OMEROS CORP
OMER evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for OMER—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · OMER
OMEROS CORP is a biopharmaceutical company focused on developing therapies targeting the complement system, with a lead candidate narsoplimab for TA-TMA under FDA review and a partnered MASP-3 program with Novo Nordisk.
Key risk: Cash runway uncertainty
BioSniper Score
Based on 5 of 6 signals
Market Cap
$1.35B
Cash Runway
—
Lead Asset
oms1029 (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 9 clinical trials · 1 FDA decision for OMEROS CORP.
OMEROS CORP is a biopharmaceutical company focused on developing therapies targeting the complement system, with a lead candidate narsoplimab for TA-TMA under FDA review and a partnered MASP-3 program with Novo Nordisk.
- Received $240 million upfront from Novo Nordisk for the MASP-3 program (zaltenibart), with potential for up to $1.3 billion in sales milestones and tiered royalties [sec_mda · as of 2026-03-31].
- Reported total revenue of $28.5M and net income of $13.2M for the period ending 2026-06-30, with cash and equivalents of $2.0M [sec].
- Narsoplimab (MASP-2 inhibitor) is under FDA review for hematopoietic stem-cell transplant-associated thrombotic microangiopathy (TA-TMA) after BLA resubmission [sec_mda · as of 2025-03-31].
- Shareholders' equity was -$121.2M as of 2026-06-30, reflecting accumulated deficits [sec].
- Advancing early-stage programs including OncotoX-AML (targeting entry into clinic by late 2027) and T-CAT platform for infectious diseases [sec_mda · as of 2026-03-31].
What works
- The Novo Nordisk partnership for zaltenibart provides a $240M upfront payment and potential milestones up to $2.1B plus royalties, validating the MASP-3 platform [sec · filed 2026-04-30].
- Narsoplimab is in late-stage regulatory review for TA-TMA, a rare disease with high unmet need, representing a potential near-term approval catalyst [sec_mda · as of 2025-03-31].
- The company retains rights to its MASP-3 small-molecule program and grandfathered antibodies, offering additional pipeline optionality [sec · filed 2026-04-30].
What to weigh
- Cash and equivalents were only $2.0M as of 2026-06-30, which may limit operations without additional financing or milestone payments [sec].
- Shareholders' equity was negative (-$121.2M) as of 2026-06-30, indicating a history of losses and potential going-concern risk [sec].
- The OMS527 program for cocaine use disorder faced FDA requests for additional preclinical data, causing delays in clinical initiation [sec · filed 2025-07-25].
- Narsoplimab's regulatory path has been lengthy, with prior BLA resubmission and ongoing FDA review, creating uncertainty around timing and approval [sec_mda · as of 2025-03-31].
From the filings
Quoted directly from source documents.
Novo Nordisk partnership provides significant upfront and milestone payments
“At closing, we received $240 million in upfront cash and can achieve $100 million more in near-term milestone payments. We are eligible to receive up to $410 million in additional development and regulatory milestone payments, up to $1.3 billion in one-time sales milestone payments, and tiered royalties on annual global net sales of applicable products at rates ranging from high single-digit to high-teens - a total potential value of $2.1 billion plus royalties.”
SEC filings · April 30, 2026
Risks & what to watch (4)›
Key risks
- Cash runway uncertainty — With only $2.0M cash as of 2026-06-30, the company may need additional financing or milestones to sustain operations [sec].
- Regulatory delay for narsoplimab — Narsoplimab's BLA resubmission is under FDA review, but prior delays and no guaranteed approval create regulatory risk [sec_mda · as of 2025-03-31].
- OMS527 program stalled — FDA requested additional preclinical data for OMS527, delaying the clinical study in cocaine users [sec · filed 2025-07-25].
- Negative equity position — Shareholders' equity of -$121.2M as of 2026-06-30 reflects accumulated losses and potential balance sheet constraints [sec].
What to watch
- FDA decision on narsoplimab BLA for TA-TMA, which could be a near-term approval catalyst [sec_mda · as of 2025-03-31].
- Receipt of near-term milestones from Novo Nordisk for zaltenibart, which could improve cash position [sec · filed 2026-04-30].
- Progress of OncotoX-AML program toward IND and first-in-human trial by late 2027 [sec_mda · as of 2026-03-31].
- Resolution of FDA discussions regarding OMS527 preclinical data requirements [sec · filed 2025-07-25].
Sources: News · SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Profitable (positive operating cash flow)
OCF $4M · Net income $13M
Lead: Approved
6 candidates
No upcoming catalysts tracked
0 buys · 3 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
159
Total value held
$306.9M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 5,966,518 | $63.0M |
| blackrock, inc. | 5,309,626 | $56.1M |
| state street corp | 1,919,575 | $20.3M |
| stifel financial corp | 1,831,585 | $19.3M |
| geode capital management, llc | 1,752,323 | $18.5M |
| susquehanna international group, llp | 1,404,130 | $14.8M |
| vanguard portfolio management llc | 718,675 | $7.6M |
| citadel advisors llc | 714,148 | $7.5M |
| charles schwab investment management inc | 582,512 | $6.2M |
| bank of montreal /can/ | 568,426 | $6.0M |
Showing top 10 of 159 institutional holders of OMEROS CORP. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 22.7%
- Days to cover
- 11.7
- Shares short
- 15,789,527
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
OMER short interestGovernance
Frequently asked questions
What is the AI investment thesis for OMEROS CORP?
OMEROS CORP is a biopharmaceutical company focused on developing therapies targeting the complement system, with a lead candidate narsoplimab for TA-TMA under FDA review and a partnered MASP-3 program with Novo Nordisk.
What is OMEROS CORP's lead drug candidate?
OMEROS CORP's most advanced tracked candidate is oms1029 (Phase 1) for Lectin pathway disorders.
Who is the CEO of OMEROS CORP?
Dr. Gregory A. Demopulos M.D. is the chief executive officer of OMEROS CORP (OMER).
Where is OMEROS CORP headquartered?
OMEROS CORP (OMER) is headquartered in Seattle, WA, United States.
What therapeutic areas does OMEROS CORP focus on?
OMEROS CORP develops therapies across Oncology, Immunology, Dermatology, Hematology, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.