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Mar 31, 2023
Omeros Q1 2023 Earnings Report
Omeros reported financial results for Q1 2023, with a net loss of $33.7 million and OMIDRIA royalties of $9.2 million.
Key Takeaways
Omeros Corporation reported a net loss of $33.7 million for the first quarter of 2023, or $0.54 per share. The company earned OMIDRIA royalties of $9.2 million on Rayner's U.S. net sales of $30.7 million. Omeros received a $200 million milestone payment from Rayner in connection with the Asset Purchase Agreement.
Net loss was $33.7 million, or $0.54 per share, compared to a net loss of $33.0 million, or $0.53 per share, in Q1 2022.
OMIDRIA royalties were $9.2 million on Rayner’s U.S. net sales of $30.7 million, compared to $13.8 million in the prior year.
A $200 million milestone payment was received from Rayner in February 2023.
Cash, cash equivalents, and short-term investments totaled $371.4 million as of March 31, 2023.
Forward Guidance
Omeros is focused on resubmitting the BLA for narsoplimab in TA-TMA and advancing its clinical programs, with a cash runway extended into 2025.
Positive Outlook
- Meeting with FDA to discuss the analysis plan for narsoplimab BLA resubmission.
- Phase 3 IgA nephropathy trial remains on track for data read-out next quarter.
- Long-acting MASP-2 inhibitor is set to begin enrolling its multiple-ascending-dose clinical trial this summer in the U.S.
- Enrollment is marching ahead in OMS906 clinical program, with impressive results in treatment-naïve PNH patients.
- Collaboration with NIDA and $6.69 million award to assess PDE7 inhibitor OMS527 in patients with cocaine use disorder.
Challenges Ahead
- Uncertainty regarding FDA approval of narsoplimab in TA-TMA.
- Risks associated with clinical trials and data availability.
- Challenges associated with manufacturing and supply of investigational products.
Historical Earnings Impact
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