Omeros Q4 2021 Earnings Report
Key Takeaways
Omeros Corporation reported fourth quarter net income of $280.6 million, which included cash proceeds of $126.0 million from the sale of OMIDRIA. Net revenues from OMIDRIA sales were $31.9 million.
Omeros completed the sale of its commercial ophthalmic product OMIDRIA to Rayner Surgical Inc.
Net income in the fourth quarter of 2021 was $280.6 million, or $4.48 per share, which included cash proceeds of $126.0 million from the sale of OMIDRIA.
Net revenues from OMIDRIA sales for the fourth quarter of 2021 were $31.9 million.
Omeros had $157.3 million of cash, cash equivalents and short-term investments available for operations.
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Omeros Revenue by Segment
Forward Guidance
Omeros anticipates multiple milestones in 2022, including progress in clinical trials for narsoplimab and OMS906, and the clinical entry of OMS1029.
Positive Outlook
- The Type A meeting with FDA for narsoplimab in TA-TMA was constructive.
- Enrollment in the narsoplimab Phase 3 IgA nephropathy trial has accelerated.
- Data from the I-SPY COVID-19 study is expected.
- OMS906 has completed dosing in healthy subjects without any safety concern.
- OMS1029 is expected to enter the clinic with once-monthly to once-quarterly dosing.
Challenges Ahead
- FDA expressed difficulty in estimating the treatment effect of narsoplimab in TA-TMA.
- FDA asserted that additional information would be needed to support regulatory approval of narsoplimab.
- Omeros is awaiting FDA’s response to its rebuttals to each of the review issues.
- The company is facing regulatory hurdles for narsoplimab in HSCT-TMA.
- There are risks associated with product commercialization.