Omeros is like an emerging Alexion Pharmaceuticals, focused on developing therapies for complement-mediated rare diseases.

Think of Omeros as an earlier-stage Vertex Pharmaceuticals, building a diverse pipeline of novel drugs for specialized conditions, including rare diseases and addiction.

• Narsoplimab (OMS721/MASP-2): A therapeutic drug in advanced clinical trials for hematopoietic stem-cell transplant-associated thrombotic microangiopathy (HSCT-TMA), immunoglobulin A nephropathy (IgAN), atypical hemolytic uremic syndrome (aHUS), and COVID-19.
• PPAR? (OMS405): A drug in Phase II clinical trial for treating opioid and nicotine addiction.
• PDE7 (OMS527): A drug in Phase I clinical trial for treating addiction, compulsive, and movement disorders.
• MASP-3 (OMS906): A drug in Phase I clinical trial for paroxysmal nocturnal hemoglobinuria (PNH) and other alternative pathway disorders.
• MASP-2 small-molecule inhibitors: Preclinical candidates for various complement-mediated diseases and age-related macular degeneration.
• Second-generation MASP-2 antibody: A longer-acting, next-generation antibody targeting MASP-2 in preclinical development.
• MASP-3 small-molecule inhibitors: Preclinical candidates for paroxysmal nocturnal hemoglobinuria (PNH) and other alternative pathway disorders.
• GPR174 Inhibitors: Preclinical inhibitors for various cancers.
• CAR T-Cell and Adoptive T-Cell Therapies: Preclinical advanced T-cell therapies for various cancers.
• G protein-coupled receptor targets: Preclinical programs for a broad range of immunologic, immuno-oncologic, metabolic, CNS, cardiovascular, and musculoskeletal disorders.

Omeros Corporation (OMER) is a biopharmaceutical company that discovers, develops, and commercializes therapeutics. As such, it sells its pharmaceutical products primarily to entities within the healthcare supply chain, rather than directly to individual consumers.

The major categories of customers for Omeros are typically:

1. Pharmaceutical Wholesalers and Distributors: These companies purchase drugs from manufacturers like Omeros and then distribute them to various healthcare providers.
2. Hospitals and Healthcare Systems: Medical institutions that procure and administer drugs to patients, particularly for the specialized and complex conditions Omeros's therapeutics target.
3. Specialty Pharmacies: Given the focus on orphan indications and complex diseases (e.g., HSCT-TMA, IgAN, aHUS, PNH), Omeros's drugs may be dispensed through specialty pharmacies that handle high-cost or complex medications requiring specific patient support.

Gregory A. Demopulos, MD Chairman and Chief Executive Officer

Dr. Demopulos founded Omeros in June 1994 and has served as its President, Chief Executive Officer, and Chairman of the Board of Directors since then. He also previously served as interim Chief Financial Officer and Treasurer from January 2009 to October 2013 and as Chief Medical Officer from June 1994 to March 2010. Prior to founding Omeros, Dr. Demopulos completed his residency in orthopedic surgery at Stanford University and his fellowship training in hand and microvascular surgery at Duke University.

David J. Borges Chief Accounting Officer and Treasurer

Mr. Borges joined Omeros in June 2020 and has served as Vice President, Finance, Chief Accounting Officer, and Treasurer since June 2024. He has been noted as "assuming the CFO role". Prior to Omeros, he served as vice president, finance and administration, at Bulletproof 360, Inc., a health and wellness company, from October 2014 until October 2019. From May 2009 to June 2014, Mr. Borges was chief financial officer and vice president of Advanced Refreshment LLC. He also served as finance and business integration director at Merck & Co., Inc. after Merck acquired Rosetta Inpharmatics, where he had been director of finance & administration/controller since 1998.

Nadia Dac Chief Commercial Officer

Ms. Dac has served as Chief Commercial Officer since January 2021, bringing nearly three decades of international experience as a strategic commercial leader. Before joining Omeros, Ms. Dac was the chief commercial officer at Alder Pharmaceuticals, Inc. (acquired by Lundbeck in 2019) from April 2019 until June 2020. Her previous roles include vice president of global specialty commercial development at AbbVie, Inc. and vice president of marketing at Auxilium Pharmaceuticals, Inc.

George A. Gaitanaris, MD, PhD Chief Scientific Officer

Dr. Gaitanaris joined Omeros as Vice President, Science in August 2006 and has served as Chief Scientific Officer since January 2012. He co-founded nura, inc., a company focused on treatments for central nervous system disorders, and served as its chief scientific officer from August 2003 until its acquisition by Omeros in August 2006. From 2000 to 2003, he was president and chief scientific officer of Primal, Inc., a biotechnology company that was acquired by nura.

Andreas Grauer, MD Chief Medical Officer

Dr. Grauer joined Omeros as Chief Medical Officer in October 2023. Prior to his role at Omeros, he served as chief medical officer at Federation Bio from October 2021. From March 2019 to August 2021, Dr. Grauer was chief medical officer at Corcept Therapeutics, where he led the global development organization for clinical programs in oncology, neurology, endocrinology, and metabolism.

The key risks to Omeros Corporation (OMER) include significant financial and liquidity challenges, the critical dependence on regulatory approval for its lead drug candidate narsoplimab, and potential issues with competition and market recognition for its pipeline products.

