Omeros (OMER) Q1 2026 earnings summary

Executive summary

• Achieved FDA approval and U.S. launch of YARTEMLEA, the first and only approved treatment for TA-TMA, generating $9.9 million in Q1 2026 net sales from 30 unique accounts, with strong early demand and rapid adoption across transplant centers.

• Closed a major transaction with Novo Nordisk for zaltenibart, securing $240 million upfront and eligibility for up to $2.1 billion in total payments plus royalties, and retaining MASP-3 small molecule rights.

• YARTEMLEA launch focused on education, access, reimbursement, and demonstrating economic value, with execution ahead of plan and CMS J-code assigned effective July 1, 2026.

• Pipeline progress includes MASP-2 inhibitor expansion, OMS527 for addiction, TCAT antimicrobial platform, and ONCOTOX-AML for leukemia, with IND-enabling studies and preclinical work ongoing.

• Repurchased and retired 0.4 million shares for $4.2 million during the quarter.

Financial highlights

• Q1 2026 net revenues were $9.9 million, all from YARTEMLEA, with gross revenues of $11.1 million and 11% gross-to-net adjustments.

• Net income was $56.1 million ($0.78/share), including a $73.1 million non-cash gain from convertible notes; adjusted net loss was $17.1 million ($0.24/share).

• Cash, cash equivalents, and short-term investments totaled $135.3 million at quarter-end after repaying $17.1 million of 2026 Notes; only $70.8 million of 2029 Notes remain outstanding.

• Operating expenses from continuing operations were $27.3 million, down $1.8 million sequentially, mainly due to reduced R&D after the asset sale.

• Research and development expenses decreased to $13.4 million from $23.8 million year-over-year; SG&A expenses increased to $13.4 million from $11.1 million.

Outlook and guidance

• Sufficient liquidity to fund operations for more than 12 months, with additional capital-raising options available if needed.

• Expect YARTEMLEA to drive company-wide positive cash flow within 18 months; no revenue guidance provided due to early launch stage.

• Operating expenses expected to rise slightly in Q2 2026 due to commercial investments and pipeline advancement.

• EMA decision on YARTEMLEA for TA-TMA in Europe expected mid-2026; evaluating ex-U.S. commercialization partnerships.

• Interest expense projected at $7.1 million in Q2; income from discontinued operations expected at $5–6 million.