#1Omni Ab Q1 2023 Financial Results & Business Update Nasdaq: OABI May 11, 2023 MNM 010N 1010101 NOIOL Y H 010 101010 010#2Disclaimer We caution you that this presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, expected cash runway, business strategy, our expectations regarding the application of, and the rate and degree of market acceptance of, our technology platform and other technologies, our expectations regarding the addressable markets for our technologies, including the growth rate of the markets in which we operate, the timing of the initiation or completion of preclinical studies and clinical trials by our partners, expectations regarding product approvals and potential for future revenue growth, launches by our partners and the timing thereof, the anticipated introduction of new technologies and innovations and enhancement of our technology stack, the continued innovation around and the expected performance of our technologies, the ability to add new partners and programs, and the potential for and timing of receipt of milestones and royalties under our license agreements with partners, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. Actual results may differ from those set forth in this presentation due to the risks and uncertainties inherent in our business, including, without limitation:; our future success is dependent on acceptance of our technology platform by new and existing partners, as well as on the eventual development, approval and commercialization of products developed by our partners for which we have no control over the development plan, regulatory strategy or commercialization efforts; biopharmaceutical development is inherently uncertain, risks arising from changes in technology; the competitive environment in the life sciences and biotechnology platform market; our failure to maintain, protect and defend our intellectual property rights; difficulties with performance of third parties we will rely on for our business; regulatory developments in the United States and foreign countries; unstable market and economic conditions, including adverse developments with respect to financial institutions and associated liquidity risk, may have serious adverse consequences on our business, financial condition and stock price; we may use our capital resources sooner than we expect; the anticipated benefits of our separation from Ligand Pharmaceuticals may not be achieved and costs and challenges in transitioning to becoming a stand-alone public company; and other risks described in our press releases and filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Information regarding partnered products and programs comes from information publicly released by our partners. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about the antibody industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. 2 OmniAb#3OmniAb Introduction Matt Foehr f MM 1010K Ś S Gr 555 10101 10101 3 R 1111#4Our Business LEVERAGING OUR PROPRIETARY DISCOVERY TECHNOLOGY PLATFORM WORLDWIDE Industry's Only 4-Species Platform Transgenic animals for fully human and bispecific antibody discovery :: Leading and Proven Technology 70 partners have access to OmniAb antibodies 301 programs with 3 product approvals Sources: Clarivate Analytics Cortellis database. POISED FOR GROWTH TO MEET A GLOBAL INDUSTRY NEED One of the Largest Greenfields in the Pharma Industry $279 billion total addressable 11 market for antibodies by 2025 Innovation and Intelligent Expansion of Our Technology New technology launches in 2023 4 AI ML OmniAb#5Active Partners Q1 2023: 70 ACTIVE PARTNERS 70 60 50 40 30 20 10 0 Number of Active Partners 2017 2018 2019 2016 2020 2021 2022 3/31/2023 ● ● New license and revenue sharing agreement signed in Q1 with Scripps Strong annual growth in key performance indicators continues, net of attrition Active Partners: -18% CAGR 2016 through 2022 Partner progression can lead to consolidation (e.g. Seagen-Pfizer) Represents the unique number of partners that have an active program or have executed a license agreement in advance of initiating an active program LO 5 OmniAb#6Active Programs OUR PARTNERS CONTINUE TO START NEW PROGRAMS Number of Active Programs 300 250 200 150 100 50 0 