Omeros (OMER) AI Stock Analysis

• Market Cap: $816.06M
• Dividend Yield: N/A
• Average Volume (3M): 6.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: N/A
• EPS Growth: 12.32%
• Country: US
• Employees: 202
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.47
• Shares Outstanding: 70,900,460
• 10 Day Avg. Volume: 2,077,952
• 30 Day Avg. Volume: 6,302,146
• PEG Ratio: -0.08
• Price to Book (P/B): -3.15
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.86
• Enterprise Value/Market Cap: 1.16
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -89.74
• Enterprise Value/Ebitda: -8.31
• 1Y Price Target: $43.67
• Price Target Upside: 279.41% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $11.50 ▼(-0.09% Downside)

The score is held down primarily by very weak financial performance (large losses, negative equity, and significant cash burn). This is partially offset by positive earnings-call-driven catalysts and improved funding outlook tied to the Novo Nordisk deal and upcoming FDA/EMA decisions, while technicals are mixed and valuation remains unattractive due to ongoing losses.

Positive Factors

Strategic Novo Nordisk transaction

The $240M upfront and milestone framework materially improves liquidity and reduces near-term solvency risk by enabling debt repayment. Structurally this funds operations and commercialization spend, de-risks the balance sheet, and provides contingent future cash tied to partner execution.

FDA approval and initial commercial shipments

Regulatory approval and completed commercial shipments create a durable, addressable revenue stream as the first approved therapy for TA-TMA. Market exclusivity, hospital adoption and real-world use support sustainable product revenue and validate Omeros’ commercialization capability over multiple quarters.

Diversified development pipeline

A multi-program pipeline spreads clinical and commercial risk across modalities and indications. Structurally, multiple assets increase long-term optionality for approvals, partnerships, and indication expansion, supporting sustained R&D value creation beyond a single-product dependency.

Negative Factors

Weak profitability and negative equity

Sustained large losses and negative shareholders’ equity indicate persistent capital erosion and constrained financial flexibility. Over months, this impairs the firm's ability to self-fund R&D or commercialization, increases reliance on external financing, and raises solvency and governance pressures.

Limited cash runway pre-transaction

Low cash reserves versus elevated quarterly burn creates short runway risk absent timely deal proceeds. This structural funding mismatch can force dilutive financings or cutbacks to R&D and commercial launches, disrupting long-term program timelines and strategic execution.

Ceding development rights to partner

Granting exclusive global rights trades away direct upside from a potentially best-in-class asset and shifts future value capture to milestone and royalty streams. Long-term revenue depends on partner performance and payments, reducing Omeros’ control over development decisions and upside realization.

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 dysfunction of the immune system, and addictive and compulsive disorders. The company's clinical programs include Narsoplimab (OMS721/MASP-2) that has completed pivotal studies for hematopoietic stem-cell transplant-associated thrombotic microangiopathy (HSCT-TMA); that is in Phase III clinical trial for immunoglobulin A nephropathy (IgAN) and atypical hemolytic uremic syndrome (aHUS); and Phase II clinical trial to treat COVID-19. Its clinical programs also consist of PPAR? (OMS405) that is in Phase II to treat opioid and nicotine addiction; PDE7 (OMS527), which is in Phase I trial for treating addiction and compulsive disorders, and movement disorders; and MASP-3 (OMS906) that is in Phase I trial for paroxysmal nocturnal hemoglobinuria (PNH) and other alternative pathway disorders. The company's preclinical programs comprise MASP-2-small-molecule inhibitors used for the treatment of aHUS, IgAN, HSCT-TMA, and age-related macular degeneration; longer-acting second generation antibody targeting MASP-2; and MASP-3-small-molecule inhibitors to treat PNH and other alternative pathway disorders. Its preclinical programs also include GPR174 Inhibitors and Chimeric Antigen Receptor (CAR) T-Cell and Adoptive T-Cell Therapies for various cancers; and G protein-coupled receptor targets for treating immunologic, immuno-oncologic, metabolic, CNS, cardiovascular, musculoskeletal, and other disorders. The company was incorporated in 1994 and is headquartered in Seattle, Washington.

How the Company Makes Money

Omeros Corporation makes money primarily through the sales of its commercial product, Omidria. Revenue is generated by selling Omidria to hospitals, ambulatory surgery centers, and other medical facilities where cataract and lens replacement surgeries are performed. The company has also received funding and financial support through partnerships, government grants, and collaborations to support its research and development activities. Additionally, Omeros may receive milestone payments and royalties from licensing agreements related to its pipeline products in development, though the majority of its current revenue stems from Omidria sales.

