OMEROS CORP
OMER evidence brief
What we can confirm
- BioSniper Score:
- 5.2 / 10
- Market Cap:
- $1.34B
- Lead Asset:
- oms527 (Phase 1)
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 transitioning from development to commercial stage with its first FDA-approved drug, YARTEMLEA (narsoplimab), for TA-TMA, while advancing a pipeline of complement-targeted therapies and facing significant cash burn and negative shareholders' equity.
Key risk: Cash runway uncertainty
BioSniper Score
Based on 4 of 6 signals
Market Cap
$1.34B
Cash Runway
—
Lead Asset
oms527 (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 9 clinical trials · 1 FDA decision for OMEROS CORP.
Omeros Corp is a biopharmaceutical company transitioning from development to commercial stage with its first FDA-approved drug, YARTEMLEA (narsoplimab), for TA-TMA, while advancing a pipeline of complement-targeted therapies and facing significant cash burn and negative shareholders' equity.
- FDA approved YARTEMLEA (narsoplimab) for hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA) in adults and children aged two and older, with U.S. launch planned for January 2026 [news · published 2025-12-25].
- Cash and equivalents were $2.0M as of 2026-06-30, with total revenue of $28.5M and net income of $13.2M for the same period [sec].
- Shareholders' equity was -$51.3M as of 2026-06-30, reflecting accumulated losses [sec].
- Omeros entered an Asset Purchase and License Agreement with Novo Nordisk for zaltenibart, receiving $240M upfront and eligible for up to $1.81B in milestones plus tiered royalties [pipeline].
- The company has incurred cumulative operating losses since inception and expects to continue substantial spending on clinical trials and manufacturing [sec_mda · as of 2026-03-31].
What works
- First FDA-approved product (YARTEMLEA) provides a commercial revenue stream and first-mover advantage in TA-TMA [news · published 2025-12-25].
- Strong partnership with Novo Nordisk for zaltenibart provides significant non-dilutive capital ($240M upfront) and milestone potential [pipeline].
- Pipeline includes multiple programs (e.g., OMS527 for cocaine use disorder, T-CAT platform) with external funding from NIDA and advancing preclinical candidates [sec · filed 2026-04-30].
- Debt reduction efforts in 2025, including exchange of $70.8M in convertible notes, improved balance sheet structure [sec · filed 2026-04-30].
What to weigh
- Negative shareholders' equity of -$51.3M as of 2026-06-30 indicates accumulated losses exceed contributed capital [sec].
- Cash burn remains high: $116.1M used in operations for 2025, and cash equivalents dropped to $2.0M by mid-2026 [sec_mda · as of 2026-03-31][sec].
- Reliance on external partnerships and milestones for funding; failure to achieve milestones could strain finances [pipeline].
- Most pipeline candidates are in early stages (preclinical or Phase 1/2), with no guarantee of regulatory success [pipeline][sec_mda · as of 2026-03-31].
From the filings
Quoted directly from source documents.
FDA approval of YARTEMLEA for TA-TMA
“Omeros Corporation announced that the FDA approved YARTEMLEA (narsoplimab-wuug), the first and only therapy for hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA) in adults and children aged two and older”
News · December 25, 2025
Net loss for 2025
“net loss for the year ended December 31, 2025 was $3.4 million”
SEC MD&A · March 31, 2026
Novo Nordisk collaboration terms
“Omeros received $240M upfront, eligible for up to $510M in development/approval milestones and $1.3B in sales milestones, plus tiered royalties”
Pipeline
Risks & what to watch (4)›
Key risks
- Cash runway uncertainty — Cash dropped to $2.0M as of 2026-06-30 from $171.8M at end of 2025; high burn rate may require near-term financing [sec][sec_mda].
- Negative equity position — Shareholders' equity of -$51.3M as of 2026-06-30 signals accumulated losses exceed capital [sec].
- Early-stage pipeline risk — Most candidates are preclinical or Phase 1/2; clinical failure could halt programs [pipeline][sec_mda].
- Dependence on milestones — Revenue relies on Novo Nordisk milestones and royalties; delays or failures reduce income [pipeline].
What to watch
- U.S. launch of YARTEMLEA in January 2026 and initial sales uptake [news · published 2025-12-25].
- EMA decision on narsoplimab expected mid-2026 [news · published 2025-12-25].
- Progress of zaltenibart Phase 2 trial in C3G and any milestone payments from Novo Nordisk [pipeline].
- Cash position updates in next quarterly filings to assess runway [sec].
Sources: Catalysts · News · Pipeline · SEC filings · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
Net income $13M
Lead: Approved
4 candidates
No upcoming catalysts tracked
0 buys · 8 sells (180d)
Pipeline
Regulatory
Financials
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 transitioning from development to commercial stage with its first FDA-approved drug, YARTEMLEA (narsoplimab), for TA-TMA, while advancing a pipeline of complement-targeted therapies and facing significant cash burn and negative shareholders' equity.
What is OMEROS CORP's lead drug candidate?
OMEROS CORP's most advanced tracked candidate is oms527 (Phase 1) for Cocaine use disorder, movement 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, 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.