OmniAb (OABI) 2026年第3四半期決算説明会：売上高ガイダンスを上方修正

要点

• OmniAbが発表した2026年第3四半期の売上高は400万ドルとなり、主にサービスおよびxPlorationの売上増加を反映して前年同期の220万ドルから増加しました。
• 第3四半期の純損失は、2025年第3四半期の1,650万ドル（1株あたり0.14ドル）から1,570万ドル（1株あたり0.12ドル）に縮小しました。
• 経営陣は2026年の通期売上高見通しを従来の3,200万〜3,600万ドルから3,500万〜3,900万ドルへ引き上げ、期末現金見通しも5,300万〜5,700万ドルに上方修正しました。
• OmniAbは当四半期末時点で、自社技術を使用する111のアクティブパートナー、433のアクティブプログラム、および34のアクティブな臨床プログラムと承認済み製品を擁して終了しました。
• 同社はイーライリリーとイオンチャネルに関するライセンス契約を締結しました。これには契約一時金のほか、研究・開発・商業化の進捗に応じた最大3億7,000万ドルの潜在的マイルストーン、および世界全体の純売上高に応じた段階的ロイヤルティが含まれます。
• 経営陣はxPlorationの売上高について2026年に200万〜300万ドルを見込んでおり、その後2027年に2倍、2028年にさらに2倍になると予想しています。

主要財務実績

新規のイオンチャネル契約に基づく契約一時金の受領に伴い、前受収益が増加しました。OmniAbは通常、対象契約の研究期間にわたって前受収益を売上計上します。イーライリリーとの共同研究によるサービス売上は、2026年第4四半期から貢献し始める見込みです。

事業および営業業績

当四半期末時点のOmniAbのアクティブパートナー数は111社となり、第2四半期の110社から増加しました。第3四半期の新規ライセンス契約にはYemaya社およびモナシュ大学が含まれます。大手パートナーによる小規模パートナーの買収に伴い1社が除外されましたが、経営陣はこうした取引後も対象アセットの経済条件は維持されると述べています。

アクティブなプログラム数は、2025年末の407件から433件に増加しました。年初からの推移は38件の追加と12件の終了で構成され、第3四半期中の純増は8件でした。アクティブプログラムの98%以上において、OmniAbに対する将来の対価が契約上規定されています。

ポートフォリオ全体では、契約上の潜在的マイルストーン合計で30億ドル以上、平均ロイヤルティ率は約3.4%となっています。34のアクティブな臨床プログラムと承認済み製品には、約3億4,000万ドルの残存潜在マイルストーンがあります。

当四半期終了後、バトクリマブ（batoclimab）は中国において抗アセチルコリン受容体抗体陽性の成人全身型重症筋無力症治療薬として承認を受けました。これにより、OmniAbのプラットフォームから誕生した4番目の承認薬となりました。経営陣は、価格設定や潜在的なロイヤルティ貢献度を評価するにはまだ時期尚早であると述べました。

xPloration

OmniAbは、AIを活用したハイスループット単一B細胞スクリーニングプラットフォーム「xPloration」の商用アクセスを拡大しました。同社は、本プラットフォームが5億ドルを超える市場機会に対応可能であると試算しています。

第3四半期中に、大手グローバル製薬会社へ新たに1台のxPloration装置が導入されました。本事業は当初、装置の販売によって売上を計上し、その後は独自チップや消耗品、年間のソフトウェアライセンス、サービス契約から継続的（リカーリング）売上を獲得するモデルとなっています。

現在のxPlorationの売上の大半は装置導入によるものです。経営陣は、設置台数、プラットフォームの利用、および対応アプリケーションが拡大するにつれて、リカーリング売上の重要性が増すと予想しています。

技術ライセンスおよび創薬プラットフォーム

OmniAbは、同社のトランスジェニックニワトリプラットフォームである「OmnidAb」および「OmniUltra」が引き続きパートナーを引き付け、サービス業務を生み出していると述べました。また、同社はOmniUltraを活用したペプチド創薬から合成までのワークフローである「OmniTides」を開始しました。経営陣は、代謝疾患への応用やその他の治療領域フォーマットにおいて初期の関心が寄せられていると報告しました。

イーライリリーとの契約により、複数年にわたるイオンチャネルの共同研究が追加されます。契約一時金に加え、OmniAbは最大3億7,000万ドルの潜在的マイルストーンおよび世界全体の純売上高に応じた段階的ロイヤルティを受け取る可能性があります。

経営陣による業績見通し

経営陣は売上高見通しの上方修正について、すでに達成されたマイルストーン収入によるものとし、営業費用の削減に基づき費用見通しを引き下げました。2026年年初の現金残高5,400万ドルを踏まえると、改定された期末見通しは、通期において実質的に概ねキャッシュフロー損益通算でトントン（ブレークイーブン）となる見込みであることを示唆しています。

