Omeros (OMER) Q2 2026 earnings summary

Executive summary

• YARTEMLEA generated $32.2 million in gross sales and $28.5 million in net sales in its first full quarter, reflecting strong physician adoption and market penetration, with gross sales up 190% and net sales up 188% sequentially from the previous quarter.

• Net income for Q2 2026 was $13.2 million ($0.18 per share); non-GAAP adjusted net income was $1.8 million ($0.02 per share), excluding non-cash derivative remeasurements.

• Operations produced $4.1 million in positive cash flow, and the company ended the quarter with $132 million in cash and investments.

• Significant capital structure improvements were made through share and note repurchases, reducing outstanding convertible note principal by 43% to $40.3 million and potential dilution by 5.8 million shares year to date.

• Commercial launch of YARTEMLEA in the U.S. began January 2026, targeting TA-TMA in adults and children; 73 unique accounts ordered by June 30, 2026, a 143% increase since March 31, 2026.

Financial highlights

• Gross product revenues were $32.2 million, all from YARTEMLEA, compared to $11.1 million in the prior quarter; net revenues were $28.5 million, up from $9.9 million.

• Gross-to-net adjustments were 11.5%, primarily due to chargebacks and distribution fees.

• Costs and expenses from continuing operations before interest and other income were $28.5 million, up $1.1 million sequentially.

• Interest expense was $7.6 million, with contractual cash interest expense at $1.7 million, down $100,000 from the previous quarter.

• Interest and other income totaled $4.6 million, mainly due to Novo Nordisk inventory reimbursement.

Outlook and guidance

• Operating expenses are expected to rise slightly in the next quarter, driven by increased R&D for OMS805 and continued investment in YARTEMLEA commercial activities.

• No revenue guidance is provided, citing the need for more experience with prescribing trends and market dynamics.

• Interest and other income are expected to decrease, while interest expense will fall to about $6.5 million due to reduced debt.

• The company expects to fund operations for more than 12 months with current liquidity and YARTEMLEA sales.

• Multiple value-driving milestones anticipated over the next 18 months, including new clinical trial enrollments and pipeline progress.