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Here are 1-3 brief analogies for Omeros (OMER):

• A specialized biotech developing new drugs for severe inflammatory and rare diseases, similar to an early-stage Vertex Pharmaceuticals (known for its success in specialized disease areas).

• A biopharmaceutical company focused on innovative drug discovery for complex medical conditions, akin to a developing Regeneron Pharmaceuticals (known for its strong R&D platform).

• A biopharma company targeting complement-mediated diseases and inflammation, much like an earlier-stage Alexion Pharmaceuticals (known for its complement inhibitor drugs).

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• OMIDRIA: An ophthalmic solution used during cataract surgery to maintain pupil dilation and reduce post-operative pain.
• Narsoplimab: A monoclonal antibody approved in Europe for hematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA) and in development for other complement-mediated diseases.

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Major Customers of Omeros (OMER)

• AmerisourceBergen (NYSE: ABC)
• Cardinal Health (NYSE: CAH)
• McKesson (NYSE: MCK)

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Gregory A. Demopulos, MD Chairman and Chief Executive Officer

Founded Omeros in June 1994 and has served as President, Chief Executive Officer, and Chairman of the Board of Directors since then. Prior to founding Omeros, Dr. Demopulos completed his residency in orthopedic surgery at Stanford University and his fellowship training in hand and microvascular surgery at Duke University. He is an inventor on 56 issued U.S. patents and over 1000 issued and allowed foreign patents. Dr. Demopulos previously served as Chief Financial Officer and Treasurer in an interim capacity from January 2009 to October 2013, and as Chief Medical Officer from June 1994 to March 2010 at Omeros. He also serves as a Director at Onconome, Inc., a company focused on developing and commercializing innovative biomarkers, and Tessera, Inc., which provides packaging solutions for the semiconductor industry. He also serves on the board of trustees of the Smead Funds Trust.

David J. Borges Chief Accounting Officer and Treasurer, Vice President - Finance

Joined Omeros in June 2020 and has served as Vice President, Finance, Chief Accounting Officer, and Treasurer since June 2024. Before Omeros, Mr. Borges served as vice president, finance and administration, at Bulletproof 360, Inc., a health and wellness company, from October 2014 until October 2019. From May 2009 to June 2014, he was chief financial officer and vice president of Advanced Refreshment LLC. Earlier, from July 2001 to May 2009, he was finance and business integration director at Merck & Co., Inc. following its acquisition of Rosetta Inpharmatics, where Mr. Borges had served as director of finance & administration/controller since 1998. He is a certified public accountant.

Andreas Grauer, MD Chief Medical Officer

Joined Omeros as Chief Medical Officer in October 2023. Prior to Omeros, Dr. Grauer served as chief medical officer at Federation Bio from October 2021 and as chief medical officer at Corcept Therapeutics from March 2019 to August 2021.

Nadia Dac Chief Commercial Officer

Has served as Chief Commercial Officer since January 2021. Before joining Omeros, Ms. Dac was chief commercial officer at Alder Pharmaceuticals, Inc. (acquired in 2019 by Lundbeck) from April 2019 to June 2020, and vice president of global specialty commercial development at AbbVie, Inc. from December 2014 to March 2019. She also served as vice president of marketing at Auxilium Pharmaceuticals, Inc.

David W. Ghesquiere Chief Business Development Officer

Joined Omeros as Chief Business Development Officer in August 2024. Previously, Mr. Ghesquiere served as managing director of Adrenaline Venture & Advisory LLC, an international advisory firm he founded in 2012. From November 2013 to December 2023, he held the position of senior vice president, corporate & business development at NanoString Technologies (acquired by Bruker).

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The key risks to Omeros (symbol: OMER) include the following:

1. Regulatory Approval Risk for Narsoplimab: Omeros's lead clinical asset, narsoplimab, faces significant regulatory risk. The drug previously received a Complete Response Letter (CRL) from the FDA in 2021 for transplant-associated thrombotic microangiopathy (TA-TMA). While Omeros resubmitted its Biologics License Application (BLA) in March 2025 with a PDUFA date of December 26, 2025, the approval is not assured. The success of narsoplimab is crucial for the company's near-term revenue and overall viability.
2. Financial Health and Liquidity: Omeros has historically been cash-strapped, characterized by high debt levels and negative equity. The company has undertaken measures such as a significant out-licensing deal with Novo Nordisk for zaltenibart and convertible note refinancing to extend its cash runway. Despite these efforts, Omeros continues to incur substantial research and development expenses and has a history of financial losses, making its long-term financial stability and ability to secure adequate funding an ongoing concern.
3. Clinical Development and Regulatory Risks for Pipeline Assets: Beyond narsoplimab, the success of Omeros's other drug candidates in its pipeline is vital for its sustained growth. The MASP-3 inhibitor zaltenibart, now licensed to Novo Nordisk, still carries the inherent risk that its Phase 3 clinical trials may not meet primary endpoints. The company's reliance on a limited number of drug candidates means that failures in clinical trials or delays in regulatory approvals for any of these assets could significantly impact its future prospects.

