Omeros(US:OMER)2024-11-13 21:06Financial Performance - Net loss for Q3 2024 was $32.2 million, or $0.56 per share, compared to a net loss of $37.8 million, or $0.60 per share in Q3 2023[1] - Net loss from continuing operations for Q3 2024 was $37,113,000, compared to a loss of $51,656,000 in Q3 2023, reflecting a 28% improvement[31] - The company reported a net loss of $32,232,000 for Q3 2024, which is a 15% decrease from the net loss of $37,750,000 in Q3 2023[31] Cash and Investments - Cash and short-term investments available for operations and debt servicing were $123.2 million, a decrease of $48.7 million from December 31, 2023[2] - Cash and cash equivalents decreased to $1,521,000 as of September 30, 2024, down from $7,105,000 at the end of 2023[33] - Total current assets were $164,921,000 as of September 30, 2024, a decline from $217,898,000 at the end of 2023[33] - Total assets decreased to $313,335,000 as of September 30, 2024, compared to $378,269,000 at the end of 2023[33] - The accumulated deficit increased to $(878,987,000) as of September 30, 2024, from $(753,530,000) at the end of 2023[33] Operating Expenses - Total operating expenses for Q3 2024 were $35.4 million, down from $48.2 million in Q3 2023, primarily due to reduced clinical expenditures[22] - Research and development expenses for Q3 2024 were $24,084,000, a decrease of 24% from $31,731,000 in Q3 2023[31] - Selling, general and administrative expenses for Q3 2024 were $11,323,000, down 31% from $16,422,000 in Q3 2023[31] - Total costs and expenses for Q3 2024 were $35,407,000, a reduction of 26% compared to $48,153,000 in Q3 2023[31] - Interest expense decreased to $4.1 million in Q3 2024 from $7.9 million in the prior year quarter due to retiring convertible notes[23] Product Development and Regulatory Updates - Narsoplimab BLA resubmission is anticipated following a productive FDA presubmission meeting, with plans to conduct primary and secondary efficacy analyses[3] - European MAA for narsoplimab is expected to be submitted in the first half of 2025[4] - Zalatenibart is advancing to Phase 3 enrollment in PNH, expected in early 2025, following successful meetings with FDA and European regulators[5] - OMS1029 has completed Phase 1 studies and is being evaluated for Phase 2 clinical development in large-market indications[12] - OMS527, targeting cocaine use disorder, is set to initiate a randomized clinical study next year, funded by a $6.69 million NIDA grant[17] - The company is advancing its lead MASP-2 inhibitor narsoplimab, with a biologics license application pending before the FDA[29] Revenue from Products - OMIDRIA royalties earned were $9.3 million on U.S. net sales of $31.0 million, compared to $10.0 million on U.S. net sales of $33.3 million in Q3 2023[21]