$OMER
OMEROS CORP

2013 Q1 Form 10-K Financial Statement

#000119312513112709 Filed on March 18, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2011 Q4 2011 Q3
Revenue $1.095M $1.143M $987.0K
YoY Change -26.8% 16.63% 294.8%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.990M $2.100M $1.830M
YoY Change 71.98% -18.92% -24.69%
% of Gross Profit
Research & Development $7.127M $8.900M $5.321M
YoY Change -1.64% 28.06% 0.02%
% of Gross Profit
Depreciation & Amortization $70.00K $100.0K $110.0K
YoY Change -22.22% 66.67% -26.67%
% of Gross Profit
Operating Expenses $11.12M $10.99M $7.151M
YoY Change 16.17% 15.32% -7.61%
Operating Profit -$10.02M -$9.847M -$6.164M
YoY Change 24.13%
Interest Expense $587.0K -$530.0K $528.0K
YoY Change 18.83% 82.76% -311.2%
% of Operating Profit
Other Income/Expense, Net $112.0K $170.0K $171.0K
YoY Change -132.84% -91.1% -10.0%
Pretax Income -$10.49M -$10.20M -$6.510M
YoY Change 17.87% 41.08% -13.89%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.49M -$10.20M -$6.512M
YoY Change 17.92% 41.09% -13.86%
Net Earnings / Revenue -957.9% -892.48% -659.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$404.9K -$455.8K -$292.6K
COMMON SHARES
Basic Shares Outstanding 25.91M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.30M $24.60M $32.90M
YoY Change -24.43% -41.43% -4.64%
Cash & Equivalents $1.716M $4.005M $4.888M
Short-Term Investments $12.00M $20.60M $28.00M
Other Short-Term Assets $500.0K $500.0K $200.0K
YoY Change 25.0% 66.67% 0.0%
Inventory
Prepaid Expenses
Receivables $2.000M $900.0K $800.0K
Other Receivables $0.00 $14.00K $0.00
Total Short-Term Assets $15.81M $25.95M $33.80M
YoY Change -19.72% -40.76% -3.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.058M $739.0K $800.0K
YoY Change 45.73% -53.81% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $143.0K $102.0K $300.0K
YoY Change 40.2% -66.0% 0.0%
Total Long-Term Assets $1.880M $1.034M $1.200M
YoY Change 35.15% -45.58% -36.84%
TOTAL ASSETS
Total Short-Term Assets $15.81M $25.95M $33.80M
Total Long-Term Assets $1.880M $1.034M $1.200M
Total Assets $17.69M $26.98M $35.00M
YoY Change -16.1% -40.96% -5.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.609M $2.002M $1.600M
YoY Change 8.98% -16.58% 14.29%
Accrued Expenses $6.979M $5.340M $2.600M
YoY Change 31.6% 16.09% -25.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $997.0K $5.895M $5.300M
YoY Change -83.66% 1373.75% 5200.0%
Total Short-Term Liabilities $10.59M $18.99M $15.80M
YoY Change -43.52% 23.28% 198.11%
LONG-TERM LIABILITIES
Long-Term Debt $19.20M $13.55M $15.10M
YoY Change 60.0% 36.88% 69.66%
Other Long-Term Liabilities $3.800M $0.00
YoY Change 22.58%
Total Long-Term Liabilities $19.20M $13.55M $15.10M
YoY Change 27.15% 36.88% 69.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.59M $18.99M $15.80M
Total Long-Term Liabilities $19.20M $13.55M $15.10M
Total Liabilities $29.79M $32.54M $30.90M
YoY Change -11.88% 29.11% 117.61%
SHAREHOLDERS EQUITY
Retained Earnings -$225.1M -$176.1M
YoY Change 21.64%
Common Stock $259.0K $224.0K
YoY Change 15.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.86M -$5.554M $4.100M
YoY Change
Total Liabilities & Shareholders Equity $17.69M $26.98M $35.00M
YoY Change -16.1% -40.96% -5.66%