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The inability of Omeros to secure regulatory approval for narsoplimab (OMS721), particularly after the Complete Response Letter (CRL) from the FDA in December 2023, constitutes a clear emerging threat. This is because narsoplimab was their most advanced and critical pipeline asset following the sale of OMIDRIA. The requirement for an additional clinical trial significantly delays potential market entry, increases development costs, and jeopardizes its competitive position against established therapies for conditions like atypical hemolytic uremic syndrome (aHUS). This situation directly threatens the company's future revenue generation and overall viability.

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Omeros Corporation (OMER) is developing and commercializing several products and product candidates for which addressable market sizes have been identified:

• Narsoplimab (MASP-2 inhibitor) for Hematopoietic Stem Cell Transplant-Associated Thrombotic Microangiopathy (TA-TMA): Analysts estimate peak annual sales of $300–500 million. Approximately 30,000 allogeneic stem cell transplants are performed annually in the U.S. and Europe, with TA-TMA occurring in an estimated 40% of these cases.

• Zaltenibart (MASP-3 inhibitor) for Paroxysmal Nocturnal Hemoglobinuria (PNH): Omeros estimates the global market for PNH is $3.8 billion and could reach $11.7 billion by 2034. Another estimate projects the global PNH treatment market to reach $9.96 billion by 2030. Omeros has entered into an agreement with Novo Nordisk for the global rights to zaltenibart.

• OMIDRIA (phenylephrine and ketorolac intraocular solution): Omeros sold its OMIDRIA franchise to Rayner Surgical in a transaction valued at over $1 billion. Omeros continues to receive royalties on both U.S. and ex-U.S. net sales of OMIDRIA. Given the sale, Omeros’s direct addressable market for OMIDRIA is primarily its royalty stream, and not the overall market for the product.

• OMS1029 (long-acting MASP-2 inhibitor): null

• OMS527 (phosphodiesterase 7 inhibitor): null

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Expected Drivers of Future Revenue Growth for Omeros (OMER) over the Next 2-3 Years:

1. Commercial Launch and Expansion of Narsoplimab for TA-TMA: The primary driver of future revenue growth for Omeros is the anticipated approval and subsequent commercialization of narsoplimab for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA). The U.S. Food and Drug Administration (FDA) has extended its target action date for the Biologics License Application (BLA) decision to December 26, 2025. Analysts project a significant commercial opportunity, with some estimating annual sales for narsoplimab could reach between $500 million and $1 billion upon approval. The company is actively preparing for a successful launch, focusing on top-tier transplant centers. Additionally, the European Medicines Agency (EMA) has validated the Marketing Authorization Application (MAA), with an opinion expected in mid-2026, which could open up the European market.
2. Advancement and Potential Commercialization of Zaltenibart (OMS906): Omeros's MASP-3 inhibitor, zaltenibart (OMS906), is another key pipeline asset with revenue growth potential. Positive efficacy has been observed in Phase 2 studies for paroxysmal nocturnal hemoglobinuria (PNH), and the company plans to engage with the FDA and European regulators for further development. Omeros has also held successful discussions with the German Federal Joint Committee (G-BA) regarding zaltenibart, which could help secure attractive pricing in Germany, indicating a strategic approach to future commercialization.
3. Strategic Asset Monetization and Partnership Transactions: Management has indicated that potential asset monetization or partnership transactions could materially influence the company's financial trajectory in late 2025 and 2026. These strategic collaborations could provide non-dilutive capital and accelerate the development and commercialization of Omeros's pipeline assets, contributing to future revenue streams.
4. Ex-U.S. OMIDRIA Royalties and Future Milestones: While Omeros has largely sold its U.S. royalty rights for OMIDRIA, it retains all royalties on ex-U.S. sales. Furthermore, the company has the potential to receive two future milestone payments, each up to $27.5 million, contingent on U.S. OMIDRIA revenues. These ongoing royalties and potential milestones, although not a primary growth driver, will continue to contribute to Omeros's revenue over the next 2-3 years.

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Share Issuance

• In August 2020, Omeros conducted concurrent underwritten public offerings, raising approximately $100.05 million in gross proceeds from common stock and $210 million aggregate principal amount from 5.25% convertible senior notes due 2026.
• In May 2025, the company entered into exchange agreements to convert $70.8 million of its 5.25% Convertible Senior Notes due 2026 for newly issued 9.50% Convertible Senior Notes due 2029, and separately converted $10 million of the 2026 Convertible Notes into common stock.
• In July 2025, Omeros completed a registered direct offering of common stock, generating approximately $22 million in gross proceeds from Polar Asset Management Partners.

Inbound Investments

• In July 2025, Polar Asset Management Partners made an investment of approximately $22 million by purchasing common stock through a registered direct offering.
• In October 2025, Omeros entered into an asset purchase and license agreement with Novo Nordisk for its clinical-stage MASP-3 inhibitor zaltenibart, which includes $340 million in upfront and near-term milestone payments, with potential payments totaling up to $2.1 billion.

Capital Expenditures

• For the second quarter of 2025, research expenses were reported at $22 million, indicating a significant investment in innovation.