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Omeros
(NASDAQ:OMER)
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Rating:58Neutral
Price Target:
$20.00
▲(9.77% Upside)
Action:Reiterated
Date:08/17/26
OMER scores as a mixed setup: the largest drag is financial quality and stability (negative equity and TTM cash burn despite reported profitability). Offsetting this, technicals show strong bullish trend momentum, and the earnings call points to accelerating commercial traction plus meaningful balance-sheet actions, though lack of revenue guidance and regulatory risk in Europe keep the score from moving higher.
Positive Factors
Yartemlia commercial traction
Yartemlia’s strong first full-quarter sales growth and expanding account base indicate meaningful early adoption rather than merely planned commercialization. Broader physician and center engagement can support a larger recurring revenue base as formulary access and utilization continue developing.
Negative Factors
Negative equity and financial flexibility
Negative shareholder equity leaves Omeros with a weak capital structure even after meaningful debt repayment. It can constrain financing choices, increase refinancing sensitivity, and reduce the company’s ability to absorb setbacks while funding commercialization and clinical programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Yartemlia commercial traction
Yartemlia’s strong first full-quarter sales growth and expanding account base indicate meaningful early adoption rather than merely planned commercialization. Broader physician and center engagement can support a larger recurring revenue base as formulary access and utilization continue developing.
Read all positive factors
Omeros (OMER) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.44B
Dividend YieldN/A
Average Volume (3M)1.34M
Price to Earnings (P/E)10.4
Beta (1Y)1.32
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees175
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.91
Shares Outstanding72,388,310
10 Day Avg. Volume999,497
30 Day Avg. Volume1,336,327
Financial Highlights & Ratios
PEG Ratio3.32
Price to Book (P/B)-9.00
Price to Sales (P/S)0.00
P/FCF Ratio-9.39
Enterprise Value/Market Cap0.71
Enterprise Value/Revenue26.48
Enterprise Value/Gross Profit27.64
Enterprise Value/Ebitda7.65
Forecast
1Y Price Target
$27.50Price Target Upside50.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.89
Revenue Forecast (FY)$125.47M
Omeros Business Overview & Revenue Model
Company Description
Omeros Corporation is a biopharmaceutical firm with commercialized products, actively engaged in the discovery, development, and market introduction of both small-molecule and protein-based therapies, including treatments for rare diseases. The co...
How the Company Makes Money
Omeros historically generated revenue from (1) product sales of its approved therapy (when applicable based on period), and (2) collaboration-related income such as upfront payments, milestones, and royalties from partners tied to licensed program...
Omeros Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Breakout first full quarter launch for Yartemlia
Yartemlia generated $32.2M in gross sales and $28.5M in net sales in Q2 (first full quarter), with a gross-to-net adjustment of 11.5%. Gross sales increased 190% and net sales increased 188% versus Q1 (Q1 gross $11.1M, Q1 net $9.9M), indicating strong physician adoption and market penetration.
Negative Updates
Negative CHMP opinion in Europe
In June the EMA CHMP adopted a negative opinion on the marketing authorization application for Yartemlia in TA-TMA. Omeros has requested reexamination and convened an AHEG review, but the negative opinion is a notable regulatory setback for European approval.
Read all updates
Q2-2026 Updates
Positive
Negative
Breakout first full quarter launch for Yartemlia
Yartemlia generated $32.2M in gross sales and $28.5M in net sales in Q2 (first full quarter), with a gross-to-net adjustment of 11.5%. Gross sales increased 190% and net sales increased 188% versus Q1 (Q1 gross $11.1M, Q1 net $9.9M), indicating strong physician adoption and market penetration.
Read all positive updates
Company Guidance
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).Omeros Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
26
Negative
Cash Flow
32
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.42M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 36.80M | 0.00 | 0.00 | 0.00 | 0.00 | -1.39M |
| EBITDA | 133.02M | -1.83M | -157.00M | -143.16M | -158.38M | -170.49M |
| Net Income | 124.83M | -3.35M | -156.81M | -117.81M | 47.42M | -111.41M |
Balance Sheet | ||||||
| Total Assets | 286.83M | 325.63M | 277.08M | 378.27M | 590.97M | 419.27M |
| Cash, Cash Equivalents and Short-Term Investments | 131.95M | 171.80M | 90.13M | 171.85M | 194.92M | 157.27M |
| Total Debt | 83.77M | 239.14M | 207.02M | 361.58M | 342.02M | 347.84M |
| Total Liabilities | 338.18M | 446.86M | 459.69M | 403.25M | 505.29M | 395.49M |
| Stockholders Equity | -51.35M | -121.23M | -182.61M | -24.98M | 85.68M | 23.78M |
Cash Flow | ||||||
| Free Cash Flow | -68.73M | -116.16M | -148.97M | 74.30M | -86.60M | -110.00M |
| Operating Cash Flow | -68.67M | -116.09M | -148.80M | 74.73M | -86.48M | -109.72M |
| Investing Cash Flow | 136.82M | 164.52M | 82.22M | 27.45M | -127.56M | 193.71M |
| Financing Cash Flow | -68.06M | -42.17M | 62.88M | -106.08M | 124.25M | 6.32M |
Omeros Technical Analysis
Positive
18.22
Price Trends
17.72
Positive
14.03
Positive
13.24
Positive
Market Momentum
0.40
Positive
59.70
Neutral
56.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OMER, the sentiment is Positive. The current price of 18.22 is below the 20-day moving average (MA) of 18.93, above the 50-day MA of 17.72, and above the 200-day MA of 13.24, indicating a bullish trend. The MACD of 0.40 indicates Positive momentum. The RSI at 59.70 is Neutral, neither overbought nor oversold. The STOCH value of 56.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OMER.
Omeros Risk Analysis
Omeros disclosed 39 risk factors in its most recent earnings report. Omeros reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Omeros Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.32B | 14.27 | 39.59% | ― | 8.04% | -18.53% | |
58 Neutral | $1.44B | 10.38 | -109.40% | ― | ― | ― | |
58 Neutral | $2.18B | -5.93 | 101.55% | ― | 68.72% | -737.08% | |
58 Neutral | $2.17B | -10.47 | -61.24% | ― | ― | 9.42% | |
54 Neutral | $695.01M | 66.78 | 3.52% | ― | 7.44% | ― | |
53 Neutral | $2.15B | -5.07 | -84.13% | ― | ― | -63.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
OMER
Omeros
19.83
15.64
373.27%
BCRX
BioCryst
8.55
1.51
21.45%
ADMA
ADMA Biologics
10.36
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-28.80%
PHVS
Pharvaris
31.10
9.03
40.92%
PHAR
Pharming Group
9.79
-4.82
-32.99%
VERA
Vera Therapeutics
29.88
-0.61
-2.00%
Omeros Corporate Events
Executive/Board Changes
Omeros Appoints Veteran Investor Joseph Schocken to Board
Positive
Aug 13, 2026
On August 12, 2026, Omeros Corporation expanded its Board of Directors from eight to nine members and appointed veteran investor Joseph Schocken as a director, with his initial term running until the 2027 annual meeting of shareholders unless he r...
Business Operations and StrategyPrivate Placements and Financing
Omeros Reduces Convertible Debt Through Note Repurchases
Positive
Jul 20, 2026
On July 2, 2026, Omeros Corporation entered into privately negotiated agreements with certain holders of its 9.50% Convertible Senior Notes due 2029 to repurchase a portion of the outstanding debt following an averaging period. The company complet...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.