Omeros Corp (NAS:OMER)

$ 4 0.1 (2.56%) Market Cap: 231.79 Mil Enterprise Value: 279.68 Mil PE Ratio: 0 PB Ratio: 0 GF Score: 41/100

Q2 2024 Omeros Corp Earnings Call Transcript

Aug 7, 2024 / 08:30 PM GMT

Release Date Price: $4.15 (-5.03%)

Transcript 10-Q8-K

Key Points

Positve

Omeros Corp (OMER) significantly reduced its outstanding 2026 notes by 55%, from $216 million to $98 million, through a favorable debt repurchase and exchange transaction.
The company has $158.9 million in cash and investments as of June 30, 2024, providing a solid financial cushion.
Omeros Corp (OMER) has multiple promising clinical programs, including the MASP-3 inhibitor zaltenibart, which has shown strong efficacy and safety profiles in Phase II studies.
The company is preparing for the resubmission of its Biologics License Application (BLA) for narsoplimab in TA-TMA, with ongoing engagement with the FDA.
Omeros Corp (OMER) has a $25 million delayed draw facility available, contingent on FDA approval of narsoplimab, providing additional financial flexibility for early commercialization efforts.

Negative

Omeros Corp (OMER) reported a net loss of $56 million for Q2 2024, a significant increase from the $37.2 million net loss in Q1 2024.
The company incurred $17.6 million in R&D expenses related to narsoplimab manufacturing, which contributed to the increased net loss.
Interest expense for the second quarter was $9.2 million, higher than the first quarter due to increased interest expenses associated with the DRI transaction.
The company faces ongoing uncertainty regarding the timing of FDA approval for narsoplimab, which is critical for future revenue generation.
Omeros Corp (OMER) experienced a decrease in cash and investments by $71.4 million from March 31, 2024, primarily due to significant expenses related to narsoplimab manufacturing and debt repurchase.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

OMER.OQ - Omeros Corp
Q2 2024 Omeros Corp Earnings Call
Aug 07, 2024 / 08:30PM GMT

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Conference Call Participants
=====================
* Jennifer Williams
* Gregory Demopulos
* David Borges
* Stephen Brozak
* Catherine Melfi
* Nadia Dac
* Andreas Grauer
* Olivia Brayer
* J. Whitaker

=====================
Presentation
--------------------------------------------------------------------------------
Operator [1]
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Good afternoon, and welcome to today's earning call for Omeros Corporation. [Operator Instructions] Please be advised that this call is being recorded at the company's request, and a replay will be available on the company's website for 1 week from today. I'll turn the call over to Jennifer Williams, Investor Relations for Omeros.

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Jennifer Williams, [2]

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