OMER · Omeros Corporation

Omeros Corporation's Q4 2025 results marked a pivotal shift, swinging to a GAAP net income of $86.5 million from a $31.4 million loss a year ago, primarily fueled by $237.6 million in net proceeds from selling global rights to zaltenibart (formerly OMS906) to Novo Nordisk Health Care AG. This upfront cash of $240 million, net of $2.4 million costs, not only bolstered liquidity but enabled full repayment of the $67.1 million senior secured term loan—terminating related liens and covenants—and the $17.1 million 2026 convertible notes in February 2026. Debt plummeted 47% to $87.9 million, with cash reserves at $171.8 million supporting operations through YARTEMLEA's launch. A $136.0 million non-cash mark-to-market charge on embedded derivatives tied to 2029 Notes and Term Loan tempered GAAP figures, but non-GAAP adjusted net income soared to $222.5 million ($3.14/share) for the quarter and $133.4 million ($2.10/share) for the year, underscoring underlying strength. Full-year operating expenses fell $44.2 million to $122.8 million due to deferred manufacturing and study completions, while interest expense dropped on remeasurements. OMIDRIA royalties dipped slightly to $9.2 million on $30.7 million U.S. sales. CEO Gregory A. Demopulos highlighted YARTEMLEA's FDA approval for TA-TMA—the first therapy for this complication—with no boxed warnings or REMS, now commercialized in the U.S. and under EMA review for mid-2026 decision. The Novo deal retains Omeros' MASP-3 small-molecule rights and offers up to $1.81 billion in milestones plus tiered royalties, providing capital for pipeline advances like OncotoX-AML and T-CAT, targeting positive cash flow in 2027.