Omeros Financials
This page shows Omeros (OMER) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A sharp reported earnings improvement in FY2025 masked a business still funded by cash burn and balance-sheet repositioning.
FY2025’s near-breakeven net loss of-$3.4M did not reflect a self-funding operation: operating cash flow was still-$116.1M and operating loss remained-$122.8M , so the gap between earnings and cash widened just as investing inflows reached$164.5M .
The cleaner income statement was driven more by a smaller expense base than by business momentum visible in these filings. From FY2024 to FY2025, R&D fell to
The balance sheet is less debt-heavy than two years ago, but not yet internally financed. Long-term debt dropped to
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Omeros's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Omeros has elevated debt relative to equity (D/E of -0.73), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 27/100, reflecting increased financial risk.
Omeros's current ratio of 2.76 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.
Omeros earns $-127.9 in operating income for every $1 of interest expense (-$122.8M vs $960K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Omeros's EBITDA was -$121.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.6% from the prior year.
Omeros earned $-0.05 per diluted share (EPS) in fiscal year 2026. This represents an increase of 98.1% from the prior year.
Cash & Balance Sheet
Omeros generated -$116.2M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 22.0% from the prior year.
Omeros held $9.7M in cash against $87.9M in long-term debt as of fiscal year 2026.
Omeros had 72M shares outstanding in fiscal year 2026. This represents an increase of 23.5% from the prior year.
Margins & Returns
Capital Allocation
Omeros invested $81.3M in research and development in fiscal year 2026. This represents a decrease of 32.0% from the prior year.
Omeros spent $0 on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Omeros invested $65K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 60.6% from the prior year.
OMER Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.9M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Cost of Revenue | $587K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Gross Profit | $9.3M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| R&D Expenses | $13.4M | N/A | $16.0M-27.3% | $22.0M-7.7% | $23.8M | N/A | $24.1M-46.9% | $45.3M |
| SG&A Expenses | $13.4M | N/A | $10.4M+0.5% | $10.3M-7.0% | $11.1M | N/A | $11.3M-18.0% | $13.8M |
| Operating Income | -$17.4M | N/A | -$26.4M+18.4% | -$32.4M+7.5% | -$35.0M | N/A | -$35.4M+40.1% | -$59.2M |
| Interest Expense | $5.9M | N/A | -$13.4M-89133.3% | $15K-99.6% | $3.7M | N/A | $4.1M-56.0% | $9.2M |
| Income Tax | $57K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | $56.1M | N/A | -$30.9M-21.6% | -$25.4M+24.0% | -$33.5M | N/A | -$32.2M+42.5% | -$56.0M |
| EPS (Diluted) | $0.62 | N/A | $-0.47-9.3% | $-0.43+25.9% | $-0.58 | N/A | $-0.56+42.3% | $-0.97 |
OMER Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $286.2M-12.1% | $325.6M+75.3% | $185.7M-7.4% | $200.6M-14.7% | $235.2M-15.1% | $277.1M-11.6% | $313.3M-12.1% | $356.3M |
| Current Assets | $180.4M-16.4% | $215.7M+200.4% | $71.8M+3.1% | $69.6M-27.6% | $96.2M-28.3% | $134.1M-18.7% | $164.9M-18.7% | $202.9M |
| Cash & Equivalents | $1.9M-80.3% | $9.7M+303.3% | $2.4M+25.8% | $1.9M-55.3% | $4.3M+25.3% | $3.4M+123.5% | $1.5M-28.3% | $2.1M |
| Inventory | $183K | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $6.7M | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $349.5M-21.8% | $446.9M+10.0% | $406.2M-5.4% | $429.3M-4.3% | $448.7M-2.4% | $459.7M-1.7% | $467.5M-2.8% | $480.9M |