同社は、xPlorationの売上高が2027年に2倍、2028年にさらに2倍になると予想しています。xPlorationへの投資は事業の進展次第となりますが、現時点で経営陣は営業費用の急激な増加を見込んでいません。

今後数年間、経営陣はマイルストーン収入が引き続き最大の売上貢献要因になると予想しています。パートナー製品の開発が進むにつれてロイヤルティがより大きな成長ドライバーとなる可能性があり、決算説明会で参照された外部プログラム予測に基づき、経営陣は「Immunovant 1402」が2028年後半から貢献し始める可能性があると特定しました。

リスクと今後の注視点

• マイルストーン収入は、パートナープログラムの進捗状況や契約条件によって四半期ごとに大きく変動する可能性があります。
• 顧客によって設備予算調達プロセスが異なるため、xPloration装置の販売には12〜18か月を要する場合があります。
• 消耗品の利用状況はまだ初期段階にあり、学術機関、バイオテクノロジー企業、CRO（医薬品開発受託機関）、大手製薬会社などの顧客タイプによって異なる可能性があります。
• 中国におけるバトクリマブの発売に伴う価格設定およびロイヤルティ収入は、依然として不透明です。
• パートナーによるパイプラインや研究開発の優先順位の見直しに伴うプログラムの終了は、事業上の通常の事象です。
• 年初からの業績改善や営業費用見通しの引き下げにもかかわらず、OmniAbは依然として赤字状態が続いています。

アナリスト質疑応答の要点

アナリストは将来の売上高の時期と構成に焦点を当てました。経営陣は、サービス売上がニワトリ由来の創薬プログラムや新しいイオンチャネル契約の恩恵を受けており、イーライリリーとの共同研究は第4四半期から貢献を開始する見込みであると説明しました。

xPlorationに関して、経営陣は機器本体の販売が将来の消耗品、ソフトウェア、サービス売上の導入基盤（インストールベース）を構築する点を強調しました。購買能力は顧客層によって異なりますが、大手製薬会社、CRO、新興バイオテクノロジー企業から関心が寄せられています。

TEV-’408に関して、経営陣はテバ社が公表したピーク時売上予測として、セリアック病で約15億〜20億ドル、尋常性白斑で約10億ドルに上る可能性を強調しました。検討中の追加適応症には、円形脱毛症、好酸球性食道炎、アトピー性皮膚炎が含まれます。なお、OmniAbは個別のプログラムにおけるマイルストーンの時期や条件を明確にしませんでした。

また、経営陣はマイルストーンの構造が契約によって異なることを明確にしました。一部の契約には、治験開始、承認、適応症の追加、効能拡大、地域拡大に連動した支払いが含まれています。パートナーが買収された場合でも、ロイヤルティその他の経済的権利は原則としてアセットにそのまま引き継がれます。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning, and welcome to OmniAb, Inc.'s Third Quarter 2026 Financial Results and Business Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would like to now turn the call over to Kurt Gustafson, OmniAb, Inc.'s Financial Officer -- Chief Financial Officer. You may begin now.

Kurt Gustafson

Thank you, operator, and good morning, everyone. This is Kurt Gustafson, OmniAb's Chief Financial Officer, and thank you all for joining our third quarter 2026 financial results conference call. There are slides to accompany today's prepared remarks, and they're available in the Investors section of our website at omniab.com.

Before we begin, I'd like to remind listeners that comments made during this call by OmniAb's 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 of the anticipated results. These forward-looking statements are qualified by the cautionary statements contained in today's press release and our SEC filings.

Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, October 30, 2026. 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 this morning is Matt Foehr, OmniAb's President and CEO; and Amechi Nwachuku, our Chief Operating Officer. During today's call, Matt is going to come -- cover some highlights. Amechi will provide an update on our xPloration program, and I'll go through our financial results and guidance, and then we'll open up the call to questions.

And with that, let me turn the call over to Matt.

Matthew Foehr

Thanks, Kurt. Good morning, everyone, and thanks for joining our third quarter call.

I'll start now on Slide number 4, which includes some highlights from the third quarter. Our business here at OmniAb has been designed to benefit from diversified long-term and durable revenue streams. We continued to drive strong performance in the third quarter as our highly differentiated technology platforms are facilitating growth in partnerships and progression of programs.

We have been and continue to be very active from a licensing perspective and announced a major new deal in the quarter with Eli Lilly for a novel ion channel program. We were really pleased to enter into this important new relationship with Lilly as they're obviously focused on delivering medicines to address major unmet medical needs and our differentiated expertise and established technologies that specifically relate to ion channels are well positioned to help facilitate that and drive this new discovery program forward.

Under the terms of that license deal, we received an upfront payment and are eligible to receive up to $370 million in research, development, and commercial milestone payments as well as potential tiered royalties on global net sales. In Q3, we saw increased utilization of our differentiated technologies within our growing ecosystem of partners. And we also saw strong traction with our xPloration platform and steady progress across programs that our partners are advancing through various stages of development.

