Omeros (OMER) Q1 2026 earnings summary

Executive summary

• Achieved FDA approval and U.S. launch of YARTEMLEA for TA-TMA in January 2026, with $11.1 million in gross sales and $9.9 million in net sales for Q1 2026, and 30 unique accounts ordering by quarter-end.

• Novo Nordisk transaction for zaltenibart closed, providing $240 million upfront, with up to $100 million in near-term milestones and total deal value up to $2.1 billion plus royalties.

• Strong early demand and rapid adoption of YARTEMLEA across adult and pediatric patients, with positive clinician feedback and expectation to become standard of care.

• Significant pipeline progress, including MASP-2 inhibitors, PDE7 inhibitor for addiction, TCAT anti-infective platform, and OncotoX-AML for leukemia.

• T-CAT platform data featured at a major scientific congress and accepted for publication.

Financial highlights

• Q1 2026 net income was $56.1 million ($0.78/share), driven by a $73.1 million non-cash mark-to-market gain on convertible notes.

• Excluding non-cash items, adjusted net loss was $17.1 million ($0.24/share).

• YARTEMLEA gross revenues were $11.1 million, net revenues $9.9 million, with 11% gross-to-net adjustments.

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

• Research and development expenses decreased to $13.4 million from $23.8 million year-over-year, while 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.

• Expect higher R&D and SG&A expenses in Q2 2026 due to increased investment in YARTEMLEA, pipeline programs, and commercial activities.

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

• NTAP for YARTEMLEA anticipated to be effective October 1, 2026, pending final CMS rule.

• In-patient clinical trial for OMS527 in cocaine use disorder targeted to begin by year-end 2026.