| Current Liabilities | $59.4M-23.9% | $78.1M-3.3% | $80.8M-5.6% | $85.5M+2.7% | $83.2M+4.6% | $79.5M+43.0% | $55.6M-6.5% | $59.5M |
| Long-Term Debt | $17.1M-80.6% | $87.9M-43.3% | $154.9M0.0% | $154.9M-6.1% | $164.9M0.0% | $164.9M0.0% | $164.9M0.0% | $164.9M |
| Total Equity | -$63.3M+47.8% | -$121.2M+45.0% | -$220.5M+3.6% | -$228.7M-7.1% | -$213.6M-16.9% | -$182.6M-18.4% | -$154.2M-23.7% | -$124.6M |
| Retained Earnings | -$857.6M+6.1% | -$913.7M+8.6% | -$1.0B-3.2% | -$969.2M-2.7% | -$943.8M-3.7% | -$910.3M-3.6% | -$879.0M-3.8% | -$846.8M |
OMER Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.5M+63.6% | -$39.8M-115.7% | -$18.5M+15.8% | -$21.9M+38.8% | -$35.8M-23.7% | -$29.0M+9.6% | -$32.1M+30.3% | -$46.0M |
| Capital Expenditures | $0 | $0-100.0% | $11K-15.4% | $13K-68.3% | $41K+57.7% | $26K+2500.0% | $1K-98.8% | $80K |
| Free Cash Flow | -$14.5M+63.6% | -$39.8M-115.5% | -$18.5M+15.8% | -$22.0M+38.8% | -$35.9M-23.7% | -$29.0M+9.5% | -$32.1M+30.4% | -$46.1M |
| Investing Cash Flow | $28.7M-74.2% | $111.5M+1725.8% | -$6.9M-132.2% | $21.3M-44.7% | $38.5M+10.3% | $35.0M-3.0% | $36.0M-50.7% | $73.2M |
| Financing Cash Flow | -$22.0M+65.9% | -$64.4M-349.5% | $25.8M+1605.0% | -$1.7M+6.7% | -$1.8M+55.1% | -$4.1M+10.6% | -$4.6M+83.0% | -$26.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $4.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
OMER Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -176.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 566.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 19.6% | N/A | -16.7%-4.0pp | -12.7%+1.6pp | -14.2% | N/A | -10.3%+5.4pp | -15.7% |
| Current Ratio | 3.03+0.3 | 2.76+1.9 | 0.89+0.1 | 0.81-0.3 | 1.16-0.5 | 1.69-1.3 | 2.96-0.4 | 3.41 |
| Debt-to-Equity | -5.52-4.8 | -0.73-0.0 | -0.70-0.0 | -0.68+0.1 | -0.77+0.1 | -0.90+0.2 | -1.07+0.3 | -1.32 |
| FCF Margin | -146.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$121.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Omeros's EBITDA?
Omeros (OMER) had EBITDA of -$121.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Omeros have?
As of fiscal year 2026, Omeros (OMER) had $9.7M in cash and equivalents against $87.9M in long-term debt.
What is Omeros's free cash flow?
Omeros (OMER) generated -$116.2M in free cash flow during fiscal year 2026. This represents a 22.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Omeros's operating cash flow?
Omeros (OMER) generated -$116.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Omeros's total assets?
Omeros (OMER) had $325.6M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Omeros's capital expenditures?
Omeros (OMER) invested $65K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Omeros spend on research and development?
Omeros (OMER) invested $81.3M in research and development during fiscal year 2026.
What is Omeros's current ratio?
Omeros (OMER) had a current ratio of 2.76 as of fiscal year 2026, which is generally considered healthy.
What is Omeros's debt-to-equity ratio?
Omeros (OMER) had a debt-to-equity ratio of -0.73 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Omeros's cash runway?
Based on fiscal year 2026 data, Omeros (OMER) had $9.7M in cash against an annual operating cash burn of $116.1M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Omeros's debt-to-equity ratio negative or unusual?
Omeros (OMER) has negative shareholder equity of -$121.2M as of fiscal year 2026, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Can Omeros cover its interest payments?
Omeros (OMER) has an interest coverage ratio of -127.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Omeros?
Omeros (OMER) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.