OmniAb, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||
(in thousands, except per share data) | 2024 | 2023 | |||||||||
| Net loss | $ | (62,033) | $ | (50,619) | |||||||
| Weighted-average shares outstanding, basic and diluted | 102,365 | 99,683 | |||||||||
| Net loss per share, basic and diluted | $ | (0.61) | $ | (0.51) | |||||||
| December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Options to purchase common stock issued and outstanding(1) | 21,993,590 | 20,823,399 | |||||||||
| Earnout shares | 16,292,542 | 16,292,542 | |||||||||
| Avista private placement warrants | 8,233,333 | 8,233,333 | |||||||||
| Avista public warrants | 7,666,667 | 7,666,667 | |||||||||
Restricted stock units issued and outstanding | 1,855,957 | 2,090,145 | |||||||||
| Forward purchase warrants | 1,666,667 | 1,666,667 | |||||||||
| Backstop warrants | 1,445,489 | 1,445,489 | |||||||||
| Shares expected to be purchased under employee stock purchase plan | 687,515 | 1,589,197 | |||||||||
| Total anti-dilutive shares | 59,841,760 | 59,807,439 | |||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.