Omeros Corporation (OMER)
NASDAQ:OMER
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Omeros
(NASDAQ:OMER)
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Rating:53Neutral
Price Target:
$12.50
▲(4.95% Upside)
Action:ReiteratedDate:04/02/26
The score is held back primarily by weak financial fundamentals (no revenue, ongoing operating losses, and significant cash burn despite improvements). Offsetting this, the latest earnings call indicated meaningful de-risking via the Novo Nordisk transaction, FDA approval and early commercial traction, and improved liquidity, while technicals and valuation remain mixed to unfavorable.
Positive Factors
Novo Nordisk asset sale de‑risking
The upfront $240M plus milestone and royalty framework materially reduces financing risk and shifts development expense and commercialization risk for a major asset to Novo Nordisk. This transaction creates durable optionality and non‑dilutive funding that improves long‑term liquidity and strategic focus.
Negative Factors
Pre‑commercial with no revenue
With no historical product revenue, the company remains reliant on launch execution to convert clinical success into sustainable top‑line cash flows. Durable profitability requires sustained uptake, payer coverage expansion and repeatable sales cycles across transplant centers, which will take many months to materialize.
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Positive Factors
Negative Factors
Novo Nordisk asset sale de‑risking
The upfront $240M plus milestone and royalty framework materially reduces financing risk and shifts development expense and commercialization risk for a major asset to Novo Nordisk. This transaction creates durable optionality and non‑dilutive funding that improves long‑term liquidity and strategic focus.
Read all positive factors
Omeros (OMER) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$827.24M
Dividend YieldN/A
Average Volume (3M)1.04M
Price to Earnings (P/E)3.2
Beta (1Y)1.07
Revenue GrowthN/A
EPS Growth12.32%
CountryUS
Employees202
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.98
Shares Outstanding71,996,170
10 Day Avg. Volume1,496,561
30 Day Avg. Volume1,040,098
Financial Highlights & Ratios
PEG Ratio3.32
Price to Book (P/B)-9.00
Price to Sales (P/S)0.00
P/FCF Ratio-9.39
Enterprise Value/Market Cap1.28
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-102.66
Enterprise Value/Ebitda-9.59
Forecast
1Y Price Target
$40.00Price Target Upside235.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.53
Revenue Forecast (FY)$115.80M
Omeros Business Overview & Revenue Model
Company Description
Omeros Corporation, a commercial-stage biopharmaceutical company, discovers, develops, and commercializes small-molecule and protein therapeutics, and orphan indications targeting inflammation, complement-mediated diseases, cancers related to dysf...
How the Company Makes Money
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Omeros Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum driven by two transformative events: the zaltenibart transaction with Novo Nordisk (large upfront payment, milestones and royalties) and FDA approval plus early commercial traction for YARTEMLEA. Financially, Q4 showed a swing to GAAP net income and robust non-GAAP profitability, materially improved cash position and eliminated several near-term debt obligations. Early launch metrics (payer approvals, rapid delivery, per-vial pricing and initial formulary wins) and pipeline progress add to the constructive outlook. Key risks include noncash volatility from embedded derivative mark-to-market adjustments, remaining 2029 convertible note exposure, incomplete formulary penetration (still early), and a regulatory request delaying one external program. Overall, highlights outweigh the lowlights, with commercialization execution and the Novo transaction materially de-risking the company’s near-term prospects.Positive Updates
Major Asset Sale to Novo Nordisk
Closed asset purchase and license for zaltenibart with Novo Nordisk, receiving $240M upfront, $100M in achievable near-term milestones, eligibility for $410M in development/approval milestones and up to $1.3B in sales/commercial milestones (total deal value up to $2.1B). Omeros retains MASP-3 small molecule rights and will receive tiered royalties up to the high teens. A transition services agreement (TSA) provides reimbursement for employee costs and inventories.
Negative Updates
Noncash Mark-to-Market Volatility
Recorded a $136M noncash loss in Q4 related to mark-to-market adjustment on the embedded derivative tied to 2029 convertible notes driven by a stock price increase (from $4.10 to $17.18 during the quarter, ~+319%). Company warns these adjustments create significant quarter-to-quarter volatility despite being noncash.
