The company's 2026Q1 revenue of $9.9 million remains insufficient to cover R&D expenditures of $13.1 million, resulting in a negative operating margin of 176.1%.
| 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 |
|---|
| Sales/Revenue | 9.89M | 0 | 0 | 0 | 0 | 0 | 0 | 111.81M | 29.87M | 64.83M | 41.62M | 13.51M | 539K | 1.6M | 6.02M | 4.52M | 2.1M | 1.44M | 1.17M | 1.92M |
| Revenue Growth % | - | - | - | - | - | - | -100% | 274.33% | -53.93% | 55.77% | 208.07% | 2406.31% | -66.31% | -73.43% | 33.11% | 114.92% | 45.78% | 23.42% | -39.16% | - |
| Cost of Goods Sold | 11.12M | 0 | 0 | 0 | 0 | 1.39M | 1.62M | 2.65M | 512K | 1.08M | 1.41M | 1.04M | 26.73M | 18.33M | 18.46K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | 2.37% | 1.71% | 1.66% | 3.39% | 7.71% | 4958.81% | 1145.38% | 0.31% | - | - | - | - | - |
| Gross Profit | -1.23M | 0 | 0 | 0 | 0 | -1.39M | -1.62M | 109.15M | 29.36M | 63.75M | 40.2M | 12.47M | -26.19M | -16.73M | 6M | 4.52M | 2.1M | 1.44M | 1.17M | 1.92M |
| Gross Margin % | -12.39% | - | - | - | - | - | - | 97.63% | 98.29% | 98.34% | 96.61% | 92.29% | -4858.81% | -1045.38% | 99.69% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | - | - | - | 100% | 14.23% | -101.48% | 271.81% | -53.95% | 58.56% | 222.47% | 147.61% | -56.58% | -378.6% | 32.7% | 114.92% | 45.78% | 23.42% | -39.16% | - |
| Operating Expenses | 104.02M | 122.8M | 169.26M | 164.53M | 163.39M | 172.23M | 155.3M | 172.53M | 141.58M | 107.64M | 94.48M | 83.71M | 70.55M | 52.12M | 42.91M | 31.93M | 32.21M | 22.2M | 25.7M | 26.32M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 154.32% | 474.01% | 166.05% | 227.02% | 619.63% | 13088.5% | 3257.25% | 712.5% | 705.88% | 1530.21% | 1537.53% | 2196.15% | 1368.69% |
| Selling, General & Admin | 33.4M | 41.5M | 49.73M | 49.66M | 50.67M | 53.46M | 47.69M | 62.84M | 51.72M | 52.04M | 43.78M | 35.33M | 22.6M | 15.82M | 10.98M | 8.22M | 8.75M | 5.27M | 7.84M | 10.4M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 56.2% | 173.16% | 80.28% | 105.2% | 261.51% | 4193.14% | 988.69% | 182.41% | 181.61% | 415.49% | 365.17% | 670.51% | 540.72% |
| Research & Development | 70.57M | 81.3M | 119.52M | 114.87M | 112.72M | 118.78M | 107.61M | 109.7M | 89.86M | 55.6M | 50.7M | 48.38M | 47.95M | 36.3M | 31.92M | 23.72M | 23.46M | 16.93M | 17.85M | 15.92M |
| R&D % of Revenue | - | - | - | - | - | - | - | 98.11% | 300.86% | 85.77% | 121.82% | 358.12% | 8895.36% | 2268.56% | 530.09% | 524.27% | 1114.73% | 1172.37% | 1525.64% | 827.98% |
| Other Operating Expenses | 52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 945K | 0 | -207K | 574K | 130K | 0 | 0 | 0 | 0 | -125K |
| Operating Income | -105.25M | -122.8M | -169.26M | -164.53M | -163.39M | -173.62M | -156.92M | -63.38M | -112.22M | -43.9M | -54.28M | -71.24M | -70.01M | -50.52M | -36.88M | -27.41M | -30.11M | -20.76M | -24.52M | -24.4M |
| Operating Margin % | -1063.86% | - | - | - | - | - | - | -56.69% | -375.73% | -67.71% | -130.42% | -527.34% | -12988.5% | -3157.25% | -612.5% | -605.88% | -1430.21% | -1437.53% | -2096.15% | -1268.69% |
| Operating Income Growth % | - | 27.45% | -2.87% | -0.7% | 5.89% | -10.64% | -147.57% | 43.52% | -155.66% | 19.13% | 23.81% | -1.76% | -38.59% | -36.96% | -34.57% | 8.96% | -45.03% | 15.36% | -0.52% | - |
| EBITDA | -104.33M | -121.83M | -168.31M | -163.61M | -162.44M | -172.23M | -155.3M | -61.59M | -111.26M | -43.34M | -53.98M | -71.03M | -69.68M | -50.21M | -36.56M | -26.98M | -29.63M | -20.31M | -24.09M | -24.02M |
