Omeros Q2 2025 Earnings Report

Omeros EPS Results

• Actual EPS: -$0.53
• Consensus EPS: -$0.55
• Beat/Miss: Beat by +$0.02
• One Year Ago EPS: N/A

Omeros Revenue Results

• Actual Revenue: $28.60 million
• Expected Revenue: $0.31 million
• Beat/Miss: Beat by +$28.29 million
• YoY Revenue Growth: N/A

Omeros Announcement Details

• Quarter: Q2 2025
• Date: 8/14/2025
• Time: After Market Closes
• Conference Call Date: Thursday, August 14, 2025
• Conference Call Time: 4:30PM ET

Omeros (NASDAQ:OMER) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of small-molecule and protein therapeutics. The company’s research programs target inflammation, complement-mediated diseases and disorders of the central nervous system. Omeros’s portfolio encompasses both internally discovered molecules and biologics, reflecting its commitment to advancing treatments for conditions with high unmet medical need.

Omeros’s first FDA-approved product, Omidria® (phenylephrine and ketorolac intraocular solution), is indicated to maintain pupil size by preventing intraoperative miosis and reducing postoperative pain in patients undergoing cataract surgery. Omidria is marketed in the United States through a partnership with Mallinckrodt Pharmaceuticals, with additional regulatory filings underway in selected international markets. The approval and commercialization of Omidria marked the company’s transition from a pure-research organization to a commercial stage biopharma company.

The company’s lead clinical candidate, narsoplimab (OMS721), is a human monoclonal antibody that inhibits mannan-binding lectin-associated serine protease-2 (MASP-2), a key enzyme in the lectin pathway of complement activation. Narsoplimab is being evaluated in rare, life-threatening disorders such as hematopoietic stem cell transplant–associated thrombotic microangiopathy (HSCT-TMA) and IgA nephropathy. In addition, Omeros has several small-molecule programs in development, including P2X7 receptor antagonists for neuropathic pain and addiction and selective kappa opioid receptor modulators for mood disorders.

Headquartered in Seattle, Washington, Omeros was founded in 1994 and completed its initial public offering in 2010. Under the leadership of founder and CEO Gregory A. Demopulos, M.D., the company has grown to include research and development facilities in both the United States and Europe, supporting global clinical trials and regulatory activities. Omeros continues to expand its pipeline through in-house discovery efforts and strategic collaborations aimed at bringing novel therapies to patients worldwide.

Omeros Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Omeros strengthened its balance sheet in Q2, reducing net loss to $25.4 million, raising $20.6 million via a direct offering, and extending debt maturities to 2029.
• Positive Sentiment: The company is in advanced discussions for a potential asset licensing deal expected to generate a multibillion-dollar upfront payment sufficient to repay all senior debt and fund over 12 months of operations.
• Positive Sentiment: Omeros resubmitted its BLA for narsoplimab in HSCT-associated TATMA, with an FDA PDUFA action date of December 26, 2025 and an EMA MAA under review for a mid-2026 decision.
• Positive Sentiment: Narsoplimab’s mechanism targeting MASP-2 is expected to preserve classical complement function and offer safety advantages over off-label C5 inhibitors, addressing a critical unmet need in TATMA.
• Negative Sentiment: Progress on select pipeline assets such as the OMS1029 quarterly MASP-2 antibody and the phase III MASP-3 inhibitor Zaltanibart has been paused pending additional capital resources.

Presentation

[Operator]

Good afternoon and welcome to today's earnings call for Omeros Corporation. At this time, all participants are in a listen only mode. After the company's remarks, we will conduct a question and answer session. Please be advised this call is being recorded at the company's request, and the replay will be available on the company's website one week from today. I will now turn the call over to Jennifer Williams, Investor Relations for Omeros.

[Jennifer Cook Williams, Investor & Media Relations at Cook Williams Communications, Inc.]

