In a recent filing with the Securities and Exchange Commission, OmniAb, Inc. disclosed the outcomes of its 2024 Annual Meeting of Shareholders held on Monday. The company, which operates in the commercial physical and biological research sector, announced the election of two Class II directors and the ratification of its independent auditor.
During the meeting, shareholders elected Sarah Boyce and Steve Love as Class II directors to serve a three-year term expiring at the 2027 Annual Meeting of Shareholders. Boyce secured 61,512,919 votes for her election, with 19,906,776 votes withheld, and Love received an overwhelming 80,325,457 votes for, with only 1,094,238 withheld. Both elections saw 14,109,982 broker non-votes.
Additionally, shareholders ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The ratification passed with 93,272,240 votes for, 2,195,483 against, and 61,954 abstentions.
The voting results reflect the shareholder's support for the current direction of the company's management and its choice of auditor. OmniAb, Inc., formerly known as Avista (NYSE:AVA) Public Acquisition Corp. II, is incorporated in Delaware and has its principal executive offices in Emeryville, California.
The information provided in this article is based on a press release statement.
In other recent news, OmniAb Inc. disclosed its financial results for the first quarter of 2024, reporting revenue of $3.8 million and a net loss of $19 million. Despite this loss, the company experienced growth in its active programs, ending the quarter with 327 programs and 80 active partners, which included the addition of three new license agreements. Notably, three of OmniAb's programs transitioned to the pre-clinical stage, marking progress in their pipeline.
The company also maintains a robust cash position of $69 million, which is projected to support its operations into the foreseeable future. It was reported that operating expenses met projections and are expected to remain consistent throughout 2024.
In terms of future expectations, OmniAb reaffirms its guidance for cash usage to be similar to that of 2023. Additionally, four to six new programs are anticipated to enter clinical trials in 2024.
InvestingPro Insights
As OmniAb, Inc. navigates a challenging period, marked by shareholder backing at its Annual Meeting, a closer look through the lens of InvestingPro reveals critical financial metrics and analyst perspectives. With a market capitalization of $477.52 million, the company stands out for holding more cash than debt, a reassuring sign of financial stability. This is complemented by the fact that its liquid assets surpass short-term obligations, providing a buffer in a volatile market environment.
However, analysts are expressing caution, with four of them revising earnings downward for the upcoming period, and sales are anticipated to decline in the current year. The company's shares are trading near their 52-week low and are valued at a high revenue multiple despite the lack of profitability over the last twelve months. With no dividends paid to shareholders and a significant revenue drop of 68.29% over the last twelve months as of Q1 2024, investors are watching closely for signs of a strategic pivot or operational improvement.
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