Omeros(OMER) - 2025 Q4 - Annual Results

Financial Performance - For Q4 2025, Omeros reported a net income of $86.5 million, or $1.22 per share, compared to a net loss of $31.4 million, or $0.54 per share, in Q4 2024[3]. - Non-GAAP adjusted net income for Q4 2025 was $222.5 million, or $3.14 per share, while for the full year, it was $133.4 million, or $2.10 per share[12]. - Total revenue for the twelve months ended December 31, 2025, was $86,451,000, compared to a net loss of $3,350,000 for the same period in 2024[27]. - Basic net income per share for the three months ended December 31, 2025, was $1.22, compared to a loss of $0.54 in the same period of 2024[27]. - Non-GAAP adjusted net income for the three months ended December 31, 2025, was $222,489,000, significantly higher than the adjusted net income of $133,367,000 for the same period in 2024[34]. Cash and Investments - As of December 31, 2025, Omeros had $171.8 million in cash and short-term investments and reduced its total debt by 46.7% to $87.9 million[10]. - Cash and cash equivalents increased to $9,660,000 as of December 31, 2025, from $3,400,000 in 2024, representing a growth of 184%[29]. - Total assets rose to $325,632,000 as of December 31, 2025, compared to $277,079,000 in 2024, indicating a 17.5% increase[29]. - Total liabilities decreased to $446,863,000 as of December 31, 2025, from $475,000,000 in 2024, reflecting a reduction of approximately 6%[29]. Research and Development - The company received a $6.24 million grant from NIDA to develop OMS527 for cocaine use disorder, with preclinical studies showing no safety issues[13]. - Research and development expenses for the three months ended December 31, 2025, were $19,446,000, a decrease of 16% from $23,320,000 in the previous year[27]. Product Development and Approvals - The FDA approved YARTEMLEA® for treating TA-TMA, marking it as the first approved therapy for this condition, with commercial distribution starting in January 2026[6][7]. - The company expects to commercialize YARTEMLEA in the U.S. and EU following EMA approval, with plans for marketing authorization applications in Europe[22]. Transactions and Milestones - The company recognized a net gain of $237.6 million from the zaltenibart transaction with Novo Nordisk, which included an upfront cash payment of $240.0 million[3][9]. - Omeros is eligible for up to $1.3 billion in milestone payments from Novo Nordisk based on sales and commercial milestones related to zaltenibart[4]. - The company reported a gain on the sale of zaltenibart amounting to $237,594,000 for the twelve months ended December 31, 2025[27]. Operating Expenses - Total operating expenses for 2025 were $122.8 million, down from $167.0 million in 2024, primarily due to reduced manufacturing costs[15]. - Interest expense decreased by $25.6 million in 2025, mainly due to changes in non-cash remeasurement costs related to the OMIDRIA royalty obligation[16]. Revenue from Royalties - Omeros earned $9.2 million in OMIDRIA royalties from U.S. net sales of $30.7 million in Q4 2025, compared to $10.1 million from $33.6 million in Q4 2024[14].