Omeros Corporation reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2025. The company achieved a net income of $1.5 million from discontinued operations, primarily due to a $200 million milestone payment from Rayner Surgical related to the sale of its product OMIDRIA. However, Omeros experienced a net loss of $3.4 million for the year, a notable decrease from a loss of $156.8 million in 2024. The company’s total revenue for the year was $237.6 million, driven largely by the sale of its investigational drug zaltenibart to Novo Nordisk, which provided an upfront cash payment of $240 million.
Compared to the previous fiscal year, Omeros saw a substantial reduction in research and development expenses, which totaled $81.3 million in 2025, down from $119.5 million in 2024. This decrease was attributed to the winding down of various clinical studies and a reduction in spending on the IgA nephropathy program. Selling, general, and administrative expenses also decreased to $41.5 million from $47.4 million in the prior year, reflecting cost containment measures in anticipation of the YARTEMLEA launch. The company expects these expenses to rise in 2026 as it builds its commercial infrastructure for YARTEMLEA.
Omeros' commercial product, YARTEMLEA (narsoplimab-wuug), received FDA approval on December 23, 2025, for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA). The company commenced commercial distribution in January 2026 and is actively working on expanding its market presence, including a marketing authorization application submitted to the European Medicines Agency (EMA). The company has also retained rights to develop small-molecule MASP-3 inhibitors, which are expected to address a range of therapeutic areas.
As of December 31, 2025, Omeros reported cash, cash equivalents, and short-term investments totaling $171.8 million, a significant increase from $134.1 million in 2024. The company’s total debt decreased to $87.9 million, down from $164.9 million the previous year, following the repayment of its Term Loan and 2026 Notes. Omeros anticipates being able to fund its operations for more than 12 months using its current cash reserves and expected revenue from YARTEMLEA sales. The company is also exploring additional financing options, including equity offerings and potential partnerships, to support its ongoing development programs.
About OMEROS CORP
Omeros Corporation is a clinical-stage biopharmaceutical company developing small-molecule and protein therapeutics targeting immune-related diseases, including complement-mediated disorders, cancers, and addiction. Its lead programs focus on complement system inhibitors, notably narsoplimab for thrombotic microangiopathies, and zaltenibart for rare blood and kidney diseases. The company owns extensive intellectual property and retains worldwide rights for its innovative biologics and small-molecule drug candidates.
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