2016 2017 2018 2019 2020 2021 2022 3/31/2023 • Number of active programs reached 301 (net of attrition) - Active Programs: -25% CAGR 2016 through 2022 Clinical and pre-clinical matriculation of programs continues, and new discovery-stage programs added Phase 1: 20 Preclinical: 14 301 Active Programs as of 03/31/2023 Phase 2: 2 Represents programs for which research work has commenced or an antigen is introduced into our animals and remains so as long as the program is actively being developed or commercialized Phase 3: 2 Approved: 3 6 Discovery: 260 OmniAb#7Active Clinical Programs and Approved Products NEW CLINICAL ENTRANT IN Q1 2023 30 25 20 15 10 5 O Number of Active Clinical Programs and Approved Products 2016 2017 2018 2019 2020 2021 2022 3/31/2023 ● New program entered the clinic in Q1 2023 SGN-BB228 (Seagen): Anti-CD228 x 4-1BB Anticalin ● • Based on dialog with partners, we see potential for approximately 3-5 new entries into clinical development for novel OmniAb- derived antibodies in 2023 ● Partner progression also showing the flexibility of our platform, with an increasing number of formats and modalities in clinical or preclinical development 7 OmniAb#8Q1 2023 and Recent Updates SELECT RECENT DEVELOPMENTS SHOW CONTINUED PARTNER MOMENTUM FcRn ● ● Batoclimab Ongoing studies in: ● HANALL HARBOUR BIOPHARMA BIOMED IMMUNOVANT Myasthenia Gravis (P3) Thyroid Eye Disease (P3) • Chronic Inflammatory ● Reference: Partner and Company disclosures Demyelinating Polyneuropathy (P2b) Graves' Disease (P2) FcRn ● IMVT-1402 HANALL IMMUNOVANT BIOPHARMA Next-gen FcRn antagonist Immunovant expects SAD/MAD Phase 1 data in second half of 2023 CD228x4-1BB ● SGN-BB228 ● Seagen An investigational costimulatory bispecific molecule composed of a CD228-directed antibody and 4-1BB directed Anticalins Seagen announced Phase 1 study now enrolling in advanced melanoma and other solid tumors 8 OmniAb#9Launching OmniDeep at PEGS- Boston PRESENTING ON MAY 17TH 19TH ANNUAL PEGS BOSTON CONFERENCE & EXPO 1:10 Wrangling Diverse OmniAb Antibody OmniAb Repertoires with OmniDeep Bob Chen, PhD, Sr. Director, Systems Engineering, OmniAb, Inc. We are presenting a showcase of discovering common light chain antibodies against a NK cell target. OmniDeep is a suite of in silico tools for antibody therapeutic discovery and optimization. Deep screening and high-throughput expression/characterization were used to seed information on top of NGS data sets. Our results demonstrate the power of this approach in corralling diverse OmniAb antibody repertoires and accelerating the development of effective therapeutics. OmniDeep OmniDeep is a suite of in silico tools for therapeutic discovery and optimization that are woven throughout OmniAb, Inc.'s various technologies and capabilities. These tools include structural modeling, large multi-species antibody databases, molecular dynamics simulations, Al, and machine and deep learning sequence models, and more. OmniDeep facilitates rapid identification of candidates with the right affinity, specificity, and developability profiles, to make drug development more effective and efficient. 9 OmniAb#10Our Key Areas of Focus Going Forward WE BELIEVE WE ARE WELL-POSITIONED FOR FUTURE GROWTH WHILE WE MAKE AN ENDURING AND SIGNIFICANT IMPACT ON THE INDUSTRY AND GLOBAL HUMAN HEALTH We Leverage a Highly Scalable Business where Investments in Technologies and Innovation are Informed by Discovery Relationships with our Partners Partnered Pipeline Development, Expansion and Advancement Continued Workflow Versatility Initiatives Team: Strong culture; hire, develop, motivate the best Expanding Reach of our Platform A FOCUS ON KEY STAKEHOLDERS IS AT OUR FOUNDATION 8 8 $8 Fu Partners: Focus on customer service and future needs \/ > New Technology Launches Investors: Superior business execution to create value Community: Lead with integrity and responsibility 10 OmniAb#11Omni Ab MN 10101 Financial Updates Kurt Gustafson Ś 31 10101 3#12First Quarter 2023 Financial Results Q1 2023 $ 12.6 4.0 0.3 16.9 ($ Millions) License and milestone revenue Service revenue Royalty revenue Total revenues Research & development General & administrative Amortization of intangibles Other operating (income)/expense, net Total