olivLaw · US equity research
Omeros Corporation OMER
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Omeros is a commercial-stage biotechnology company that launched in 2026 the first and only approved treatment for TA-TMA, a serious complication of stem cell transplantation. The YARTEMLEA launch has rapidly lifted quarterly revenue, while the company restructured its capital after the zaltenibart deal with Novo Nordisk, and the EU outlook remains uncertain after the negative CHMP opinion.
At the close of 04 Nov 2026, Omeros Corporation (OMER) stock was 18.18 USD (−0.49% on the day), with market capitalisation 1.3 bn USD, P/E 10.5 on diluted EPS of -0.05 USD over the last 12 months, beta 1.36, 52-week range 6.28–21.05 USD. Latest reported quarter (Q2 2026): revenue of 28.5 m USD, net income of 13.2 m USD, diluted EPS 0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 15.51 – 20.17
- in the upper half of the band · %B 0.57 · band width 26.1%
- SMA 50 / 200
- 18.45 / 13.58
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.8% | −1.1% | −2.7 pp | — |
| 3 months | +43.7% | −0.5% | +44.2 pp | — |
| 6 months | +22.6% | +4.4% | +18.2 pp | — |
| Year to date | +5.8% | +12.3% | −6.5 pp | — |
| 1 year | +170.1% | +13.5% | +156.6 pp | +19.6% |
| 3 years | +1,320.3% | +76.4% | +1,243.9 pp | +33.9% |
| 5 years | +140.8% | +63.7% | +77.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 0 | 0 | — | — | 9.9 m | 28.5 m |
| Cost of revenue | — | — | 0 | 0 | — | — | 587.0 k | 798.0 k |
| Research & development | 24.1 m | 23.3 m | 23.8 m | 22.0 m | 16.0 m | 19.4 m | 13.4 m | 13.8 m |
| SG&A | 11.3 m | 10.0 m | 11.1 m | 10.3 m | 10.4 m | 9.6 m | 13.4 m | 13.9 m |
| Operating income | -35.4 m | -33.4 m | -35.0 m | -32.4 m | -26.4 m | -29.1 m | -17.4 m | 74.0 k |
| Depreciation & amortisation | 237.0 k ≈ | 301.0 k | 289.0 k | 200.0 k ≈ | 240.0 k ≈ | 235.0 k | 239.0 k | 193.0 k ≈ |
| Interest expense | 4.1 m | 3.2 m | 3.7 m | 15.0 k | -13.4 m | 8.7 m | 5.9 m | 7.6 m |
| Pre-tax income | — | — | -37.6 m | -25.9 m | — | — | 51.3 m | 6.7 m |
| Income tax | — | — | 0 | 0 | — | — | 57.0 k | 29.0 k |
| Net income | -32.2 m | -31.4 m | -33.5 m | -25.4 m | -30.9 m | 86.5 m | 56.1 m | 13.2 m |
| Diluted EPS | -0.56 | — | -0.58 | -0.43 | -0.47 | — | 0.62 | 0.15 |
| Operating cash flow | -32.1 m ≈ | -29.0 m | -35.8 m | -21.9 m ≈ | -18.5 m ≈ | -39.8 m | -14.5 m | 4.1 m ≈ |
| Capex | 1.0 k ≈ | 26.0 k | 41.0 k | 13.0 k ≈ | 11.0 k ≈ | 0 | 0 | 45.0 k ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 4.2 m | 5.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.9 m | 111.8 m | 73.8 m | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | −53.9% | +274.3% | −34.0% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -126.8 m | -84.5 m | -138.1 m | 194.2 m | 47.4 m | -117.8 m | -156.8 m | -3.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −75.6% | −348.5% | unavailable | unavailable |
| Diluted EPS | unavailable | -1.71 | -2.41 | 3.12 | 0.76 | -1.88 | -2.70 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −75.6% | −347.4% | unavailable | unavailable |
| net % | -424.4% | -75.6% | -187.0% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -104.3 m | -60.4 m | -100.4 m | -110.0 m | -86.6 m | 74.3 m | -149.0 m | -116.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.7 m USD
- Financial debt
- 87.9 m USD
- Net debt
- 78.2 m USD
- Equity
- -121.2 m USD
- Total assets
- 325.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.76x
- ROE
- unavailable
- ROA
- -1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 73.8 m | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Cost of revenue | 902.0 k | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Gross profit | 72.9 m ≈ | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021derived |
