The company exhibits a significant disconnect between accounting gains and cash generation, evidenced by a $14.5 million operating cash outflow in 2026Q1 despite reporting a $56.1 million net profit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | -94.76M | -116.09M | -148.8M | 74.73M | -86.48M | -109.72M | -100.09M | -60.07M | -103.74M | -36.23M | -51.5M | -65.21M | -58.04M | -29.7M | -34.55M | -25.67M | -14.5M | -19.03M | -19.67M | -14.31M |
| Operating CF Margin % | - | - | - | - | - | - | - | -53.73% | -347.32% | -55.88% | -123.76% | -482.71% | -10768.83% | -1855.94% | -573.75% | -567.37% | -688.93% | -1317.66% | -1681.45% | -744.36% |
| Operating CF Growth % | 116.72% | 21.98% | -299.13% | 186.41% | 21.18% | -9.63% | -66.61% | 42.09% | -186.35% | 29.66% | 21.02% | -12.34% | -95.47% | 14.05% | -34.61% | -77% | 23.78% | 3.28% | -37.44% | - |
| Net Income | 86.17M | -3.35M | -156.81M | -117.81M | -182.03M | -191.55M | -138.06M | -84.49M | -126.76M | -53.48M | -66.75M | -75.1M | -73.67M | -39.8M | -38.44M | -28.55M | -29.25M | -21.09M | -23.83M | -23.09M |
| Depreciation & Amortization | -1.32M | 964K | 950K | 920K | 952K | 1.39M | 1.62M | 1.79M | 962K | 551K | 300K | 209K | 326K | 302K | 320K | 435K | 472K | 451K | 434K | 375K |
| Stock-Based Compensation | 5.74M | 8.19M | 10.49M | 11.65M | 0 | 0 | 14.93M | 13.79M | 11.71M | 12.69M | 13.58M | 9.58M | 8.92M | 6.25M | 4.28M | 1.93M | 2.18M | 1.49M | 2.31M | 6.06M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -12.01M | 0 | -12.93M | 0 | 5.59M | 1.31M | 854K | 41K | 511K | 28.55M | 329K | 34K | 294K | -145K |
| Other Non-Cash Items | -217.51M | -155.62M | -33.17M | -67.45M | 213.56M | 94.54M | 25.86M | 9.23M | 18.98M | 4.19M | 1.98M | 1.04M | 738K | 502K | 354K | -28.19M | 174K | -595K | 2M | 503K |
| Working Capital Changes | 36.97M | 33.72M | 29.74M | 247.42M | -118.97M | -14.11M | 7.58M | -394K | 4.29M | -172K | -6.21M | -2.26M | 4.79M | 3M | -1.57M | 164K | 11.6M | 678K | -892K | 1.99M |
| Change in Receivables | 29.33M | 30.45M | 40.01M | 245.72M | -175.07M | -34.31M | 31.34M | -12.37M | -6.17M | -5.11M | -5.52M | -6.13M | -13K | 1.55K | -1.06K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -183K | 0 | 0 | 0 | 0 | 0 | -208K | -1.06M | 355K | 685K | -656K | 96K | -568K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -979K | 0 | 0 | 0 | -10.66M | 14.64M | -19.74M | 13.28M | 10.54M | 9.52M | -319K | 4.2M | 5.46M | -1.17M | 957K | 1.46M | 1.46M | -140K | 0 | 0 |
| Cash from Investing | 154.72M | 164.52M | 82.22M | 27.45M | -127.56M | 193.71M | -67.03M | -3.4M | 25.15M | -37.6M | -16.34M | -20.61M | 6.16M | 7.91M | -907K | 16.91M | 19.92M | -52.4M | 10.57M | -6.09M |
| Capital Expenditures | 239.98M | -65K | -165K | -426K | -113K | -277K | -283K | -334K | -567K | -350K | -126K | -240K | -28K | -204K | -642K | -1.24M | -8.44M | -279K | -164K | -534K |
| CapEx % of Revenue | 2425.72% | - | - | - | - | - | - | 0.3% | 1.9% | 0.54% | 0.3% | 1.78% | 5.19% | 12.75% | 10.66% | 27.43% | 400.86% | 19.32% | 14.02% | 27.77% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 125.99M | 0 | 3.07K | 0 | 0 | 126K | 240K | 28K | 0 | 0 | 33K | 0 | 76K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 240M | 0 | 0 | 0 | 0 | 0 | -3.07K | 25.72K | -37.25K | -126K | -240K | -28K | 8.11K | -265 | -33K | 7.63M | -76K | 0 | 0 |
| Cash from Financing | -62.31M | -42.17M | 62.88M | -106.08M | 124.25M | 6.32M | 174.53M | 60.7M | 81.05M | 75M | 68.7M | 86.83M | 50.86M | 21.65M | 32.97M | 9.49M | -2.96M | 59.52M | 15.91M | 2.93M |
| Debt Issued (Net) | -109.19M | -89.16M | -41.34M | -101.58M | 123.83M | -1.82M | 98.2M | -1.14M | 109.62M | -431K | 24.16M | 15.33M | 11.48M | 0 | 298K | 8.89M | -3.26M | -4.12M | 15.87M | -1M |
| Equity Issued (Net) | 50.74M | 46.99M | -11.85M | -4.65M | 415K | 8.38M | 93.67M | 54.24M | 0 | 63.66M | 38.04M | 79.08M | 37.75M | 20.99M | 32.31M | 0 | 0 | 63.64M | 40K | 3.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.15M | 0 | -11.85M | -4.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.15M | 0 | -48K | 0 | 0 |
| Other Financing | -3.86M | 0 | 116.07M | 150K | 0 | -241K | -17.34M | 7.6M | -28.57M | 11.77M | 6.5M | -7.58M | 1.62M | 662K | 369K | 595K | 299K | 0 | 0 | 239K |
