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Omeros Corporation Reports Fourth Quarter and Year-End 2022 Financial Results
– Conference Call Today at 4:30 p.m. ET – SEATTLE--(BUSINESS WIRE)-- Omeros Corporation (Nasdaq: OMER), a clinical-stage biopharmaceutical company committed
About this update from Omeros Corporation
[{"type":"text","content":"\n– Conference Call Today at 4:30 p.m. ET –\n\n SEATTLE--(BUSINESS WIRE)--\nOmeros Corporation (Nasdaq: OMER), a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market and orphan indications targeting immunologic disorders including complement-mediated diseases, cancers, and addictive and compulsive disorders, today announced recent highlights and developments as well as financial results for the fourth quarter and year ended December 31, 2022, which include:\n\n\nNet income in the fourth quarter of 2022 was $128.7 million, or $2.05 per share, compared to a net loss in the third quarter of 2022 of $17.5 million, or $0.28 per share; our fourth quarter’s net loss from continuing operations was $46.0 million, or $0.73 per share, compared to $54.8 million, or $0.87 per share, in the third quarter of 2022. Cash burn for the fourth quarter of 2022 was $26.0 million.\n\n\nFor the year ended December 31, 2022, net income was $47.4 million, or $0.76 per share. This compares to net income of $194.2 million or $3.12 per share for the year ended December 31, 2021.\n\n\nThe milestone event specified in the asset purchase agreement by which we sold our former ophthalmology product OMIDRIA® to Rayner Surgical, Inc. (“Rayner”) occurred in December 2022, resulting in us recording as a receivable the $200.0 million milestone payment from Rayner in December 2022 and receiving the cash payment in February 2023.\n\n\nFor the fourth quarter ended December 31, 2022, we earned OMIDRIA royalties of $17.9 million on Rayner’s U.S. net sales of $35.8 million, an all-time high for quarterly net sales of OMIDRIA. This compares to earned royalties of $16.5 million during the third quarter of 2022. For the year ended December 31, 2022, we earned royalties of $65.4 million on U.S. net sales of OMIDRIA.\n\n\nAt December 31, 2022, we had $194.9 million of cash, cash equivalents and short-term investments. In addition, we had $213.2 million of accounts receivable, substantially all of which have been collected. We do not have any assets on deposit with Silicon Valley Bank nor do we have any other financial relationship with the bank or its affiliated entities.\n\n\nThe Consolidated Appropriations Act of 2023 (“CAA”) was signed into law in late December 2022 and expr...