Omeros (OMER) Q4 2025 earnings summary

Executive summary

• Closed a major asset purchase and license deal with Novo Nordisk for zaltenibart, securing $240 million upfront and up to $2.1 billion in total potential payments, plus royalties.

• Achieved net income of $86.5 million ($1.22/share) in Q4 2025, reversing a net loss of $31.4 million in Q4 2024; full-year 2025 net loss narrowed to $3.4 million from $156.8 million in 2024.

• Received FDA approval for YARTEMLEA (narsoplimab) as the first and only treatment for TA-TMA, with a broad label for adults and children over two; commercial launch began January 2026.

• Launched YARTEMLEA in the U.S., achieving rapid formulary adoption and strong payer support.

• Strengthened balance sheet by repaying all term loans and 2026 notes, leaving only 2029 convertible notes outstanding.

Financial highlights

• Q4 2025 net income was $86.5 million ($1.22 per share), compared to a Q3 net loss of $30.9 million ($0.47 per share); non-GAAP adjusted Q4 net income was $222.5 million ($3.14 per share), excluding a $136 million non-cash charge.

• Full-year 2025 non-GAAP adjusted net income was $133.4 million ($2.10/share).

• Cash and investments at year-end 2025 totaled $171.8 million, up $135.7 million sequentially.

• Aggregate principal debt reduced to $87.9 million at year-end 2025, down 47% from $164.9 million at year-end 2024.

• OMIDRIA royalties in Q4 2025 were $9.2 million on $30.7 million U.S. net sales, down from $10.1 million on $33.6 million in Q4 2024.

Outlook and guidance

• YARTEMLEA program expected to be financially self-sustaining in 2026; company targets positive cash flow in 2027, supported by Novo Nordisk partnership and YARTEMLEA commercialization.

• No revenue guidance for YARTEMLEA provided due to early launch stage; focus remains on physician education and payer engagement.

• Operating expenses in Q1 2026 expected to be similar to Q4 2025, with lower R&D and higher sales/marketing costs.

• EMA decision for YARTEMLEA expected mid-2026 for EU market entry.