#1Omni Ab Full Year 2022 Financial Results & Business Update Nasdaq: OABI March 30, 2023 F NM 101010 010K » - H 101010 1010 H =#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 ability to add new partners, 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#3Omni Ab Introduction Matt Foehr NM S 1010 1 LIDSK Syn 3 ₁#4Our Business OUR BUSINESS MODEL IS FOCUSED ON LICENSING OUR PROPRIETARY DISCOVERY TECHNOLOGY WORLDWIDE O INDUSTRY'S ONLY 4-SPECIES PLATFORM TRANSGENIC ANIMALS FOR FULLY HUMAN AND BISPECIFIC ANTIBODY DISCOVERY LEADING AND PROVEN TECHNOLOGY 69 PARTNERS HAVE ACCESS TO OMNIAB ANTIBODIES 291 PROGRAMS WITH 3 PRODUCT APPROVALS ONE OF THE LARGEST GREENFIELDS IN THE PHARMA INDUSTRY $279 BILLION TOTAL ADDRESSABLE MARKET FOR ANTIBODIES BY 2025 WE ARE MEETING A GLOBAL INDUSTRY NEED, POISED FOR GROWTH 4 OmniAb#5Performance Indicators SIGNIFICANT GROWTH IN ACTIVE PARTNERS AND ACTIVE PROGRAMS ● ● Strong annual growth in key performance indicators continues, net of attrition Active Partners:(1)~18% CAGR 2016 through 2022 - Active Programs:(2)-25% CAGR 2016 through 2022 Metrics position our business for growth 70 60 50 40 30 20 10 0 Number of Active Partners 2016 2017 2018 2019 2020 2021 2022 300 250 200 150 100 50 0 Number of Active Programs 2016 2017 2018 2019 active program. (1) Represents the unique number of partners that have an active program or have executed a license agreement in advance of initiating an (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. 2020 2021 2022 LO 5 OmniAb#6Performance Indicators ACTIVE CLINICAL PROGRAMS AND APPROVED PRODUCTS ● Our platform continues to generate new clinical programs Three new programs entered the clinic in 2022, each with new modality, further demonstrating the flexibility of our platform ● M9140 (Merck KGaA): Antibody-drug conjugate anti-CEACAM5 in advanced solid tumors GEN1053 (Genmab/BioNTech): Hexabody anti-CD27 in malignant solid tumors JNJ-79635322 (Janssen): Trispecific antibody in multiple myeloma • Two programs exited the clinic in 2022, as two undisclosed partners realigned the therapeutic area focus of their development pipelines - Overall clinical attrition rate remains very low Based on dialog with partners, we see potential for approximately 3-5 new entries into clinical development for novel OmniAb-derived antibodies in 2023, with programs addressing major unmet medical needs 30 25 20 15 10 5 0 Number of Active Clinical Programs and Approved Products 2016 2017 2018 2019 2020 2021 2022 6 OmniAb#7Active Programs by Stage of Development 291 as of 12/31/2022 Phase 1: 19 Pre-clinical: 14 Phase2: 2 Continued growth and matriculation of partnered programs Phase3: 2 Approved: 3 Discovery: 251 7 OmniAb#8Active Programs by Antibody Source Technology Omniflic 26% OmniChicken 14% Significant diversity of source OmniClic 3% OmniRat 55% OmniMouse 2% OmniTaur As of 12/31/2022, Combination of sources allocated to contributing source used based on percentage of end therapeutic 8 OmniAb#9Diverse Formats and Modalities of Clinical Molecules THREE NEW FORMATS INTRODUCED TO CLINIC IN RECENT MONTHS Duobody Ⓡ (IgG4 exchange) IgG-scFv Fab-VHH (Knob-in-hole) YX ADAPTIR™ scFv-Fc-scFv Duobody and Hexabody are registered trademarks of Genmab ADAPTIR is a trademark applied for by Aptevo Anticalin is a registered trademark of Pieris Pharmaceuticals IgG-Anticalin Ⓡ XXX Fab-Fc/scFv-Fc-scFv IgG ADC 