Omeros Q3 2020 Earnings Report
Key Takeaways
Omeros Corporation reported a net loss of $38.5 million for Q3 2020, with revenues of $26.1 million. The revenue decrease compared to Q3 2019 was due to an $8.7 million deduction as a reserve for product returns related to the expiration of pass-through reimbursement on October 1, 2020. The company had $153.5 million in cash, cash equivalents and short-term investments available for operations as of September 30, 2020.
Q3 2020 revenues were $26.1 million, including an $8.7 million deduction for a return reserve related to OMIDRIA's pass-through reimbursement expiration.
Net loss for Q3 2020 was $38.5 million, or $0.66 per share, which included $13.6 million in non-cash expenses.
On a non-GAAP basis, the adjusted net loss for Q3 2020 was $19.9 million, or $0.34 per share.
As of September 30, 2020, the company had $153.5 million in cash, cash equivalents and short-term investments.
Omeros
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Omeros Revenue by Segment
Forward Guidance
Omeros is focused on the commercial launch of narsoplimab and is confident about OMIDRIA's separate payment from CMS.
Positive Outlook
- Narsoplimab BLA submission to the FDA is nearing completion.
- Narsoplimab is increasingly recognized as a potential treatment for severe COVID-19.
- OMS906 is progressing through its Phase 1 program.
- Omeros is confident that OMIDRIA qualifies for separate payment from CMS.
- The company's unique portfolio of complement inhibitors and pipeline programs are expected to support future growth.
Challenges Ahead
- Pass-through reimbursement status for OMIDRIA expired on October 1, 2020.
- The company is still pursuing separate payment from CMS for OMIDRIA.
- Risks associated with product commercialization and commercial operations.
- Unproven preclinical and clinical development activities.
- The impact of COVID-19 on the company's business, financial condition and results of operations.