Omeros Corporation Announces Q1 2024 Financial Results

Omeros Corporation, a biopharmaceutical company based in Seattle and listed on Nasdaq under the symbol OMER, announced financial results and key developments for the first quarter ending March 31, 2024. Omeros focuses on developing therapeutics for immunologic disorders, including complement-mediated diseases, cancers, and addictive and compulsive disorders.

For the first quarter of 2024, Omeros reported a net loss of $37.2 million, or $0.63 per share, an increase from the net loss of $33.7 million, or $0.54 per share, in the same period in 2023. The net loss from continuing operations stood at $43.9 million, compared to $39.7 million in the first quarter of 2023.

In February 2024, Omeros revised its OMIDRIA royalty purchase agreement with DRI Healthcare Acquisitions LP. The amended agreement provided Omeros with $115.5 million in cash in exchange for expanded royalty interests. DRI is now entitled to all U.S. OMIDRIA royalties through December 31, 2031, while Omeros retains rights to ex-U.S. royalties and all royalties after January 1, 2032. The company could also receive up to $55 million in future milestone payments based on U.S. OMIDRIA revenues.

As of March 31, 2024, Omeros had $230.3 million in cash and short-term investments, up $58.5 million from the end of 2023. This included $11.9 million spent to repurchase 3.2 million shares of its common stock.

Omeros is progressing with its biologics license application (BLA) for narsoplimab in the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA). The company submitted an analysis plan in the fall of 2023 and continues to engage with the FDA on the resubmission.

The company's clinical programs for OMS906, a MASP-3 inhibitor antibody, are advancing. Two Phase 2 trials for treating paroxysmal nocturnal hemoglobinuria (PNH) are fully enrolled. Patients completing these trials can transition to an extension study to assess long-term safety. Omeros plans to start Phase 3 trials for OMS906 in PNH later in 2024. Enrollment has also begun for a Phase 2 trial in complement 3 glomerulopathy (C3G), with a Phase 3 program scheduled to start in early 2025.

Gregory A. Demopulos, M.D., Chairman and CEO, stated that the company’s progress in Q1 positions it well for continued success in 2024. The sale of OMIDRIA royalties has extended the company's cash runway into 2026. OMS906 completed enrollment for two Phase 2 trials and started enrollment for a Phase 2 trial in C3G, with Phase 3 trials planned for later in the year. OMS1029, another MASP-2 inhibitor, has shown promise and is set to begin a Phase 2 program. The PDE7 inhibitor program OMS527, funded by NIDA, is progressing on schedule.

Recent developments for narsoplimab include ongoing FDA discussions about the analysis plan submitted in 2023. Requests for narsoplimab under the expanded access program continue, and a manuscript detailing its effects on 20 patients is set to be published in Bone Marrow Transplantation. For OMS1029, data from a Phase 1 study will be available later in the quarter. Potential Phase 2 indications for OMS1029 include neovascular age-related macular degeneration.

OMS906 interim results from a Phase 2 trial in PNH will be presented at the European Hematology Association Congress in June 2024. The trial showed significant improvements in hemoglobin levels when OMS906 was combined with ravulizumab. The company is preparing for a Phase 3 trial and exploring dosing frequencies for intravenous administration of OMS906.

The PDE7 inhibitor OMS527 is being developed for cocaine use disorder with NIDA funding. A study on the drug’s interaction with cocaine is expected to be completed by the end of 2024. The potential of PDE7 inhibitors for treating levodopa-induced dyskinesias in Parkinson's patients is also under exploration.

In February 2024, Omeros received $115.5 million by amending its royalty agreement with DRI. This increased its cash and investments to $230.3 million by March 31, 2024. The company earned $9.4 million in OMIDRIA royalties in Q1 2024, slightly up from $9.2 million in Q1 2023. Total operating expenses rose to $39.0 million, primarily due to increased R&D costs.

Interest expense increased to $8.2 million in Q1 2024, while interest and other income were $3.4 million. Net income from discontinued operations was $6.7 million, up from $6.0 million in the prior year.