Omeros Corporation Reports $33.5 Million Net Loss and $1.1 Million Revenue in Q1 2025

Omeros Corporation reported a net loss of $33.5 million for the first quarter of 2025, a decrease from the $37.2 million loss recorded in the same period of 2024. The company’s total revenue for the quarter was $1.1 million, primarily derived from interest earned on the OMIDRIA contract royalty asset. This figure reflects a significant decline compared to the previous year, where the company reported $3.4 million in revenue. The decrease in revenue is attributed to lower royalties earned from OMIDRIA sales, which have been classified as discontinued operations following the asset sale to Rayner Surgical Inc. in December 2021.

Omeros' total expenses for the first quarter of 2025 were $35 million, down from $39 million in the prior year, driven by reduced research and development costs, which fell to $23.8 million from $26.8 million. The decrease in R&D expenses is largely due to the winding down of the IgA nephropathy program and a reduction in spending on the OMS1029 program. Selling, general, and administrative expenses also decreased to $11.1 million from $12.3 million, reflecting ongoing efforts to manage costs amid financial constraints.

In terms of strategic developments, Omeros has made significant progress with its lead product candidate, narsoplimab, for which a Biologics License Application (BLA) was resubmitted to the FDA in March 2025. The FDA has accepted the resubmission for review, with a target action date set for September 25, 2025. Additionally, the company has paused its Phase 3 clinical development program for zaltenibart due to capital constraints, although it plans to resume these studies once funding is secured. The company is also advancing its OMS527 program for cocaine use disorder, with enrollment in a clinical study expected to begin in 2025.

As of March 31, 2025, Omeros had cash, cash equivalents, and short-term investments totaling $52.4 million, a decrease from $134.1 million at the end of 2024. The company reported cash used in operations of $35.8 million for the quarter, reflecting ongoing financial challenges. Omeros has indicated that it will need to raise additional capital to support its operations and business plan, as it currently lacks a sufficient revenue source to cover operating costs. The company is exploring various options, including public and private equity offerings, additional debt transactions, and potential asset sales or licensing agreements.