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Omeros Corp (OMER) investor relations material

Omeros Corp Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Reported a Q3 2025 net loss of $30.9M ($0.47/share), with adjusted net loss at $22.1M ($0.34/share), and cash/investments of $36.1M as of September 30, 2025.

  • Entered a definitive asset purchase and license agreement with Novo Nordisk for zaltenibart, with $240M upfront and up to $2.1B in milestone and royalty payments, closing expected Q4 2025.

  • Resubmitted BLA for narsoplimab in TA-TMA to FDA; PDUFA date extended to December 26, 2025, with EMA review ongoing and opinion expected mid-2026.

  • Pipeline includes OMS1029 (long-acting MASP-2 antibody), OMS527 (PDE7 inhibitor for cocaine use disorder), and preclinical oncology and T-CAT programs.

  • U.S. commercial team is launch-ready for narsoplimab, with positive pre-approval engagement from stakeholders.

Financial highlights

  • Q3 2025 net loss: $30.9M ($0.47/share); nine-month net loss: $89.8M ($1.47/share), both improved year-over-year.

  • Adjusted net loss for Q3: $22.1M ($0.34/share); cash burn for Q3: $22M.

  • Cash and investments: $36.1M as of September 30, 2025.

  • Raised $20.3M via direct offering and $9M from ATM program in Q3; $15.3M raised YTD via ATM.

  • Operating expenses for Q3: $26.4M, down 25% year-over-year.

Outlook and guidance

  • Expect higher Q4 2025 operating expenses due to narsoplimab launch marketing; R&D expenses to remain steady.

  • Novo Nordisk upfront payment and cash on hand expected to cover debt repayment and fund operations for over 12 months.

  • FDA decision on narsoplimab BLA for TA-TMA expected by December 26, 2025; EMA opinion expected mid-2026.

  • Substantial doubt exists regarding ability to continue as a going concern without closing the Novo Nordisk transaction or raising additional capital.

  • Projected to be cash flow positive in 2027, contingent on Novo deal and narsoplimab approval.

Novo Nordisk deal: near-term milestone expectations?
Narsoplimab: How is exclusive reimbursement secured?
Pipeline programs: Which will be prioritized first?
Novo deal's impact on Omeros' debt profile
YARTEMLEA launch: Formulary approval strategy
Beyond YARTEMLEA, which programs are prioritized?
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Frequently asked questions

Omeros Corp is a biopharmaceutical company focused on developing and commercializing small-molecule and protein therapeutics. The company's research is centered on treatments for inflammation, immune disorders, and central nervous system conditions. Omeros also explores therapies targeting complement-mediated diseases, aiming to address various unmet medical needs. Its pipeline includes both clinical-stage and preclinical programs, with a focus on advancing innovative therapies that modulate key biological pathways involved in immune and inflammatory responses. The company is headquartered in Seattle, Washington, and its shares are listed on the NASDAQ.

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