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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

The Company recognized share-based compensation expense by function as follows:

												Three Months Ended March 31,
(in thousands)																		2024						2023
Research and development																		$	2,904					$	3,278
General and administrative																		2,791						2,777
Total share-based compensation expense																		$	5,695					$	6,055

The Company recognized share-based compensation expense by award type as follows:

												Three Months Ended March 31,
(in thousands)																		2024						2023
Stock options																		$	3,827					$	3,569
Restricted stock units																		1,563						1,926
Employee share purchase plan																		152						409
Performance restricted stock units																		153						151
Total share-based compensation expense																		$	5,695					$	6,055

Schedule of Assumptions Used to Estimate Fair Value of Employee Stock Options

The fair value of each option issued to employees was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:

									Three Months Ended March 31,
															2024						2023
Risk-free interest rate															4.3		%				3.7		%
Expected volatility															54.1		%				49.9		%
Expected term (years)															6.0						6.2
Dividend yield															—		%				—		%

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity awarded to OmniAb employees and directors under the Company’s equity award plans:

			Shares						Weighted-Average Exercise Price per Share						Weighted-Average Remaining Contractual Life (in years)						Aggregate Intrinsic Value (in thousands)(1)
Outstanding at January 1, 2024			14,795,859						$	6.50
Granted			2,823,625						$	5.65
Exercised			(269,671)						$	3.72
Cancelled/Expired			(143,997)						$	8.20
Outstanding at March 31, 2024			17,205,816						$	6.39					8.5						$	15,346
Exercisable at March 31, 2024			5,483,912						$	8.43					7.6						$	4,003

_____________

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for in the money options at March 31, 2024.

Summary of RSU and PRSU Activity

The following table summarizes RSU activity during the three months ended March 31, 2024 under the Company’s equity awards plans:

			Shares						Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2024			1,878,381						$	5.61
Granted			752,064						$	5.64
Vested			(296,489)						$	10.42
Forfeited			(9,543)						$	5.53
Unvested balance at March 31, 2024			2,324,413						$	5.00

Summary of RSU and PRSU Activity

The following table summarizes the PRSU activity during the three months ended March 31, 2024, under the Company’s equity awards plans:

			Shares						Weighted-Average Grant Date Fair Value
Unvested balance at January 1, 2024			94,749						$	16.11
Granted			—						$	—
Vested			—						$	—
Forfeited			—						$	—
Unvested balance at March 31, 2024			94,749						$	16.11

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