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Jun 30, 2023
Omeros Q2 2023 Earnings Report
Omeros reported a net loss for Q2 2023, with OMIDRIA royalties contributing to revenue and progress made in clinical developments.
Key Takeaways
Omeros Corporation reported a net loss of $37.3 million for the second quarter of 2023. OMIDRIA royalties were $10.7 million. The company is advancing its narsoplimab BLA resubmission for TA-TMA and is on track for Phase 3 data readout from the ARTEMIS-IGAN trial.
Net loss was $37.3 million, or $0.59 per share, compared to a net loss of $30.8 million, or $0.49 per share, in the prior year quarter.
OMIDRIA royalties were $10.7 million on Rayner's U.S. net sales of $35.7 million, compared to $17.2 million in the prior year quarter.
Cash burn for the quarter was $30.1 million, which includes a $3.4 million late payment of royalties.
The company had $341.3 million in cash, cash equivalents, and short-term investments as of June 30, 2023.
Forward Guidance
Omeros is targeting a mid-2024 FDA decision regarding approval of narsoplimab and remains on track to read out Phase 3 data later this quarter from its ARTEMIS-IGAN trial.
Positive Outlook
- Targeting mid-2024 FDA decision regarding approval of narsoplimab
- On track to read out Phase 3 data later this quarter from ARTEMIS-IGAN trial
- OMS1029 is in the clinic, looking well-set to be a once-quarterly subcutaneously or intravenously administered therapeutic, and is slated to begin a Phase 2 program next summer.
- OMS906 continues to deliver data consistent with a premier drug targeting the premier enzyme in the alternative pathway
- Cash runway forecasted to fund operations well into 2025
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