Omeros Corporation Q2 FY2025 earnings call

• Net loss for Q2 2025 was $25.4M vs $33.5M in Q1 2025. Cash and investments at $28.7M as of June 30, 2025, with $20.6M raised via registered direct offering on July 28, 2025. • Debt was restructured: reduced 2026 notes principal from $98M to $17M, eliminated $20M mandatory prepayment on term loan, extended debt maturity to 2029. • Narsoplimab: Biologics License Application resubmitted for TA-TMA in March, FDA accepted and extended PDUFA target action date to December 26. Working collaboratively with FDA; labeling discussions planned to begin no later than October 2025. MAA submitted to European Medicines Agency in June, expected decision in mid-2026. • MASP-2 inhibitor family: OMS1029 ready to restart Phase II clinical trial activities once resources available; orally administered small molecule MASP-2 inhibitor program nearly ready for IND-enabling studies. • PDE7 inhibitor program: Preclinical studies for OMS527 in cocaine use disorder completed, FDA requested additional preclinical info for inpatient trial targeted for first part of 2026. • Oncology platform: IND-enabling studies for OncotoX biologics program, aiming to enter clinic within 18 - 24 months.

The net loss for the second quarter of 2025 was $25.4 million or $0.43 per share compared to a net loss of $33.5 million or $0.58 per share in the first quarter of the year. As of June 30, 2025, cash and investments were $28.7 million. A registered direct offering on July 28, 2025, raised $20.6 million in net proceeds. Debt was reduced through convertible note exchanges and equity conversions, with the outstanding principal on 2026 notes reduced from $98 million to $17 million, eliminating a $20 million mandatory prepayment on the term loan and extending debt maturity to 2029. No detailed product segment revenue contribution percentages are provided in the transcript.

• If the proposed asset acquisition/ licensing transaction closes, expect upfront cash payment to repay term loan and 2026 convertible notes, and provide capital for over 12 months of post-closing operations. • Anticipate third quarter 2025 operating expenses from continuing operations to be lower than second quarter, primarily due to reduced spending on Zaltenibart clinical development and other cost reduction efforts. • If narsoplimab is approved in December, expect to launch in the first quarter, with substantial supply available.

• Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially. Refer to the special note and Risk Factors section in the quarterly report on Form 10-Q and annual report on Form 10-K for discussion of these risks.

Q: Compare the launch of narsoplimab to OMIDRIA.

A: Narsoplimab targets a more focused market with TA-TMA indication done in 175 centers vs OMIDRIA targeting a larger number of cataract surgeons.

Q: If approved in December, how long to launch?

A: If approved in December, would launch in the first quarter, with substantial supply available and a plan to train field team and drive awareness immediately upon approval.

Q: What led to the PDUFA delay for narsoplimab?

A: FDA requested additional analyses, which led to the extension of the PDUFA date.

Q: Any details on potential partnerships?

A: There is substantial interest across programs, but only outlined the parameters of one such partnership, with all material nonpublic information cleansed as part of equity financing