These themes were front and center at our Investor and Analyst Day that we held earlier this month, and we really appreciate everyone who joined us for that event here in Emeryville and on the video webcast. As highlighted at that event, xPloration, our AI-powered high-throughput single B-cell screening platform, is now available to all potential customers. This creates valuable opportunities for our business, and Amechi will speak to xPloration in more detail in his section. And we also launched OmniTides, our new peptide discovery offering powered by our OmniUltra transgenic chicken.

OmniTides is designed to provide an integrated discovery to synthesis workflow for partners with available peptide manufacturing by qualified CROs to generate naturally optimized peptides for a range of growing therapeutic applications. And finally, our continued strong business performance has resulted in yet another raise to our 2026 revenue and cash outlook. Kurt will speak to our updated guidance in greater detail during his portion of the presentation this morning.

Moving now to Slide number 5. Our novel technologies here at OmniAb reinforce our position as a key enabling technology licensing partner and support both existing and new partnerships. Novel technologies and our capabilities as well as our vantage point in the industry, keep us at the forefront of next-generation therapeutics discovery, and we think position us to create meaningful value for our stakeholders.

Slide 5 shows our technology platform organized around how we help partners efficiently create, screen, and ultimately deliver novel therapeutics. This quarter, we advanced important elements of the platform, and I mentioned OmniTides, which incorporates in vivo optimization driven by biological intelligence, which is a term we coined several years back. OmniTides leverages biological intelligence early in discovery, and that can support efficient progression to chemical synthesis and ultimately development.

Our novel transgenic chicken-based technologies and specifically OmnidAb and OmniUltra, shown on the left here, continue to attract new partners and drive new programs. Our OmniDeep offering, shown across the bottom of this slide, which is our suite of AI and machine learning tools woven throughout our technology stack also drives significant value. And that's along with the extremely important novel data layers that we have and can generate that can also create substantial business opportunities for us.

I'll briefly review now some of our metrics, starting with Slide number 6. At the end of the third quarter, we had 111 active partners, which is a net increase from 110 at the end of the second quarter. New licenses in Q3 included Yemaya, Inc. and Monash University, and that was partially offset by a single partner attrition event that was triggered by one of our larger partners acquiring one of our smaller ones. We've seen this from time to time and generally see these as positive events for assets that have been discovered with our technologies. We continue to have a nice diversified mix of partners and are proud that now 9 of the 10 largest pharmaceutical companies in the world are active partners of OmniAb, which I think demonstrates the quality and the strength of our partner base.

Now moving on to Slide number 7. You'll see here our active programs metric. We ended the quarter with 433 active programs. That's up from 407 at the end of 2025, reflecting 38 additions and 12 terminations so far this year, and we saw a net increase of 8 programs in the third quarter alone. Attrition is obviously a normal part of the business as partners refine their pipelines and their investment and R&D priorities. Importantly, more than 98% of our active programs have contracted future economics to OmniAb. And across our portfolio, we have more than $3 billion in total contracted potential milestones with an average royalty rate of approximately 3.4%.

On the clinical front, Slide number 8 here, shows our partners' active clinical programs and approved products. At the end of Q3, there were 34 active clinical programs and approved products that leverage our technologies. We've had 4 new clinical additions so far in 2026, and we continue to anticipate new clinical entrants in the very near term. These active clinical programs carry approximately $340 million in remaining potential milestones to OmniAb.

Turning to Slide 9. This graphic summarizes the status of our clinical and commercial stage partner pipeline as of September 30 for programs that carry remaining downstream economics to OmniAb. The placement of each program here on this graphic is based on its most advanced status in any geography, market, or indication. The right-hand side of this slide continues to include what some of our partners view as important potential first-in-class or best-in-class medicines. And I'll review some of those when I cover the next slide.

I also note that subsequent to the end of Q3, just last week, actually, batoclimab, which is shown here on Slide number 9, in the registration column in blue, received approval in China for the treatment of generalized myasthenia gravis in adult patients who are anti-acetylcholine receptor antibody positive. Batoclimab in China represents the fourth drug approved from our platform. So the next time we show this graphic with a full year 2026 status, one of the changes and updates and progression that investors will see is that batoclimab will slide over to the right into the approved column.

Moving now on to Slide 10, which calls out a few recent partner program developments. The 3 programs starting from the left of this slide, IMVT-1402, TEV-'408 and Precemtabart tocentecan, all are being described as potential pipeline in a product type assets with either first-in-class or best-in-class potential. These are programs that are going after indications with substantial unmet medical needs with partners who are highly committed to rapid advancement. And also highlighted on this slide, on the right side, you'll see here the approval update related to batoclimab in China that I mentioned earlier.

