Omeros Corporation, a clinical-stage biopharmaceutical company, reported a net loss of $156.8 million for the year ended December 31, 2024, compared to a net loss of $117.8 million in 2023. The company's total revenue for the year was $25.8 million, primarily derived from discontinued operations related to the sale of its product OMIDRIA, which was sold to Rayner Surgical Inc. in December 2021. This revenue included a $200 million milestone payment received in February 2023, which contributed significantly to the previous year's financial performance. The company’s cash, cash equivalents, and short-term investments totaled $90.1 million as of December 31, 2024, down from $164.7 million in 2023.
Omeros has made strategic advancements in its product pipeline, focusing on complement-targeted therapeutics. The lead candidate, narsoplimab (OMS721), is currently under review for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA). The company resubmitted its Biologics License Application (BLA) for narsoplimab in March 2025, with a target action date expected in September 2025. Additionally, the company is developing OMS1029, a long-acting antibody targeting MASP-2, and zaltenibart (OMS906), an antibody targeting MASP-3, with ongoing clinical trials for both products in conditions such as paroxysmal nocturnal hemoglobinuria (PNH) and complement 3 glomerulopathy (C3G).
Operationally, Omeros has seen fluctuations in its research and development expenses, which totaled $119.5 million in 2024, up from $114.9 million in 2023. The increase was attributed to higher manufacturing costs for narsoplimab and expenses related to zaltenibart clinical trials. The company employed 202 full-time employees as of December 31, 2024, with a significant portion dedicated to research and development. Omeros continues to rely on third-party manufacturers for its product candidates, which poses risks related to supply chain disruptions and regulatory compliance.
Looking ahead, Omeros faces substantial challenges, including the need to secure additional financing to support its operations and product development. The company has indicated that it may pursue various funding avenues, including equity offerings and debt financing, to address its liquidity needs. The ongoing development of narsoplimab and other product candidates is contingent on successful regulatory approvals and market acceptance, which remain uncertain. The company’s ability to continue as a going concern is under scrutiny, given its history of operating losses and the requirement to maintain a minimum cash balance as stipulated in its credit agreement.
About OMEROS CORP
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