Good afternoon, and thank you for joining us. Before we begin, I'd like to remind you that certain statements made during this call are forward looking. These statements reflect management's current beliefs and expectations as of today and are subject to change. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties, please refer to the special note in the Risk Factors section regarding forward looking statements in our quarterly report on Form 10 Q filed today with the SEC and the Risk Factors section of our most recent annual report on Form 10 ks.

[Jennifer Cook Williams, Investor & Media Relations at Cook Williams Communications, Inc.]

With that, I'll turn the call over to Chairman and CEO of Vomeros, Doctor. Greg Demopoulis.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Thank you, Jennifer, and good afternoon, everyone. Joining me today are David Borges, our Chief Accounting Officer Nadia Dock, Chief Commercial Officer Doctor. Andreas Grauer, Chief Medical Officer Doctor. Kathy Melti.

[Operator]

Again, ladies and gentlemen, please stand by. Your conference call will resume momentarily. Once again, ladies and gentlemen, please stay on the line. Ladies and gentlemen, we thank you for your patience. We do apologize this is a notified conferencing problem.

[Operator]

I'd like to turn the call over to Jennifer Williams for the Safe Harbor. Please go ahead, ma'am.

[Jennifer Cook Williams, Investor & Media Relations at Cook Williams Communications, Inc.]

Good afternoon, thank you for joining us or speaking with us. Before we begin, I'd like to remind you that certain statements made during this call are forward looking statements reflect management's current beliefs and expectations as of today and are subject to change. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties, please refer to the special note in the Risk Factors section regarding forward looking statements in our quarterly report on Form 10 Q filed today with the SEC and the Risk Factors section of our most recent annual report on Form 10 ks. With that, I'll turn the call over to Chairman and CEO of Omeros, Doctor. Greg Demopoulos.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Thank you, Jennifer, and good afternoon, everyone. Joining me today are David Borges, our Chief Accounting Officer Nadia Dock, Chief Commercial Officer Doctor. Andreas Grauer, Chief Medical Officer Doctor. Kathy Melti, Chief Regulatory Officer and Doctor. Steve Whitaker, Vice President of Clinical.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

I'll begin with an overview of our second quarter twenty twenty five financial results and provide updates across our development programs. David will then walk through the financials in more detail, and we'll open the call for questions. Our net loss for the second quarter of twenty twenty five was $25,400,000 or $0.43 per share compared to a net loss of $33,500,000 or $0.58 per share in the first quarter of this year. As of 06/30/2025, we had $28,700,000 in cash and investments. This was further strengthened by a registered direct offering completed on 07/28/2025, which raised $20,600,000 in net proceeds.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

During the quarter, we took decisive steps to strengthen our balance sheet and extend our debt maturity profile. Through a combination of convertible note exchanges and equity conversions, we reduced the outstanding principal on our 2026 notes from $98,000,000 to 17,000,000 eliminated a $20,000,000 mandatory prepayment on our term loan and extended the large majority of our debt out to 2029. These actions, including the July offering with Polar Asset Management Partners, reduced our near term payment obligations by over $100,000,000 This further positions us to focus capital on advancing key programs and supporting the anticipated launch of narsoplimab. We've removed the major structural overhang, streamlined our balance sheet, and are now better positioned to access additional capital through partnerships, equity or debt offerings, or sales under our active ATM facility. As previously disclosed, we're in discussions regarding potential asset acquisition and or licensing agreements involving certain of our clinical assets.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

The most advanced of these discussions is driving toward a multibillion dollar transaction, exclusive of royalties. Upon closing, we expect to receive an upfront cash payment sufficient to repay in full the $67,100,000 term loan outstanding under our senior secured credit facility, repay at maturity the remaining $17,100,000 principal balance of our 2026 convertible notes and provide sufficient capital for over twelve months of post closing operations. This transaction is also expected to include near and longer term milestones and, if regulatory approval is obtained, sales based milestones and royalties. Let's now turn to the anticipated approval and launch of narsoplimab, our proprietary human monoclonal antibody against MASP-two, the key activator of the lectin pathway of complement. While we've identified several commercially attractive follow on indications for narsoplimab, the initial indication is stem cell transplant associated thrombotic microangiopathy or TATMA, a life threatening complication of stem cell transplant.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