Cashflow Statement

Concept 2013 Q1 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income -$10.49M -$10.20M -$6.512M
YoY Change 17.92% 41.09% -13.86%
Depreciation, Depletion And Amortization $70.00K $100.0K $110.0K
YoY Change -22.22% 66.67% -26.67%
Cash From Operating Activities -$8.968M -$7.360M -$4.110M
YoY Change 62.91% -211.18% -30.22%
INVESTING ACTIVITIES
Capital Expenditures $88.00K -$40.00K -$10.00K
YoY Change 22.22% -99.48% -93.33%
Acquisitions
YoY Change
Other Investing Activities $8.800M $7.400M $4.750M
YoY Change -55.44% 1074.6% -34.84%
Cash From Investing Activities $8.707M $7.360M $4.740M
YoY Change -55.75% -204.4% -33.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $22.00K -880.0K 100.0K
YoY Change -101.6% -196.7% -107.58%
NET CHANGE
Cash From Operating Activities -$8.968M -7.360M -4.110M
Cash From Investing Activities $8.707M 7.360M 4.740M
Cash From Financing Activities $22.00K -880.0K 100.0K
Net Change In Cash -$239.0K -880.0K 730.0K
YoY Change -101.87% -283.33% -1142.86%
FREE CASH FLOW
Cash From Operating Activities -$8.968M -$7.360M -$4.110M
Capital Expenditures $88.00K -$40.00K -$10.00K
Free Cash Flow -$9.056M -$7.320M -$4.100M
YoY Change 62.38% -151.19% -28.57%

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CY2012Q4 omer Net Operating Leases Future Minimum Payments Due In Five Years
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CY2010 omer Reimbursement Of Patobios Intellectual Property Assets
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CY2010 omer Effective Income Tax Rate Reconciliation Permanent Differences
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CY2011 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2011 omer Effective Income Tax Rate Reconciliation Permanent Differences
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CY2011 omer Weighted Average Exercise Price Of Options Exchange
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OMER
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OMEROS CORP
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CY2012 dei Entity Filer Category
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CY2012 dei Entity Voluntary Filers
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2012
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2012-12-31
CY2012 dei Entity Central Index Key
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0001285819
CY2012 dei Entity Well Known Seasoned Issuer
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No
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CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2012 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
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CY2012 us-gaap Number Of Operating Segments
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CY2012 us-gaap Nature Of Operations
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<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 products are derived from our proprietary PharmacoSurgery&#x2122; platform designed to improve clinical outcomes of patients undergoing ophthalmological, arthroscopic, 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>
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P7Y2M27D
CY2012 us-gaap Revenues
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CY2012 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2200000
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24155690 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5878369 shares
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-38444000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2900000
CY2012 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
1059000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2561100 shares
CY2012 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
10.25
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from those estimates.</font></p> </div>
CY2012 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
30000
CY2012 us-gaap Interest Expense
InterestExpense
1729000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.35
CY2012 omer Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
511000
CY2012 omer Reduction Of Equipment Cost Basis Due To Assets Purchased With Grant Funding
ReductionOfEquipmentCostBasisDueToAssetsPurchasedWithGrantFunding
59000
CY2012 omer Number Of Extension Options
NumberOfExtensionOptions
2 pure
CY2012 omer Lease Term
LeaseTerm
P15Y
CY2012 omer Lease Extension Period
LeaseExtensionPeriod
P5Y
CY2012 omer Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.02 pure
CY2012 omer Subleased Agreement Area
SubleasedAgreementArea
5179 sqft
CY2012 omer Beginning Year Of Expiry For Net Operating Loss Carryforwards
BeginningYearOfExpiryForNetOperatingLossCarryforwards
2013
CY2012 omer Ending Year Of Expiry For Net Operating Loss Carryforwards
EndingYearOfExpiryForNetOperatingLossCarryforwards
2032
CY2012 omer Lease Agreement Expense Incurred To Date Reimbursable By Landlord
LeaseAgreementExpenseIncurredToDateReimbursableByLandlord
602000
CY2012 omer Capital Lease Term
CapitalLeaseTerm
P60M
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6450000
CY2011Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2011Q1 us-gaap Operating Expenses
OperatingExpenses
7689000
CY2011Q1 us-gaap Revenues
Revenues
1239000
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
-6542000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4949000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
CY2011Q2 us-gaap Operating Expenses
OperatingExpenses
6104000
CY2011Q2 us-gaap Revenues
Revenues
1155000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-5291000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8072000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
9568000
CY2012Q1 us-gaap Revenues
Revenues
1496000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-8895000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8244000
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
9770000
CY2012Q2 us-gaap Revenues
Revenues
1526000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-8539000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6164000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
7151000
CY2011Q3 us-gaap Revenues
Revenues
987000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-6512000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-13036000
CY2012Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
3953000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.51
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
14453000
CY2012Q3 us-gaap Revenues
Revenues
1417000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-13276000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-9847000
CY2011Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.46
CY2011Q4 us-gaap Operating Expenses
OperatingExpenses
10990000
CY2011Q4 us-gaap Revenues
Revenues
1143000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-10201000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-7533000
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2012Q4 us-gaap Operating Expenses
OperatingExpenses
9116000
CY2012Q4 us-gaap Revenues
Revenues
1583000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-7734000

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