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| And we believe this approach increases efficiency and probability of success for our partners and positions our business extremely well |
| Before my questions, actually, I think it's pretty encouraging at this point, having modeled both ends of the business from the ligand days to really hear the efficiencies that you have in place now and that you don't really need to add employees that much even as your number of programs grow |
| We do this within a pure-play licensing business that is partnering-focused and that's designed to be efficient, scalable, highly leverageable, and that we believe is now poised for growth to meet what we see as an enduring and global need in the pharmaceutical industry |
| We saw multiple factors driving this expansion, including platform visibility and clinical and commercial validation of our technologies, an expanded business development and marketing presence that's backed by our cutting-edge science, and our new technology launches |
| And so yes, we feel great about the business that we're building and our ability to execute on it |
| Better industry success rates and other factors are driving an acceleration of antibody-based investment by the pharmaceutical industry, and we think we're well-positioned to meet increased demand for cutting-edge, antibody-focused discovery technologies |
| We had some nice visibility for the platform really driven by increased investment in innovation and launching new technologies as well as nice headlines from partners who were progressing nicely through the clinic |
| We also expect that our progress on some of our higher value ion channel programs with global big pharma partners will become more visible to investors and to the research world generally and we're excited about that |
| We're focused on and dedicated to continued innovation and executed extremely well on that in 2023 with two successful new technology launches, including OmniDeep, which is our suite of in silico AI and machine learning technologies and capabilities that are woven throughout our technology stack and that marry extremely well with the biological intelligence of our transgenic animals |
| And we think that really does position our technology quite well, given the level of validation and visibility and momentum that we're building up |
| We have an increasingly efficient internal technology innovation engine that helps frame how we believe will create long-term value for all of our stakeholders |
| So yes, we feel really good about the work that's already going on, the dialogue and the deliverables that are already being provided to partners who were the earliest users that started at the end of last year |
| I want to reiterate that in just over a year after completing our spin-off and becoming an independent company, we've made great strides in our business execution |
| Despite sector-related and macro headwinds last year, our key performance indicators continued to perform extremely well |
| But we are excited about the work that's going on and excited about the progress that we expect to make on those programs this year |
| So we feel great about our mission, great about the momentum we're building up with partners and we're going to stick with that strategy |
| With these leading positive metrics, it's also good to see that we have kept and are building momentum for the growth in active clinical programs that are shown here on slide number nine |
| We see this diversity of new partners as a strength in our business |
| Maintaining our business track record of execution, we've also seen nice growth and advancement of active programs, and I'm now on slide number eight |
| And yes, we're excited about how it positions the business |
| But we're excited about our internal innovation plan |
| OmniAb grew significantly in 2023, making substantial progress across key elements of our business |
| And we've got a pretty exciting investment plan in new technologies that's built into our plan |
| The progress has been really -- how is it going -- yes, the progress has been really, really great |
| We had an impressive list of achievements in our first full year as an independent public company, but our focus remains on pushing the boundaries of technologies to continue to meet the needs of our partners now and in the future |
| And building on this momentum from 2023, we're looking forward to continued growth in the year ahead |
| Here now on slide number five, you can see some of our business metrics, and these graphs in many ways speak for themselves and I think clearly show that 2023 was another year of substantial growth and progress in our business |
| And yes, I think we're all excited about the 2024 and beyond |
| Our active partner programs also grew by 12%, with an increase to 325 from 291 |
| We're really excited about that in terms of where our technology sits, but there's not really a lot of good data that you can point to on exact market share around discovery campaigns |
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| Our license and milestone revenue was lower versus the prior year |
| Service revenue was down compared to the previous year, primarily due to the completion of work on certain ion channel programs |
| Service revenue was lower primarily due to the completion of work on certain ion channel programs and royalty revenue was about the same as it was last year |
| The net loss for the fourth quarter was $14.1 million or $0.14 per share versus a net income of $6.8 million or $0.07 per share in the prior year period |
| And implicit in your question and as you said, we're coming off a period in 2022 and 2023, when the biotech funding generally was down substantially, right? Smaller companies, especially were having a hard time raising money big pharmas as well established |
| I apologize for that |
| This makes certain comparisons difficult, primarily for operating expenses, given the differences in corporate structure and the methodologies for reporting |
| Our G&A expense was down due to the transaction costs associated with the spin-off that were recorded in Q4 of 2022 |
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