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Q4-2025 Updates
Positive
Negative
Major Asset Sale to Novo Nordisk
Closed asset purchase and license for zaltenibart with Novo Nordisk, receiving $240M upfront, $100M in achievable near-term milestones, eligibility for $410M in development/approval milestones and up to $1.3B in sales/commercial milestones (total deal value up to $2.1B). Omeros retains MASP-3 small molecule rights and will receive tiered royalties up to the high teens. A transition services agreement (TSA) provides reimbursement for employee costs and inventories.
Read all positive updates
Company Guidance
Management guided that the YARTEMLEA program is expected to be financially self‑sustaining in 2026 and the company expects to achieve positive cash flow in 2027; for Q1 2026 overall operating expenses are expected to be comparable to Q4 2025 (Q4 continuing‑ops costs before interest/other income were $29.1M), with R&D lower (zaltenibart costs to be reimbursed under the TSA) and sales & marketing higher as the commercial infrastructure is built. They are not providing YARTEMLEA revenue guidance while market access and physician adoption develop; interest expense for Q1 is expected to be ~ $8.1M, interest and other income slightly higher than Q4 (Q4 was $1.1M), and income from discontinued operations is expected in the $5–6M range. Management reiterated that reported results will continue to reflect mark‑to‑market volatility from the embedded derivative on the 2029 convertible notes (Q4 included a ~$135–136M noncash loss) and therefore they emphasize non‑GAAP measures (Q4 non‑GAAP adjusted net income was $222.5M, non‑GAAP EPS $3.14). Key balance sheet and transaction metrics cited include $171.8M cash and investments as of 12/31/25 (up $135.7M QoQ), a $240M upfront from Novo Nordisk (plus $100M near‑term milestones, $410M development/approval milestones, and up to $1.3B sales milestones for up to $2.1B total) and only $70.8M principal remaining on the 2029 notes.Omeros Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
20
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | -1.39M |
| EBITDA | -121.83M | -157.00M | -143.16M | -158.38M | -170.49M |
| Net Income | -3.35M | -156.81M | -117.81M | 47.42M | -111.41M |
Balance Sheet | |||||
| Total Assets | 325.63M | 277.08M | 378.27M | 590.97M | 419.27M |
| Cash, Cash Equivalents and Short-Term Investments | 171.80M | 90.13M | 171.85M | 194.92M | 157.27M |
| Total Debt | 239.14M | 207.02M | 361.58M | 342.02M | 347.84M |
| Total Liabilities | 446.86M | 459.69M | 403.25M | 505.29M | 395.49M |
| Stockholders Equity | -121.23M | -182.61M | -24.98M | 85.68M | 23.78M |
Cash Flow | |||||
| Free Cash Flow | -116.16M | -148.97M | 74.30M | -86.60M | -110.00M |
| Operating Cash Flow | -116.09M | -148.80M | 74.73M | -86.48M | -109.72M |
| Investing Cash Flow | 164.52M | 82.22M | 27.45M | -127.56M | 193.71M |
| Financing Cash Flow | -42.17M | 62.88M | -106.08M | 124.25M | 6.32M |
Omeros Technical Analysis
Positive
11.91
Price Trends
11.32
Positive
11.40
Positive
8.08
Positive
Market Momentum
0.01
Negative
53.29
Neutral
57.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMER, the sentiment is Positive. The current price of 11.91 is above the 20-day moving average (MA) of 10.91, above the 50-day MA of 11.32, and above the 200-day MA of 8.08, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 53.29 is Neutral, neither overbought nor oversold. The STOCH value of 57.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OMER.
Omeros Risk Analysis
Omeros disclosed 33 risk factors in its most recent earnings report. Omeros reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Omeros Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | $827.24M | 3.16 | 1.71% | ― | ― | 12.32% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $280.11M | 3.92 | 53.18% | ― | ― | ― | |
45 Neutral | $269.43M | -4.58 | 105.48% | ― | -3.91% | 37.89% | |
44 Neutral | $371.36M | -1.23 | -113.81% | ― | ― | 20.71% | |
41 Neutral | $95.69M | -9.19 | -63.75% | ― | ― | 4.23% |
* Healthcare Sector Average
OMER
Omeros
11.49
4.50
64.38%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.