Key Risks:

1. Financial and Liquidity Risk: Omeros Corporation faces substantial financial strain, characterized by recurring net losses and a high cash burn rate. As of September 30, 2025, the company reported a net loss of $30.9 million for the quarter and held only $36.1 million in cash and short-term investments, indicating potential liquidity challenges. The company's financial health has historically shown significant strain, necessitating strategic debt exchanges and equity financing to sustain operations. While a transaction with Novo Nordisk for zaltenibart is anticipated to provide a significant upfront payment and extend the cash runway through 2027, the company remains pre-commercial with negative core profitability metrics, relying on future capital or product approvals.
2. Regulatory and Single-Asset Dependency Risk on Narsoplimab: Omeros's business prospects are heavily reliant on the successful regulatory approval and commercialization of its lead drug candidate, narsoplimab (YARTEMLEA), primarily for hematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA). Narsoplimab previously received a Complete Response Letter (CRL) from the FDA in October 2021, which cited difficulties in estimating its treatment effect, delaying its approval process. Although the Biologics License Application (BLA) for narsoplimab was resubmitted and accepted by the FDA with a target action date in late September 2025, the outcome remains uncertain. This strong dependence on a single asset creates a "binary risk" scenario, where approval could lead to significant upside, while rejection could result in a catastrophic decline.
3. Competition and Market Recognition: Beyond HSCT-TMA, narsoplimab faces significant competition in other potential indications, such as critically ill COVID-19 patients and Lupus Nephritis, where numerous alternative therapies exist. Furthermore, concerns exist regarding the potential under-recognition of HSCT-TMA within the allogeneic transplant setting. This could impact the overall market demand and uptake of narsoplimab, affecting revenue projections even if regulatory approval is secured.

Omeros Corporation (OMER) has several product candidates targeting various medical conditions. The addressable markets for their main products are as follows:

Narsoplimab (OMS721/MASP-2)

• Hematopoietic Stem-Cell Transplant-Associated Thrombotic Microangiopathy (HSCT-TMA): The addressable market in the United States and Europe is approximately 9,600 high-risk patients annually. This is derived from an estimated 30,000 allogeneic transplants performed annually in these regions, with an approximately 40-percent incidence of TA-TMA and up to 80 percent of those patients having high-risk features.

PPARγ (OMS405)

• Opioid Addiction: The global opioid use disorder market size was estimated at approximately USD 5.29 billion in 2024 and is projected to reach approximately USD 10.25 billion by 2030. In 2025, the global market size was valued at USD 3.92 billion and is projected to grow to USD 9.27 billion by 2034. North America accounted for 68.98% of the market share in 2024.

Omeros Corporation (OMER) is anticipated to experience significant revenue growth over the next 2-3 years, driven primarily by the following factors:

1. Commercialization of Yartemlea (narsoplimab) for HSCT-TMA: The U.S. Food and Drug Administration (FDA) approved narsoplimab (marketed as Yartemlea) on December 24, 2025, as the first approved treatment for hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA), a life-threatening complication. Omeros has completed commercial launch preparations for Yartemlea. Analysts have estimated significant per-patient pricing, suggesting substantial revenue generation from this orphan indication. Furthermore, a Marketing Authorization Application (MAA) for narsoplimab in TA-TMA has been submitted to the European Medicines Agency (EMA), with an opinion expected by mid-2026, which could lead to further market expansion.
2. Milestone and Royalty Payments from Zaltenibart (OMS906) Licensing Agreement: In October 2025, Omeros entered into a definitive agreement with Novo Nordisk, granting Novo Nordisk exclusive global rights to develop and commercialize zaltenibart (formerly OMS906), a MASP-3 inhibitor, for all indications. Under this agreement, Omeros is eligible to receive $340 million in upfront and near-term milestone payments, with potential future development and commercial milestones totaling up to $2.1 billion, in addition to tiered royalties on net sales. This agreement provides a significant non-dilutive cash infusion and a long-term revenue stream from royalties as zaltenibart progresses through its Phase 3 clinical trials for paroxysmal nocturnal hemoglobinuria (PNH) and potentially other alternative pathway disorders.
3. Advancement of Pipeline Programs (e.g., OMS527): Omeros continues to advance its broader pipeline of small-molecule and protein therapeutics. While in earlier stages, programs like OMS527, a PDE7 inhibitor in Phase I trial for treating addiction and compulsive disorders, and movement disorders, could represent future revenue drivers through continued development, potential partnerships, or eventual commercialization within or beyond the 2-3 year timeframe. This program is fully funded by the National Institute on Drug Abuse. Analyst forecasts anticipate significant revenue growth for Omeros, with the company expected to become profitable by 2026 and an average annual revenue growth rate of 48.6% per year.

Share Repurchases

• On April 1, 2024, Omeros Corporation announced a share repurchase program authorizing the company to buy back up to $50 million worth of its shares with no expiration date.
• On November 29, 2025, Omeros approved an indefinite term share repurchase program of up to $100.0 million of its common stock.

Share Issuance

• On July 28, 2025, Omeros received $20.6 million in cash proceeds, net of offering expenses, from Polar Asset Management Partners in exchange for 5,365,853 shares of its common stock in a registered direct offering.
• During the third quarter of 2025, Omeros sold 2.3 million shares of common stock through its at-the-market (ATM) facility, generating net proceeds of $9.0 million. An additional $3.6 million in net proceeds from ATM sales were received subsequent to September 30, 2025, and through November 12, 2025.
• In May 2025, Omeros entered into agreements to convert $10.0 million in aggregate principal amount of its 2026 Convertible Notes into shares of its common stock.

Inbound Investments

• In October 2025, Omeros entered into an Asset Purchase and License Agreement with Novo Nordisk Health Care AG for zaltenibart (OMS906), which closed on November 25, 2025. The deal included an upfront cash payment of $240.0 million at closing.
• Omeros is eligible to receive up to an additional $2.1 billion in potential development and commercial milestones, plus tiered royalties on net sales, from the Novo Nordisk agreement.

Capital Expenditures

• Capital expenditures were approximately $0.00 million in 2024, $0.01 million in 2023, and $0.00 million in 2022.
• In Q3 2025, Omeros invested $11K in capital expenditures.