Omeros Corp Dossier
Qualitative Analysis
Business overview
Omeros Corporation (NASDAQ: OMER) is an innovative, commercial-stage biotechnology company focused on discovering, developing, and commercializing small-molecule and protein therapeutics. The company's primary focus lies in complement-mediated diseases, central nervous system disorders, and oncology. Omeros' lead product is YARTEMLEA (narsoplimab-wuug), a fully human monoclonal antibody targeting mannan-binding lectin-associated serine protease 2 (MASP-2), which is the effector enzyme of the lectin pathway of complement. YARTEMLEA is FDA-approved and commercially available in the United States for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA) in adult and pediatric patients. The company's pipeline also includes OMS1029, a long-acting MASP-2 inhibitor that has completed Phase 1 clinical trials, and OMS527, a phosphodiesterase 7 (PDE7) inhibitor in clinical development for cocaine use disorder.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Commercial launch of YARTEMLEA (narsoplimab-wuug) in the U.S. market for adult and pediatric patients with hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA).
Expected impact: Drive accelerating product revenues, establish YARTEMLEA as the standard of care for TA-TMA, and transition the company to positive cash flow within 18 months.
Strategic deleveraging of the balance sheet using proceeds from asset sales to eliminate high-interest debt and restrictive covenants.
Expected impact: Eliminated $67.1 million senior secured term loan and $17.1 million of 2026 convertible notes, leaving only $70.8 million of 2029 convertible notes outstanding. Removed the $25.0 million minimum liquidity covenant, significantly improving financial flexibility.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Novo Nordisk acquired global rights to develop and commercialize zaltenibart (formerly OMS906), a MASP-3 inhibitor. This allows Omeros to monetize a late-stage asset, eliminate associated R&D expenses, and focus resources on the commercialization of YARTEMLEA.
Terms: Omeros received $240.0 million in upfront cash at closing in December 2025, with eligibility for up to $340.0 million in upfront and near-term milestones. Total potential transaction value is up to $2.1 billion including development and commercial milestones, plus tiered royalties on net sales.
Omeros sold its ophthalmology product OMIDRIA to Rayner Surgical in December 2021, retaining a significant long-term royalty stream to fund pipeline development.
Terms: Omeros received $126.0 million upfront and subsequently received a $200.0 million commercial milestone payment in February 2023. Omeros continues to receive royalties of 30% on U.S. net sales of OMIDRIA (under an amended agreement with Royalty Pharma/the Trust) and 15% on ex-U.S. sales.