Omeros Corporation reported third‑quarter 2025 results that included a net loss of $30.9 million, or $0.47 per share, a reduction from the $32.2 million loss ($0.56 per share) recorded a year earlier. Adjusted earnings per share were –$0.34, beating the consensus estimate of –$0.45 by 24 percent, a margin improvement driven largely by disciplined cost management and a sharper decline in operating expenses.
Operating expenses fell to $26.4 million from $35.4 million a year earlier, a $9.0 million reduction that reflects a strategic pause in several development programs. The decision to suspend these programs was aimed at conserving capital in anticipation of the narsoplimab launch, allowing the company to maintain a tighter burn rate while still investing in high‑potential assets.
Cash and short‑term investments stood at $36.1 million as of September 30, comfortably above the $25 million unrestricted cash covenant required by its credit agreement. The company raised $29.3 million in new financing—$20.3 million through a direct offering and $9.0 million via its at‑the‑market facility—complemented by a $240 million upfront payment from a $2.1 billion partnership with Novo Nordisk for zaltenibart. These proceeds are earmarked for debt repayment and to fund the commercialization of narsoplimab.
The FDA’s decision on narsoplimab is now expected by December 26 2025, not the September 25 date originally cited. Management emphasized that the combined financing and cash burn position the company to meet this revised PDUFA date and to support post‑approval commercialization, while continuing to monitor liquidity and potential capital needs. The company is also preparing a launch‑ready U.S. commercial organization for narsoplimab, positioning it for a timely market entry.
OMIDRIA royalties were $9.2 million in Q3 2025, a slight decline from $9.3 million a year earlier. The modest drop is consistent with the contractual structure of the royalty agreement and does not materially affect the company’s overall revenue profile. Management noted that the royalty stream remains a stable source of income as the company focuses on its core pipeline.
Investor reaction has highlighted concerns about liquidity and long‑term profitability, despite the EPS beat. The market is weighing the company’s continued reliance on financing against the upside potential of the Novo Nordisk partnership and the pending FDA approval of narsoplimab, which together could significantly improve Omeros’ financial trajectory.
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