$OMER
OMEROS CORP

2013 Q3 Form 10-Q Financial Statement

#000144530513002092 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $196.0K $140.0K $1.526M
YoY Change -86.17% -90.83% 32.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.210M $3.740M $2.210M
YoY Change 53.65% 69.23% 8.87%
% of Gross Profit
Research & Development $9.420M $9.564M $7.558M
YoY Change 21.33% 26.54% 85.38%
% of Gross Profit
Depreciation & Amortization $70.00K $80.00K $80.00K
YoY Change 16.67% 0.0% 33.33%
% of Gross Profit
Operating Expenses $13.63M $13.30M $9.770M
YoY Change -5.69% 36.13% 60.06%
Operating Profit -$13.43M -$13.16M -$8.244M
YoY Change 3.05% 59.63% 66.58%
Interest Expense $592.0K $589.0K $453.0K
YoY Change 43.34% 30.02% -14.04%
% of Operating Profit
Other Income/Expense, Net $154.0K $155.0K $152.0K
YoY Change -3.14% 1.97% -11.11%
Pretax Income -$13.87M -$13.59M -$8.540M
YoY Change 4.44% 59.13% 61.44%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.87M -$13.59M -$8.539M
YoY Change 4.47% 59.18% 61.39%
Net Earnings / Revenue -7076.53% -9708.57% -559.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$464.8K -$481.9K -$380.1K
COMMON SHARES
Basic Shares Outstanding 29.85M shares 25.93M shares 22.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M $20.10M $7.300M
YoY Change -70.59% 175.34% -80.22%
Cash & Equivalents $1.150M $1.716M $7.268M
Short-Term Investments $7.800M $18.30M $0.00
Other Short-Term Assets $400.0K $500.0K $500.0K
YoY Change 33.33% 0.0% 66.67%
Inventory
Prepaid Expenses
Receivables $900.0K $700.0K $800.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.27M $21.27M $8.520M
YoY Change -67.33% 149.66% -78.54%
LONG-TERM ASSETS
Property, Plant & Equipment $952.0K $981.0K $660.0K
YoY Change 38.98% 48.64% -34.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $113.0K $127.0K $88.00K
YoY Change 48.68% 44.32% -70.67%
Total Long-Term Assets $1.744M $1.787M $1.546M
YoY Change 31.72% 15.59% 28.83%
TOTAL ASSETS
Total Short-Term Assets $10.27M $21.27M $8.520M
Total Long-Term Assets $1.744M $1.787M $1.546M
Total Assets $12.01M $23.06M $10.07M
YoY Change -63.33% 129.07% -75.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.361M $4.253M $1.285M
YoY Change 24.39% 230.97% 60.63%
Accrued Expenses $4.520M $4.162M $6.016M
YoY Change -29.08% -30.82% 100.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.019M $2.485M $6.200M
YoY Change -37.2% -59.92% 67.57%
Total Short-Term Liabilities $11.90M $10.90M $17.25M
YoY Change -45.44% -36.81% 20.62%
LONG-TERM LIABILITIES
Long-Term Debt $16.38M $17.81M $10.30M
YoY Change 88.23% 72.9% -37.95%
Other Long-Term Liabilities $7.600M $6.600M $3.000M
YoY Change 145.16% 120.0%
Total Long-Term Liabilities $16.38M $17.81M $13.30M
YoY Change 38.78% 33.9% -19.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.90M $10.90M $17.25M
Total Long-Term Liabilities $16.38M $17.81M $13.30M
Total Liabilities $28.28M $28.71M $30.60M
YoY Change -15.85% -6.18% -0.97%
SHAREHOLDERS EQUITY
Retained Earnings -$252.5M -$238.7M -$193.6M
YoY Change 22.09% 23.29%
Common Stock $298.0K $298.0K $225.0K
YoY Change 15.06% 32.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$23.89M -$12.26M -$20.54M
YoY Change
Total Liabilities & Shareholders Equity $12.01M $23.06M $10.07M
YoY Change -63.33% 129.07% -75.39%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$13.87M -$13.59M -$8.539M
YoY Change 4.47% 59.18% 61.39%
Depreciation, Depletion And Amortization $70.00K $80.00K $80.00K
YoY Change 16.67% 0.0% 33.33%
Cash From Operating Activities -$11.04M -$9.390M -$8.860M
YoY Change 49.19% 5.98% 40.19%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $0.00 -$80.00K
YoY Change -44.44% -100.0% -84.31%
Acquisitions
YoY Change
Other Investing Activities $10.50M -$6.320M $820.0K
YoY Change -135.51% -870.73% -88.29%
Cash From Investing Activities $10.45M -$6.310M $740.0K
YoY Change -135.23% -952.7% -88.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.10M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 16.14M -1.410M
YoY Change -99.94% -1244.68% -2114.29%
NET CHANGE
Cash From Operating Activities -11.04M -9.390M -8.860M
Cash From Investing Activities 10.45M -6.310M 740.0K
Cash From Financing Activities 20.00K 16.14M -1.410M
Net Change In Cash -570.0K 440.0K -9.530M
YoY Change -90.82% -104.62% -4070.83%
FREE CASH FLOW
Cash From Operating Activities -$11.04M -$9.390M -$8.860M
Capital Expenditures -$50.00K $0.00 -$80.00K
Free Cash Flow -$10.99M -$9.390M -$8.780M
YoY Change 50.34% 6.95% 51.12%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Organization</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 potential products, which we refer to as products, are derived from our proprietary PharmacoSurgery&#8482; 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></div></div>
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Revenues
3022000 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0078
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0105
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0102
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3540828 shares
us-gaap Share Based Compensation
ShareBasedCompensation
2153000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1700000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1060000 USD
