I think all of you know Kurt. Had a long career at Amgen. Like me, has spent a number of years now in the royalty generation space and the technology space, most notably at Halozyme as well. So again, an honor for me to have these folks here presenting for you today, and looking forward to updating you on what we've been working on. So this is our mission at OmniAb. It's simple. It's straightforward. I'm actually not going to read it to you, but what we want to do today is give you a sense of how we do this, and then also how we translate that into value creation for our shareholders.

That's what we're focused on, and I think we're well-positioned to do so. So slide 7 here is a simple overview of our business. We very intentionally have built a business that is designed to benefit from durable revenue streams, whether that's pharmaceutical royalties or whether that's high margin proprietary consumables. It really starts on the left hand of this slide with our proprietary transgenic animals that allow us to create in vivo libraries for both antibodies and peptide discovery, as well as our novel screening technologies.

Not only xPloration, which you are going to hear a lot more about today, but also our ion channel screening technologies, which position us quite well. We coined this term years ago, BI, or biological intelligence. We marry that obviously with AI. AI is a natural place for us to be, and we have been for many years. We amass huge amounts of data that do not exist anywhere else. That data is highly relevant to discovery. That marrying of BI and AI is really an important differentiating factor of our business. We now have scale. We have a lot of leverageability in this business. We have built this business specifically to have leverageable technologies and now have multiple revenue streams. We have more than 110 active partners, more than 125 active programs, over $3 billion in contracted milestones, and an average royalty across our portfolio of 3.4%.

xPloration is something that we believe is really poised for significant growth and the ability to create multiple revenue streams. Amechi is going to talk more about the market and our analysis and opportunities there. We wanted to frame what we see as the key pillars of value here at OmniAb. We feel like we are now better positioned than we have ever been to drive value for our stakeholders, largely because we have these multiple ways to create value. It starts on the left with our pipeline and our partnerships. We have continued to build up a growing pipeline of partners or a growing portfolio of partners. Our partner pipeline of programs has continued to grow. Now we are starting to see a ripening of some of the late-stage assets with what our partners are calling pipeline-in-a-product opportunities, and I think that is a really important maturation of our pipeline.

In the center are our discovery technologies. We continue to leverage our vantage point in the industry to develop new technologies and almost as importantly, new workflows that enable efficient drug discovery. We are seeing an increase in the pace of novel drug discovery, of partners going after new novel targets, and we think we are unusually and very well-positioned to meet those needs. Our xPloration platform, as I said, we are very excited about. A lot of that excitement is informed by robust primary market research that Amechi will talk much more about in his section. I am going to kind of step back now. Just for a moment, I want to talk about royalties generally. Kurt will talk in his section about the value of aggregating royalties.

I will just say, just as a personal note, I have spent the last 16 years or so of my career in and around pharmaceutical royalty generation. It has been interesting seeing that area evolve over that 16-year period of time. More and more players are out there getting involved in royalties, writing checks to get access to royalties. That is not really our model. For us, it is far more scalable, far more efficient for us to essentially create tools, leverage our vantage point in the industry to create tools that allow us to generate royalties or generate and grow a portfolio of royalties that way. That is the model we have pursued, and I think we are showing the efficiency of that over time. Why are royalties so valuable? Why is there so much interest in royalties?

One, they have predictable and recurring cash flows, require limited operating expense and limited operating expense risk, can provide broad exposure to a growing healthcare market, and you can build up a diverse portfolio. If you have platforms that are broadly applicable to a variety of therapy areas, that allows you to create a diverse portfolio of royalties. Lastly, they often come with strong intellectual property protection in a variety of forms, including, of course, patents, but also regulatory exclusivities. There's often proprietary manufacturing or other knowhow that can protect novel pharmaceutical products and royalties. IP, we see as a really important advantage here at OmniAb. As you'd expect, we have a suite of novel technologies that I'll talk about more in a moment. We have over 350 technology patents on our technologies, many of which those technologies we'll be highlighting today.

They cover a variety of factors. Our transgenic animals, methods for creating the transgenic animals, our screening technologies, various elements of xPloration, et cetera. We've got that broad intellectual property estate that we pursue globally. Importantly, the way our license agreements are structured and the way that our royalties are protected and linked are to the patents that the partners file on the drug that comes out of our technologies. What that does is it creates a really diverse intellectual property foundation upon which our royalties are based. It also creates an ever elongating tail of protection. On the right-hand side of this slide, you can see the patent applications that are filed by our partners for which the primary invention is a compound that has come out of our technologies.