So now wrapping up my section on Slide 11. We highlight here what we see as OmniAb's pillars of value. Our differentiated discovery technologies, innovative capabilities, and expanding partnerships, we think, position us to drive durable long-term value for our stakeholders. We have a growing pipeline and broad partnership base that supports substantial contracted downstream milestones and royalties from a diversified basket of promising potential first-in-class and best-in-class programs while providing us unique industry insights that continue to inform our strategic priorities and our areas of focus.

In addition, our expanding suite of innovative discovery technologies, including our chicken-based technologies, drive new partnerships and open additional avenues for licensing value creation, both now and in the future. Further, our differentiated xPloration platform expands our reach and complements our existing discovery technology offerings while adding durable, meaningful revenue streams to the business. We believe we are now extremely well positioned to deliver for our stakeholders.

And with that, I'll turn the call over to Amechi to talk more about xPloration. Amechi?

Amechi Nwachuku

Thank you, Matt, and good morning, everyone. As Matt mentioned, we've expanded commercial access to our xPloration platform. This addresses an estimated market opportunity of more than $500 million and potentially creates synergistic opportunities across OmniAb's business lines at a time when the industry is embracing the value of lab automation and big data generation for discovery.

xPloration is a novel platform for B-cell screening. The xPloration platform drives value for antibody discovery teams with higher throughput, ease of use, robustness, and lower cost compared with current methods. Since the launch, researchers at big pharma companies, global CROs, and specialty biotech companies have used live demonstrations to understand what the xPloration instrument can do in their workflows.

Their feedback has been consistently positive, and that interest is translating into placements. In fact, in the third quarter, we placed another unit with a top global big pharma. Our growing qualified sales pipeline and our market -- our primary market research support our outlook for the xPloration business.

Turning to the business model on Slide 14. xPloration is a complete platform with multiple revenue streams. xPloration combines an instrument-led customer relationship with 3 recurring revenue streams. The instrument is a starting point. Each capital sale establishes a broader and deeper customer relationship and expands the installed base that supports future recurring revenue. From there, proprietary chips and other consumables generate high-margin usage-based revenue with every run. That revenue scales as customers adopt the platform and run more experiments.

Software adds another recurring stream. Annual licenses support analysis and data management, create predictable revenue, and can expand value as we add workflows and applications. Service completes the model. Installation, training, and preventive maintenance support instrument uptime, customer retention, and repeat purchases, typically through multi-year contracts tied to the installed base. Together, these revenue streams can create a durable and complementary source of growth for OmniAb.

Turning to Slide 15. You can see that we expect xPloration revenue in 2026 to be between $2 million and $3 million, and we expect xPloration revenue to double in 2027 and to double again in 2028. Over time, we expect recurring revenue from consumables, software, and service to ramp up and become a long-term growth driver for the xPloration business, such that xPloration delivers durable revenue streams.

With that, I'll turn the call over to Kurt to discuss our financials. Kurt?

Kurt Gustafson

Thank you, Amechi.

On Slide 17, I'll start with revenue. Revenue for the third quarter of 2026 was $4 million compared with $2.2 million in the prior year period, with the increase driven primarily by service and xPloration revenue. Service revenue increased due to work performed on both antibody and ion channel programs. And last -- late last year and earlier this year, we signed new ion channel service agreements that drive some of this increase. One additional note is that we would expect the service revenue from the Lilly collaboration to start contributing in the fourth quarter.

On Slide 18, revenue for the 9-month period was $31.8 million compared with $10.3 million for the same period in 2025, with the increase primarily related to milestone revenue. We've seen great advancement of our partner programs this year, and this has varied from quarter-to-quarter. Last year, milestone revenue was heavily weighted toward the back half of the year, and this year, it's more front-end loaded.

Turning to Slide 19, you'll see our operating expense for the quarter. Total cost and operating expense was $20.4 million in both periods. R&D expense was lower in the current period and was partially offset by a small increase in G&A expense as well as other operating expense. Remember that we include cost of sales in the other expense category and part of the increase in the other bucket this quarter is a function of the increased cost of sales associated with higher instrument sales.

On Slide 20, we have our year-to-date operating expense, which totaled $62.7 million compared with $63.5 million in the prior year period. The decrease in both R&D and G&A expense reflects the efficiencies that we found in the business that drove costs lower. These lower operating costs were partially offset by an increase in other expense. Recall that last year, we recorded a gain that had the impact of lowering the operating expense in the prior year period. And earlier this year, we took a noncash write-off in the first quarter. These 2 line items skew the overall operating expense comparisons, which would have shown a much larger decrease had those onetime items not occurred.

On Slide 21, shows our P&L for the quarter and year-to-date. I've already walked you through the revenue and operating costs, so I'll focus on the bottom line. The net loss for the third quarter was $15.7 million or $0.12 per share, compared with a net loss of $16.5 million or $0.14 per share in the year ago period. Year-to-date, the net loss improved to $29.3 million or $0.23 per share versus a net loss of $50.6 million or $0.46 per share in the prior year period.

