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Omeros

OMER Rare disease Lead: Approved 11 Biotech Distilled articles ↓ 21 filings & releases ↓ Cash $2.0M (Jun 30, 2026) ↓ 11 verdicts ↓ 1 timing quote ↓
HematologyNeurologyOncologyRespiratory ProteinSmall Molecule

Market cap $1.22B 72.4M shares (10-Q, Aug 7, 2026) × $16.92 close Nov 6, 2026

Most recent annual filing: 2026-01-15

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. OncotoX-AML trial startlate 2027OncotoX-AML trial start, late 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (6 active programs)

Technology platforms

T-CAT

Targeted complement activating therapy — a new class of recombinant antibodies designed to harness complement activation to kill pathogens directly, including bacteria, fungi, viruses, and parasites; focus on drug-resistant organisms and multidrug-resistant organisms; infectious disease treatment

OncotoX-AML

Novel oncology platform targeting acute myeloid leukemia; lead candidate OMS805 demonstrated superior efficacy to AML standards of care across tumor-bearing animal models and in vitro human AML cell-line studies, independent of AML-related genetic mutations

Capital (as filed)

Cash
$2.0M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$130M Jun 30, 2026
Operating cash flow
$4.1M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$132M cash per the update of Oct 16, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (11)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (11 calls)

Every verdict Biotech Distilled has published on Omeros, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2025-12-26 Buy core Omeros Corporation (OMER): Scientific Due Diligence for Lead and Pipeline Products FDA approval transforms Omeros from a binary regulatory gamble into a commercial-stage monopoly with the only approved therapy for TA-TMA, a clean balance sheet (~$167M pro forma cash), and no competition for at least a decade.
  2. 2026-02-21 Buy core UPDATE: Omeros (OMER) - OncotoX Platform Shows Proof of Concept OncotoX primate data validates a new pipeline vertical, but the primary thesis remains YARTEMLEA commercial execution with no change to the buy stance.
  3. 2026-04-05 Buy core UPDATE: Omeros (OMER) – Q4/YE 2025 Earnings, Launch Strategy, and Pipeline Nuance Q4 financials confirm the balance sheet is bulletproof with $171.8M cash and debt cleaned up, and the hyper-targeted commercial rollout of YARTEMLEA into 80 top transplant centers is on track.
  4. 2026-04-18 Buy core UPDATE: Omeros (OMER) – Permanent J-Code Clears the Runway CMS assignment of permanent J-code J1289 effective July 1 directly attacks the billing friction bear case and accelerates the transition from launch to acceleration phase.
  5. 2026-05-14 Buy core UPDATE: Omeros (OMER) - First Launch Quarter Prints $9.9M, NTAP Tailwind Stacks on the J-Code Q1 launch printed $9.9M net sales with 30 ordering accounts, REMS/boxed warning bear case proved wrong, burn rate well below projections, and NTAP stacking on J-code makes H2 reimbursement runway materially smoother than modeled.
  6. 2026-06-18 Buy core UPDATE: Omeros (OMER) — Buying Back the Convert at 2x Face Management retiring deeply-in-the-money convertible notes at ~2.1x face signals conviction that equity is undervalued, though the cash cushion thins to ~$80-85M pro forma ahead of the most important launch quarters.
  7. 2026-06-26 Buy core UPDATE: Omeros (OMER) — CHMP Says No, Re-Examination Coming CHMP negative opinion removes Europe as a re-rate catalyst but leaves the U.S. monopoly base case intact; Europe is now treated as a free option rather than a probability-weighted asset.
  8. 2026-07-06 Buy core UPDATE: Omeros (OMER) — Round Two on the Convert, and a Hint About Non-Dilutive Debt Tranche 1 of convert repurchase closed cheaper than expected, tranche 2 signed immediately, and management's hint at replacing convert cash with non-convertible debt could preserve the launch cushion while permanently removing dilution overhang.
  9. 2026-08-03 Buy core UPDATE: Omeros (OMER) — NTAP Lands, and It's Bigger Than I Modeled CMS finalized NTAP at up to $287,079 per eligible Medicare inpatient effective October 1, completing the reimbursement stack alongside J1289 and dismantling the billing-friction bear case ahead of the imminent Q2 print.
  10. 2026-08-13 Buy core UPDATE: Omeros (OMER) — The Slope Question Gets Answered Q2 net sales of $28.5M (+190% sequential) with 73 ordering accounts achieved entirely before J-code and NTAP tailwinds, operating cash flow positive, and original bear case fully dismantled.
  11. 2026-10-16 Buy core UPDATE: Omeros (OMER) - Europe's Door Closes CHMP re-examination failed, closing the European route on the current data package, but Europe was always upside not the foundation; the U.S. monopoly thesis rests on $28.5M Q2 net sales, 73 ordering accounts, adjusted profitability, and a fully built reimbursement setup.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (21)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 11, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)