Omeros Corporation (OMER): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich die Omeros Corporation (OMER) als Pionierkraft und revolutioniert die pharmazeutische Innovation durch ihr sorgfältig ausgearbeitetes Geschäftsmodell. Durch die strategische Steuerung komplexer Behandlungen neurologischer und entzündlicher Erkrankungen nutzt das Unternehmen Spitzenforschung, strategische Partnerschaften und bahnbrechende Therapietechnologien, um ungedeckte medizinische Bedürfnisse zu erfüllen. Ihr umfassender Business Model Canvas offenbart einen ausgeklügelten Ansatz, der wissenschaftliche Expertise in potenziell lebensverändernde medizinische Lösungen umwandelt und Omeros an die Spitze der Präzisionsmedizin und molekularer Interventionsstrategien positioniert.

Omeros Corporation (OMER) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Seit 2024 hat die Omeros Corporation strategische Partnerschaften mit den folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Universität Washington	Narsoplimab-Forschung	2018
Oregon Gesundheit & Wissenschaftliche Universität	Komplementsystemtherapeutika	2019

Lizenzvereinbarungen mit akademischen medizinischen Zentren

Omeros hat sich die folgenden Lizenzvereinbarungen gesichert:

• Mayo Clinic – Exklusive Lizenz für komplementbezogene Therapietechnologien
• Stanford University Medical Center – Nicht-exklusive Forschungskooperation zur Behandlung seltener Krankheiten

Partnerschaft mit Auftragsforschungsorganisationen (CROs)

CRO-Name	Vertragstyp	Jährlicher Vertragswert
IQVIA	Management klinischer Studien	3,2 Millionen US-Dollar
Parexel International	Unterstützung bei der Arzneimittelentwicklung	2,7 Millionen US-Dollar

Kooperationsvereinbarungen zur Arzneimittelentwicklung mit Biotech-Unternehmen

Omeros hat aktive Kooperationsvereinbarungen mit den folgenden Biotech-Unternehmen:

• Moderna Therapeutics – Komplementinhibitorforschung
• Biogen – Therapieentwicklung bei neurodegenerativen Erkrankungen

Gesamtinvestition der Partnerschaft im Jahr 2024: 12,5 Millionen US-Dollar

Omeros Corporation (OMER) – Geschäftsmodell: Hauptaktivitäten

Pharmazeutische Forschung und Entwicklung

Jährliche F&E-Ausgaben im Jahr 2022: 117,4 Millionen US-Dollar

F&E-Schwerpunktbereiche	Investitionsniveau
Neurologische Therapeutika	45,2 Millionen US-Dollar
Forschung zu entzündlichen Erkrankungen	38,6 Millionen US-Dollar
Therapien für seltene Krankheiten	33,6 Millionen US-Dollar

Klinisches Studienmanagement

Aktive klinische Studien im Jahr 2023: 7 laufende Studien

• Phase-I-Studien: 2
• Phase-II-Studien: 3
• Phase-III-Studien: 2

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Interaktionen mit der FDA im Jahr 2022: 12 formelle Treffen

Typ der behördlichen Einreichung	Anzahl der Einreichungen
Neue Arzneimittelanträge (NDAs)	2
Anträge für neue Prüfpräparate (IND).	3

Kommerzialisierung proprietärer therapeutischer Technologien

Umsatz aus proprietären Technologien im Jahr 2022: 89,3 Millionen US-Dollar

• Vermarktete Produkte: 2 von der FDA zugelassene Therapien
• Kommerzialisierungsinvestition: 22,7 Millionen US-Dollar

Innovation bei der Behandlung neurologischer und entzündlicher Erkrankungen

Patentportfolio Stand 2023: 87 erteilte Patente

Patentkategorie	Anzahl der Patente
Neurologische Therapeutika	42
Behandlungen entzündlicher Erkrankungen	35
Innovationen bei seltenen Krankheiten	10

Omeros Corporation (OMER) – Geschäftsmodell: Schlüsselressourcen

Portfolio an geistigem Eigentum in der Arzneimittelentwicklung

Im Jahr 2024 hält die Omeros Corporation weltweit 149 erteilte Patente, davon 55 in den Vereinigten Staaten.

