OMER

Omeros is in the middle of a genuine transformation. The 10-K confirms FDA approved YARTEMLEA (narsoplimab-wuug) for TA-TMA on December 23, 2025, with commercial sales starting January 2026 — this is the company's only commercialized product and the entire near-term thesis. In parallel, the November 25, 2025 sale of zaltenibart (MASP-3) to Novo Nordisk delivered a $240.0M upfront cash payment with up to $510.0M in further milestones, which materially de-risks the balance sheet even though the SEC XBRL snapshot shows cash & equivalents of only $9.66M at FY2025 (the cash inflow is reflected in current assets jumping to $216M, up 60.8% YoY, and long-term debt falling 46.7% to $87.9M).

The fundamentals still read like a clinical-stage biotech that just flipped the switch: FY2025 operating income was -$123M on operating cash burn of -$116M, R&D was $81.3M, and stockholders' equity is -$121M with an accumulated deficit of -$914M. The FY2020 revenue line of $73.8M is stale (legacy OMIDRIA era) and the FY2021-FY2025 revenue history is blank — meaning the market is pricing $767M of market cap against essentially zero recent product revenue, with YARTEMLEA launch revenue not yet in the filed numbers. The reported net loss narrowing 97.9% YoY to -$3.35M almost certainly reflects the Novo transaction gain rather than operating improvement (operating loss only improved 26.4%).