Omeros Corporation Q4 FY2025 earnings call

• Major successes in Q4 2025: Closed asset purchase/license with Novo Nordisk for Zoltenibart and received FDA approval for Yartemlia. - Zoltenibart deal: Novo Nordisk has exclusive rights, Omeros retains rights to MASP3 programs. Transaction value up to $2.1B. - Yartemlia: First approved treatment for TATMA, US commercial launch underway with field force deployed, P&T committee approvals at various centers, third-party payers approved preauthorization, HEOR analysis planned. - Development programs: PD7 inhibitor program, TCAT platform, oncology platform progress.

For the fourth quarter, net income was $86.5 million, or $1.22 per share. Fourth quarter results included a net gain of $237.6 million from the Zoltenibart transaction with Novo Nordisk and a $136 million non-cash charge. Excluding the charge, non-GAAP adjusted net income was $222.5 million, and per share was $3.14. Cash and investments were $171.8 million as of December 31, 2025. Yartemlia's per vial price is ~$36,000 with median utilization 8 - 10 vials per treatment course.

• Anticipate overall operating expenses in Q1 2026 comparable to Q4 2025. - R&D expenses expected lower due to Zoltenibart-related reimbursements. - Sales and marketing expenses to increase for Yartemlia commercial launch. - No revenue guidance for Yartemlia launch yet. - Interest and other income expected slightly higher in Q1 2026. - Income from discontinued operations expected $5 - $6 million range. - Reported results to reflect mark-to-market adjustments on embedded derivative, but non-GAAP adjusted net income/loss measures used.

Q: How to think about formulary additions across top 80% of transplant centers in 2026 and real-world vial usage?

A: Pleased with P&T approvals, expect more in coming months. Vial usage split ~70% once weekly, 30% twice weekly, with transplant teams being educated on twice-weekly dosing.

Q: Feedback from Salesforce on educating teams and roadblocks?

A: Sales team excited, responses positive, education process ongoing but sites receptive.

Q: Impact of EMA decision by mid-year and partnership discussions?

A: Laser focused on EMA approval, no pricing discussion yet.

Q: Value proposition and cost comparison?

A: HEOR analyses to be published, previously off-label C5/C3 inhibitors had high infection rates, Yartemlia's value proposition clear.

Q: Speed of response to clinicians and drug delivery?

A: Drug delivered within 24 hours of request, team addresses preauthorization questions immediately.

Q: Confidence in $100 million near-term milestone from Novo?

A: Confident but can't specify triggers, level of confidence high.