$OMER
OMEROS CORP

2012 Q4 Form 10-Q Financial Statement

#000119312512463691 Filed on November 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $1.583M $1.417M $987.0K
YoY Change 38.5% 43.57% 294.8%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.720M $2.740M $1.830M
YoY Change 77.14% 49.73% -24.69%
% of Gross Profit
Research & Development $9.350M $7.764M $5.321M
YoY Change 5.06% 45.91% 0.02%
% of Gross Profit
Depreciation & Amortization $90.00K $60.00K $110.0K
YoY Change -10.0% -45.45% -26.67%
% of Gross Profit
Operating Expenses $9.116M $14.45M $7.151M
YoY Change -17.05% 102.11% -7.61%
Operating Profit -$7.533M -$13.04M -$6.164M
YoY Change -23.5% 111.49%
Interest Expense -$360.0K $413.0K $528.0K
YoY Change -32.08% -21.78% -311.2%
% of Operating Profit
Other Income/Expense, Net $160.0K $159.0K $171.0K
YoY Change -5.88% -7.02% -10.0%
Pretax Income -$7.730M -$13.28M -$6.510M
YoY Change -24.22% 103.99% -13.89%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.734M -$13.28M -$6.512M
YoY Change -24.18% 103.87% -13.86%
Net Earnings / Revenue -488.57% -936.91% -659.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$298.6K -$514.1K -$292.6K
COMMON SHARES
Basic Shares Outstanding 25.89M shares 25.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.40M $30.60M $32.90M
YoY Change -8.94% -6.99% -4.64%
Cash & Equivalents $1.520M $1.060M $4.888M
Short-Term Investments $20.80M $29.60M $28.00M
Other Short-Term Assets $400.0K $300.0K $200.0K
YoY Change -20.0% 50.0% 0.0%
Inventory
Prepaid Expenses
Receivables $1.900M $500.0K $800.0K
Other Receivables $44.00K $0.00 $0.00
Total Short-Term Assets $24.70M $31.44M $33.80M
YoY Change -4.81% -6.99% -3.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.037M $685.0K $800.0K
YoY Change 40.32% -14.38% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $159.0K $76.00K $300.0K
YoY Change 55.88% -74.67% 0.0%
Total Long-Term Assets $1.875M $1.324M $1.200M
YoY Change 81.33% 10.33% -36.84%
TOTAL ASSETS
Total Short-Term Assets $24.70M $31.44M $33.80M
Total Long-Term Assets $1.875M $1.324M $1.200M
Total Assets $26.58M $32.76M $35.00M
YoY Change -1.51% -6.4% -5.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.632M $2.702M $1.600M
YoY Change 31.47% 68.88% 14.29%
Accrued Expenses $4.757M $6.373M $2.600M
YoY Change -10.92% 145.12% -25.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $6.400M $5.300M
YoY Change -100.0% 20.75% 5200.0%
Total Short-Term Liabilities $8.359M $21.81M $15.80M
YoY Change -55.97% 38.04% 198.11%
LONG-TERM LIABILITIES
Long-Term Debt $20.10M $8.700M $15.10M
YoY Change 48.35% -42.38% 69.66%
Other Long-Term Liabilities $4.600M $3.100M
YoY Change
Total Long-Term Liabilities $20.10M $11.80M $15.10M
YoY Change 48.35% -21.85% 69.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.359M $21.81M $15.80M
Total Long-Term Liabilities $20.10M $11.80M $15.10M
Total Liabilities $28.46M $33.60M $30.90M
YoY Change -12.52% 8.74% 117.61%
SHAREHOLDERS EQUITY
Retained Earnings -$214.6M -$206.8M
YoY Change 21.83%
Common Stock $259.0K $259.0K
YoY Change 15.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.531M -$820.0K $4.100M
YoY Change
Total Liabilities & Shareholders Equity $26.58M $32.76M $35.00M
YoY Change -1.51% -6.4% -5.66%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$7.734M -$13.28M -$6.512M
YoY Change -24.18% 103.87% -13.86%
Depreciation, Depletion And Amortization $90.00K $60.00K $110.0K
YoY Change -10.0% -45.45% -26.67%
Cash From Operating Activities -$12.78M -$7.400M -$4.110M
YoY Change 73.64% 80.05% -30.22%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$90.00K -$10.00K
YoY Change 900.0% 800.0% -93.33%
Acquisitions
YoY Change
Other Investing Activities $8.730M -$29.57M $4.750M
YoY Change 17.97% -722.53% -34.84%
Cash From Investing Activities $8.330M -$29.66M $4.740M
YoY Change 13.18% -725.74% -33.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.910M 30.85M 100.0K
YoY Change -657.95% 30750.0% -107.58%
NET CHANGE
Cash From Operating Activities -12.78M -7.400M -4.110M
Cash From Investing Activities 8.330M -29.66M 4.740M
Cash From Financing Activities 4.910M 30.85M 100.0K
Net Change In Cash 460.0K -6.210M 730.0K
YoY Change -152.27% -950.68% -1142.86%
FREE CASH FLOW
Cash From Operating Activities -$12.78M -$7.400M -$4.110M
Capital Expenditures -$400.0K -$90.00K -$10.00K
Free Cash Flow -$12.38M -$7.310M -$4.100M
YoY Change 69.13% 78.29% -28.57%