Slide 22, we have a reconciliation of our GAAP operating expense to our non-GAAP costs -- cash costs and operating expense, which removes the major noncash items of depreciation, share-based compensation, and the amortization of intangibles. We believe this measure is a better indicator of our true operations and the figures here are fairly similar from period to period.

Turning to the balance sheet on Slide 23. We ended the quarter with cash and investments of $64.2 million. You'll also notice an increase in deferred revenue. This is a result of the upfront payment that we received from the ion channel agreement we struck in the third quarter. Deferred revenue is generally amortized over the research terms of the specific agreements.

Our updated 2026 financial guidance is on Slide 24. We are increasing our revenue and cash guidance based on higher milestone revenue that we've achieved while decreasing our operating expense guidance based on lower operating costs. I'll cover the details on the next slide here.

So Slide 25, you can see our current guidance relative to some of the past figures. We now expect total revenue to be in the range of $35 million to $39 million, which is up from $32 million to $36 million previously. And we now expect cost and operating expenses to be in the range of $83 million to $87 million, which is down $1 million from our previous guidance.

Similarly, we're bringing our cash cost and operating expense guidance down by $1 million to a range of $50 million to $54 million. Regarding our cash projection, we now expect our year-end cash balance to be in the range of $53 million to $57 million. We started the year with $54 million in cash, which means from a net cash flow standpoint, we expect the business to be basically breakeven for the year.

2026 has been a strong year for us. We've seen great progression from our partners that has driven milestone revenue higher. The xPloration business is off to a good start, and we expect to see continued momentum on that front. In addition, we've signed a number of new multi-year ion channel contracts, which has lifted service revenue, and we hope to build on this progress. When you combine these factors with a controlled operating expense base, it sets us up well for the future.

And with that, I'd like to open up the call for questions. Operator?

Operator

[Operator Instructions] Your first question comes from the line of Puneet Souda with Leerink Partners.

質疑応答

Puneet Souda

First one, I mean, the collaboration was -- revenue was strong in the quarter, and that is before the Lilly revenue. So just how much of that is driven by adoption of OmniUltra and other chicken models? And sort of how should we think about the cadence of deferred revenue recognition?

Matthew Foehr

Yes. Thanks, Puneet. I can just comment generally on the mix and then Kurt can give any detail I miss. Candidly, it's a mix, right? I mean we've seen that as we launch new technologies, they attract new partners and programs. For chicken-based programs, the partners obviously have to use us for the work and both OmnidAb and OmniUltra are attracting new partners and driving new service work.

We've also -- and this goes back a bit, but we had signed some new ion channel deals late last year and earlier this year. So those are contributing to service work as well. And as you noted, the Lilly deal was announced in the quarter. We expect that to start contributing in the fourth quarter, and that will be a multi-year collaboration with Lilly. So hopefully, that gives you the color you need.

Puneet Souda

Got it. Super helpful. On xPloration, this is -- you talked about one more placement there. Maybe could you talk a bit about how the commercial sort of pipeline is shaping up? You've talked about doubling the numbers here. What could drive that even potentially even higher? What are some of the drivers that land sort of drive it in line? And maybe on the -- if you could talk a little bit about the capital side, how you're engaging with the customers? And how should we think about the capital side versus the consumable recurring revenue -- the recurring revenue consumables from xPloration?

Matthew Foehr

Thank you for the question. So the starting point for the xPloration platform sales is the capital side. And for our customers, we're finding that all of them have different capital budgeting processes. And that's why the pipeline for an instrument sale could be anywhere from 12 to 18 months. And so we develop that relationship early and then we work with our customers to place an instrument. And that's what gives us the confidence to be able to project the pipeline and say, we believe that we will double the business next year and the year after. After that, then the recurring revenue streams kick into place as the customers use the instrument and run different experiments.

Puneet Souda

And then maybe if I could just ask briefly on batoclimab. How should we think about the royalty contribution there? Should we expect a similar performance versus the other China assets you've seen in the past? Or should we expect that to be a bit higher?

Matthew Foehr

Yes. Thanks, Puneet. Yes, the fresh news late last week, Harbour Biomed announced they had received NMPA approval for batoclimab in China for generalized myasthenia gravis for the set of patients that are anti-acetylcholine receptor antibody positive. As part of that, they said they're looking to launch the drug soon. They were clear about preparing for that. And probably still too early to know what pricing will be, et cetera, and how that will impact the royalty line. But I would just say stay tuned on that.

Operator

Your next question comes from the line of Srikripa Devarakonda with Truist Securities.

Srikripa Devarakonda

Congratulations on the progress this quarter. I have a couple of questions. One with the Teva partnership, the TEV-'408. Does the positive celiac study change the expected monetization time line in any way? And what next development decisions could trigger additional milestones? Any color you can provide there because you have both celiac as well as vitiligo development, would be helpful? And I have a follow-up.

