OMEROS CORP (OMER): Results of Operations and Financial Condition
OMEROS CORP (OMER) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Omeros Corporation Reports Second Quarter 2026 Financial Results – Conference Call Today at 4:30 p.m. ET SEATTLE, WA – August 12, 2026 – Omeros Corporation (Nasdaq: OMER) today announced recent highlights and developments as well as financial results for the second q
How this was made
The 30-second read
Why it matters
Key decision points are (1) YARTEMLEA revenue acceleration and gross-to-net adjustments, (2) capital structure actions via repurchase of 2029 Notes and share buybacks, and (3) a new EMA/CHMP negative opinion that initiates a re-examination process for the European marketing authorization application.
Market read
Traders get a full package of quarterly numbers plus fresh catalysts: US reimbursement support, ongoing buybacks and debt reduction, and a new Europe regulatory negative opinion that can shift expectations for timelines and access.
What to watch
Non-cash gains from mark-to-market on the 2029 Notes can distort earnings quality; traders may focus more on cash burn, adjusted profitability, and the pace of Phase 3/Phase 2 starts than headline net income.
Omeros reported $28.5 million of second-quarter net revenue from the first full quarter of YARTEMLEA’s commercial launch, generated GAAP net income of $13.2 million, and completed debt and share repurchases in July.
YARTEMLEA revenue increased 190% sequentially, the company generated $4.1 million of operating cash flow and $1.8 million of non-GAAP adjusted net income, while reducing 2029 Notes principal and potential conversion dilution. GAAP net income declined sequentially because non-cash gains were substantially lower, and the European MAA received a negative CHMP opinion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenueGAAP | $28.5 million | – | – |
| YARTEMLEA gross revenuesother | $32.2 million | 190% | – |
| Gross-to-net adjustmentsother | approximately 11.5% | – | – |
| Net incomeGAAP | $13.2 million | – | – |
| Net income per shareGAAP | $0.18 per share | – | – |
| Adjusted net incomenon-GAAP | $1.8 million | – | – |
| Adjusted net income per sharenon-GAAP | $0.02 per share | – | – |
| Non-cash gainsGAAP | $11.5 million | – | – |
| Research and development and selling, general and administrative expensesGAAP | approximately $27.7 million | – | – |
| Operating incomeGAAP | $0.1 million | – | – |
| Interest and other incomeGAAP | $4.6 million | $3.1 million increase | – |
| Net cash provided by operationsGAAP | $4.1 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| YARTEMLEAStrong momentum and growing market acceptance in the first full quarter of YARTEMLEA’s commercial launch. | $32.2 million | 190% | – |
Capital returns
- During the three months ended June 30, 2026, Omeros repurchased and retired approximately 0.5 million shares of common stock at an average cost of $11.70 per share for an aggregate purchase price of $5.7 million.
- During the six months ended June 30, 2026, Omeros repurchased and retired approximately 0.8 million shares of common stock at an average cost of $11.70 per share for an aggregate purchase price of $9.9 million.
- In July 2026, Omeros completed the repurchase of $30.5 million aggregate principal amount of 2029 Notes for a total purchase price of $60.2 million.
- The 2029 Notes repurchases reduced the aggregate number of shares issuable upon conversion from approximately 11.4 million to 6.5 million and eliminated $8.6 million in future interest payments.
What drove it
- YARTEMLEA gross revenues increased by $21.1 million from the first quarter of 2026.
- Interest and other income increased primarily because of a reimbursement from Novo Nordisk for the transfer of zaltenibart inventory.
- The permanent Healthcare Common Procedure Coding System J-code specific for YARTEMLEA became effective on July 1, 2026.
- CMS granted NTAP status to YARTEMLEA, effective October 1, 2026, to provide eligible hospitals with additional Medicare reimbursement for inpatient cases involving YARTEMLEA.
Concerns
- CHMP adopted a negative opinion on Omeros’ MAA for narsoplimab in TA-TMA in June. Omeros has requested re-examination.
- GAAP net income declined from $56.1 million in the first quarter of 2026 to $13.2 million in the second quarter, as non-cash gains declined from $73.1 million to $11.5 million.
- Gross-to-net adjustments were approximately 11.5% in the second quarter compared with approximately 11.0% in the first quarter.
- Research and development and selling, general and administrative expenses totaled approximately $27.7 million compared with $26.7 million in the first quarter.
What to watch
- The re-examination of the negative CHMP opinion for the narsoplimab MAA in TA-TMA, including review by an Ad Hoc Expert Group.
- The effect of NTAP status for YARTEMLEA beginning October 1, 2026.
- Expected enrollment by year-end 2026 in two investigator-sponsored and Omeros-supported YARTEMLEA studies.
- Expected start of enrollment in the OMS527 inpatient clinical trial by year-end 2026.
- Phase 3 trial initiation for zaltenibart with Novo Nordisk.
- The targeted late 2027 start of the first-in-human Phase 1b clinical trial for OMS805.
Balance sheet and cash flow
- At June 30, 2026, Omeros had $132.0 million of cash and short-term investments.
- For the three months ended June 30, 2026, company-wide net cash provided by operations was $4.1 million.
- Approximately $40.3 million aggregate principal amount of 2029 Notes remains outstanding.
- The July 2026 2029 Notes transactions had a total purchase price of $60.2 million, plus accrued and unpaid interest of $0.2 million.
