Omeros Corporation reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company experienced a net loss of $32.2 million for the third quarter, a decrease from a loss of $37.8 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss increased to $125.5 million, compared to $108.7 million in the prior year. The basic and diluted net loss per share for the third quarter was $(0.56), slightly improved from $(0.60) in 2023, while for the nine months, it rose to $(2.15) from $(1.73).
Total costs and expenses for the third quarter were $35.4 million, down from $48.2 million in 2023, primarily due to reduced research and development expenses, which fell to $24.1 million from $31.7 million. This decline was attributed to the winding down of the IgA nephropathy program. However, for the nine-month period, total costs and expenses increased to $133.6 million from $124.8 million, driven by higher manufacturing costs for the narsoplimab drug substance and increased clinical research expenses for zaltenibart.
Omeros' cash and cash equivalents significantly decreased to $1.5 million as of September 30, 2024, from $7.1 million at the end of 2023. Total current assets also fell to $164.9 million from $217.9 million. The company reported a total shareholders’ deficit of $154.2 million, up from $25.0 million at the end of 2023, reflecting ongoing financial challenges.
Strategically, Omeros entered a Credit Agreement on June 3, 2024, providing a senior secured term loan facility of up to $92.1 million, which included an initial loan of $67.1 million. The company utilized part of this loan to repurchase $118.1 million of its convertible senior notes, reducing its outstanding debt significantly. Additionally, Omeros has a Delayed Draw Term Loan of $25.0 million, contingent upon FDA approval of narsoplimab.
The company continues to focus on its clinical development pipeline, with ongoing trials for narsoplimab and zaltenibart. Omeros has also received a $6.69 million grant from the National Institute on Drug Abuse for developing a PDE7 inhibitor for cocaine use disorder. Despite these efforts, Omeros has raised substantial doubt about its ability to continue as a going concern, emphasizing the need for additional financing or strategic partnerships to sustain operations.
About OMEROS CORP
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