Omeros Posts First Full Quarter of Yartemlia Sales; Positive Cash Flow and Debt Reduction Mark Turning Point
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Wednesday, Aug. 12, 2026 at 4:30 p.m. ET
Omeros Corp. delivered what management called a very good quarter on Wednesday, fueled by the first full quarter of sales for Yartemlia, its newly approved treatment for transplant-associated thrombotic microangiopathy (TA-TMA). The biotech reported gross sales of $32.2 million and net sales of $28.5 million for the three months ended June 30, with adult patients now making up roughly 75% of product utilization.
It was also a quarter of transition: Omeros generated $4.1 million in positive cash flow from operations, repurchased a meaningful slice of its convertible notes, and reiterated plans to reach company-wide cash flow positivity by mid-2027.
A launch taking hold
Yartemlia received FDA approval in December 2025 as the first and only approved treatment for TA-TMA, a potentially fatal complication of stem cell transplantation. It is also the first approved inhibitor of the lectin pathway of complement, targeting MASP-2 upstream of the immune cascade. Management said the drug launched in mid-January, with initial distributor shipments and first sales following quickly after.
Second-quarter gross sales rose 190% from the first quarter, while net sales rose 188%. The gross-to-net adjustment came in at about 11.5%, mainly reflecting chargebacks and distribution fees. Omeros said 73 unique accounts had ordered Yartemlia as of June 30, a 143% increase since March 31. Formulary approvals reached roughly 55% to 60% across the top 10, 20, 40 and 80 U.S. transplant center cohorts tracked by the company.
The company says it is working to shift TA-TMA from a diagnosis of exclusion to one of proactive screening, with transplant teams increasingly treating patients earlier. Adult utilization grew more than twice as fast as pediatric utilization during the quarter, and adult patients represented about 75% of sales, close to the historical 85%/15% split between adult and pediatric transplant procedures in the United States.
Reimbursement and policy wins
Omeros also cleared two important reimbursement hurdles. CMS assigned Yartemlia a permanent, product-specific J-code effective July 1, and granted a new technology add-on payment (NTAP) under the fiscal 2027 Inpatient Prospective Payment System final rule. The NTAP can provide up to $287,000 in additional Medicare reimbursement for inpatient treatment, a key consideration given that Medicare beneficiaries account for roughly 30% of U.S. allogeneic transplant recipients. The add-on payment is expected to take effect Oct. 1.
Management added that commercial payer experience has been positive so far, with prior authorization requests approved consistently and centers receiving appropriate payment.
Financial highlights and balance sheet
On a GAAP basis, Omeros reported net income of $13.2 million, or $0.18 per share, for the second quarter, compared with net income of $56.1 million, or $0.78 per share, in the first quarter. Those figures include non-cash mark-to-market swings related to an embedded derivative in the 2029 convertible notes. Excluding those remeasurements and other financial instruments, non-GAAP adjusted net income was $1.8 million, or $0.02 per share, compared with a non-GAAP adjusted net loss of $17.1 million, or $0.24 per share, in the prior quarter.
The company ended the quarter with $132 million in cash and investments. During the first six months, Omeros repurchased roughly 843,000 shares at a volume-weighted average price of $11.70. In June and July, it also struck two privately negotiated deals to repurchase $30.5 million in aggregate principal of its 2029 convertible notes, reducing outstanding principal by 43% to $40.3 million. The company said the repurchases cut the number of shares issuable upon conversion from about 11.4 million to 6.5 million and eliminated $8.6 million in future interest payments.
Regulatory setback in Europe
Not everything moved in Omeros' favor. In June, the European Medicines Agency's CHMP adopted a negative opinion on the company's marketing authorization application for Yartemlia in TA-TMA. Omeros has requested reexamination, and an ad hoc expert group will review the evidence. Management said the same body of data that supported U.S. approval, including pivotal trial results, survival comparisons with an external registry, and expanded access experience in more than 220 patients, underpins the European application. The company continues to supply Yartemlia to European patients through its expanded access program, prioritizing children.
Pipeline in motion
Beyond Yartemlia, Omeros is advancing a next-generation MASP-2 antibody, OMS1030, and an oral small-molecule MASP-2 inhibitor for chronic diseases. It also expects enrollment to begin by year-end in two studies: one in hyperinflammatory ARDS and one in prophylactic use for high-risk pediatric TA-TMA. The company highlighted progress in its T-CAT antimicrobial platform and its AML candidate, OMS805, which is in IND-enabling studies and targeted for a first-in-human trial in late 2027.
The collaboration with Novo Nordisk also remains on track, with Omeros eligible for up to an additional $100 million in near-term milestones beyond the $240 million upfront payment received in the fourth quarter of 2025.
Analyst questions and competitive context
On the call, analysts pressed management on whether second-quarter numbers were inflated by channel stocking. Chief executive Gregory Demopulos said no, describing distributor inventories at about 1.5 weeks of supply, consistent with the first quarter. This drug is available to patients within 24 hours, he said. There is really no incentive or rationale to stock or stuff the channel.
Management also downplayed the competitive threat from C5 complement inhibitors. Ravulizumab, marketed as Ultomiris by AstraZeneca, missed its endpoints in both an open-label pediatric study and a controlled adult trial, according to executives. Eculizumab remains an off-label option, but Omeros executives framed residual use as a matter of habit rather than evidence. When you look at the adoption, the breadth and depth of that adoption, that speaks volumes about how physicians see our drug, Demopulos said.
Looking ahead, Omeros said it expects third-quarter operating expenses to be slightly higher, with increased R&D spending tied to OMS805 and continued commercial investment in Yartemlia. The company declined to provide revenue guidance, saying it wants more experience with prescribing trends and market dynamics before setting expectations.
The combination of accelerating launch metrics, positive cash flow, and reduced debt gives Omeros a stronger platform heading into the second half of 2026.
This article originally appeared on The Motley Fool.