The following is a summary of the Omeros Corporation (OMER) Q4 2023 Earnings Call Transcript:
Financial Performance:
Omeros reported a Q4 2023 net loss of $9.1 million, or $0.15 per share, compared to a net loss of $37.8 million, or $0.60 per share, in Q3 2023. The net income for Q4 2022 was $128.7 million, or $2.05 per share.
The net loss for the full year 2023 was $117.8 million, or $1.88 per share, compared to a net income of $47.4 million, or $0.76 per share, in 2022.
Cash influx from operations for the year 2023 was $74.7 million.
The company had cash and investments totaling $172 million at the end of 2023. An additional expected royalty of $116 million from DRI in February 2024 could boost total cash and investments to $230 million by March 2024.
Business Progress:
Omeros extended its cash runway into 2026 via a $116 million non-dilutive capital arrangement in a royalty deal with DRI Healthcare, with potential to earn an additional total of $55 million in two sales-related milestone payments.
The company obtained FDA approval for drugs narsoplimab and OMS906 to proceed to clinical phases.
Corporate goal is to expedite OMS906, a MASP-2 inhibitor, into a Phase III clinical program.
Positive interim analysis data from OMS906 was derived from PNH patients in the fully enrolled Phase II clinical trials.
A Phase II clinical trial for OMS906 has started for C3G, a dangerous and potentially fatal kidney disease.
Phase III trials for OMS906 and a Phase II program for OMS1029 are expected to commence soon.
Omeros looks forward to enroll in their Phase II C3G trial and the Phase II PNH studies have shown consistently positive data.
After the discontinuation of the narsoplimab Phase III ARTEMIS-IGAN trial in IgA nephropathy, other programs are in progress with a possibility of adding substantial value to shareholders.
Omeros is talking with the FDA about the resubmission process for narsoplimab and HSCT-TMA and the firm's survival analysis.
More details: Omeros IR
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