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dei Trading Symbol
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dei Entity Registrant Name
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OMEROS CORP
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us-gaap Amortization Of Financing Costs
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M18D
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Organization</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We are a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system. Our most clinically advanced product candidates are derived from our proprietary PharmacoSurgery&#x2122; platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Our efforts are devoted to conducting research and development of our products, to developing our patent portfolio and to raising equity capital.</font></p> </div>
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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28061000
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Paid In Kind Interest
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-3953000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.89 pure
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2012-11-30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
58169 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M9D
us-gaap Revenues
Revenues
4439000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
29815000
us-gaap Interest Paid
InterestPaid
1103000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23578724 shares
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
233000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4729241 shares
us-gaap Net Income Loss
NetIncomeLoss
-30710000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-408000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1260900 shares
us-gaap Use Of Estimates
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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
576000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.51
us-gaap Interest Expense
InterestExpense
1360000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.32
omer Reduction Of Equipment Cost Basis Due To Assets Purchased With Grant Funding
ReductionOfEquipmentCostBasisDueToAssetsPurchasedWithGrantFunding
59000
omer Number Of Extension Options
NumberOfExtensionOptions
2 pure
omer Lease Term
LeaseTerm
P15Y
omer Lease Extension Period
LeaseExtensionPeriod
P5Y
omer Lease Agreement Expense Incurred To Date Reimbursable By Landlord
LeaseAgreementExpenseIncurredToDateReimbursableByLandlord
91000
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3953000
CY2012Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2200000
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0000 pure
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6164000
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
171000
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6512000
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2011Q3 us-gaap Share Based Compensation
ShareBasedCompensation
467000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2011Q3 us-gaap Investment Income Net
InvestmentIncomeNet
9000
CY2011Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2011Q3 us-gaap Amortization Of Financing Costs
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19000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1830000
CY2011Q3 us-gaap Research And Development Expense
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5321000
CY2011Q3 us-gaap Operating Expenses
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7151000
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.00 pure
CY2011Q3 us-gaap Revenues
Revenues
987000
CY2011Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22246430 shares
CY2011Q3 us-gaap Amortization Of Debt Discount Premium
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77000
CY2011Q3 us-gaap Net Income Loss
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CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0083 pure
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-13036000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
159000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
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-13276000
CY2012Q3 us-gaap Investment Income Net
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14000
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2012Q3 us-gaap Amortization Of Financing Costs
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18000
CY2012Q3 us-gaap General And Administrative Expense
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CY2012Q3 us-gaap Gain Loss Related To Litigation Settlement
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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.84 pure
CY2012Q3 us-gaap Revenues
Revenues
1417000
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25834730 shares
CY2012Q3 us-gaap Amortization Of Debt Discount Premium
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72000
CY2012Q3 us-gaap Net Income Loss
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-13276000
CY2012Q3 us-gaap Interest Expense
InterestExpense
413000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.63

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