Omeros (OMER) Q1 2025 earnings summary

Executive summary

• Net loss for Q1 2025 was $33.5 million ($0.58/share), improving from $37.2 million ($0.63/share) in Q1 2024.

• Cash and investments totaled $52.5 million as of March 31, 2025, down from $90.1 million at year-end 2024.

• Major debt restructuring reduced near-term repayment obligations by over $100 million and extended maturities to 2029.

• Strategic focus shifted to prioritize narsoplimab launch and core clinical programs, pausing or reducing other R&D activities.

• FDA accepted the resubmitted BLA for narsoplimab in TA-TMA, with a PDUFA date set for September 25, 2025; European MAA submission planned for Q2 2025.

Financial highlights

• Q1 2025 net loss: $33.5 million; Q4 2024 net loss: $31.4 million; Q1 2024 net loss: $37.2 million.

• Cash used in operations for Q1 2025 was $35.8 million, down from $41.8 million in Q1 2024.

• Operating expenses from continuing operations: $35 million, down $691,000 sequentially and from $39 million year-over-year.

• OMIDRIA royalties for Q1 2025: $6.7 million on $22.3 million net sales, down from $10.1 million on $33.6 million in Q4 2024 and $9.4 million on $31.2 million in Q1 2024.

• Net income from discontinued operations (OMIDRIA): $4.1 million, down from $6.7 million in Q1 2024.

Outlook and guidance

• FDA decision on narsoplimab in TA-TMA expected by September 25, 2025; European MAA submission planned for Q2 2025.

• Operating and R&D expenses expected to decrease in Q2 2025 as clinical development is paused for some programs.

• OMS527 Phase 1b trial in cocaine use disorder to begin enrollment in 2025, with data anticipated late 2025 or early 2026.

• The company will need to raise additional capital to fund operations and meet obligations.

• Income from discontinued operations expected in the $6–$7 million range for Q2 2025.