Omeros Corporation

Executive Summary

Omeros Corporation is a biopharmaceutical company focused on discovering, developing, and commercializing small-molecule and protein therapeutics. Its only approved product, OMIDRIA® (phenylephrine and ketorolac intraocular solution), is used in cataract surgery. The company's pipeline includes 29 drug candidates, with a key focus on complement-mediated diseases, autoimmune disorders, and GPCR targets. The most advanced pipeline candidate is OMS906, a MASP-2 inhibitor in Phase 2 for C3 glomerulopathy and idiopathic immune complex-mediated glomerulonephritis, with a trial expected to complete in April 2026. Omeros also has a GPCR platform targeting historically challenging receptors. The company's commercial revenue from OMIDRIA provides a financial foundation, but pipeline success is critical for long-term growth. Near-term catalysts revolve around OMS906 data and potential expansion of the GPCR pipeline.

Upcoming Catalysts (preview)

• Q2 2026OMS906 Phase 2 data readout in C3 glomerulopathy65% success
• Q4 2026Initiation of Phase 3 for OMS906 (if Phase 2 positive)40% success
• TBDUpdate on GPCR platform candidates entering clinical trials50% success