$OMER
OMEROS CORP

2023 Q3 Form 10-Q Financial Statement

#000155837023014095 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.42M $11.26M $13.92M
YoY Change 34.63% -19.12% -10.09%
% of Gross Profit
Research & Development $31.73M $29.64M $23.52M
YoY Change -17.73% 26.04% -23.99%
% of Gross Profit
Depreciation & Amortization $197.0K $332.0K $191.0K
YoY Change -38.44% 73.82% -46.2%
% of Gross Profit
Operating Expenses $48.15M $29.64M $37.44M
YoY Change 24.85% -20.83% 21.01%
Operating Profit -$48.15M -$40.90M -$37.44M
YoY Change -5.15% 9.24% 55.89%
Interest Expense $7.916M $7.932M -$4.927M
YoY Change 60.5% -260.99% -200.35%
% of Operating Profit
Other Income/Expense, Net $4.413M $4.537M $670.0K
YoY Change 387.09% 577.16% 101.2%
Pretax Income -$51.66M -$44.29M -$41.70M
YoY Change -5.72% 6.23% -16.92%
Income Tax
% Of Pretax Income
Net Earnings -$37.80M -$37.30M -$30.85M
YoY Change 116.54% 20.91% 7.89%
Net Earnings / Revenue
Basic Earnings Per Share -$0.60 -$0.59 -$0.49
Diluted Earnings Per Share -$0.60 -$0.59 -$491.8K
COMMON SHARES
Basic Shares Outstanding 62.86M 62.83M 62.73M
Diluted Shares Outstanding 62.84M 62.73M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.3M $341.2M $122.6M
YoY Change 40.44% 178.38% 66.39%
Cash & Equivalents $30.64M $6.600M $14.14M
Short-Term Investments $279.7M $334.6M $108.4M
Other Short-Term Assets $4.922M $7.001M $11.89M
YoY Change -17.73% -41.1% 100.54%
Inventory
Prepaid Expenses
Receivables $35.89M $40.15M $57.46M
Other Receivables $220.0K $124.0K $810.0K
Total Short-Term Assets $351.3M $388.6M $192.7M
YoY Change 21.76% 101.62% 71.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.717M $22.01M $25.05M
YoY Change -92.94% -12.15% -21.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.054M $1.054M $1.054M
YoY Change 0.0% 0.0% -16.28%
Total Long-Term Assets $141.7M $138.9M $152.9M
YoY Change -16.14% -9.19% 363.52%
TOTAL ASSETS
Total Short-Term Assets $351.3M $388.6M $192.7M
Total Long-Term Assets $141.7M $138.9M $152.9M
Total Assets $493.1M $527.4M $345.6M
YoY Change 7.76% 52.59% 137.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.866M $9.552M $10.88M
YoY Change -65.67% -12.17% 14.46%
Accrued Expenses $34.86M $29.79M $27.63M
YoY Change 93.49% 7.85% -17.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $101.6M $99.51M
YoY Change
Total Short-Term Liabilities $147.2M $143.5M $38.50M
YoY Change 272.47% 272.82% -19.28%
LONG-TERM LIABILITIES
Long-Term Debt $340.6M $342.5M $314.4M
YoY Change -22.56% 8.94% 0.57%
Other Long-Term Liabilities $19.25M $20.92M $25.48M
YoY Change -21.54% -17.91% -18.86%
Total Long-Term Liabilities $359.8M $363.4M $339.8M
YoY Change -22.51% 6.93% -1.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.2M $143.5M $38.50M
Total Long-Term Liabilities $359.8M $363.4M $339.8M
Total Liabilities $507.0M $506.9M $378.3M
YoY Change 0.63% 33.98% -3.41%
SHAREHOLDERS EQUITY
Retained Earnings -$744.5M -$706.7M
YoY Change -2.61%
Common Stock $730.5M $727.2M
YoY Change 1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.95M $20.51M -$32.70M
YoY Change
Total Liabilities & Shareholders Equity $493.1M $527.4M $345.6M
YoY Change 7.76% 52.59% 137.73%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$37.80M -$37.30M -$30.85M
YoY Change 116.54% 20.91% 7.89%
Depreciation, Depletion And Amortization $197.0K $332.0K $191.0K
YoY Change -38.44% 73.82% -46.2%
Cash From Operating Activities -$32.65M -$32.34M -$19.47M
YoY Change 23.48% 66.12% -29.45%
INVESTING ACTIVITIES
Capital Expenditures $33.00K $275.0K -$103.0K
YoY Change 1000.0% -366.99% 14.44%
Acquisitions
YoY Change
Other Investing Activities $57.20M $35.65M $24.84M
YoY Change 73.35% 43.5% -18.53%
Cash From Investing Activities $57.17M $35.38M $24.74M
YoY Change 73.24% 42.98% -18.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -483.0K -260.0K -99.00K
YoY Change -100.39% 162.63% -111.63%
NET CHANGE
Cash From Operating Activities -32.65M -32.34M -19.47M
Cash From Investing Activities 57.17M 35.38M 24.74M
Cash From Financing Activities -483.0K -260.0K -99.00K
Net Change In Cash 24.04M 2.774M 5.173M
YoY Change -81.71% -46.38% 41.3%
FREE CASH FLOW
Cash From Operating Activities -$32.65M -$32.34M -$19.47M
Capital Expenditures $33.00K $275.0K -$103.0K
Free Cash Flow -$32.68M -$32.62M -$19.37M
YoY Change 23.59% 68.42% -29.59%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 12.25pt;">General<span style="font-weight:bold;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Omeros Corporation (“Omeros,” the “Company” or “we”) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting immunologic disorders, including complement-mediated diseases, cancers and addictive and compulsive disorders. We marketed our first drug product, OMIDRIA<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (phenylephrine and ketorolac intraocular solution) 1% / 0.3% for use during cataract surgery or intraocular lens replacement in the United States (the “U.S.”) until we sold OMIDRIA and related assets on December 23, 2021 (see “Sale of OMIDRIA Assets” below for additional information).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The lead drug candidate in our pipeline of complement-targeted therapeutics is narsoplimab, a proprietary, patented human monoclonal antibody targeting mannan-binding lectin-associated serine protease 2 (“MASP-2”), the key activator of the lectin pathway of complement. Clinical development of narsoplimab is currently focused primarily on hematopoietic stem cell transplant-associated thrombotic microangiopathy (“HSCT-TMA”) and immunoglobulin A (“IgA”) nephropathy. Our pipeline of clinical-stage development programs includes: our long-acting MASP-2 inhibitor OMS1029, our inhibitor of mannan-binding lectin-associated serine protease-3 (“MASP-3”) OMS906 and our phophodiesterase 7 (PDE7) inhibitor OMS527. </p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:12.25pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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. Significant items subject to such estimates include OMIDRIA contract royalty asset valuation, stock-based compensation expense, and accruals for clinical trials and manufacturing of drug product. 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 these estimates.</p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
200000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.20
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19556
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.98
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
437821
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.46
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13615596
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M18D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4095000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
13290618
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.04
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y2M12D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3793000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10508263
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.89
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y3M18D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1280000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13600000
CY2023Q2 omer Number Of Options Outstanding With Exercise Price Above Closing Stock Price On Nasdaq Exchange
NumberOfOptionsOutstandingWithExercisePriceAboveClosingStockPriceOnNasdaqExchange
11100000
CY2023Q2 us-gaap Share Price
SharePrice
5.44

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