Omeros Corporation

What they do

Omeros develops and commercializes first-in-class protein and small-molecule therapeutics, focusing on complement-mediated diseases, cancers, and addictive or compulsive disorders. Its only marketed product is YARTEMLEA (narsoplimab), a MASP-2 inhibitor approved in the U.S. for TA-TMA. It also has a partnered late-stage MASP-3 inhibitor, zaltenibart, licensed to Novo Nordisk.

Revenue drivers

• YARTEMLEA (narsoplimab-wuug) — The only approved therapy for TA-TMA; U.S. sales began January 2026. Second-quarter 2026 gross revenues were $32.2 million, net $28.5 million after ~11.5% gross-to-net adjustments; first-quarter net was $9.9 million.
• Zaltenibart (OMS906) partnered program — Exclusive global rights to develop and commercialize this MASP-3 inhibitor were licensed to Novo Nordisk in November 2025 for $240 million upfront, with up to $1.8 billion in milestones and tiered royalties (high single-digit to high teens).

Recent performance

For Q2 2026, net revenue was $28.5 million and net income was $13.2 million ($0.18/share), including an $11.5 million non-cash derivative gain; non-GAAP adjusted net income was $1.8 million. For Q1 2026, net income was $56.1 million, including a $73.1 million non-cash gain. At June 30, 2026, cash and short-term investments totaled $132.0 million. Full-year 2025 net loss was $3.4 million on essentially no product revenue before the YARTEMLEA launch.

Strategy

Management is focused on scaling YARTEMLEA's U.S. commercialization, including obtaining reimbursement codes and hospital add-on payments. They are also advancing regulatory efforts in Europe, including a re-examination of the negative CHMP opinion. Planned capital allocation includes reducing convertible debt and repurchasing shares. The Novo Nordisk collaboration on zaltenibart is on track toward Phase 3 initiation, and pipeline programs in complement, addiction, oncology, and infectious disease continue.

Risks

• Commercial reliance on YARTEMLEA — YARTEMLEA is the only commercialized product; if it fails to gain market acceptance or reimbursement, the company's business could be materially harmed.
• European regulatory setback — CHMP adopted a negative opinion on the MAA for narsoplimab in TA-TMA; despite a request for re-examination, approval in Europe is uncertain.
• Limited manufacturing and supply chain — Omeros relies on a limited number of contract manufacturers and suppliers for YARTEMLEA's drug substance, finished product, and raw materials.
• Negative shareholder equity and debt — At June 30, 2026, shareholder equity was negative ($51.3 million) and long-term debt was $87.9 million (as of 2025-12-31), though the company has been repurchasing convertible notes.

Outlook

Management expects continued growth in YARTEMLEA sales as new reimbursement mechanisms (J-code, NTAP) take effect in 2026. They plan to complete the EMA re-examination process and seek to expand YARTEMLEA availability in Europe, potentially through a compassionate use program. The Novo Nordisk partnership is expected to yield Phase 3 initiation for zaltenibart. The company also anticipates advancing multiple pipeline programs across complement, addiction, oncology, and infectious disease.