| Research & development | 107.6 m | 118.8 m | 112.7 m | 114.9 m | 119.5 m | 81.3 m | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | — | 54.8 m | 50.7 m | 49.7 m | 47.4 m | 41.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -156.9 m | -173.6 m | -163.4 m | -164.5 m | -167.0 m | -122.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 1.6 m | 1.4 m | 952.0 k | 920.0 k | 950.0 k | 964.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -155.3 m ≈ | -172.2 m ≈ | -162.4 m ≈ | -163.6 m ≈ | -166.0 m ≈ | -121.8 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 26.8 m | 19.7 m | 22.7 m | 30.8 m | 24.7 m | -960.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -196.4 m | -191.5 m | -182.0 m | -174.9 m | -180.3 m | -2.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -23.3 m | 0 | 0 | 0 | 2.3 m | 2.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -138.1 m | 194.2 m | 47.4 m | -117.8 m | -156.8 m | -3.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -2.41 | 3.12 | 0.76 | -1.88 | -2.70 | -0.05 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 57.2 m | 62.3 m | 62.7 m | — | — | — | SEC (XBRL)· 13 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.5 m | 100.8 m | 11.0 m | 7.1 m | 3.4 m | 9.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | — | — | — | — | — | 0 | SEC (XBRL)· 13 May 2026verified |
| Inventories | 1.4 m | — | — | — | — | 0 | SEC (XBRL)· 13 May 2026verified |
| Current assets | 151.3 m | 248.0 m | 443.2 m | 217.9 m | 134.1 m | 215.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | — | — | 1.5 m | 2.0 m | 2.7 m | 1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 181.0 m | 419.3 m | 591.0 m | 378.3 m | 277.1 m | 325.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 4.2 m | 13.4 m | 6.0 m | 7.7 m | 5.9 m | 4.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 236.3 m | 313.5 m | 315.3 m | 213.2 m | 164.9 m | 87.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 36.7 m | 51.8 m | 136.4 m | 53.3 m | 79.5 m | 78.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | -120.8 m † | 23.8 m † | 85.7 m † | -25.0 m † | -182.6 m † | -121.2 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -100.1 m | -109.7 m | -86.5 m | 74.7 m | -148.8 m | -116.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 283.0 k | 277.0 k | 113.0 k | 426.0 k | 165.0 k | 65.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -100.4 m ≈ | -110.0 m ≈ | -86.6 m ≈ | 74.3 m ≈ | -149.0 m ≈ | -116.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -67.0 m | 193.7 m | -127.6 m | 27.5 m | 82.2 m | 164.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 174.5 m | 6.3 m | 124.2 m | -106.1 m | 62.9 m | -42.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | — | 0 | 0 | 4.7 m | 11.9 m | 0 | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.37 – 74.87 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E30.37 – 74.87 (Mid 39.59)15 companies used · median multiple 23.0x · quartiles 17.6x – 43.4xABBV, ABT, ALNY, BMY, JNJ, LAB, LLY, PBYI, PFE, REGN, RPRX, TGTX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -55.1% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 4.4% | 37 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.0x | 96 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 10.5x | 89 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partial37/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OMEROS CORP (OMER). Latest full fiscal year: 2020; data up to 2026-06-30.
Figures computed from the financial statements: revenue 73.8 m USD in 2020; YoY growth -34.0%.
