Omeros Stock Earnings Reports

Omeros reported a strong early commercial launch of YARTEMLEA (narsoplimab), the first and only approved MASP-2 inhibitor and the first approved inhibitor of the lectin pathway, with mid-January launch shipments and initial sales in Q1 2026. Q1 gross revenues from YARTEMLEA were $11.1M and net revenues $9.9M; the company says YARTEMLEA became cash-flow positive in Q1 despite the mid-month launch and expects the product to drive company-wide positive cash flow within 18 months. Omeros closed a lucrative transaction with Novo Nordisk for zaltenibart, receiving $240M upfront and potential near-term milestones of $100M (deal up to $2.1B plus royalties), bolstering the balance sheet. GAAP net income was $56.1M ($0.78/sh) in Q1, which included a $73.1M noncash mark-to-market gain on an embedded derivative tied to the 2029 convertible notes; on a non-GAAP basis (excluding such noncash remeasurements) adjusted net loss was $17.1M ($0.24/sh). Cash and investments were $135.3M at March 31, 2026, after retiring 2026 notes; remaining debt is $70.8M of 2029 convertible notes due 2029. The company repurchased ~360k shares for $4.2M in Q1 and may continue opportunistic buybacks. Commercial execution highlights: dedicated field force detailing 175 transplant centers, 30 unique accounts ordered by March 31, faster-than-expected P&T (formulary) approvals at many top centers, all submitted commercial prior authorizations approved so far, CMS J-code assigned effective July 1 and proposed NTAP support (final expected August, effective Oct/Nov), and favorable early HEOR work. Regulatory/commercial expansion: MAA for YARTEMLEA under review at EMA (decision expected midyear); evaluating ex-U.S. partnerships. Pipeline: progressing MASP-2 platform (long-acting antibody OMS1029 Phase II-ready; oral MASP-2 small molecule entering IND-enabling studies), MASP-3 (zaltenibart now with Novo Nordisk), PDE7 inhibitor OMS527 (NIDA-funded, aiming for inpatient human study by year-end), novel T-CAT anti-infective platform (publication in Science Translational Medicine), and OncotoX-AML advancing toward IND-enabling work with first-in-human planned late 2027. Guidance/near-term: Q2 operating expenses expected slightly higher (building commercial infrastructure); no product revenue guidance provided yet while launch metrics mature. Management emphasizes continued commercial momentum, multiple near-term catalysts, and focus on expanding label and indications for the lectin pathway franchise.