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Sep 30, 2020
Omeros Q3 2020 Earnings Report
Reported a net loss due to increased costs and expenses, partially offset by OMIDRIA revenues.
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
Omeros
Omeros Revenue by Segment
Revenue by Segment
OMIDRIA Royalties Revenue
CapyFin.com 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.