Matthew Foehr

Yes. Srikripa, thanks for the question. Yes, we were really pleased to see the data that Teva presented in celiac, just from my perspective, really an exquisitely designed trial that I think speaks to the power of that drug and the efficacy of it. So we were happy to see that. They've been pretty transparent in their presentations publicly on the potential there, seeing potential peak sales just in the celiac indication alone of approximately $1.5 billion to $2 billion. They've highlighted that it has a Fast Track designation, and they're moving that forward aggressively. So we are really pleased to see those data.

Additionally, in vitiligo, Teva has publicly said they see peak sales potential there of approximately $1 billion. They're moving that forward at speed as well. But then in addition to those 2 indications, there's also been discussion of potential application of TEV-'408 in other indications as well, alopecia areata, eosinophilic esophagitis, and then atopic dermatitis, all of those add substantially to the potential patient population that could be impacted by the drug. So it was great to see those data in celiac, and we're excited for what's to come with that asset.

Srikripa Devarakonda

Yes, that was good data. Congratulations on that. Maybe a question for Kurt. So as you're looking at the next leg of growth, just was wondering how you think about incremental spend that you would need to deliver the next phase of growth? And as xPloration scales, do you think the existing base can support the growth that you outlined? Or should we expect meaningful investment step-ups in the next year and 2.

Kurt Gustafson

Yes. I think for the core antibody business, we've built a team. And actually, if you've sort of been watching us, we've been able to find efficiencies within that business. And we think this business is rightsized for, to support the partnerships that we have and that we will sign and the programs that we have and the programs that will grow. So we don't see a need to add additional infrastructure for that part of the business.

I think with xPloration, we're going to continue to watch how that business progresses. And to the extent that there are additional investments that we need to make, we'll allocate those just like we have this year. So this year, we did spend some more money on xPloration. We found savings in other areas to reallocate those resources. And so we sit down and make judgments on where to deploy resources and deploy dollars where we think we're going to get a nice return. But I guess, big picture, I wouldn't expect to see dramatic increases in our operating expense based on sort of our projection of the operations that we have.

Operator

Your next question comes from the line of Joe Pantginis with H.C. Wainwright.

Joshua Korsen

This is Josh on for Joe. So since you introduced OmniTides at your Investor Day, so I'm curious how partner interest has been there? And are you seeing that interest specifically concentrated around any particular therapeutic application?

Matthew Foehr

Yes, Josh, thanks. Yes. So just as background, OmniTides is our discovery to synthesis workflow. And we launched that at our Investor Day weeks back. It's powered by our OmniUltra transgenic chicken. And the short answer is, yes. It absolutely attracts partners, I'll say, deep collaborators and others. There's really been, I'll say, a growth, a substantial growth in peptide use as really driven by the metabolic space. And of course, that's an area where folks are interested.

We also see applications outside of metabolic as well in a variety of formats and modalities. So we're quite excited about OmniTides and how it diversifies our partner base, opens up our, I'll say, call file for our business development and licensing team to new players, and we're seeing that in real time. So we're really excited about it. I think it will diversify not only the partner base, but also the therapeutic areas that are being pursued with our technologies.

Joshua Korsen

And with xPloration, just wondering about the customer mix there. So now that you have broader commercialization, if most of that -- like what's that mix in terms of smaller biotech, large pharma, CROs?

Amechi Nwachuku

We are seeing interest from all 3. So our pipeline and the feedback from the folks who are doing live demonstrations does include feedback from discovery teams, whether they are at large pharma, CRO, small biotech. The -- obviously, this is a larger capital purchase for customers. And so the ability to pay, let's put it that way, does differ depending on which segment they fall into, but we are seeing interest and we're seeing placements with all 3 groups.

Operator

Your next question comes from the line of Matt Hewitt with Craig-Hallum.

Matthew Hewitt

Congratulations on the strong quarter. I'm curious if you could kind of give us what the top line, what the milestone contribution would be for the 19 readouts that you expect over the next 15 months. I realize that not all of them are going to progress to the next clinical stage or be commercially approved. But I'm just trying to get a sense for what those milestones or what the total milestones could look like to kind of create a bracket for what the milestone contribution could be like over the next, call it, 2 years?

Matthew Foehr

Yes, Matt, thanks. And you're referencing the readouts we highlighted a few weeks back at our analyst event. Yes, we have an upcoming calendar of, I'll say, primary completion of clinical trials by partners that is the busiest we've ever seen, which is great as we're looking out over the next 18 months. Those readouts within that pool of programs and partnerships, there's a total, right? Those are within that total of the $340 million of potential milestone payments that we can earn from those programs. So it's a substantial amount of milestones.

Now every contract is a little bit different in terms of how they're structured and when they pay milestones. But we feel great about that flow of news, that flow of data events, and really the conviction and investment by our partners who are rapidly progressing programs through that were discovered with our technologies. I think it says a lot about the value that our technologies create and I'll say, the nature of our partner base and the power of it.

