Omeros (OMER)

Executive Summary

Omeros Corporation is a Seattle-based biopharmaceutical company focused on discovering and developing small-molecule and protein therapeutics for inflammation, immunology, and central nervous system disorders. Its only approved product, Omidria (phenylephrine/ketorolac), is used during ophthalmic surgery and generates steady revenue. The company's pipeline is centered on the complement pathway, with lead candidate narsoplimab (OMS721), a monoclonal antibody targeting mannan-binding lectin-associated serine protease-2 (MASP-2), under development for hematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA) and IgA nephropathy. Another key asset is OMS906, a MASP-3 inhibitor, being evaluated for paroxysmal nocturnal hemoglobinuria (PNH) and other complement-mediated diseases. Omeros has faced regulatory setbacks with narsoplimab in HSCT-TMA but continues to advance its pipeline. With a strong intellectual property portfolio and a focused complement franchise, Omeros presents a high-risk, high-reward opportunity as it seeks to bring novel therapies to market and diversify beyond Omidria.

Upcoming Catalysts (preview)

• Q3 2026Narsoplimab regulatory decision for HSCT-TMA50% success
• Q4 2026OMS906 phase 2 data readout in PNH60% success
• TBDOmidria quarterly sales update and partnership expansion70% success