In March, we resubmitted our Biologics License Application or BLA for narsoplimab in TATMA. The FDA accepted the submission for review and assigned a PDUFA target action date of September 25. Following our submission of additional information requested by FDA, The agency extended the PDUFA date to December 26. We continue to work collaboratively with FDA. Our objective is to expedite the review and potential approval process.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

To date, results of all requested analyses have been shown to be statistically significant and are consistent with and supportive of narsoplimab benefits as demonstrated in our BLA resubmission. Assuming no major deficiencies are identified during its review, FDA has indicated that labeling discussions are planned to begin no later than October 2025. In June, we submitted our marketing authorization application, or MAA, or narsoplimab n tATMA to the European Medicines Agency. The MAA has been validated, initiating formal review process by the Committee for Medicinal Products for Human Use. We expect the decision on the MAA in mid-twenty twenty six.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

We continue to expect that narsoplimab will be the first approved therapy for TATMA and that it is well positioned to address a substantial market opportunity. Awareness is growing among transplant physicians regarding the risks of C5 inhibitors like eculizumab and ravulizumab, which are often used off label in TATMA and have been shown to be associated with increased infection rates and related complications. A retrospective single center study published last month in the American Journal of Hematology found that pediatric TATMA patients treated with the C5 inhibitor eculizumab had significantly higher infection rates compared to well matched controls. Specifically in the eculizumab treated group, bacteremia was 8.5 higher and one year infection related mortality was six fold higher. Similar findings are being reported in adults.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Mechanistically, C5 inhibitors like C3 inhibitors block the infection fighting lytic arm of the classical pathway of complement, markedly increasing risk of infection and death in immunocompromised patients. In contrast, by targeting and inhibiting MASP-two, narsoplimab preserves the classical pathway's lytic function and the adaptive immune response. We believe both safety and efficacy will be key differentiators and drivers of adoption for Narsoplimab. Two manuscripts will soon be published in premier peer reviewed journals detailing Narsoplimab's safety and survival benefits in high risk TATMA patients. The first, already accepted for publication, assesses survival in both adults and children treated under expanded access.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

The second is under review and compares narsoplimab treated adults in both the pivotal trial and in the expanded access program to a well matched external control. Thanks to the continued efforts of our field based market development and access teams, we're well positioned to drive demand in our highest priority transplant centers upon approval. These centers are already actively monitoring for signs and symptoms of TATMA and are familiar with narsoplimab and its clinical profile. We're executing a phased onboarding of hematology experienced sales professionals who first will target the highest volume transplant centers, expanding more broadly over time. Our sales leadership is currently in active discussions with top tier candidates with deep expertise in transplant and rare hematologic diseases.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Notably, many have been closely following Narsoplimab's development and are genuinely enthusiastic to launch a product that can significantly improve outcomes and save patients' lives. In parallel, we are engaging hospital decision makers and payers through pre approval information exchanges to support planning for coverage and reimbursement. Feedback has been highly encouraging. Stakeholders recognize the strong clinical safety and efficacy data for narsoplimab and are eager for an approved treatment option that avoids the risks associated with off label C5 inhibitors. Upon approval, we will leverage our experienced field marketing team and a highly skilled sales force to drive rapid uptake.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

