$OMER
OMEROS CORP

2020 Q1 Form 10-Q Financial Statement

#000155837020006254 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $23.54M $21.78M
YoY Change 8.07% 1271.47%
Cost Of Revenue $267.0K $131.0K
YoY Change 103.82% -35.47%
Gross Profit $23.27M $21.65M
YoY Change 7.49% 1463.03%
Gross Profit Margin 98.87% 99.4%
Selling, General & Admin $18.04M $14.63M
YoY Change 23.31% 33.85%
% of Gross Profit 77.52% 67.58%
Research & Development $28.91M $26.26M
YoY Change 10.12% 44.74%
% of Gross Profit 124.24% 121.28%
Depreciation & Amortization $400.0K $380.0K
YoY Change 5.26% 72.73%
% of Gross Profit 1.72% 1.76%
Operating Expenses $28.91M $41.02M
YoY Change -29.52% 40.1%
Operating Profit -$23.68M -$19.24M
YoY Change 23.07% -30.52%
Interest Expense $5.903M $5.600M
YoY Change 5.41% 98.23%
% of Operating Profit
Other Income/Expense, Net $549.0K $494.0K
YoY Change 11.13% 7.39%
Pretax Income -$29.03M -$24.35M
YoY Change 19.22% -18.97%
Income Tax
% Of Pretax Income
Net Earnings -$29.03M -$24.35M
YoY Change 19.25% -19.0%
Net Earnings / Revenue -123.34% -111.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$534.6K -$496.8K
COMMON SHARES
Basic Shares Outstanding 54.21M 49.01M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.00M $47.20M
YoY Change 14.41% -35.16%
Cash & Equivalents $7.100M $4.054M
Short-Term Investments $46.90M $43.20M
Other Short-Term Assets $6.300M $4.200M
YoY Change 50.0% -22.22%
Inventory $1.211M $736.0K
Prepaid Expenses
Receivables $24.00M $24.60M
Other Receivables $106.0K $138.0K
Total Short-Term Assets $85.61M $76.87M
YoY Change 11.37% -2.3%
LONG-TERM ASSETS
Property, Plant & Equipment $3.355M $4.479M
YoY Change -25.09% 115.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.200M $2.400M
YoY Change -8.33% -71.08%
Total Long-Term Assets $32.60M $24.38M
YoY Change 33.76% 135.48%
TOTAL ASSETS
Total Short-Term Assets $85.61M $76.87M
Total Long-Term Assets $32.60M $24.38M
Total Assets $118.2M $101.2M
YoY Change 16.76% 13.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.96M $7.121M
YoY Change 82.0% -30.07%
Accrued Expenses $41.38M $34.82M
YoY Change 18.83% 149.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $2.561M
YoY Change -53.14% 399.22%
Total Short-Term Liabilities $57.94M $44.51M
YoY Change 30.18% 80.69%
LONG-TERM LIABILITIES
Long-Term Debt $162.0M $153.1M
YoY Change 5.81% 80.04%
Other Long-Term Liabilities $30.10M $24.70M
YoY Change 21.86% 187.21%
Total Long-Term Liabilities $192.1M $177.8M
YoY Change 8.04% 109.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.94M $44.51M
Total Long-Term Liabilities $192.1M $177.8M
Total Liabilities $250.1M $222.3M
YoY Change 12.51% 102.7%
SHAREHOLDERS EQUITY
Retained Earnings -$763.6M -$674.5M
YoY Change 13.22% 21.87%
Common Stock $631.8M $490.0K
YoY Change 128834.29% 1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$131.9M -$121.0M
YoY Change
Total Liabilities & Shareholders Equity $118.2M $101.2M
YoY Change 16.76% 13.71%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$29.03M -$24.35M
YoY Change 19.25% -19.0%
Depreciation, Depletion And Amortization $400.0K $380.0K
YoY Change 5.26% 72.73%
Cash From Operating Activities -$9.141M -$12.95M
YoY Change -29.4% 14.62%
INVESTING ACTIVITIES
Capital Expenditures $66.00K $182.0K
YoY Change -63.74% -0.55%
Acquisitions
YoY Change
Other Investing Activities $10.84M $11.47M
YoY Change -5.49% 31.39%
Cash From Investing Activities $10.78M $11.29M
YoY Change -4.53% 32.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.399M -146.0K
YoY Change -1743.15% -126.84%
NET CHANGE
Cash From Operating Activities -9.141M -12.95M
Cash From Investing Activities 10.78M 11.29M
Cash From Financing Activities 2.399M -146.0K
Net Change In Cash 4.034M -1.807M
YoY Change -323.24% -18.05%
FREE CASH FLOW
Cash From Operating Activities -$9.141M -$12.95M
Capital Expenditures $66.00K $182.0K
Free Cash Flow -$9.207M -$13.13M
YoY Change -29.88% 14.38%

Facts In Submission

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<p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 12.25pt;">Organization</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">We are a commercial-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, complement-mediated diseases, disorders of the central nervous system, and immune-related diseases, including cancers. Our first drug product, OMIDRIA, is marketed in the United States (U.S.) for use during cataract surgery or intraocular lens replacement.</p>
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CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9792000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9864000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6437000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6035000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3355000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3829000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
CY2020Q1 omer Accrued Contract Research Costs
AccruedContractResearchCosts
19318000
CY2019Q4 omer Accrued Contract Research Costs
AccruedContractResearchCosts
24107000
CY2020Q1 omer Accrued Sales Rebates Fees And Discounts Current
AccruedSalesRebatesFeesAndDiscountsCurrent
8785000
CY2019Q4 omer Accrued Sales Rebates Fees And Discounts Current
AccruedSalesRebatesFeesAndDiscountsCurrent
10870000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4921000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1640000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3337000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3610000
CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2772000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
3546000
CY2020Q1 omer Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
1468000
CY2019Q4 omer Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
1982000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
778000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
872000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
41379000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
46627000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7100000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3100000
CY2020Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0
CY2019 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27081000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27082000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2638000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2973000
CY2020Q1 omer Lease Right Of Use Asset
LeaseRightOfUseAsset
29719000
CY2019Q4 omer Lease Right Of Use Asset
LeaseRightOfUseAsset
30055000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2391000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2282000
CY2020Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1206000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1222000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30125000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30772000
CY2020Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1271000
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1546000
CY2020Q1 omer Lease Liability
LeaseLiability
34993000
CY2019Q4 omer Lease Liability
LeaseLiability
35822000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-109021000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2712000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1509000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1031000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
357000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
290000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
89000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
82000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
138000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
542000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
486000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
293000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
224000
CY2020Q1 us-gaap Lease Cost
LeaseCost
2204000
CY2019Q1 us-gaap Lease Cost
LeaseCost
1803000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2136000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1647000
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
89000
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
82000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
313000
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
254000
CY2020Q1 omer Long Term Purchase Commitment Termination Fee
LongTermPurchaseCommitmentTerminationFee
17600000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2700000
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
306857
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10744
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
3476000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-29031000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-131864000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-100156000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
108000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
3374000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-24345000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-121019000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3476000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3374000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11207931
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.72
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1744585
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.95
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
306857
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.84
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
54318
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
15.04
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12591341
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.81
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M24D
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
26173000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
12116956
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.75
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
25838000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
8261407
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.03
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
23067000

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