Omeros Financial Statement Overview

Summary

Financials remain very weak: TTM net income is about -$121M with near-zero revenue, negative equity (~-$220M), and meaningful debt (~$192M). Cash burn is elevated (TTM operating cash flow/free cash flow about -$105M), indicating ongoing reliance on financing despite some loss narrowing versus 2024.

Income Statement

Results remain heavily loss-making, with TTM (Trailing-Twelve-Months) net income of about -$121M and deeply negative operating profitability (EBIT roughly -$129M). Reported revenue is effectively zero across periods, which drives extreme and volatile margin readings and limits evidence of an improving earnings trajectory. Losses narrowed versus 2024 annual net loss (~-$157M), but profitability is still far from breakeven and dependent on future commercialization or one-time items.

Balance Sheet

The balance sheet is pressured by negative stockholders’ equity in TTM (Trailing-Twelve-Months) (about -$220M), which weakens financial flexibility and makes leverage metrics difficult to interpret. Total debt remains meaningful at roughly $192M TTM, and assets have declined versus prior annual periods (TTM assets ~$186M vs. ~$277M in 2024). While debt has come down from 2023 levels, the combination of negative equity and ongoing losses is a key solvency risk.

Cash Flow

Cash generation has deteriorated: TTM (Trailing-Twelve-Months) operating cash flow is about -$105M and free cash flow is about -$105M, worsening from the positive free cash flow seen in 2023. Free cash flow growth is negative in both TTM (Trailing-Twelve-Months) and 2024 annual periods, signaling rising cash burn. A notable positive is that free cash flow broadly tracks reported net income (similar magnitude), but the overall direction remains unfavorable given sustained negative cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-10.59M	0.00	0.00	0.00	-1.39M	-1.62M
EBITDA	-114.42M	-157.00M	-143.16M	-158.38M	-170.49M	-168.02M
Net Income	-121.16M	-156.81M	-117.81M	47.42M	-111.41M	-138.06M
Balance Sheet
Total Assets	185.71M	277.08M	378.27M	590.97M	419.27M	181.04M
Cash, Cash Equivalents and Short-Term Investments	36.09M	90.13M	171.85M	194.92M	157.27M	134.95M
Total Debt	191.61M	207.02M	361.58M	342.02M	347.84M	268.84M
Total Liabilities	406.18M	459.69M	403.25M	505.29M	395.49M	301.79M
Stockholders Equity	-220.48M	-182.61M	-24.98M	85.68M	23.78M	-120.75M
Cash Flow
Free Cash Flow	-105.32M	-148.97M	74.30M	-86.60M	-110.00M	-100.37M
Operating Cash Flow	-105.23M	-148.80M	74.73M	-86.48M	-109.72M	-100.09M
Investing Cash Flow	87.93M	82.22M	27.45M	-127.56M	193.71M	-67.03M
Financing Cash Flow	18.18M	62.88M	-106.08M	124.25M	6.32M	174.53M

Omeros Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 11.51
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMER, the sentiment is Neutral. The current price of 11.51 is below the 20-day moving average (MA) of 12.29, below the 50-day MA of 11.81, and above the 200-day MA of 6.58, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 45.14 is Neutral, neither overbought nor oversold. The STOCH value of 23.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for OMER.

Omeros Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ABEO	60 Neutral	$275.29M	4.36	75.90%	―	―	―
NMRA	52 Neutral	$337.52M	-1.38	-104.35%	―	―	20.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OMER	50 Neutral	$816.06M	-5.70	―	―	―	12.32%
ALDX	50 Neutral	$314.05M	―	-64.31%	―	―	4.23%
FHTX	49 Neutral	$329.81M	-4.74	―	―	-3.91%	37.89%

Omeros Corporate Events

Omeros Completes Major Asset Deal with Novo Nordisk

On November 25, 2025, Omeros Corporation completed a significant transaction with Novo Nordisk, granting the latter exclusive global rights to develop and commercialize zaltenibart (OMS906), a promising MASP-3 inhibitor. Omeros received an upfront payment of $240 million and is eligible for up to $2.1 billion in milestone payments and royalties. This deal allows Novo Nordisk to advance zaltenibart as a potential best-in-class treatment for rare blood and kidney disorders, while Omeros retains rights to its MASP-3 small-molecule program. The transaction also enabled Omeros to repay its senior secured term loan and is expected to support its operations and future product launches.

The most recent analyst rating on (OMER) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Omeros stock, see the OMER Stock Forecast page.