By emphasizing the compelling clinical data and proactively addressing access barriers, we're confident in our ability to deliver a successful launch and life saving outcomes to TATMA patients and their families. Looking to the rest of our MASP-two inhibitor family, OMS1029, our long acting once quarterly MASP-two antibody, is ready to restart Phase two clinical trial activities once resources are available. We have adequate supply of OMS1029 and matched placebo to support the phase two program. Our orally administered small molecule MASP-two inhibitor program is nearly ready to begin IND enabling studies. Both programs target indications suited to their respective delivery modes and pharmacologic profiles.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Turning to our MASP-three inhibitor program, Sultanobar, also known as OMS906, is our phase three asset and lead MASP-three antibody. MASP-three is the key activator and most proximal target in the alternative pathway of complement. The initial indication is paroxysmal nocturnal hemoglobinuria, or PNH. The global PNH market is projected to grow at 11% annually, reaching over $10,000,000,000 by 02/1932. The complement inhibitor segment alone is expected to more than double from 2,200,000,000.0 today to 4,700,000,000.0 over the next seven years.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

We believe Zaltenibart can carve out a significant share in this growing market. Phase two studies of Zaltenibart and PNH have shown efficacy at least equivalent to that of any other alternative pathway targeting agent on the market or in development. Zoltanibart's differentiators include once every two months to once quarterly dosing, improved compliance and reduced risk of life threatening breakthrough disease, and no safety signals of concern observed in preclinical or clinical studies. The phase three program was paused to prioritize narsoplimab approval and market launch, and is set to restart when capital is available. The potential indications for Zaltenibart are broad, and the market opportunity is substantial.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Let's now look at our programs beyond our complement franchise. Our PDE7 inhibitor program is evaluating OMS527 for cocaine use disorder, or CUD, fully funded by a grant from the National Institute on Drug Abuse, or NIDA. Preclinical studies designed by NIDA toxicologists have been successfully completed with no safety findings and provide the drug interaction safety data in support of a planned inpatient human study of five twenty seven in cocaine users. FDA has requested additional preclinical information before initiating the inpatient trial, which we target for the first part of 2026. We're also advancing our oncology platform, including IND enabling studies for our Oncotox biologics program.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

The lead indication is acute myeloid leukemia, or AML. Our Oncotox AML therapeutic has consistently demonstrated superior efficacy to current AML standard of care treatments, both in vivo, in immunocompromised mice with human tumors, and in vitro with human cell lines. The lead candidate therapeutic shows broad applicability across AML regardless of genetic mutations, whether that be TP53, NPM1, KMT2A, or FLT3. We aim to enter the clinic within eighteen to twenty four months, guided by our distinguished clinical steering committee composed of world leaders in AML treatment and research. I'll now turn the call over to David Borges, our Chief Accounting Officer, to go through a more detailed discussion of our financial results. David?

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

Thanks, Greg. Our net loss for the 2025 was $25,400,000 or $0.43 per share compared to a net loss of $33,500,000 or $0.58 per share in the first quarter of this year. As of 06/30/2025, we had $28,700,000 of cash and investments on hand. And as Greg mentioned, we closed a registered direct offering on July 28, in which we received net proceeds of $20,600,000 As we noted in our May 13 conference call, we entered into an exchange agreement with certain holders of our 2026 convertible notes. We exchanged $70,800,000 in aggregate principal amounts of our 2026 convertible notes on a one for one basis for newly issued convertible senior notes due in June 2029.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

In addition, we reached an agreement with two holders to convert $10,000,000 their 2026 notes into shares of the company's stock in three tranches over a ninety day period with the conversion to be finalized by mid September twenty twenty five. Following these transactions, the outstanding principal balance of our 2026 notes has been reduced from $97,900,000 to $17,100,000 Most importantly, this reduction in principle of the notes enabled the company to avoid making a $20,000,000 mandatory prepayment under our term loan agreement, which otherwise would have been required on or before 11/01/2025. These transactions significantly pushed out debt maturities with only $17,100,000 of debt due within the next twelve months. And recall that we entered into a cap call transaction in connection with the issuance of the 2026 notes to reduce potential dilution or cash outlay upon conversion. Even with the outstanding balance of the 26 notes down to $17,100,000 we have retained a full potential value of the cap call up to $92,600,000 Cost and expenses from continuing operations for the second quarter before interest and other income were $32,400,000 which was a decrease of 2,600,000.0 from the first quarter of this year.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