10% Multispecific (incl. T cell engager) 33% Monospecific 57% IgG Hexa Body Ⓡ * 9 OmniAb#10● BCMA x CD3 ● ● Q4 and Recent Updates SELECT RECENT DEVELOPMENTS SHOW CONTINUED PARTNER MOMENTUM AND PLATFORM VALUE TECVAYLI Ⓡ Janssen Sehusen-Jones US Marketing authorization granted for adult relapsed refractory multiple myeloma in October US launched in November OmniAb received $35 M in milestone payments related to TECVALI in January Reference: Partner and Company disclosures FcRn ● Batoclimab HANALL X BIOPHARMA HARBOUR BIDMED IMMUNOVANT Harbour announced positive topline results from Phase 3 trial in generalized Myasthenia Gravis in March Immunovant initiation of Phase 3 in thyroid eye disease and Phase 2b in chronic inflammatory demyelinating polyneuropathy PD-1 Zimberelimab gloria ARCUS BIOSCIENCES GILEAD Creating Possible Gilead Sciences and Arcus Biosciences announced positive results from the fourth interim analysis of the ARC-7 Phase 2 study in patients with first-line, metastatic NSCLC with PD- L1 tumor proportion score ≥50% without epidermal growth factor receptor or anaplastic lymphoma kinase mutations PD-L1 ● ● Sugemalimab 基石药业 1381 QEQR CSTONE PHARMACEUTICALS Pfizer 10 EQRX announced acceptance of marketing authorization application in UK in December and EMA in Q1 CStone announced China's NMPA accepted supplementary NDA for sugemalimab in combination with chemo as first-line treatment of unresectable locally advanced or metastatic gastric/gastroesophageal junction adenocarcinoma OmniAb#11We Plan to Continue to Innovate Around our Technology THROUGH BUSINESS DEVELOPMENT AND INTERNAL INVESTMENT Create Diverse Antibody Repertoires Create Diverse Repertoires of High-Quality Naturally-Optimized Antibodies Screen Antibody Candidates Launching new technologies this year Screen Millions of Cells to Find Potential Therapeutic Candidates Identify the Right Antibody Further Characterize, Select & Optimize the Right Antibody Recently entered into an agreement with mAbsolve Ltd. for STR, mAbsolve's Fc-silencing platform technology. The agreement provides OmniAb with exclusive, sublicensable right to incorporate the STR technology with antibodies that have been generated using OmniAb's antibody discovery platform 11 OmniAb#12Our 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 A FOCUS ON KEY STAKEHOLDERS IS AT OUR FOUNDATION 8 8 $8 Expanding the Reach of our Platform Fu Partners: Focus on customer service and future needs \/ Investors: Superior business execution to create value New Technology Development Incl. new animal and computational innovations Community: Lead with integrity and responsibility 12 OmniAb#13Omni Ab NN B Ś 1010 1₁ Financial Updates Kurt Gustafson 4 3 ₁#14Business Model OUR AGREEMENTS ARE STRUCTURED TO ALIGN ECONOMIC AND SCIENTIFIC INTERESTS WITH OUR PARTNERS License partnerships designed to include: Upfront/Access fees Potential Collaboration/Service fees Milestones Royalties on commercial sales ● 14 OmniAb#15Q4 2022 Financial Highlights ($ 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 Q4 2021 $ 9.5 5.8 0.0 15.3 $ 11.0 4.3 3.2 1.8 20.4 (5.1) 1.3 (3.8) 0.7 ($ 3.1) Q4 2022 $ 31.1 3.9 0.4 35.3 (0.04) $ 82.6 Table includes rounded figures. Please reference press release dated 3/30/23 for more detailed information. 