Matthew Hewitt

And then maybe a question for Amechi on xPloration. I realize it's still early days. You just placed another system. But given your experience with the first couple that have been out in the field, what are you seeing from a consumable pull-through? Is it kind of where you expected it? Is there some things that you can do to help your customers better utilize the equipment? Just any color that you're learning early on in the launch of xPloration?

Amechi Nwachuku

Thank you for that question. And it is early days to be able to tell you that it has stabilized. It's too early to say that. I will say that we invest heavily and working with our customers to make sure that they have a great experience and that they're using the instrument in the way that serves them the best. Obviously, the consumables pull-through will vary, right? It will be different, for example, if it's an academia customer versus if it's a large pharma. And the collective picture makes us optimistic and gives us that confidence to be able to say, we anticipate that the revenue will double in 2027 and then continue to grow and double again in 2028.

Operator

Your next question comes from the line of Brendan Smith with TD Cowen.

Brendan Smith

Congrats on the quarter too. Maybe just one more actually on kind of this total revenue mix conversation. I know there's been a few here so far. But I guess just kind of given the recent clinical progress and kind of upcoming progress on the partners, too, can you give us a sense of what that total revenue mix ultimately looks like over the next couple of years?

I know there's a lot of moving parts, even high level. Like if we use Slide 17 and 18, for example, as a reference, is it fair to assume that milestones remain the biggest bucket kind of through next year? But I guess at what point does that flip to majority royalties? Can that come in '28, '29? And then should we expect milestones to start tapering on a dollar basis or kind of keep growing in tandem? Just anything kind of high level on the evolution of that mix would be great.

Kurt Gustafson

Sure. I can take that one. And Matt, maybe if you have additional color you can. So I think you kind of outlined where -- how we see this rolling out, right? So for the next couple of years, milestones, we would expect would still be the biggest contributor to our overall revenue stream. The next sort of big product that comes up that I think starts to drive those royalties to be a bigger part of the growth story would be Immunovant 1402, right? And so if I look at the forecasts that are out there for that program, it looks like that might start in late 2028 and then ramps from there. I will say, though, that in terms of the other lines, we did see sort of almost kind of a low point in service revenue last year, and I think you've seen that line item grow and that, I think, will contribute to the revenue growth. And I also thank, Amechi here has talked about what our specific guidance is with xPloration, 2 to 3 this year and then doubling and then doubling again.

So I think you're actually going to see contributions from multiple of these revenue lines that will contribute to that overall growth. But I guess the simple answer is for the next couple of years, yes, we would expect that milestone would be the sort of the biggest contributor to the overall revenue picture.

Matthew Foehr

Yes. And I'd only add one element to that, too, Brendan, which is sort of the value creation with technology licenses. Obviously, we have technologies that represent substantial, durable competitive advantage. And we can -- we'll continue to do licenses, whether it's our standard tech licensing, Kurt referenced the service work where we're doing a lot of work for -- not only on the traditional antibody side, also on the ion channel screening side.

We highlighted our entrepreneur enablement licensing as well, which creates other forms of upside and then, of course, asset-based deals we've done from time to time. And then in addition to that, we also see opportunities where data layers that we have and can create additional opportunities for licensing as well. So I think we've got a lot of opportunities there that we're really excited about.

Operator

Your next question comes from the line of Mike King from Rodman & Renshaw.

Michael King

Let me add my congratulations to the great quarter, and thank you for doing our model for us. It's always appreciated. A lot of questions have been asked and answered about the revenue mix. So I just maybe want to dive in a little more specifically. And when you guys have a pipeline and a product type of opportunity like TEV-'408, can you help us understand, do each of these types of products have discrete milestones for individual indications? Or is it just a pure royalty play? Or does it just vary upon the type of agreement you signed with them?

Matthew Foehr

Yes, Mike, thanks for the question. And you're right to kind of highlight pipeline and a product asset. As someone who's been deep in the pharmaceutical royalty space for the last 15-plus years, one of the real differentiators of a royalty-bearing asset is when it is a pipeline in a product asset, when partners are pursuing multiple indications, going after multiple areas. So obviously, we do a lot of licensing with an eye towards creating that substantial value for our shareholders with royalties. So these are all things we think about in terms of milestones around approvals in various geographies, clinical starts. Sometimes we do have in our contracts milestones around multiple indications or multiple markets.

But there is, I'll say, a variety in our portfolio of partnerships. There's always a negotiation there and -- but there certainly are assets that we have for where we do get milestones based on different sorts of trial starts or different indications, label expansions, geography expansion, et cetera. But it is a mix, and I can't comment on any one specific contract, but we do have those sorts of instances in our portfolio.