Research and development expenses in the second quarter were primarily focused on Zaltanopart and narsoplimab. The primary components of interest expense include the 2026 notes, the DRI Midrea royalty obligation, the secured term loan and the 2029 notes. For the second quarter, interest expense was near zero, primarily due to an $8,500,000 non cash remeasurement adjustment related to our DRI Amidrea royalty obligation. This adjustment reflects updated forecast of royalty receipts provided by Raynor. Excluding the DRI royalty obligation, which is entirely pass through interest from Raynor to DRI and amortization of debt issuance costs, debt discounts and premiums, contractual cash interest expense was $3,900,000 compared to $3,700,000 in the prior quarter.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

The increase was due to the higher interest on a twenty twenty nine notes relative to the 26 notes. Interest and other income totaled $1,200,000 in the second quarter compared to $1,100,000 in the first quarter of this year. During the second quarter, we reported an $8,200,000 non cash gain on marking to market our financial instruments. Our financial instruments are comprised of a derivative liability on our 2029 notes, representing the ability of holders to convert their notes to equity. The remeasurements of our 2029 notes at 06/30/2025 resulted in a non cash gain of $8,000,000 Income from discontinued operations in the second quarter was $465,000 a decrease of $3,600,000 from the first quarter.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

This decline was primarily due to a remeasurement adjustment stemming from Rainer's downward revision of its forecast for U. S. Based

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

royalties. As a result,

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

we are required to enter GAAP to revise downward our Midriah contract royalty asset and DRI and Midriah royalty obligation. It's important to note that the bulk of these transactions involve US based royalties, which are passed through in nature. Rainer remits these royalties to DRI via an escrow agent. However, because both Rainer and DRI are contractual counterparties to us, we're required to recognize these amounts as assets and liabilities on our balance sheet. As a reminder, in February 2024, we amended our agreement with DRI, granting them rights to all U.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

S. And Midway royalties from Raynor through 12/31/2031. Ameris retains royalties from ex U. S. Sales and will receive all global and Midway royalties starting 01/01/2032.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

Now let's look at our expected third quarter twenty twenty five results. We anticipate that overall operating expenses from continuing operations in the 2025 will be lower than in the second quarter, primarily due to reduced spending on clinical development of Zoltanovar decreased activity across certain other development programs and other cost reduction efforts. Interest and other income for the third quarter is expected to be comparable to the second quarter. Interest expense, excluding any non cash adjustments related to the immediate royalty obligation and debt derivative revaluations should be around $9,200,000. This represents a non cash increase of 9,300,000.0 from the second quarter, primarily reflecting the absence of a significant non cash adjustment tied to the Nidriah royalty obligation, as well as an incremental $500,000 in cash interest associated with the newly issued 2029 convertible notes.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

And finally, income from discontinued operations is expected to be in the 5,000,000 to $7,000,000 range, excluding any non cash remeasurement adjustments to the Midriah contract asset. With that, I'll turn the call back over to Greg.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Thank you, David. Operator, let's now please open the call to questions.

[Operator]

Thank you.

[Operator]

Our first question comes from Steve Brozak with WBB Securities. Your line is open.

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

Hey, good afternoon and thanks for the update. I really want to go over the financial modeling of narsoplimab and I'd like to compare it, if you don't mind. You've launched a product in the past, obviously, it's been a while, OMIDRIA, And you've got about $1,000,000,000 plus in revenue on that product more at the end of the day. How does that launch compare to what you're preparing

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

for?