operating expenses Income/(loss) from operations Other income (expense) Income/(loss) before income taxes Income tax (expense) benefit Net income/(loss) Net income/(loss) per share, basic and diluted Shares used in diluted per share calculation 13.8 8.2 3.4 0.0 25.4 (8.5) 1.3 (7.1) 1.0 ($ 6.1) ($0.06) 99.2 Q1 2022 Table includes rounded figures. Please reference press release dated 5/11/23 for more detailed information. $ 4.1 5.3 0.3 9.6 10.8 4.1 3.4 (0.4) 17.8 (8.2) 0.0 (8.2) 1.9 ($ 6.3) ($0.08) 82.6 Variance $ 8.5 (1.3) 0.1 7.3 3.0 4.1 (0.0) 0.5 7.5 (0.2) 1.3 1.1 (0.9) $ 0.2 12 OmniAb#13Balance Sheet Summary in Millions ASSETS Current assets: Cash & investments Accounts receivable, net Other current assets Goodwill & intangible assets PPE & leases Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY A/P & accrued exp Contingent liabilities Deferred revenue Operating lease liabilities. Deferred income taxes, net Other Liabilities Stockholders' equity: Total liabilities and stockholders' equity March 31, December 31, 2023 2022 $ 113.6 1.8 5.7 248.3 40.3 3.3 $ 413.0 $9.9 6.2 9.9 25.9 20.4 0.0 340.8 $ 413.0 $ 88.3 30.3 6.4 251.2 41.5 3.6 $ 421.2 $ 12.0 8.1 12.5 25.8 21.3 0.0 341.4 $ 421.2 13 OmniAb#14Quarterly Results ($ Millions) License and milestone revenue Service revenue Royalty revenue Total revenues Research & development General & administrative Amortization of intangibles Other operating (income)/expense, net Total operating expenses Income/(loss) from operations Other income (expense) Income/(loss) before income taxes Income tax (expense) benefit Net income/(loss) Table includes rounded figures. Q1 '22 $ 4.1 5.3 0.3 9.6 10.8 4.1 3.4 (0.4) 17.8 (8.2) 0.0 (8.2) 1.9 ($ 6.3) Q2 '22 $ 2.3 4.7 0.1 7.2 11.5 5.0 3.1 0.2 19.8 Q3 '22 $ 1.4 4.9 0.6 6.9 13.2 5.6 3.3 (0.2) 21.8 (12.6) (14.9) 0.0 0.0 (12.6) (14.9) 2.3 2.3 ($ 10.3) ($ 12.6) Q4 '22 $ 31.1 3.9 0.4 35.3 12.9 10.2 3.3 (0.1) 26.3 9.0 0.6 9.6 (2.8) $ 6.8 Q1 '23 $ 12.6 4.0 0.3 16.9 13.8 8.2 3.4 0.0 25.4 (8.5) 1.3 (7.1) 1.0 ($ 6.1) 14 OmniAb#15Omni Ab Q&A MM 10101 Ś S 10101 3#16OmniAb#17Approved and Clinical-Stage Partner Pipeline as of 03/31/2023 THREE APPROVED PRODUCTS AND 24 ACTIVE CLINICAL-STAGE ANTIBODIES Target Source Animal OmniRat OmniRat Therapy Area Oncology Oncology OmniRat Oncology OmniRat Immunology OmniRat Oncology Oncology OmniRat OmniRat OmniMouse Oncology Oncology Oncology OmniRat OmniRat Oncology OmniRat Oncology OmniRat Oncology OmniRat Oncology OmniRat Oncology OmniRat Oncology OmniFlic Oncology OmniFlic Oncology OmniFlic Oncology OmniRat Metabolic OmniRat OmniRat OmniChicken Partner Program gloria ARCUS GILEAD Zimberelimab BIOSCIENCE 1381 HANALL'>< 基石药业 CSTONE Janssen Jehon HARBOUR IMMUNOVANT BIONED Genentech A Member of the Roche Group Genmab BIONTECH Merck Aptevo Janssen Pfizer Janssen tehen *...* Genmab OCTTQ symphogen a Servier Company symphogen a Servier Company symphogen a Servier Company abbvie AstraZeneca AMGEN SalubrisBio CURON Zhilkang Hongyi Boehringer Undisclosed Merck Genmab BIONTECH Janssen Sugemalimab Teclistamab Batoclimab Tiragolumab GEN1046 M6223 APVO436 JNJ-70218902 JNJ-78306358 GEN1047 S095017 S095018 S095024 S095029 ABBV-383 TNB-486 AMG 340 SAL003 CN1 Undisclosed Undisclosed Undisclosed M9140 GEN1053 JNJ-79635322 SGEN-BB228 OmniRat OmniRat OmniRat OmniRat OmniRat PD-1 PD-L1 BCMA x CD3 FcRn TIGIT PD-L1 x 4-1BB TIGIT CD123 x CD3 Undisclosed HLA-G x CD3 B7H4 x CD3 LAG-3 TIM-3 CD73 NKG2A BCMA x CD3 CD19 x CD3 PSMA x CD3 PCSK9 Undisclosed Undisclosed Undisclosed Gastrointestinal Undisclosed CEACAM-5 CD27 Oncology Oncology Undisclosed Oncology Oncology Oncology Oncology Phase 1 Phase 2 Phase 3 Registration Approved Undisclosed Seagen CD228 x 4-1BB Animal launch year: OmniRat 2012; OmniMouse 2014; OmniFlic 2014; OmniChicken 2016; OmniClic 2019; OmniTaur 2020 Notes: Most advanced status for each program shown. Zimberelimab and Sugemalimab are approved and marketed in China. Teclistamab is approved and marketed in the US and EU with $35M launch milestones paid. Indicates program with fully paid license from OMT, Inc. prior to acquisition. Programs discovered by Teneobio under a fully paid license. Future programs discovered under license agreement are subject to downstream economics. 17 OmniAb