Omeros stock climbs amid Q4 Omidria royalty revenue; eyes FDA refiling for narsoplimab

Omeros (NASDAQ:OMER) stock rose ~7% on Tuesday following its Q4 results in which the company provided clinical and other updates.

Net loss from continuing operations narrowed to -$0.73 per share, compared to -$0.76 per share in Q4 2021.

For Q4, the company earned $17.9M in royalties from eye therapy Omidria, on Rayner's U.S. net sales of $35.8M, an all-time high for quarterly net sales of Omidria, according to Omeros.

"With over $400 million available for operations and having secured our ongoing OMIDRIA royalty stream, Omeros now has the flexibility to retire our 2023 debt obligation while funding accelerated advancement across our portfolio of cutting-edge platforms and programs well into 2025," said Omeros' Chairman and CEO Gregory Demopulos.

At Dec. 31, 2022, the company had $194.9M in cash, cash equivalents and short-term investments. Plus, Omeros also had $213.2M of accounts receivable, substantially all of which have been collected, as per the company.

Omeros noted that it does not have any assets on deposit with Silicon Valley Bank nor does it have any other financial relationship with the bank or its affiliates.

The company is preparing to resubmit its Biologics License Application (BLA) to the FDA for narsoplimab in hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA).

Omeros noted that it has requested a meeting with the FDA, which is expected to be held next quarter, to confirm additional information required by the agency to support approval.

Omeros is also eyeing 9-month data on the proteinuria goal of a phase 3 trial, dubbed ARTEMIS-IGAN, of narsoplimab to treat kidney disease IgA nephropathy.