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

You can go in as much detail as you'd like, and I have one follow-up after that. Thanks.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Okay. Thanks, Steve. We have not delivered a lot of information publicly about our planned launch projections around the launch. What I can tell you is that it is a significantly more focused market than what we had with Omidria. With Omidria, we were targeting cataract surgeons of which there are a good number, a large number nationally.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

With TATMA as the indication, transplants are done in 175 centers across the nation. So the number of on the ground sales people is significantly less than what we needed for Omidria. So that is clearly an advantage. We see the market opportunity obviously as large. I think others do as well, which is why there have been others in development for TATMA.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

But I think with respect to specific numbers, pricing, launch projections, any of that information, we're going to beg off for that right now, Steve. It's just not the appropriate time, I think, to go through that. But know that we clearly are working through how to optimize the launch and make sure that with narsoplimab, once approved, that we are able to reach as many physicians and patients both in The US and Ex US that we can. We're very confident in the

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

Got it. Okay. That leads me to patient are very, very sick. Can you hear me now?

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

I can now.

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

Hello? Okay. Let me dive right in. The patient population you're talking about right now is very, very sick. And they've also had extraordinary expenses paid for their treatment process up until the TITMA hit.

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

How comfortable are the clinicians that you've talked to or that you've worked with so far in saying, yes, they want this product and it is clearly something that is needed on an urgent basis? And I'll hop back in the queue. Thank you.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

My take on that is that the physicians are eagerly awaiting the approval of narsoplimab, but let me hand that over to Nadia, who I think can give you more detailed information on the response from physicians. Nadia?

[Nadia Dac, CCO at Omeros Corp]

Yeah, thanks Greg. Steve, it's really a significant response from physicians about the need for narsoplimab. You can imagine, you commented on it that these patients have been through so much just to go on this journey with transplant and to be sort of nearing getting out of the woods and then having a lethal complication is absolutely not what the physicians or the patients would want. And so they see this as a much needed solution, The fact that it would be indicated, the first and only, and in terms of those that have had response already through the Expanded Access Program, they're eager to have this approved and be able to assist these patients and to avoid these types of complications.

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

Got it.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

That answer the question, think if there's any bright side to the length of time we've been waiting to get narsoplimab approved in PAGMA, it's been the ability for physicians through the expanded access program and obviously through numerous conference presentations, publications to understand the effects of narsoplimab, the benefits of narsoplimab, and frankly some of the challenges or risks associated with potential competitors in development.

[Steve Brozak, President & Managing Partner at WBB Securities LLC]

Got it. Thanks again for the details.

[Operator]

One moment for our next question. Our next question comes from Brandon Folkes with H. C. Wainwright. Your line is open.

[Brandon Folkes, MD & Senior Healthcare Analyst at H.C. Wainwright & Co.]

Hi. Thanks for taking my questions and congrats on the progress. First, if you are approved in December, how long would you anticipate before you could launch the product? And then maybe just sort of along the same lines, I think going into the prior PDUFA, I'm talking a couple of years ago, I know you bought a fair amount of inventory. So I'm just thinking if we should be thinking about the same sort of approach this way around and modeling that into our R and D spend in 4Q? Thank you.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Good question, Brandon. Thank you. You were breaking up a bit, but I think I caught it. We again are hopeful that we will reach an approval decision before December, but using your assumptions that approval were to occur in December, we would, as you understand, not be launching in December, but we would be launching then in the first quarter and I think obviously we are geared up and ready to go with respect to supply.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

We have substantial supply and that is not going to be a challenge in any way for us. Nadia, do you have any comments on the launch or David on supply?

[Nadia Dac, CCO at Omeros Corp]

I'll build on the launch before David comments on the supply. What we have in place is a plan to, upon approval, immediately train our field team that's in place on the narsoplimab package insert information, and they will be deployed immediately upon certification, followed by the sales reps then that would be onboarded. So we will be driving awareness, education, and demand immediately upon approval. And then we have some other things lined up that would be nonpersonal in terms of digital tools and other things to supplement that because we view this as really it's it's two pronged. We have to continue the education on TATMA, while then educating on narsoplimab, while the supply prepares to fill the channel as well. David, let me hand it back to you.

