Omeros Corporation Reports $30.9 Million Net Loss in Q3 2025, Enters Agreement with Novo Nordisk

Omeros Corporation reported a net loss of $30.9 million for the third quarter of 2025, a slight improvement from a loss of $32.2 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $89.8 million, down from $125.5 million in the prior year. Revenue for the quarter was primarily driven by interest earned on the OMIDRIA contract royalty asset, totaling $3.7 million, compared to $4.2 million in the previous year. The company’s total expenses for the quarter were $26.4 million, a decrease from $35.4 million in Q3 2024, largely due to reduced research and development costs.

Omeros experienced significant changes in its financial position compared to the previous fiscal period. Total current assets decreased to $71.8 million from $134.1 million at the end of 2024, primarily due to a reduction in cash and short-term investments. The company’s total liabilities increased to $406.2 million from $364.5 million, reflecting a rise in accounts payable and accrued expenses. The shareholders' deficit also widened to $220.5 million from $182.6 million, indicating ongoing financial challenges.

Strategically, Omeros entered into an Asset Purchase and License Agreement (APLA) with Novo Nordisk on October 10, 2025, granting exclusive global rights to develop and commercialize zaltenibart, a key product in its pipeline. The transaction is expected to close in the fourth quarter of 2025 and could provide Omeros with up to $340 million in upfront and milestone payments, with $240 million expected at closing. This agreement is anticipated to significantly enhance Omeros' liquidity and facilitate the repayment of its outstanding term loan.

Operationally, Omeros has paused its Phase 3 clinical development program for zaltenibart in paroxysmal nocturnal hemoglobinuria (PNH) to prioritize capital allocation to other programs. The company has also initiated clinical trial sites for zaltenibart in PNH and is transitioning ongoing clinical programs to Novo Nordisk. As of September 30, 2025, Omeros had cash, cash equivalents, and short-term investments totaling $36.1 million, with a requirement to maintain at least $25 million in unrestricted cash under its credit agreement.

Looking ahead, Omeros expects to receive the upfront payment from the Novo Nordisk transaction, which will be used to repay its term loan and improve its financial stability. However, the company acknowledges that it must generate positive cash flow from operations or secure additional financing to continue its operations beyond the next year. The anticipated regulatory approval for narsoplimab, another key product, could also play a crucial role in the company’s future financial health.