Omeros (3O8) Q2 2026 Earnings Report

The call highlights a successful commercial launch for Yartemlia with very strong quarter-over-quarter sales growth (190% gross, 188% net), positive operating cash flow, meaningful balance sheet improvements via share and note repurchases, reimbursement wins (J-code and NTAP), and progress across a diversified pipeline and strategic partnership with Novo Nordisk. Offsetting items include a negative CHMP opinion in Europe, accounting volatility from derivative mark-to-market adjustments and repurchase-related losses, expected near-term increases in operating expenses, limited patient-level visibility, and one-time reimbursement items that temper recurring income visibility. On balance, the operational and commercial positives—especially the rapid U.S. uptake, cash generation, and reduced leverage/dilution—outweigh the challenges, which are largely manageable or noncash/one-time in nature.

Omeros said it will not provide revenue guidance at this time but gave specific near‑term expectations: Q3 operating expenses from continuing operations are expected to be slightly higher than Q2, with R&D spending rising (driven by OMS805/OncotoX) and sales & marketing increasing to support the Yartemlia launch; interest & other income should be lower in Q3 because the $3.3M Novo Nordisk inventory reimbursement recognized in Q2 will not recur; interest expense is expected to be approximately $6.5M in Q3 (excluding non‑cash adjustments); income from discontinued operations is expected to be $5–$6M (excluding remeasurement adjustments); mark‑to‑market swings on the embedded derivative for the remaining 2029 convertible notes will continue and are excluded from non‑GAAP results. Management reiterated a target of company‑wide positive cash flow by mid‑2027, noting Q2 net cash from operations was $4.1M and cash & investments were $132M as of June 30, and highlighted capital actions YTD (repurchased ~843k shares at a $11.70 VWAP, $9.9M through June 30; July repurchases of $30.5M principal of 2029 notes reduced outstanding principal ~43% to $40.3M and cut shares issuable on conversion from ~11.4M to ~6.5M, reducing potential fully diluted count by ~5.8M shares and eliminating ~$8.6M of future interest).