Omeros Corp (NASDAQ: OMER) is a biopharmaceutical company that develops and commercializes prescription drugs, with its primary commercial product being YARTEMLEA. Revenue comes from product sales of YARTEMLEA, royalty arrangements, and partnership agreements, including an asset purchase and license agreement (APLA) with Novo Nordisk. Omeros sold its zaltenibart program to Novo Nordisk, generating a $237.6 million gain recognized in FY2025. As of December 31, 2025, the company held $171.8 million in cash, cash equivalents, and short-term investments, against convertible senior notes maturing June 15, 2029. Cash used in operations was $116.1 million for FY2025, and net loss was $3.4 million for the same period. Omeros has never declared or paid a dividend. The company is incorporated in Washington state and headquartered in Seattle. Manufacturing of YARTEMLEA is contracted to Lonza Biologics Tuas Pte. Ltd. under a commercial supply agreement entered in July 2019.

Revenue model

Product sales of YARTEMLEA, proceeds from asset sales (zaltenibart sold to Novo Nordisk with a $237.6 million gain in FY2025), royalty income (including $200.0 million Milestone Payment from Rayner received February 2023 and $115.5 million from DRI in February 2024 for sale of future OMIDRIA royalties), and partnership payments under the APLA with Novo Nordisk.

Products and services

YARTEMLEA (commercial-stage product), zaltenibart (sold to Novo Nordisk in FY2025), and earlier commercial product OMIDRIA (royalties sold to DRI and subject to Rayner milestone payments). Pipeline and research and development programs are ongoing but not specified in the excerpts.

Customers and end markets

Government and private third-party payers, including Medicare and Medicaid, are the primary reimbursement sources for YARTEMLEA. End markets are within the U.S. healthcare system, subject to government reimbursement regulation. Partnership revenue derives from Novo Nordisk and Rayner.

Value-chain role

Drug developer and commercializer. Manufacturing is outsourced to Lonza Biologics Tuas Pte. Ltd. for YARTEMLEA under a commercial supply agreement. Omeros handles research, development, regulatory affairs, and commercial sales and marketing.

Geographic exposure

Primary operations and commercial focus are in the United States. The Lonza manufacturing agreement covers commercial sales in either the U.S. or EU, indicating potential EU commercial activity, but no specific non-U.S. revenue breakdown is provided in the excerpts.

Source: SEC 10-K, filed 2026-03-31

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