OmniAb, Inc. (OABI) presents a deeply negative liquidation recovery posture driven overwhelmingly by the composition of its asset base. As of March 31, 2026, total assets are $293.7M against total liabilities of $31.0M, yielding book equity of $262.6M. Under liquidation haircuts, however, the recoverable asset pool collapses materially. The two largest asset categories — goodwill ($84.0M, 0% recovery) and intangible assets net ($119.1M, 0% recovery) — together constitute approximately $203.1M or 69% of total assets and yield zero in liquidation. These are SPAC-era acquisition artifacts that carry no orderly liquidation value. The remaining identifiable tangible assets are modest: cash and equivalents $29.0M (100% recovery), short-term investments $20.0M (100% recovery), accounts receivable $12.6M (90-95% recovery at roughly $11.9-12.0M), inventory $0.9M (60% recovery at $0.6M), PP&E net $9.0M (50-70% recovery at $4.5-6.3M), and operating ROU asset $15.0M (0% recovery as a going-concern construct). Liquid asset recovery totals approximately $64-67M against total liabilities at face value of $31.0M plus operating lease obligations of $19.7M (present value per ASC 842, but undiscounted lease commitments of $22.4M persist on winddown). Net tangible recovery to equity is approximately $13-16M before accounting for any wind-down costs, severance, or lease termination penalties — consistent with MFFAIS OLV of $13.3M and LLV of $12.4M. The CLV of negative $250K reflects the near-zero cash position after deducting current liabilities. QoQ change from December 31, 2025 is directionally negative: the $2.9M impairment of the customer relationship intangible asset (legacy small molecule ion channel programs discontinued) confirms the intangible stack is eroding faster than amortization schedule, and the company remains cash-consumptive at $4.9M operating cash outflow in Q1 2026. Liquidity runway is stated as at least 12 months on $49.1M combined cash/investments. Filing discusses a full valuation allowance against deferred tax assets in MD&A but the deferred tax liability of $1.2M is tagged in XBRL — that liability faces value at par in liquidation while the DTA is worthless. The contingent consideration liability ($1.0M) related to prior acquisitions also survives at face value. No long-term debt exists, which is the primary mitigant preventing a more severe negative recovery.
▼ Community Notes