Omeros Corporation Announces Fourth Quarter and Full-Year 2024 Financial Results
Omeros Corporation has announced its recent developments, clinical updates, and financial results for the fourth quarter and full year ended December 31, 2024.
Financial Highlights:
- Fourth Quarter 2024: Omeros reported a net loss of $31.4 million, or $0.54 per share, compared to a net loss of $32.2 million, or $0.56 per share in the third quarter of 2024.
- Full Year 2024: The company incurred a net loss of $156.8 million, or $2.70 per share, compared to a net loss of $117.8 million, or $1.88 per share in 2023. This increase in net loss is primarily due to a $33.2 million reduction in the noncash gain from the remeasurement of the OMIDRIA contract royalty asset, a $6.6 million decrease in interest income, and a $4.1 million gain from early debt extinguishment in December 2023. These were partly offset by a $6.2 million decrease in interest expense from debt repurchases and refinancing.
- Cash Position: As of December 31, 2024, the company had $90.1 million in cash and short-term investments, a decrease of $81.7 million compared to the previous year. This decline is attributed to significant expenditures, including $42.7 million in various costs such as repurchasing convertible senior notes and charges for narsoplimab drug substance delivery.
- OMIDRIA Royalties: The company earned $10.1 million in OMIDRIA royalties in the fourth quarter from Rayner’s U.S. net sales of $33.6 million, compared to $9.3 million in royalties from $31.0 million in sales in Q3 2024.
Clinical Developments:
- Narsoplimab (MASP-2 inhibitor): The company successfully resubmitted its biologics license application (BLA) for narsoplimab for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA) earlier in March 2025. The resubmission includes positive survival data from the pivotal trial, which showed significant improvement in overall survival compared to an external control group. The target FDA decision date under the Prescription Drug User Fee Act (PDUFA) is set for September 2025. Omeros also plans to submit a European Marketing Authorization Application (MAA) in the first half of 2025.
- Zaltenibart (MASP-3 inhibitor): The company has commenced its Phase 3 clinical trials for zaltenibart in paroxysmal nocturnal hemoglobinuria (PNH). The trials will evaluate zaltenibart both as a standalone therapy for complement-inhibitor-naïve patients and as a “switch-over” treatment for patients who have had unsatisfactory responses to ravulizumab, a complement C5 inhibitor. Early Phase 2 data showed promising results with zaltenibart monotherapy improving hemoglobin levels and preventing hemolysis in PNH patients.
- OMS527 (PDE7 Inhibitor for Addiction Disorders): The company received a $4.02 million funding commitment from the National Institute on Drug Abuse (NIDA) for 2025 to support a Phase 1b trial assessing the safety and efficacy of OMS527 in cocaine use disorder (CUD). Preclinical studies have shown that OMS527 did not exacerbate the harmful effects of cocaine and, at higher doses, even reduced some of these effects.
Other Developments:
- MASP-2 and ARDS Research: Omeros continues to explore narsoplimab’s potential in treating severe acute respiratory distress syndrome (ARDS) caused by various pathogens, including H5N1 avian influenza. The company is also advancing a proprietary diagnostic assay for lectin pathway hyperactivation, which could be applicable in diseases like ARDS, severe and long-term COVID-19, and other related conditions.
- Oncology Platform: Omeros is advancing its oncology platform, which focuses on signaling-driven immunomodulators, oncotoxins, and adoptive T-cell technology. While the program remains confidential, the company is in discussions with therapeutic-area experts and expects to disclose more information in the near future.
CEO’s Statement:
Gregory A. Demopulos, M.D., Chairman and CEO of Omeros, expressed optimism regarding the progress of narsoplimab and zaltenibart, emphasizing the strong clinical results achieved and the company’s focus on securing partnerships for both therapies outside the U.S. He also highlighted the upcoming data from the OMS527 trial and the potential shareholder value these clinical milestones could create.
In conclusion, Omeros remains focused on advancing its key pipeline programs and maintaining a robust clinical development strategy to support its long-term goals, including the approval and commercialization of narsoplimab, zaltenibart, and OMS527.
