Omeros (OMER) Q1 2025 earnings summary

Executive summary

• Net loss for Q1 2025 was $33.5 million ($0.58 per share), improving from $37.2 million ($0.63 per share) in Q1 2024 and up from $31.4 million ($0.54 per share) in Q4 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 convertible note maturities from ~$118 million to ~$17 million and extended maturities to 2029.

• Strategic focus shifted to prioritize narsoplimab launch for TATMA, with commercial and payer engagement well underway.

• Paused or reduced development in non-core programs, including zaltenibart and OMS1029, to conserve capital.

Financial highlights

• Costs and expenses from continuing operations were $35 million in Q1 2025, down from $39 million year-over-year.

• OMIDRIA royalties for Q1 2025 were $6.7 million on $22.3 million in U.S. 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.

• Interest expense was $3.7 million, down from $8.2 million year-over-year, mainly due to prior debt repurchases.

• Net income from discontinued operations (OMIDRIA) was $4.1 million in Q1 2025, down from $6.7 million in Q1 2024.

• Research and development expenses were $23.8 million, and selling, general, and administrative expenses were $11.1 million for Q1 2025.

Outlook and guidance

• FDA action on narsoplimab BLA for TATMA expected by September 25, 2025; European MAA submission planned for Q2 2025.

• Operating and R&D expenses expected to decrease in Q2 2025 as certain programs are paused.

• 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, with ongoing cost management and strategic transactions.

• Income from discontinued operations anticipated at $6–$7 million in Q2 2025.