# Omeros Corporation (OMER)

> Source: Nexqual · https://nexqual.com/OMER · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Omeros Corporation (OMER), nexqual.com/OMER" · informational, not investment advice.

**Price:** USD 18.95 (+5.98% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 17.88 · day 17.69–19.28 · 52w 6.24–21.24 · market cap $1.37B · NGM

## Key facts
- Valuation: P/E 11.0x, net cash $58.7M.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (3 analysts), mean target USD 27.5 (range 22–33).
- Total return with dividends: 1Y +137.8% vs S&P 500 +14.8%; 5Y +202.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-12 (date not yet confirmed by the company), EPS estimate USD -0.02, revenue estimate $37.3M. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: OMER paid no cash dividend in the last five years.
- Short interest: 16.37% of float (as of 2026-10-15), 8.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$174M | -$163M | -$165M | -$167M | -$123M | -$72.8M |
| Net income | $194M | $47.4M | -$118M | -$157M | -$3.4M | $125M |
| EPS (diluted) | $3.12 | $0.76 | -$1.88 | -$2.70 | -$0.05 | — |
| Free cash flow | -$110M | -$86.6M | $74.3M | -$149M | -$116M | -$68.7M |
| Cash + short-term investments | $157M | $195M | $172M | $90.1M | $172M | — |
| Total debt | $313M | $315M | $213M | $165M | $87.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.0x · FCF yield -5.01% · Earnings yield 9.10% · Buyback yield (TTM) 0.72% · Net cash $58.7M · EV $1.31B

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 3 analysts; mean target USD 27.5 (low 22, high 33).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Cantor Fitzgerald | Reiterated | Overweight | $22 |
| 2026-09-22 | Cantor Fitzgerald | Upgrade | Neutral → Overweight | $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +137.8% | +202.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +139.1% | +24.7% |
| Volatility (annualized) | 98.3% | 112.4% |
| Max drawdown | -49.5% (Dec 2025→Jun 2026) | -86.8% (Nov 2021→Oct 2023) |

## Dividends
OMER paid no cash dividend in the last five years.

## Short interest
11,428,767 shares sold short, 16.37% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 12,491,576 shares (-8.5%). Days to cover: 8.6 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/OMER · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OMER's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1285819/000143774926010636/omer20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Lonza | "In addition to our agreements with Lonza and Vetter, we utilize a third-party vendor for labelling and final packaging of YARTEMELA finished goods." |
| Supplier | Vetter Pharma International | "We have a Combined Development and Commercial Supply Agreement, effective May 16, 2018, with Vetter Pharma International, GmbH ("Vetter") under which the process for manufacturing of sterile liquid vials pre-filled with …" |
| Partner | Novo Nordisk (NVO) | "● our expectations relating to the Asset Purchase and License Agreement (the "APLA"), by and between Omeros Corporation and Novo Nordisk Health Care AG ("Novo Nordisk"), including Novo Nordisk's anticipated development p…" |
| Partner | Daiichi Sankyo | "For a more detailed description of our agreement with Daiichi Sankyo, see "License and Development Agreements" below." |
| Partner | Omeros and Novo Nordisk Healthcare | "On November 25, 2025, we completed a transaction (the "Transaction") pursuant to an Asset Purchase and License Agreement ("APLA") between Omeros and Novo Nordisk Healthcare AG ("Novo Nordisk"), dated October 10, 2025, in…" |
| Partner | Novo Nordisk Health Care | "● our expectations relating to the Asset Purchase and License Agreement (the "APLA"), by and between Omeros Corporation and Novo Nordisk Health Care AG ("Novo Nordisk"), including Novo Nordisk's anticipated development p…" |
| Partner | Johnson & Johnson (JNJ) | "Earlier in his career, Mr. Ghesquiere served in business development and alliance management roles at Aventis Pharmaceuticals (acquired by Sanofi) and worked in product marketing/new product planning at Johnson & Johnson…" |
| Partner | Highbridge Capital Management | "On June 3, 2024, we entered into a Credit Agreement with certain funds managed by Athyrium Capital Management, LP and certain funds managed by Highbridge Capital Management, LLC, as lenders (together with additional lend…" |

Other companies that name OMER in their own reports (relationship from OMER's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Xencor Inc (XNCR) | 10-K 2026-02-25 | "In August 2020, the Company entered into a Technology License Agreement (the "Omeros Agreement") with Omeros Corporation ("Omeros"), pursuant to which the Company granted Omeros rights to use the Comp…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $-0.27 | +$0.25 | $37.3M | 2 |
| Next quarter (ends 2026-12-31) | $0.07 | $-0.18 | +$0.24 | $51.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.69 | $0.38 | +81.6% | $127.5M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.23 | $-0.15 | +$1.39 | $221.3M | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.10 | −$0.33 | Beat +$0.43 | — |
| — | Quarter ended Mar 31, 2026 | $0.57 | −$0.39 | Beat +$0.96 | — |
| — | Quarter ended Dec 31, 2025 | $3.14 | $2.24 | Beat +40.2% | — |
| — | Quarter ended Sep 30, 2025 | −$0.32 | −$0.48 | Beat +33.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).