| EBITDA Margin % | -1054.62% | - | - | - | - | - | - | -55.09% | -372.51% | -66.86% | -129.7% | -525.79% | -12928.01% | -3138.38% | -607.19% | -596.26% | -1407.79% | -1406.3% | -2059.06% | -1249.19% |
| EBITDA Growth % | 36.44% | 27.61% | -2.87% | -0.72% | 5.69% | -10.9% | -152.15% | 44.64% | -156.69% | 19.7% | 24.01% | -1.93% | -38.77% | -37.33% | -35.55% | 8.97% | -45.93% | 15.71% | -0.29% | - |
| D&A (Non-Cash Add-back) | 914K | 964K | 950K | 920K | 952K | 1.39M | 1.62M | 1.79M | 962K | 551K | 300K | 209K | 326K | 302K | 320K | 435K | 472K | 451K | 434K | 375K |
| EBIT | -105.25M | -122.8M | -157.95M | -144.08M | -159.33M | -171.88M | -169.64M | -61.83M | -123.43M | -42.45M | -58.93M | -71.52M | -70.2M | -37.43M | -36.72M | -26.66M | -27.72M | -20.76M | -24.52M | -22.94M |
| Net Interest Income | 9.3M | 5.06M | -13.37M | -14.5M | -18.64M | -19.65M | -26.1M | -22.66M | -16.25M | -11.03M | -7.82M | -3.57M | -3.47M | -2.37M | -1.73M | -1.88M | -1.53M | -2.2M | -335K | -151K |
| Interest Income | 15.21M | 5.06M | 11.3M | 0 | 4.06M | 17.93K | 654K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.91M | 0 | 24.68M | 14.5M | 22.7M | 19.67M | 26.75M | 22.66M | 16.25M | 11.03M | 7.82M | 3.57M | 3.47M | 2.37M | 1.73M | 1.88M | 1.53M | 2.2M | 335K | 151K |
| Other Income/Expense | 191.32M | 120M | -13.37M | -10.39M | -18.64M | -17.93M | -39.47M | -21.1M | -27.46M | -9.59M | -12.47M | -3.86M | -3.67M | 10.72M | -1.56M | -1.14M | 855K | -331K | 698K | 1.31M |
| Pretax Income | 86.08M | -2.8M | -182.63M | -174.92M | -182.03M | -191.55M | -196.39M | -84.49M | -139.69M | -53.48M | -66.75M | -75.1M | -73.67M | -39.8M | -38.44M | -26.66M | -27.72M | -18.89M | -23.83M | -23.09M |
| Pretax Margin % | 870.07% | - | - | - | - | - | - | -75.57% | -467.68% | -82.5% | -160.38% | -555.9% | -13668.46% | -2487.25% | -638.39% | -589.35% | -1316.67% | -1307.96% | -2036.5% | -1200.78% |
| Income Tax | 2.07M | 2.01M | 0 | 0 | 0 | 0 | -23.26M | 0 | -12.93M | 0 | 0 | 0 | 0 | 0 | 0 | 1.14M | -855K | 331K | 0 | 26K |
| Effective Tax Rate % | 2.4% | -71.96% | 0% | 0% | 0% | 0% | 11.84% | 0% | 9.26% | 0% | 0% | 0% | 0% | 0% | 0% | -4.26% | 3.08% | -1.75% | 0% | -0.11% |
| Net Income | 86.17M | -3.35M | -156.81M | -117.81M | 47.42M | -111.41M | -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 |
| Net Margin % | 871.02% | - | - | - | - | - | - | -75.57% | -424.39% | -82.5% | -160.38% | -555.9% | -13668.46% | -2487.25% | -638.39% | -630.99% | -1389.6% | -1460.46% | -2036.5% | -1200.78% |
| Net Income Growth % | 156.29% | 97.86% | -33.11% | -348.46% | 142.56% | 19.3% | -63.41% | 33.35% | -137.01% | 19.87% | 11.12% | -1.93% | -85.13% | -3.52% | -34.67% | 2.41% | -38.7% | 11.49% | -3.19% | - |
| Net Income (Continuing) | 84.01M | -4.81M | -182.63M | -174.92M | -182.03M | -191.55M | -173.13M | -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 |
| Discontinued Operations | 1.46M | 1.46M | 25.81M | 57.11M | 229.45M | 80.13M | 35.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.36 | -0.05 | -2.70 | -1.88 | 0.46 | 3.12 | -2.41 | -2.16 | -2.61 | -1.17 | -1.65 | -2.00 | -2.22 | -1.39 | -1.59 | -1.29 | -1.37 | -2.92 | -2.22 | -1.62 |
| EPS Growth % | 149.06% | 98.05% | -43.62% | -508.7% | -85.26% | 229.46% | -11.57% | 17.24% | -123.08% | 29.09% | 17.5% | 9.91% | -59.71% | 12.58% | -23.26% | 5.84% | 53.08% | -31.53% | -37.04% | - |
