OMER · Omeros Corporation

Omeros’ first-quarter 2026 results mark its transition to commercial operations following the January 2026 U.S. launch of YARTEMLEA, the first and only FDA-approved treatment for TA-TMA. The $9.9 million in net sales — derived entirely from U.S. wholesaler shipments — represents the company’s inaugural commercial revenue stream and validates early market uptake across transplant centers. While GAAP net income surged to $56.1 million, this includes a $73.1 million non-cash gain from marking to market the embedded derivatives in the 2029 Notes — a volatility inherent to convertible debt accounting under ASC 815. Excluding that item, non-GAAP adjusted net loss of $17.1 million reflects ongoing R&D investment and commercial infrastructure build-out. Operating expenses declined $7.7 million year-over-year to $27.3 million, primarily due to reduced activity on the divested zaltenibart (OMS906) program following the November 2025 Novo Nordisk transaction. Cash stood at $135.3 million as of March 31, 2026, after full repayment of the $17.1 million 2026 Notes, leaving only the $70.8 million 2029 Notes outstanding — materially simplifying the capital structure. Regulatory progress further supports commercial durability: CMS’s assignment of a permanent J-code (effective July 1, 2026) and proposed NTAP designation (expected October 1, 2026) significantly reduce billing complexity and improve hospital reimbursement predictability. Management’s commentary underscores confidence in both near-term execution and pipeline acceleration, citing strong formulary access, expanding physician experience, and parallel advancement of MASP-2, OncotoX-AML, OMS527, and T-CAT programs — all now funded or de-risked by the strengthened balance sheet.