Omeros Corp Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Omeros Corp filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

OMEROS CORP (OMER) filed a Annual Report (10-K) with the SEC on April 1, 2024. Omeros Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 201 Elliott Avenue West, Seattle, WA. The fiscal year end for Omeros Corp is December 31. The filing is classified under Pharmaceutical Preparations (SIC code 2834). The 2023 Notes were fully retired on November 15, 2023.

Why It Matters

For investors and stakeholders tracking OMEROS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Omeros Corp's financial health, operational status, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The retirement of the 2023 Notes on November 15, 2023, and the mention of a capped call arrangement for the 2026 Notes are significant financial events that could impact the company's debt structure and potential dilution.

Risk Assessment

Risk Level: medium — OMEROS CORP shows moderate risk based on this filing. The company operates in the pharmaceutical sector, which is subject to significant regulatory hurdles, clinical trial risks, and market competition, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Omeros Corp's financial position and the challenges it faces in the pharmaceutical industry.

Key Numbers

• 2023-12-31 — Fiscal Year End Date (Reported fiscal year end)
• 2024-04-01 — Filing Date (Date the 10-K was filed)
• 001-34475 — SEC File Number (SEC file number for Omeros Corp)
• 911663741 — IRS Number (Omeros Corp's IRS number)

Key Players & Entities

• OMEROS CORP (company) — Filer name
• 201 ELLIOTT AVENUE WEST (location) — Business address
• SEATTLE (location) — Business address city
• WA (location) — Business address state
• 2834 (industry_code) — Standard Industrial Classification
• November 15, 2023 (date) — Date 2023 Notes were retired

FAQ

Industry Context

Omeros Corp operates within the pharmaceutical preparations industry, focusing on the development and commercialization of drugs.

Regulatory Implications

As a pharmaceutical company, Omeros Corp is subject to extensive regulation by bodies such as the FDA, governing drug development, approval, and marketing.

What Investors Should Do

1. Review Omeros Corp's detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Examine any disclosures related to debt, convertible notes, and capped call arrangements.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K report was submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share OMER The Nasdaq Stock Mar
• $126.0 million — sset Purchase Agreement, Rayner paid us $126.0 million in cash at the closing and we retained
• $200.0 million — itled to receive a milestone payment of $200.0 million (the "Milestone Payment") within 30 day
• $125.0 million — ions LP ("DRI") under which we received $125.0 million in cash in exchange for a portion of ou
• $115.5 million — 2024 and December 31, 2031. We received $115.5 million in cash upon closing of the Amendment.
• $27.5 million — receive two milestone payments of up to $27.5 million each, payable in January 2026 and Janua

Filing Documents

• omer20231231_10k.htm (10-K) — 1799KB
• ex_630463.htm (EX-10.23) — 209KB
• ex_630464.htm (EX-10.24) — 53KB
• ex_630465.htm (EX-10.25) — 67KB
• ex_630468.htm (EX-10.30) — 346KB
• ex_566808.htm (EX-23.1) — 3KB
• ex_566809.htm (EX-31.1) — 8KB
• ex_566810.htm (EX-31.2) — 8KB
• ex_566811.htm (EX-32.1) — 5KB
• ex_566812.htm (EX-32.2) — 5KB
• ex_630461.htm (EX-97.1) — 29KB
• stockpricegraph.jpg (GRAPHIC) — 39KB
• 0001437749-24-010416.txt (&nbsp;) — 9636KB
• omer-20231231.xsd (EX-101.SCH) — 81KB
• omer-20231231_cal.xml (EX-101.CAL) — 75KB
• omer-20231231_def.xml (EX-101.DEF) — 541KB
• omer-20231231_lab.xml (EX-101.LAB) — 469KB
• omer-20231231_pre.xml (EX-101.PRE) — 575KB
• omer20231231_10k_htm.xml (XML) — 1401KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 28

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 41

Cybersecurity

Item 1C. Cybersecurity 41

Properties

Item 2. Properties 41

Legal Proceedings

Item 3. Legal Proceedings 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41 Part II 42

Market for Registrant ' s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant ' s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 42

[Reserved]

Item 6. [Reserved] 43

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 57

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 82

Controls and Procedures

Item 9A. Controls and Procedures 82

Other Information

Item 9B. Other Information 83

Disclosures Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspection 83 Part III 83

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 83

Executive Compensation

Item 11. Executive Compensation 83

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 84

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 84

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 85 Part IV 85

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 85

Form 10-K Summary

Item 16. Form 10-K Summary 91

Signatures

Signatures 92 iii Table of Contents PART I This Annual Report on Form 10-K contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including those set forth in the section entitled " Risk Factors " and elsewhere in this Annual Report. Please refer to the special note regarding forward-looking statements at the beginning of this Annual Report on Form 10-K for further information.

BUSINESS

ITEM 1. BUSINESS Overview 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 diseases, including complement-mediated diseases and cancers related to dysfunction of the immune system, as well as addictive and compulsive disorders. Complement-targeted Therapeutic Development Programs We are advancing multiple development programs focused on diseases and disorders associated with the complement system, a group of specialized proteins that protect against invasive pathogens as well as damaged cells inside the body and comprise an important part of the body's immune system. When triggered, the various components of complement cooperate to generate an immune response that fights infection and clears damaged or dead cells, maintaining healthy function of the body's systems. However, dysregulation of the complement system (i.e., over- or under-activation) can be harmful and is associated with increased vulnerability to infections and non-infectious diseases, including autoimmune disorders, chronic inflammation, thrombotic microangiopathy, and cancer. There are three distinct pathways of complement, each activated via one or more unique mechanisms : Classical pathway: activated by antigen-antibody complexes Lectin pathway: activated by lectin binding of carbohydrate patterns on the surfaces of damaged cells and microbes Alternative pathway: constitutively active and amplifies classical and lectin pathway activation Our complement-targeted therapeutic development programs are primarily focused on diseases and disorders associated with the lectin and/or alternative pathways of complement. Our lectin pathway program includes inhibitors of mannan-binding lectin-associated serine protease 2 ("MASP-2") and our alternative pathway program includes inhibitors o

View Full Filing

View this 10-K filing on SEC EDGAR