- Omeros achieved the reduction in shares issuable on conversion at a weighted average cost of $12.21 per share.
Analysis
The second quarter showed a substantial step-up in YARTEMLEA commercialization. YARTEMLEA gross revenues were $32.2 million, up 190% from $11.1 million in the first quarter, while net revenue was $28.5 million compared with $9.9 million. The company described the period as the first full quarter of YARTEMLEA’s commercial launch and cited growing market acceptance. Gross-to-net adjustments were approximately 11.5%, compared with approximately 11.0% in the first quarter.
Operating results improved alongside revenue growth. Omeros reported operating income of $0.1 million, compared with an operating loss of $17.4 million in the first quarter, and generated $4.1 million of company-wide net cash provided by operations. Research and development and selling, general and administrative expenses totaled approximately $27.7 million, compared with $26.7 million in the first quarter. Interest and other income increased to $4.6 million from $1.5 million, primarily due to a reimbursement from Novo Nordisk for the transfer of zaltenibart inventory.
GAAP net income was $13.2 million, or $0.18 per share, versus $56.1 million, or $0.78 per share, in the first quarter. The sequential decline reflects the reduction in non-cash gains to $11.5 million from $73.1 million, primarily related to the mark-to-market adjustment of the embedded derivative associated with the 2029 Notes. Excluding those non-cash gains, non-GAAP adjusted net income was $1.8 million, or $0.02 per share, compared with a non-GAAP adjusted net loss of $17.1 million, or $0.24 per share.
Capital allocation focused on both equity and debt reduction. Omeros had $132.0 million of cash and short-term investments at June 30, 2026, repurchased and retired approximately 0.5 million shares during the quarter for $5.7 million, and completed 2029 Notes repurchases in July. The note transactions reduced outstanding principal to approximately $40.3 million, reduced shares issuable upon conversion from approximately 11.4 million to 6.5 million, and eliminated $8.6 million in future interest payments.
The company provided no financial guidance in the filing. Operational attention centers on the effect of the YARTEMLEA J-code and NTAP designation, the requested re-examination of the negative CHMP opinion on the narsoplimab MAA, and progression of pipeline programs. Omeros expects enrollment to begin by year-end 2026 in two YARTEMLEA-supported studies and expects to be able to start enrollment in the OMS527 inpatient clinical trial by year-end 2026. The filing also states that work with Novo Nordisk on zaltenibart remained on track toward Phase 3 trial initiation.
Management, verbatim
We are very pleased with the strong momentum and growing market acceptance in the first full quarter of YARTEMLEA’s commercial launch.
Gregory A. Demopulos, M.D., Omeros’ Chairman and Chief Executive Officer
Substantial second-quarter YARTEMLEA revenues have enabled us to continue strengthening our capital structure.
Gregory A. Demopulos, M.D., Omeros’ Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-year total revenue, net revenue, YARTEMLEA gross revenue, gross-to-net adjustments, net income, EPS, operating income, operating expenses, interest and other income, and operating cash flow were not reported.
- GAAP gross margin and non-GAAP gross margin were not reported.
- Individual research and development expense and selling, general and administrative expense were not reported.
- Free cash flow was not reported.
- Diluted share count was not reported.
- Tax rate was not reported.
- Dividend information was not reported.
- Financial guidance for revenue, gross margin, operating expenses, tax rate, or other financial metrics was not reported.
- A previous-quarter outlook section was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Q2 2026 financial results and operational updates for Omeros’ TA-TMA therapy YARTEMLEA (narsoplimab) and pipeline programs.
Ticker impact
Omeros reported Q2 2026 results, including YARTEMLEA gross revenues of $32.2M and a CHMP negative opinion for narsoplimab in TA-TMA.
Likely two-sided reaction risk: upside from accelerating YARTEMLEA revenues and buybacks, offset by uncertainty around the CHMP negative opinion and potential timeline delays in Europe.
The filing is a primary disclosure with multiple decision-relevant items: quarterly financials, cash/operations, 2029 Notes repurchase and share repurchases, plus a fresh CHMP negative opinion that can affect European access and expectations.
Market effects
Reinforces investor attention on TA-TMA and complement/MASP-2 pathway therapeutics, while highlighting regulatory risk in Europe for first-in-class claims.
Europe access uncertainty for narsoplimab in TA-TMA following CHMP negative opinion, despite continued expanded-access availability.
US reimbursement catalysts (J-code effective July 1, NTAP effective Oct 1) may support broader adoption expectations beyond Europe.
Counterpoint
The CHMP negative opinion may be less damaging if re-examination reverses the decision, while US reimbursement changes could keep the revenue trajectory strong.
Key entities
- issuerOmeros Corporation
Nasdaq-listed company reporting Q2 2026 financial results and regulatory/commercial updates for YARTEMLEA.
- productYARTEMLEA (narsoplimab)
Approved treatment for stem cell transplant-associated thrombotic microangiopathy (TA-TMA) with reported Q2 2026 gross revenues of $32.2M.
- regulatorEuropean Medicines Agency (EMA) CHMP
Adopted a negative opinion on the marketing authorization application for narsoplimab in TA-TMA, with re-examination requested.
- capital instrument2029 Convertible Notes
Unsecured convertible notes due 2029, partially repurchased in July 2026 to reduce principal and future interest payments.