[David Borges, VP of Finance, Chief Accounting Officer & Treasurer at Omeros Corp]

Yeah, with respect to supply, we have adequate supply for the first several years from launch. I think we're in great shape there with respect to our inventory.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Brandon?

[Brandon Folkes, MD & Senior Healthcare Analyst at H.C. Wainwright & Co.]

Thank you very much, Greg and everyone. That answers my questions and congrats on the progress.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

You're welcome. Yes, thank you.

[Operator]

One moment for our next question. Our next question comes from Olivia Breyer with Cantor. Your line is open.

[Olivia Brayer, Director & Senior Biotech Analyst at Cantor Fitzgerald]

Hi, good afternoon. Thank you for the question. Greg, can you talk about what the FDA requested that actually led to the three month PDUFA delay? Was it additional data from the historical database something else? And then anything in that request that was maybe unexpected? And then I've got one follow-up.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Hi, Olivia. Thanks for the question. It was really additional analyses. There were a number of analyses that they were requesting and frankly I think it may have been a bit overwhelming the amount of data that we subsequently supplied in response. And so I I that that is my view of that. Kathy, do you want to to elaborate?

[Nadia Dac, CCO at Omeros Corp]

Yeah, again, as Greg said, they requested additional analyses, apparently felt that they could not review it in time to make the original PDUFA date, and as you know, when you get a major amendment, the standard is to act three months onto the PDUFA date. We're continuing to work with FDA and we're hoping, as Greg said before, we can bring it in even earlier than the December 26 date.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

The relationship, Olivia, has been really quite collaborative. I know that there are a number of issues that are at least finding their way into the press around FDA recent responsiveness. Frankly, we have not encountered any of that with this division. The interactions have been responsive and very collaborative. So to date, that's how we have found this process.

[Olivia Brayer, Director & Senior Biotech Analyst at Cantor Fitzgerald]

Yeah, that's great. I'm happy to hear that and hopefully that continues going forward. And then can you tell us anything more about the potential partnership that you're pursuing and just maybe what kind of partnership and which program in particular that you're looking to partner out?

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Yes, all I can say on that at this point is that there's substantial interest really across our programs. And we've outlined the parameters of one such partnership, and as you might imagine, we're required to do so as part of our equity financing to make sure that all material nonpublic information was cleansed. So I think we've said really all that we can say or really will say on that topic at this point, but I think our referencing it by definition means that it is material from our position.

[Olivia Brayer, Director & Senior Biotech Analyst at Cantor Fitzgerald]

Okay, understood. Thank you very much.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Thanks, Olivia. Thank you.

[Operator]

And I'm not showing any further questions at this time. I'd like to turn the call back over to doctor Demopolis for any further remarks.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

Alright. Thank you, operator. Thank you, everyone, for joining this afternoon. We apologize for that initial difficulty with the technical components. I appreciate the help though that our provider did put forth to fix the problem quickly, so thank you.

[Gregory Demopulos, Founder, Chairman, CEO & President at Omeros Corp]

But as you can see, Omeros has a good number of value driving milestones in process, and, we look forward to sharing more information with you throughout the remainder of 2025. All of us on Omeros appreciate your continued support and look forward to sharing further updates with you. Have a good evening.

[Operator]

Thank you, ladies and gentlemen. This does conclude today's presentation. We do thank you for your participation and you may now disconnect and have a wonderful day.

Participants

Executives

• Gregory Demopulos, Founder, Chairman, CEO & President
• David Borges, VP of Finance, Chief Accounting Officer & Treasurer
• Nadia Dac, CCO

Analysts

• Jennifer Cook Williams, Investor & Media Relations at Cook Williams Communications, Inc.
• Steve Brozak, President & Managing Partner at WBB Securities LLC
• Brandon Folkes, MD & Senior Healthcare Analyst at H.C. Wainwright & Co.
• Olivia Brayer, Director & Senior Biotech Analyst at Cantor Fitzgerald