Omeros (OMER) Q4 2024 earnings summary

Executive summary

• Net loss for Q4 2024 was $31.4 million ($0.54/share), slightly improved from Q3; full-year net loss was $156.8 million ($2.70/share), up from $117.8 million in 2023.

• Cash and short-term investments at year-end 2024 totaled $90.1 million, down $81.7 million from the prior year.

• BLA for narsoplimab in TA-TMA resubmitted to FDA; PDUFA date set for September 2025; EMA MAA submission expected H1 2025.

• Preparation for market launch of narsoplimab underway, with strong anticipation from transplant centers.

• NIDA committed $4.02 million for OMS527 clinical trial in cocaine use disorder, with data expected by year-end 2025.

Financial highlights

• Q4 2024 OMIDRIA royalties were $10.1 million on $33.6 million U.S. net sales, up from Q3.

• Q4 costs and expenses from continuing operations: $35.7 million, nearly flat sequentially.

• Interest expense for Q4: $3.2 million, down from Q3 due to non-cash remeasurement adjustment.

• Net income from discontinued operations was $5.2 million in Q4 2024, up from $4.9 million in Q3.

• Cash used in operations for Q4 2024 was $29.0 million.

Outlook and guidance

• Operating expenses for Q1 2025 expected to be comparable to Q4 2024.

• FDA PDUFA action date for narsoplimab BLA expected in September 2025; EMA MAA submission planned for H1 2025.

• Phase 3 zaltenibart PNH program on track for data readout late 2025; ex-U.S. partnerships being pursued.

• OMS527 Phase 1b CUD trial data expected by year-end 2025.

• Income from discontinued operations expected in the $7–8 million range for Q1 2025.