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
569000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.82
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.82
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.86
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.89
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0102
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.57
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.57
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.09
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7650000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5308861 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5390582 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.18
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.18
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
7604000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5142695 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.09
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.31
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.30
CY2013Q2 us-gaap Share Price
SharePrice
4.14
CY2012Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M15D
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7191000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M3D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2013Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3903004 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
32284 shares
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
-12256000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
-6531000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP 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></div></div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22450722 shares
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22466540 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27053946 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28199739 shares
CY2013Q2 omer Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
174000 USD
CY2012Q4 omer Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
1842000 USD
CY2012Q4 omer Accrued Contract Research Costs
AccruedContractResearchCosts
1447000 USD
CY2013Q2 omer Accrued Contract Research Costs
AccruedContractResearchCosts
922000 USD
CY2013Q2 omer Accrued Legal Fees
AccruedLegalFees
779000 USD
CY2012Q4 omer Accrued Legal Fees
AccruedLegalFees
323000 USD
omer Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
-41000 USD
omer Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
-511000 USD
CY2012Q1 omer Classof Warrantor Right Extension Period
ClassofWarrantorRightExtensionPeriod
P1Y
CY2010Q4 omer Classof Warrantor Right Numberof Warrants Issued
ClassofWarrantorRightNumberofWarrantsIssued
3 warrant
CY2007Q1 omer Classof Warrantor Right Periodfor Issuance
ClassofWarrantorRightPeriodforIssuance
P5Y
CY2012 omer Deferred Rent Reclassification
DeferredRentReclassification
959000 USD
omer Government Grants Under Review
GovernmentGrantsUnderReview
1100000 USD
omer Lease Extension Period
LeaseExtensionPeriod
P5Y
omer Operating Lease Number Of Additional Renewal Option
OperatingLeaseNumberOfAdditionalRenewalOption
2 Leases
CY2012Q4 omer Payroll Taxes On Litigation Settlement
PayrollTaxesOnLitigationSettlement
13000 USD
omer Reduction Of Equipment Cost Basis Due To Assets Purchased With Grant Funding
ReductionOfEquipmentCostBasisDueToAssetsPurchasedWithGrantFunding
59000 USD
omer Reduction Of Equipment Cost Basis Due To Assets Purchased With Grant Funding
ReductionOfEquipmentCostBasisDueToAssetsPurchasedWithGrantFunding
0 USD
CY2013Q2 omer Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumber
1768033 shares
omer Total Litigation Expense Paid By Insurer
TotalLitigationExpensePaidByInsurer
2000000 USD
CY2013Q1 omer Warrant Expiration Date
WarrantExpirationDate
2014-03-29
CY2012Q1 omer Warrant Expiration Date
WarrantExpirationDate
2013-03-29
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001285819
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
29848076 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
OMEROS CORP
dei Trading Symbol
TradingSymbol
OMER

Files In Submission

Name View Source Status
0001445305-13-002092-index-headers.html Edgar Link pending
0001445305-13-002092-index.html Edgar Link pending
0001445305-13-002092.txt Edgar Link pending
0001445305-13-002092-xbrl.zip Edgar Link pending
exhibit121.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
omer-20130630.xml Edgar Link completed
omer-20130630.xsd Edgar Link pending
omer-20130630_cal.xml Edgar Link unprocessable
omer-20130630_def.xml Edgar Link unprocessable
omer-20130630_lab.xml Edgar Link unprocessable
omer-20130630_pre.xml Edgar Link unprocessable
omer-2013630x10q.htm Edgar Link pending
omer-ex311_2013630xq2.htm Edgar Link pending
omer-ex312_2013630xq2.htm Edgar Link pending
omer-ex321_2013630xq2.htm Edgar Link pending
omer-ex322_2013630xq2.htm Edgar Link pending
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report.css Edgar Link pending
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