| Net Change in Cash | -2.35M | 6.26M | -3.71M | -3.9M | -89.8M | 90.31M | 7.42M | -2.78M | 2.47M | 1.17M | 859K | 1.01M | -1.03M | -136K | -2.48M | 727K | 2.46M | -11.91M | 6.8M | -17.48M |
| Free Cash Flow | -94.78M | -116.16M | -148.97M | 74.3M | -86.6M | -110M | -100.37M | -60.41M | -104.3M | -36.58M | -51.63M | -65.45M | -58.07M | -29.9M | -35.19M | -26.91M | -22.94M | -19.31M | -19.84M | -14.85M |
| FCF Margin % | -958.08% | - | - | - | - | - | - | -54.03% | -349.22% | -56.42% | -124.06% | -484.48% | -10774.03% | -1868.69% | -584.41% | -594.81% | -1089.79% | -1336.98% | -1695.47% | -772.13% |
| FCF Growth % | 33.72% | 22.02% | -300.5% | 185.8% | 21.28% | -9.59% | -66.15% | 42.09% | -185.16% | 29.16% | 21.11% | -12.7% | -94.23% | 15.04% | -30.79% | -17.3% | -18.82% | 2.68% | -33.6% | - |
| FCF per Share | -1.49 | -1.83 | -2.56 | 1.18 | -1.38 | -1.76 | -1.76 | -1.22 | -2.15 | -0.80 | -1.28 | -1.74 | -1.75 | -1.05 | -1.46 | -1.21 | -1.07 | -2.67 | -1.85 | -1.04 |
| FCF Conversion (FCF/Net Income) | -1.10x | 34.65x | 0.95x | -0.63x | -1.82x | 0.98x | 0.72x | 0.71x | 0.82x | 0.68x | 0.77x | 0.87x | 0.79x | 0.75x | 0.90x | 0.90x | 0.50x | 0.90x | 0.83x | 0.62x |
| Interest Paid | 25.2M | 35.42M | 35.69M | 29.92M | 0 | 0 | 11.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -29K | 153K | 165K | 3.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and regulatory dependence
As reported in financial statements, Omeros's net income frequently diverges from operating cash flow, with the company recording a $56.1 million net profit in 2026Q1 while simultaneously reporting a $14.5 million operating cash outflow, highlighting a significant disconnect between accounting gains and actual cash generation.
The positive net income figures appear to be driven by non-cash fair value adjustments rather than operational success. Investors should monitor this persistent negative OCF/NI ratio, which suggests that the company's reported profitability is not currently translating into the liquidity required to fund its ongoing clinical development programs.
Based on Omeros's reported figures, the company has consistently generated negative free cash flow over the last ten quarters, with the 2026Q1 deficit of $14.5 million underscoring the structural inability of current royalty streams to cover the high fixed costs associated with late-stage clinical trial maintenance.
The lack of a positive FCF trajectory indicates that the company remains in a capital-intensive phase where cash burn is decoupled from revenue growth. This trend suggests that without a successful regulatory milestone or new financing, the current cash position may be insufficient to support long-term operational requirements.
According to recent SEC filings, Omeros has experienced significant fluctuations in working capital, including a $14.0 million inflow in 2025Q3 followed by a $5.2 million inflow in 2026Q1, which suggests that management is relying on timing differences to manage its extremely tight cash position.
These working capital swings appear to be a primary mechanism for extending the company's runway, yet they do not represent sustainable operational efficiency. Analysts should be wary of relying on these inflows, as they are inherently temporary and do not address the underlying structural deficit in core cash flow.
As indicated by historical data, Omeros utilized $4.2 million for share repurchases in 2026Q1 despite reporting a critical cash balance of only $9.66 million, a decision that warrants further investigation into management's prioritization of shareholder returns over the preservation of essential operational liquidity.
The allocation of scarce capital toward buybacks while the company remains in a cash-burning state appears counterintuitive and may signal a high-risk approach to capital management. Investors should monitor whether future capital deployment remains focused on these non-operational activities or shifts toward securing the company's immediate financial survival.
Quick answers to the most common questions about buying OMER stock.
Omeros Corporation (OMER) generated $-116.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Omeros Corporation (OMER) reported negative free cash flow of $116.2M in 2025, indicating capital requirements exceeded cash from operations.
Omeros Corporation (OMER) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.