The estimated value range is 30.37–74.87 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 39.59 USD, the price of 18.18 USD leaves a potential of 117.8% (value / price − 1) and a margin of safety of 54.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
- P/E (TTM): 10.5x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -55.1%
- Interest coverage: -8.2x
- FCF yield: -5.2%
- Shareholder yield (distributions): 0.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| AGIOAgios Pharmaceuticals, Inc. | 1.9 bn | — | -34.3% | -418.2% | +48.0% | +7% / +41% |
| SLSSELLAS Life Sciences Group, Inc. | 1.8 bn | — | -39.6% | — | −100.0% | +464% / +779% |
| OMEROmeros Corp | 1.3 bn | 10.5 | — | — | −34.0% | +170% / +1,320% |
| SVRASavara Inc | 957.4 m | — | -105.5% | — | unavailable | −26% / +21% |
| PBYIPuma Biotechnology, Inc. | 551.8 m | 20.5 | 22.0% | 11.6% | −0.9% | +112% / +174% |
| STTKShattuck Labs, Inc. | 516.9 m | — | -39.2% | -5,256.8% | −82.5% | +145% / +163% |
1- and 3-year price returns: for OMER from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Omeros is a commercial-stage biotechnology company that launched in 2026 the first and only approved treatment for TA-TMA, a serious complication of stem cell transplantation. The YARTEMLEA launch has rapidly lifted quarterly revenue, while the company restructured its capital after the zaltenibart deal with Novo Nordisk, and the EU outlook remains uncertain after the negative CHMP opinion.
SWOT
Strengths
- An approved product, the first and only for TA-TMA, without a boxed warning or REMS, which simplifies use at centers.
- Rapid growth in orders and active accounts during launch, supported by a dedicated sales and market access team.
- Receipts from the Novo Nordisk transaction and OMIDRIA royalties provide funding independent of current sales.
Weaknesses
- Near-total dependence on a single commercial product, so any problem with YARTEMLEA would have a major effect on the company.
- A history of operating losses and convertible debt that limit financial flexibility.
- No established commercial presence outside the US, where expansion depends on partnerships not yet clear.
Opportunities
- Extending YARTEMLEA indications to other transplant complications and to ARDS could open new markets.
- If the CHMP re-examination succeeds, the product could be marketed in the EU and other European countries.
- Zaltenibart milestones and results from development programs could generate additional long-term revenue.
Threats
- Pricing pressure and reimbursement conditions in the US and elsewhere could limit margins.
- A failed EMA re-examination could delay or block access to the European market.
- Emergence of competing treatments or cheaper off-label options could reduce market share.
Risks
- Dependence on YARTEMLEAhigh
All current revenue comes from one product, and sales, safety or access problems could seriously affect the company.
- Dependence on Novo Nordisk for zaltenibarthigh
Milestones and royalties depend on decisions of an external partner, which could slow or abandon development.
- Indebtedness and dilutionmedium
The 2029 convertible notes could cause dilution if converted, and debt limits financial flexibility.
- Reimbursement and pricing riskmedium
Coverage limits or pricing pressure in the US or abroad could reduce net revenue per patient.
Investment thesis
What would need to be true (bull case)
- Rapid growth in YARTEMLEA sales in the first full quarter of commercialization could show the product meets a real medical need.
- If reimbursement support such as NTAP takes effect, hospital adoption could accelerate.
- Reducing convertible debt and repurchasing shares could improve the capital structure and reduce dilution.
What would break the thesis
- The company depends almost entirely on one product, and a slower adoption pace could quickly affect results.
- The negative CHMP opinion could block access to the European market for an extended period.
- Recent net income was influenced by non-cash gains tied to an embedded derivative, which could make profitability less predictable.
What to watch
- Trajectory of YARTEMLEA gross and net sales and number of active accountsQ3 2026
- Outcome of the CHMP opinion re-examination by the ad hoc expert group2026
- Start of enrollment in YARTEMLEA studies in ARDS and pediatric prophylaxisyear-end 2026
- Initiation of the Phase 3 zaltenibart trial by Novo Nordisk2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Omeros develops first-in-class protein and small-molecule therapeutics, with emphasis on complement-mediated diseases, cancers and addictive or compulsive disorders. Its commercial product, YARTEMLEA (narsoplimab-wuug), was approved by FDA on December 23, 2025 for TA-TMA in adults and children aged two years and older, and sales began in January 2026 1. The company sold global rights to zaltenibart to Novo Nordisk for an upfront payment of $240.0 million and retains milestones and royalties 1.