Michael King

So it's deal specific. That helps. Let me just switch to xPloration for a minute. We've heard these anecdotes from others that there are these AI-powered laboratories that basically run autonomously, everything from designing an experiment to ordering reagents to running the experiments to spinning out the data, et cetera. I just wonder how much AI you intend to build into xPloration over time? And how you think about customer needs when it comes to integrating with those kind of automated laboratory systems?

Matthew Foehr

Yes, Mike, I'll make a comment, just a general high-level comment, and then Amechi can comment more specifically about how xPloration is leveraged in AI. Just more at a high level and those that know us well, we are big believers in AI. We see AI as a massive tailwind for the industry and have for many years. Our partners know that about us. We launched our OmniDeep platform many years back. That's our suite of AI tools that are woven throughout our platform.

And one of the things that AI needs is high-quality data that's relevant to human therapeutics. And our platform generates exactly that. And our business model is naturally AI-friendly. And I think folks know that about us, right? There's been increased investment around that space, especially in the compute layer. And as discovery becomes more iterative, more data-intensive, we think that is a great thing for the sorts of technologies that we have developed and are developing.

And largely because of the vantage point we have on the industry, we kind of have -- we've got a lot of conviction around that and I think positions us extremely well, not only for our transgenic animals that can create these massive data layers that are relevant -- highly relevant to novel drug discovery, but also for xPloration as well. And I'll kind of turn it over to Amechi, let him talk a little bit more about that.

Amechi Nwachuku

Thank you, Matt. I think you covered it quite well. But to add on to the specifics of xPloration, right, because it's rapid, because it's super easy to use and robust and because it's high throughput, it can potentially fit in so well for AI-enabled discovery workflows. And we absolutely seek to make it available for those folks and to have them leverage these benefits of xPloration for them.

Operator

Your next question comes from the line of Stephen Willey with Stifel.

Joshua Nickerson

This is Josh on for Steve. Congrats on the quarter. So in the instances of this active partner being acquired by a larger partner, what happens to that royalty base that was contracted? I assume it just translates one-to-one, but just looking for any clarity there? And then maybe a quick one for Amechi on xPloration, just what kind of revenue mix you're seeing from consumables, instrument sales, and kind of maybe remind us what your biggest near- and long-term drivers for the business might be?

Matthew Foehr

Yes. Thanks, Josh. So in terms of when smaller partners are acquired by larger partners, which we've seen now a few times in recent years, our licenses are structured so that the economics are linked to the asset itself. So that's what survives. We put a lot of thought into how our licenses are structured. The royalties are also linked to the patents that the partners file on the molecules that are discovered with our tech. But the simple answer is those economics remain for the asset even if it's acquired by a larger partner who has an existing license.

Amechi Nwachuku

And then on the xPloration revenue mix question, we're early in the life cycle of xPloration, of the platform. And so most of our revenue today is coming from instruments placement, that first revenue stream. And over time, potentially, we could see the recurring revenue becoming more important, more a bigger contributor as customers use the platform more regularly and as we expand the applications that are available on the platform.

Joshua Nickerson

And maybe if I could just squeeze in another quick one. I know it's early, like you said, but have you seen any sort of dynamics been playing out within the xPloration platform, whereby your -- like the partner dynamics use this xPloration platform downstream and then that sort of consummates an additional partnership down the line for, I guess, the end product of what the xPloration platform provides you?

Amechi Nwachuku

Yes. So xPloration is very synergistic with the rest of our OmniAb business. Obviously, we have, for the last 1.5 years, roughly, been running in the partner access program. So most of our placements have -- pretty much all of our placements historically have been with partners, and we're now expanding to general availability. And we are finding that feedback loop working really well between the xPloration business and the traditional licensing business. It's very interesting.

One of the common refrains we hear from antibody discovery teams when we first placed the instrument after they've learned the basics is they come back to us and they say, oh, what more could we be doing with this platform? How about we try this? And that's when we find ourselves engaged in that scientist-to-scientist collaboration that's quite fulfilling for their teams, our teams, and exciting to be part of.

Operator

There are no further questions at this time. I will now turn the call back to Matt Foehr, OmniAb's CEO, for closing remarks.

Matthew Foehr

Thanks. I'd like to thank everyone for joining today's call and for your questions and engagement. I also want to thank our team here at OmniAb for their continued hard work around our innovative platforms and our licensing efforts and their focus on our partners and customers. We're at a really exciting time for the business and for the industry, and we look forward to discussing our fourth quarter and full year 2026 financial results in a few months.

In the meantime, we will be at a number of upcoming investor conferences, including the Stifel Healthcare Conference on November 11, the Truist BioPharma Symposium on November 12, and the Craig-Hallum Investor Conference on November 17. All of those are in New York City. And I'll also be at the Jefferies Healthcare Conference in London from November 16 to the 19. So we look forward to seeing many of you while we are out at those events. And that concludes our call today. Thanks again, and have a great morning and a great rest of the day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.