12.9 10.2 3.3 (0.1) 26.3 9.0 0.6 9.6 (2.8) $ 6.8 0.07 93.7 Variance $ 21.7 (2.0) 0.4 20.1 1.9 5.9 0.0 (1.9) 5.9 14.1 (0.7) 13.4 (3.6) $9.9 15 OmniAb#16FY 2022 Financial Results ($ 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) Net income/(loss) per share, basic and diluted Weighted average shares outstanding $ FY21 $ 14.7 20.1 0.0 34.7 FY22 $38.9 18.8 1.4 59.1 39.2 16.9 13.0 1.2 70.4 (35.6) 1.3 0.6 (34.4) (26.1) 7.3 3.7 ($ 27.0) ($ 22.3) 48.4 24.9 13.0 (0.6) 85.7 (26.6) (0.33) $ (0.26) 82.6 85.3 Table includes rounded figures. Please reference press release dated 3/30/23 for more detailed information. Variance $24.3 (1.3) 1.4 24.3 9.1 8.0 0.1 (1.8) 15.4 9.0 (0.7) 8.3 (3.6) $ 4.7 16 OmniAb#17Share Information - as of 12/31/22 (in millions) Basic Share Count Total Earnout Shares RSU/Options/Warrants Employee Unvested RSU/PSU Employee Options Public/Private Warrants Total RSU/Options/Warrants Total Potential Shares 98.9 16.3 1.3 18.0 19.0 38.4 153.6 Basic Shares - Common Shares Outstanding/Public Float Earnout Shares - 50% vest at $12.50, 50% vest at $15.00 - VWAP of stock for 20 out of 30 consecutive trading days at each respective level for vesting to occur Expire 11/1/27 Warrants - Expire 11/1/27, $11.50 strike price 17 OmniAb#18Cash Position Provides Long Operational Runway ($ millions) 12/31/22 Cash Balance* Teclistamab/TECVAYLI First Commercial Sale Milestones Received in January 2023 Proforma Cash Position * Includes cash, cash equivalents and short-term investments $88 $35 $123 BUSINESS IS CLOSE TO BREAK-EVEN CASH FLOW EXPECT TO END 2023 WITH SLIGHTLY MORE CASH THAN 12/31/22 CASH BALANCE CURRENT CASH BALANCE AND CASH FROM OPERATIONS EXPECTED TO PROVIDE SUFFICIENT CAPITAL TO FUND OPERATIONS FOR FORESEEABLE FUTURE 18 OmniAb#192022 Financial Results by Quarter ($ Millions) Q1 $ 4.1 Contract revenue Service revenue 5.3 Royalty revenue 0.3 9.6 Total Revenue Research & development General & administrative Amortization of intangibles Other operating expense/(income), net Total Operating Expenses Income/(Loss) from Operations Other Income (Expense) Income/(Loss) before Income Taxes Income tax benefit (expense) Net Income/(Loss) Q2 $ 2.3 4.7 0.1 7.2 Q3 $ 1.4 4.9 0.6 6.9 10.8 11.5 4.1 5.0 3.4 3.1 (0.4) 0.2 17.8 19.8 (8.2) (12.6) (14.9) 0.0 0.0 0.0 (8.2) (12.6) (14.9) 1.9 2.3 2.3 ($ 6.3) ($ 10.3) ($ 12.6) 13.2 5.6 3.3 (0.2) 21.8 Q4 $ 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 19 OmniAb#20Omni Ab Q&A MM B Ś 1₁ 1010 4 3 ₁#21OmniAb#22Approved and Clinical-Stage Partner Pipeline as of 12/31/2022 THREE APPROVED PRODUCTS AND 23 ACTIVE CLINICAL-STAGE ANTIBODIES Phase 3 Target Therapy Area Oncology Oncology Oncology Immunology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Oncology Metabolic Partner Program gloria ARCUS GILEAD Zimberelimab G 基石药业 CSTONE Pfizer EQRX PAMACEUTICALS HANALL Janssen Jehon HARBOUR IMMUNOVANT BIONED Genentech A Member of the Rache Group Genmab BIONTECH MERCK Aptevo Janssen Janssen HẬU CÁC TH Genmab OCTTQ Ch 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 Source Animal OmniRat OmniRat OmniRat OmniRat OmniRat OmniRat OmniRat OmniMouse OmniRat OmniRat OmniRat OmniRat OmniRat OmniRat OmniRat OmniFlic OmniFlic OmniFlic OmniRat OmniRat OmniRat OmniChicken OmniRat OmniRat OmniRat OmniRat Oncology Oncology Undisclosed 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 Undisclosed Oncology Oncology Oncology Phase 1 Phase 2 Registration Approved 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. 22 OmniAb