Its revenue currently depends almost entirely on YARTEMLEA, and in the second quarter of 2026 net revenue was $28.5 million 3. Besides the commercial product, Omeros has in development OMS1029 (a MASP-2 antibody for quarterly dosing), OMS527 for cocaine use disorder and OncotoX-AML for acute myeloid leukemia, plus the T-CAT platform for multidrug-resistant infections 12.
Funding has been supported by past OMIDRIA divestiture royalties, sold in part to DRI Healthcare 1. In July 2026 the company repurchased part of its 2029 convertible notes, reducing potential dilution 3.
Segments
YARTEMLEA (commercial product)
The only commercial product, approved in the US for TA-TMA, generated gross sales of $32.2 million in the second quarter of 2026 and net revenue of $28.5 million 3. The rise in accounts ordering the product to 73 by June 30, 2026 shows adoption is under way at transplant centers 2.
Zaltenibart (Novo Nordisk partnership)
The company received an upfront payment of $240.0 million and could receive up to $1.8 billion in milestones and royalties, but amounts depend on development and approval by Novo Nordisk 1. The value of this segment remains conditional on the partner's decisions.
Market context
The target market is stem cell transplantation, with 175 transplant centers in the US, of which the top 80 perform about 80% of procedures 2. TA-TMA is a severe and often fatal complication, so the product's niche market is defined by a relatively small number of centers and patients.
European expansion depends on the re-examination of the CHMP opinion, and outside the US the company is evaluating regional partnerships 23. This makes the geographic potential uncertain in the near term.
Trends
- US reimbursement and codingtailwind
A permanent J-code for YARTEMLEA took effect in July 2026, and CMS granted NTAP status effective October 1, 2026, which could support patient access in hospitals 3. Reimbursement nonetheless remains a critical factor for the pace of adoption.
- EU setbackheadwind
The CHMP adopted a negative opinion on the MAA for narsoplimab in June 2026, and the company requested re-examination 23. If the opinion is not reversed, European expansion could be considerably delayed.
- Demand for transplant complication treatmentstailwind
Physicians at transplant centers report responses to YARTEMLEA, including in patients who had not responded to off-label C5 inhibitors 3. This suggests an unmet medical need that could support growth.
- Dependence on the Novo Nordisk partnermixed
Decisions on zaltenibart are made by Novo Nordisk, and receipts depend on its clinical and commercial progress 1. The industry trend toward partnerships with large pharma can be both an advantage and a dependence risk.
Competitive position
The sources analysed do not detail direct competitors, but YARTEMLEA is described as the first and only approved lectin pathway inhibitor, indicating a niche position 1. The company does note, however, that patients were previously treated with off-label C5 and C3 inhibitor regimens 2.
Off-label C5 and C3 inhibitors represent the practical alternative for physicians in TA-TMA cases, and the relative efficacy and price of YARTEMLEA will be compared with these options 12. In AML, standard treatments compete, and the company benchmarks OncotoX-AML against them.
- C5 inhibitors (used off-label)
Alternative used by physicians before YARTEMLEA approval, cited in Omeros sources without brand names.
- C3 inhibitors (used off-label)
Off-label regimens the company cites as prior treatments for patients with TA-TMA.
- Standard AML treatments
Chemotherapy and antibody-drug conjugates that the company benchmarks OncotoX-AML against in preclinical studies.
