OmniAb, the Emeryville-based antibody discovery platform, recently released their Q1 2024 earnings transcript. While the headlines focused on the usual suspects – active program growth, new partnerships, and the upcoming ASCO data for Genmab's acasunlimab – a deeper dive reveals a potentially seismic shift brewing within their portfolio, one that most analysts seem to have overlooked.

The whisper, almost drowned out amidst the financial details, is the rapid ascension of OmnidAb, the company's single-domain antibody platform launched just last quarter. This isn't just another tool in their arsenal; it's a potential game-changer, and the early signals suggest it might be catching fire faster than even OmniAb anticipated.

What sets OmnidAb apart is its reliance on transgenic chickens, a unique approach in the antibody discovery space, which is typically dominated by mammalian models. These avian engineers produce single-domain antibodies, smaller and more versatile than their conventional counterparts, opening up a universe of possibilities for drug development.

While the transcript doesn't explicitly quantify the uptake of OmnidAb, the language used is telling. Matt Foehr, OmniAb's President and CEO, states that "multiple industry partners, as well as academic partners, [are] leveraging the platform now." He goes on to highlight the "unique physical properties" of single-domain antibodies, their ability to unlock "alternate routes of administration," and their potential in emerging fields like "imaging, diagnostics, theranostics, and radiotherapy." This is not the language of a company merely testing the waters; it suggests a surge of early adoption and a burgeoning enthusiasm for this novel platform.

Consider this: OmniAb signed three new platform licenses in Q1, with a "very well-funded Boston-based venture-backed start-up." While the specific platform utilized remains undisclosed, the timing coincides with the OmnidAb launch and Foehr's emphasis on the platform's attractiveness to new partners. It's not unreasonable to hypothesize that at least one, if not more, of these new partnerships hinges on OmnidAb.

Adding further weight to this hypothesis is Foehr's statement that he expects "a couple of [new clinical programs entering in 2024] to be OmniChicken-derived." This is significant because OmnidAb is their sole chicken-based platform, directly linking these potential clinical candidates to this nascent technology.

Active Program Growth

Let's delve into some speculative numbers. Assuming just one of the new Q1 platform licenses is for OmnidAb, and factoring in Foehr's expectation of two OmniChicken-derived clinical entries this year, we can paint a picture of rapid program advancement. These programs, initiated in late 2023 or early 2024, would be on an accelerated track to the clinic, potentially surpassing the average industry timelines for antibody development.

This rapid progression could reflect both the inherent advantages of single-domain antibodies – faster development cycles, potentially lower production costs – and the effectiveness of OmniAb's platform in identifying high-quality candidates. If this trend continues, OmnidAb could become a significant revenue driver for OmniAb in the near future, exceeding even the company's own projections for 2025.

OmniAb Partnerships

While the focus remains on established platforms like OmniRat and OmniChicken, the OmnidAb whisper should not be ignored. It suggests a paradigm shift in antibody discovery, one where chickens, not mice, might hold the key to unlocking a new wave of innovative therapeutics. And for investors, it represents a potential opportunity to get in early on what could become a revolutionary technology, a bet on the feathered future of biopharma.

"Fun Fact: OmniAb's headquarters in Emeryville, California, is just a stone's throw from the historic Shellmound, a 4,000-year-old Native American archaeological site. Just as the Shellmound represents a window into the past, could OmniAb's avian antibody platform be a glimpse into the future of medicine?"