| EPS (Basic) | - | -0.05 | -2.70 | -1.88 | 0.46 | 3.12 | -2.41 | -2.16 | -2.61 | -1.17 | -1.65 | -2.00 | -2.22 | -1.39 | -1.59 | -1.29 | -1.37 | -2.92 | -2.22 | -1.62 |
| Diluted Shares Outstanding | 63.51M | 63.51M | 58.17M | 62.74M | 62.74M | 62.34M | 57.18M | 49.52M | 48.58M | 45.54M | 40.45M | 37.56M | 33.23M | 28.56M | 24.16M | 22.21M | 21.42M | 7.22M | 10.75M | 14.27M |
| Basic Shares Outstanding | 71.92M | 63.51M | 58.17M | 62.74M | 62.74M | 62.34M | 57.18M | 49.52M | 48.58M | 45.54M | 40.45M | 37.56M | 33.23M | 28.56M | 24.16M | 22.21M | 21.42M | 7.22M | 10.75M | 14.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Critical liquidity and regulatory dependence
According to the provided income statement data, Omeros reported $9.9 million in revenue for 2026Q1, marking a return to top-line generation after several quarters of zero reported revenue, which highlights the company's transition toward a royalty-dependent model following the divestiture of its primary commercial asset.
The intermittent nature of revenue suggests that Omeros is currently reliant on milestone payments or irregular royalty streams rather than a consistent commercial engine. Investors should monitor whether this revenue trajectory can stabilize, as the current lack of recurring volume makes long-term financial forecasting highly speculative.
As reported in financial statements, Omeros continues to sustain high research and development expenditures, with R&D costs reaching $13.1 million in 2026Q1, which significantly dwarfs the company's current revenue generation and underscores a persistent reliance on external capital to fund its clinical pipeline.
The cost structure remains heavily skewed toward clinical trial maintenance, which does not scale with the current royalty-based revenue model. This misalignment suggests that the company's expense discipline is secondary to the necessity of advancing its MASP-3 and other pipeline assets to reach a potential commercial inflection point.
Based on Omeros's reported figures, the company recorded a net income of $56.1 million in 2026Q1 despite deep operating losses, a discrepancy that appears driven by non-operating fair value adjustments rather than core operational profitability or sustainable business performance.
The presence of significant non-operating gains suggests that reported net income is an unreliable metric for assessing the company's underlying health. Analysts should focus on operating cash burn, as these accounting-driven fluctuations may mask the reality of the company's ongoing liquidity constraints.
Data from recent filings indicates that Omeros faces a critical liquidity threshold with cash and equivalents dropping to approximately $9.66 million, a level that warrants further investigation into the company's ability to sustain its current R&D burn rate without immediate and potentially dilutive financing.
The combination of high cash burn and minimal liquid reserves suggests that the company is in a precarious position where regulatory delays could lead to a funding crisis. Short-term survival appears contingent on either a rapid capital raise or the successful achievement of near-term milestones that trigger additional payments.
Quick answers to the most common questions about buying OMER stock.
For fiscal year 2025, Omeros Corporation (OMER) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.9M in 2007.
Omeros Corporation (OMER) reported a net loss of $3.4M for the fiscal year ending 2025.