- Novo Nordisk (partner and possible complement competitor)
Company now holding global rights to zaltenibart, a MASP-3 inhibitor that could compete in the alternative pathway space.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Metin Omer, istoric: „După anexarea peninsulei de către Rusia, tătarii din România s-au implicat în sprijinirea celor din Crimeea, atât umanitar, cât și politic”Libertatea.ro · 23 Oct 2026 · RO
- Omer Tetik, CEO Banca Transilvania: Doar în ultimii 12 ani am făcut 23 de achiziţii şi integrări. Pentru că, într-adevăr, ând ai creştere, nu poţi să o faci doar aducând oameni foarte competenţi împreună şi fiecare să se arunce în direcţii diferite. A trebuit să avem un cadru reglementat, să ştim la ce să ne aşteptăm.”Ziarul Financiar · 23 Oct 2026 · RO
- Omer Tetik, Banca Transilvania: Guvernanţa nu trebuie să limiteze businessul, ci să susţină creşterea. Este parte din strategie, iar strategia este parte din guvernanţăZiarul Financiar · 09 Oct 2026 · RO
- Omer Tetik, CEO Banca Transilvania, înaintea deciziei S&P privind ratingul României: Instabilitatea politică este o problemă persistentă. Există mult zgomot pe termen scurt, dar poate ar trebui să tratăm România ca pe un adultZiarul Financiar · 02 Oct 2026 · RO
- Omer Tetik, CEO Banca Transilvania: Subsidiarele vor ajunge la 21% din activele grupului în 2030, de la 11% acum şi 6% în 2020, şi vor aduce aproape 37% din profitZiarul Financiar · 02 Oct 2026 · RO
- Omer Tetik, CEO Banca Transilvania, întrebat despre un dividend special: În acest an calendaristic încă nu este posibil. Nu vom trece la dividende trimestriale, după modelul american şi anglo-saxon. Vrem predictibilitateZiarul Financiar · 02 Oct 2026 · RO
- Omer Tetik, CEO Banca Transilvania, despre achiziţia unei bănci în străinătate: Până acum spuneam că nu suntem deloc interesaţi. Acum am început să citim analize macro, rapoarte de bănci. Dar nu există niciun proces în derulareZiarul Financiar · 02 Oct 2026 · RO
- Omer Tetik, CEO-ul Băncii Transilvania: „Nu pot să fie doar corporaţii mari. Trebuie să susţinem business-urile mici. Şi business-urile mari au nevoie de afacerile mici”Ziarul Financiar · 19 Sept 2026 · RO
- Omer Tetik, CEO al Băncii Transilvania, cea mai mare bancă din România, are mandatul prelungit până în 2030. Au fost reînnoite mandatele şi pentru Oana Ilaş, Leontin Toderici şi George Călinescu. Cosmin Călin devine şi el director general adjunctZiarul Financiar · 07 Jul 2026 · RO
- Omer Tetik, reconfirmat pentru încă 4 ani în fruntea Băncii TransilvaniaCursDeGuvernare.ro · 07 Jul 2026 · RO
- România s-a dezvoltat, dar IMM-urile au nevoie de ajutorul nostru. Omer Tetik vorbește despre impactul alegerilor personale printr-o nouă campanie BTEconomedia · 01 Jul 2026 · RO
- Omer Tetik, CEO Banca Transilvania a oferit prima declaraţie după anunţul Consiliului Concurenţei privind amendarea celor 10 bănci din cazul ROBOR: Decizia încurajează populismul şi subminează şansele unei relansări economice, într-o perioadă complicată pentru ţară şi economie, perioadă în care sistemul bancar este pilonul principal al stabilităţii economiceZiarul Financiar · 07 Jun 2026 · RO
- Bursă. Dividende speciale de 700 mil. lei de la Banca Transilvania în toamnă? Omer Tetik, CEO: Dacă performanţa băncii continuă şi indicatorii economici se îmbunătăţesc, atunci îi vom întreba pe acţionari. Avem rezerve suplimentareZiarul Financiar · 27 May 2026 · RO
- Banca Transilvania, principalul finanţator al economiei, a obţinut profit de circa 1 mld. lei în T1/2026, la venituri de 2,6 mld. lei, plus 20%. Omer Tetik, CEO: „Ne uităm la viitor cu atenţie, având în vedere incertitudinile, dar avem apetit pentru finanţarea economiei şi dezvoltarea businessului băncii. BT creşte la dimensiunea unui campion regional“Ziarul Financiar · 24 May 2026 · RO
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report13 Aug 2026Departure or appointment of officers
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 Jul 2026Other events
- Current report06 Jul 2026Other events
- Current report25 Jun 2026Shareholder vote
- Current report18 Jun 2026Other events
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Omeros Corporation · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Omeros Corporation · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Omeros Corporation · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.