OMERHIGH SIGNALREGULATORY10-K

OMER achieved FDA approval for YARTEMLEA in December 2025, transforming from a clinical-stage to commercial-stage company with dramatic revenue growth and substantial improvement in losses.

The FDA approval of YARTEMLEA represents a pivotal inflection point, validating years of R&D investment and providing the company's first commercial revenue stream for the rare disease TA-TMA. The removal of going concern language and transition from "clinical-stage" to "commercial-stage" company signals management confidence in the business's sustainability following this regulatory milestone.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The financial transformation is striking, with revenue surging 548% to $29.9M driven by YARTEMLEA commercialization, while net losses improved dramatically by 98% from -$156.8M to -$3.4M despite higher interest expense. The company strengthened its balance sheet by reducing total debt 47% to $87.9M and nearly tripling cash to $9.7M, while current assets grew 61% to $215.7M and stockholders' equity deficit improved 34%. This represents a fundamental business transformation from cash-burning clinical operations to early commercial profitability.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+548.2%
$4.6M→$29.9M

Strong top-line growth of 548.2% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
+184.1%
$3.4M→$9.7M

Cash position surged 184.1% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+97.9%
-$156.8M→-$3.4M

Net income grew 97.9% — bottom-line growth signals improving overall business health.

Current Assets
Balance Sheet
+60.8%
$134.1M→$215.7M

Current assets grew 60.8% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-60.6%
$165K→$65K

Capex reduced 60.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Debt
Balance Sheet
-46.7%
$164.9M→$87.9M

Debt reduced 46.7% — deleveraging strengthens balance sheet and reduces financial risk.

Interest Expense
P&L
+35.9%
$22.7M→$30.8M

Interest expense surged 35.9% — significant debt increase or rising rates materially impacting earnings.

Stockholders Equity
Balance Sheet
+33.6%
-$182.6M→-$121.2M

Equity base grew 33.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

R&D Expense
P&L
-32%
$119.5M→$81.3M

R&D spending cut 32% — could signal cost discipline or concerning reduction in innovation investment.

Operating Income
P&L
+27.5%
-$169.3M→-$122.8M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
As of March 27, 2026, the number of outstanding shares of the registrant s common stock, par value $0.01 per share, was 71,996,171 .
BUSINESS Overview Omeros Corporation ( Omeros, the Company or we ) is an innovative, commercial-stage biotechnology company that discovers and develops first-in-class protein and small-molecule therapeutics for large-market and orphan indications, with particular emphasis on complement-mediated diseases, cancers, and addictive or compulsive disorders.
Our complement-targeted product, product candidates, and therapeutic programs are primarily focused on diseases and disorders associated with the lectin and/or alternative pathways of complement.
Our Commercial Product: YARTEMLEA (narsoplimab-wuug) YARTEMLEA (narsoplimab-wuug) is the first and only approved therapy for hematopoietic stem cell transplant-associated thrombotic microangiopathy ( TA-TMA ), an often-fatal complication of stem cell transplantation driven by activation of the lectin pathway of complement.
YARTEMLEA selectively inhibits MASP-2, the effector enzyme of the lectin pathway, blocking the pathway s activation while preserving classical and alternative complement functions important for host defense against infection.
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REMOVED
As of March 25, 2025, the number of outstanding shares of the registrant s common stock, par value $0.01 per share, was 58,063,901 .
SUMMARY RISK FACTORS The risk factors described below are a summary of the principal risk factors associated with an investment in our company.
You should carefully consider the risk factors discussed in this summary, as well as the risk factors described in Item 1A.
Risks related to our product candidates, programs and operations include, but are not limited to, the following: management has concluded that there is substantial doubt regarding our ability to continue as a going concern; inability to raise capital when needed; restrictions imposed by our secured credit facility and our ability to comply with such restrictions; our indebtedness and liabilities could limit the cash flow available for our operations; failure to obtain and maintain regulatory approval for marketing of future commercial products in the U.S.
( Rayner ) will become payable; unpredictability of our operating results; changes to the size, structure, powers and operations of the U.S.
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