OmniAb, Inc.

Chief Financial Officer, and thank you all for joining our first quarter 2025 financial results conference call. There are slides to accompany today's prepared remarks, and they're available on our website at www.omniab.com. 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. These forward-looking statements are qualified by the cautionary statements contained in today's press release and our SEC files. Importantly, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, today, May 8, 2025. Except as required by law, OMNIAB undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Joining me on the call today is Matt Foer, OmniApp's president and CEO, and Bob Chen, our vice president of Discovery Systems. During today's call, we'll provide highlights on the company's business and operations, partner and technology updates, and our recent financial results. At 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, Kurt. Good afternoon, everyone, and thanks for joining us today on our call. 2025 is off to a very good start and is on track with our expectations. Despite 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. Deal flow to start the year has been strong with both platform deals and recent asset-based deals, and I've been impressed with the robustness of both the pace and the quality of our deals. Overall, we believe the foundation of our business is getting stronger. Our technology offering is highly leverageable, it's differentiated, and it continues to expand. 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. We've seen nice progression and favorable data from many of our partners, 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 that allows Omniab partners to purchase exploration instruments for use in their own labs. At Omniab, 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 workflows to that increase speed, accuracy, and efficiency. And exploration has been an important part of our work here for many years. We highlighted exploration a couple 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. I'll now touch on just a few of our metrics very briefly before I turn the call over to Bob to talk about some of the technical aspects of exploration. Moving now on to slide number five with active partners. We exited the first quarter with 95 active partners, including new deals with Harvard's Weiss Institute, Takis Biotech, and Orion Corporation. The Orion deal is notable as it's related to a single ion channel antibody program. Subsequent to the end of the quarter, we also just signed, actually earlier today, an asset deal with Angelini Pharma for a small molecule ion channel modulator that targets KB7.2. You might recall that this was a program that was returned to us from Roche late last year. As part of our deal with Angelini, we expect to receive a $3 million upfront payment and have the potential to receive over $170 million in contracted milestones and a royalty. Now on to slide six, the number of active programs also grew in the first quarter. 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. And our total number of active programs grew to 378 at quarter end. I'll note here, as we often do, that attrition or terminations are obviously a natural part of drug development. And we saw attrition in Q1 as well, mostly concentrated in the discovery stage, as is generally expected. Now on slide seven. As of the end of Q1, our partners had 33 active clinical programs and approved products. There was one new clinical entrant in Q1 from GenMab, and you'll see it on the pipeline chart in the appendix of today's presentation materials. 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. Slide eight highlights the growth in our portfolio of post-discovery stage assets. In Q1, we saw new assets advance into the preclinical stage of development, a new program enter phase one, as I just mentioned, and a program that is now shown in phase three that is an anti-PCSK9 antibody called SAL003 with salubris pharmaceuticals. That antibody was discovered by Wu Ji using our OmniRAT, and we have a 3% royalty on that Phase III stage program. I also note that TEVA recently disclosed progression of PEV408 from Phase I to Phase II with a new study to evaluate safety and efficacy in adults with celiac disease. In general, it's good to see the continued growth in these post-discovery stage assets, which have increased more than 39% over the last couple of years. and we continue to be excited about the diversity, the sizable future milestone potential, and the potential therapeutic impacts of the assets in our preclinical stage bucket that's shown here in the orange part of the pie chart. We expect those will mature and will drive new clinical starts in the future. Here on slide nine, we've highlighted some select and recent partner updates. A few of these updates and positive data disclosures occurred at last week's AACR meeting, and it's good to continue to see the progression in substantial financial investments by our partners in programs that have been enabled by our technologies. We're also looking forward to a number of partner presentations at the upcoming ASCO annual meeting in Chicago, which gets underway on May 30th, and a listing of some of those are also in the appendix of our slide deck today as well. So now on to 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 that was described in our press release that came out right after the market closed. Within our growing ecosystem of partners, there's been increasing recognition of exploration's substantial value. And partners have expressed interest in integrating it within the workflows of their own labs. So after a lot of development and testing, which 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 instrument space, which we see as a growing area of interest in the industry. We're already in preliminary conversations with some of our partners, and the feedback we've received has been overwhelmingly positive. We think exploration will allow our partners to enhance and accelerate their downstream work. And importantly, this new program also has the potential to create new revenue streams for us as well. 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 things 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. After seeing the technology in action and the data it produces, our partners have asked, how can we get one of those? These years of supporting partner discovery has also helped us refine and mature the technology. 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. As a reminder from our previous analyst research and technology event that Matt referenced, exploration is an AI-driven, deep functional screening instrument for antibiotic discovery. Mining primary B cells from immunized animals has always been a tough challenge in therapeutic antibiotic discovery. Traditional methods can limit antibiotic diversity and can take weeks to complete. But with exploration, we have simplified the process into three steps. As shown here on slide 13, the process starts by loading B cells into a unique microcapillary array chip, which features a through-hole format with 1.5 million microcapillaries, each just 40 microns in diameter. These microcapillaries isolate B cells for various assays. Next, the chip is loaded into our instrument, which performs automated imaging of each cell. Using advanced AI computer vision, the instrument detects promising hits that match the desired antibody properties providing precision and efficiency in identifying the best candidates. And lastly, the hits are recovered using a precise, rapid, touchless laser method to sort cells from the microcapillaries onto a recovery plate. After recovery, the antibodies are sequenced from the sorted cells. From a technical perspective, as described here on slide 14, We believe that exploration represents a significant advancement in single B-cell screening for antibody discovery. It provides important advantages in fast processing speed, powerful throughput, exceptional hit recovery, and ease of use combined with reliability. Our platform has rapid run times of approximately 1.5 hours, enabling multiple daily runs, and offers 10 times more single-cell screening throughput versus other instruments. This screening throughput is paired with the ability to rapidly sort thousands of live cells for large-scale repertoire mining. Along with these advanced capabilities and speed, the instrument 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. AI-assisted analysis automatically scans images to find hits. leading to faster speeds and less labor and fatigue for users. Since the AI models are trained from expert user input, new users can use this expertise and leverage it, improving ease of use and reducing training. I will now turn it over to Matt to discuss some business elements relating to our exploration launch.