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Mar 31, 2024
Omeros Q1 2024 Earnings Report
Omeros reported a net loss for Q1 2024 and highlighted progress in clinical programs and financial achievements.
Key Takeaways
Omeros Corporation reported a net loss of $37.2 million for the first quarter of 2024. The company received $115.5 million in cash from an amended royalty agreement with DRI Healthcare Acquisitions LP. They are advancing clinical programs for OMS906 and OMS527, and working towards resubmission of the BLA for narsoplimab.
Net loss for the first quarter of 2024 was $37.2 million, or $0.63 per share.
Received $115.5 million from DRI Healthcare after amending the OMIDRIA royalty purchase agreement.
Cash and short-term investments totaled $230.3 million as of March 31, 2024.
Continued engagement with the FDA regarding the analysis plan for resubmission of the BLA for narsoplimab in TA-TMA.
Revenue by Segment
Forward Guidance
Omeros is focused on advancing its clinical programs, particularly OMS906 in PNH and C3G, and resubmitting the BLA for narsoplimab in TA-TMA. They are also progressing OMS1029 and OMS527.
Positive Outlook
- Cash runway extended into 2026 through the sale of a portion of OMIDRIA royalties.
- Phase 2 program for OMS906 in PNH is fully enrolled and Phase 3 program is on track for late 2024 initiation.
- Phase 2 clinical trial in C3G has begun enrollment with a Phase 3 program targeted for early 2025.
- OMS1029 is ready to begin a Phase 2 program later in the year.
- PDE7 inhibitor program OMS527 is advancing on schedule, fully funded by NIDA.
Challenges Ahead
- Uncertainty regarding the timing of the resubmission of the BLA for narsoplimab and FDA's decision.
- Dependence on ongoing discussions with the FDA regarding the analysis plan for narsoplimab.
- Challenges associated with manufacture or supply of investigational or clinical products.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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