Omeros Corporation (OMER)
NASDAQ:OMER
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Omeros
(NASDAQ:OMER)
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Rating:57Neutral
Price Target:
$12.50
▼(-6.99% Downside)
Action:Reiterated
Date:05/16/26
Score is held back primarily by weak financial performance (large losses and significant cash burn, plus negative equity), partially offset by a strong earnings-call outlook driven by the YARTEMLEA launch, reimbursement milestones, and non-dilutive funding. Technical signals are mixed and valuation appears inexpensive on P/E, but the business still carries meaningful execution and earnings-volatility risk.
Positive Factors
First-to-market FDA approval (YARTEMLEA)
Regulatory exclusivity and first‑mover status create a durable competitive advantage in TA‑TMA, establishing a commercial foothold and reimbursement pathway. This supports predictable revenue growth and scale-up of a specialty launch over the next several quarters as adoption expands.
Negative Factors
Sizable cash burn and negative free cash flow
Persistent negative operating and free cash flow requires continued external funding or sustained product cash generation. Even with upfront partner payments, ongoing cash burn raises execution risk if commercial ramp or milestone receipts lag expectations, pressuring long‑term liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
First-to-market FDA approval (YARTEMLEA)
Regulatory exclusivity and first‑mover status create a durable competitive advantage in TA‑TMA, establishing a commercial foothold and reimbursement pathway. This supports predictable revenue growth and scale-up of a specialty launch over the next several quarters as adoption expands.
Read all positive factors
Omeros (OMER) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$829.42M
Dividend YieldN/A
Average Volume (3M)1.30M
Price to Earnings (P/E)3.4
Beta (1Y)1.07
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees202
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.30
Shares Outstanding72,375,360
10 Day Avg. Volume1,736,146
30 Day Avg. Volume1,295,970
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 Cap1.37
Enterprise Value/Revenue115.05
Enterprise Value/Gross Profit-928.34
Enterprise Value/Ebitda-10.91
Forecast
1Y Price Target
$40.00Price Target Upside197.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.91
Revenue Forecast (FY)$71.15M
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong positive commercial and regulatory momentum driven by the FDA approval and rapid early launch of YARTEMLEA, meaningful non-dilutive capital from the Novo Nordisk transaction, a solid cash position, and multiple pipeline and scientific milestones. Offsetting factors include an adjusted operating loss (excluding noncash items), earnings volatility from mark-to-market adjustments tied to convertible note derivatives, remaining convertible debt, and the early stage of commercial adoption with limited patient-level disclosure. On balance, the highlights around approval, early revenue, cash infusion, reimbursement progress (J-code and potential NTAP), and broad pipeline progress outweigh the near-term financial and volatility headwinds.Positive Updates
FDA Approval and First-to-Market Position for YARTEMLEA
YARTEMLEA (MASP-2 inhibitor) received FDA approval for TA-TMA, making it the first and only approved treatment for this indication and the first approved inhibitor of the lectin pathway of complement. Launched in January with initial shipments mid-month and first sales shortly thereafter.
Negative Updates
Non-GAAP Adjusted Net Loss and Operating Loss Pressure
Excluding noncash mark-to-market derivative adjustments, adjusted net loss for Q1 2026 was $17.1 million (adjusted net loss per share $0.24). Management expects operating expenses to be slightly higher in Q2 driven by increased sales and marketing for the YARTEMLEA commercial build-out.
Read all updates
Q1-2026 Updates
Positive
Negative
FDA Approval and First-to-Market Position for YARTEMLEA
YARTEMLEA (MASP-2 inhibitor) received FDA approval for TA-TMA, making it the first and only approved treatment for this indication and the first approved inhibitor of the lectin pathway of complement. Launched in January with initial shipments mid-month and first sales shortly thereafter.
Read all positive updates
Company Guidance
The company provided concrete near-term and programmatic guidance: YARTEMLEA launched mid‑January and generated Q1 gross revenues of $11.1M (net revenues $9.9M, gross‑to‑net ~11%); Q1 net income was $56.1M ($0.78/share) including a $73.1M noncash mark‑to‑market gain (adjusted non‑GAAP net loss was $17.1M, or $0.24/share); cash and investments were $135.3M as of March 31; the firm repurchased ~360,000 shares for $4.2M at an average $11.70; Novo Nordisk deal delivered $240M upfront (plus eligibility for $100M near‑term and up to $2.1B total plus high single‑digit to high‑teen royalties); remaining 2029 convertible note principal is $70.8M and 2026 notes of $17.1M were repaid. For Q2 they expect slightly higher operating expenses (with sales & marketing up), interest expense of ~ $7.1M, discontinued‑ops income of ~$5–6M, higher interest/other income, and they are not providing revenue guidance; operational/coding milestones include a permanent J‑code effective July 1 and an NTAP decision expected in August (effective in Q4), management expects YARTEMLEA to drive company‑wide positive cash flow within 18 months, an EMA decision mid‑year, OMS527 inpatient study targeted by year‑end, and OncotoX‑AML first‑in‑human planned for late 2027.Omeros Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
32
Negative
Cash Flow
22
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
Negative
13.44
Price Trends
12.45
Negative
12.37
Negative
9.57
Positive
Market Momentum
-0.28
Positive
35.53
Neutral
14.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMER, the sentiment is Negative. The current price of 13.44 is below the 20-day moving average (MA) of 13.77, above the 50-day MA of 12.45, and above the 200-day MA of 9.57, indicating a neutral trend. The MACD of -0.28 indicates Positive momentum. The RSI at 35.53 is Neutral, neither overbought nor oversold. The STOCH value of 14.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OMER.
Omeros Risk Analysis
Omeros disclosed 39 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 |
|---|---|---|---|---|---|---|---|
57 Neutral | $829.42M | 3.39 | -54.39% | ― | ― | ― | |
57 Neutral | $310.05M | -3.71 | 41.40% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $342.78M | -1.64 | -181.70% | ― | ― | 17.61% | |
46 Neutral | $247.77M | -4.18 | 85.78% | ― | 20.08% | 14.06% | |
42 Neutral | $93.50M | -7.38 | >-0.01% | ― | ― | 53.00% |
* Healthcare Sector Average
OMER
Omeros
11.46
8.30
262.66%
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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.