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Mar 31, 2020
Omeros Q1 2020 Earnings Report
Omeros' first quarter results for 2020 were announced, showing a decrease in revenue compared to the previous quarter due to COVID-19 related postponements, but an increase compared to the same period in 2019.
Key Takeaways
Omeros Corporation reported a revenue of $23.5 million for Q1 2020, which is an increase compared to Q1 2019 but a decrease compared to Q4 2019, impacted by COVID-19. The net loss was $29.0 million, or $0.53 per share. The company's cash, cash equivalents, and short-term investments were $54.0 million as of March 31, 2020.
Revenues for Q1 2020 were $23.5 million, compared to $21.8 million in Q1 2019, but decreased from $33.4 million in Q4 2019 due to COVID-19 impact.
Net loss for Q1 2020 was $29.0 million, or $0.53 per share, including non-cash expenses of $6.4 million, or $0.12 per share.
Cash, cash equivalents, and short-term investments totaled $54.0 million as of March 31, 2020, a decrease of $6.8 million from December 31, 2019.
The second part of the rolling BLA for narsoplimab for the treatment of HSCT-TMA was submitted on schedule.
Forward Guidance
Omeros is focused on the resumption of OMIDRIA purchases and the completion of the narsoplimab BLA. They are also targeting the start of the OMS906 clinical program and data readout from the ARTEMIS-IGAN trial.
Positive Outlook
- Rapid resumption of OMIDRIA purchases by ASCs and hospitals as they reopen.
- Targeting next quarter for completion of narsoplimab BLA.
- Ongoing and upcoming clinical programs have weathered COVID-19 well.
- Targeting the start of OMS906 clinical program next month.
- Data readout from ARTEMIS-IGAN trial targeted for next year.
Challenges Ahead
- Decrease in revenue from the fourth quarter of 2019 reflects the COVID-19-related postponement of cataract procedures.
- Sales of OMIDRIA to wholesalers were minimal in March due to COVID-19.
- New patient enrollment has slowed at some sites for ongoing Phase 3 programs for narsoplimab in IgA nephropathy and aHUS due to COVID-19.
Historical Earnings Impact
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