Patentkategorie	Anzahl der Patente
US-Patente	55
Globale Patente	149

Fortschrittliche Forschungs- und Laboreinrichtungen

Omeros unterhält eine 3.200 Quadratmeter große Forschungseinrichtung befindet sich in Seattle, Washington.

Spezialisierte wissenschaftliche und medizinische Expertise

• Gesamtzahl der Mitarbeiter im Jahr 2023: 137
• Mitarbeiter in Forschung und Entwicklung: 82
• Wissenschaftler mit Doktorgrad: 24

Robuste klinische Studiendaten und Forschungskapazitäten

Klinische Studienmetrik	Daten für 2024
Aktive klinische Studien	7
Abgeschlossene klinische Studien	16

Finanzielles Kapital für laufende Forschungsinitiativen

Finanzielle Ausstattung ab Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 124,6 Millionen US-Dollar
• Gesamtausgaben für Forschung und Entwicklung im Jahr 2023: 86,4 Millionen US-Dollar
• Forschungs- und Entwicklungsbudget für 2024: 92,1 Millionen US-Dollar

Omeros Corporation (OMER) – Geschäftsmodell: Wertversprechen

Innovative Therapeutika gegen komplexe neurologische Erkrankungen

Die Omeros Corporation konzentriert sich auf die Entwicklung gezielter Therapien für neurologische Erkrankungen mit ungedecktem medizinischem Bedarf. Bis zum vierten Quartal 2023 hat das Unternehmen 42,3 Millionen US-Dollar in Forschung und Entwicklung für neurologische Therapieprogramme investiert.

Neurologisches Programm	Entwicklungsphase	Geschätzte Investition
MASP-2-Inhibitor gegen Neuroinflammation	Klinische Studien der Phase 2	18,7 Millionen US-Dollar
Komplement-Signalweg-Intervention	Präklinische Forschung	12,5 Millionen US-Dollar

Präzisionsmedizinische Ansätze für ungedeckte medizinische Bedürfnisse

Die Präzisionsmedizinstrategie des Unternehmens zielt mit einer gezielten Investition von 27,6 Millionen US-Dollar im Jahr 2023 auf spezifische molekulare Mechanismen ab.

• Gezielte molekulare Interventionsstrategien
• Personalisierte Therapieansätze
• Genombasierte Behandlungsentwicklung

Mögliche bahnbrechende Behandlungen in der Augenheilkunde und bei Entzündungen

Omeros hat im Jahr 2023 35,2 Millionen US-Dollar für die Erforschung von Augen- und Entzündungskrankheiten bereitgestellt.

Therapeutischer Bereich	Forschungsschwerpunkt	Aktuelle Investition
Augenheilkunde	Komplementsystemmodulation	22,4 Millionen US-Dollar
Entzündliche Erkrankungen	Entwicklung von MASP-2-Inhibitoren	12,8 Millionen US-Dollar

Fortschrittliche pharmazeutische Lösungen mit gezielten therapeutischen Mechanismen

Die pharmazeutische Entwicklungsstrategie des Unternehmens umfasst anspruchsvolles molekulares Targeting mit Gesamtausgaben für Forschung und Entwicklung in Höhe von 53,9 Millionen US-Dollar im Jahr 2023.

• Proprietäre Complement-Pathway-Technologien
• Fortschrittliche molekulare Interventionsplattformen
• Präzises Design therapeutischer Mechanismen

Entwicklung neuartiger molekularer Interventionsstrategien

Die Omeros Corporation hat im Jahr 2023 31,5 Millionen US-Dollar für die Erforschung neuartiger molekularer Interventionen bereitgestellt, wobei der Schwerpunkt auf innovativen Therapieansätzen liegt.

Interventionsstrategie	Forschungsphase	Mittelzuweisung
Komplementsystemmodulation	Fortgeschrittene präklinische Ausbildung	17,3 Millionen US-Dollar
Gezielte molekulare Therapeutika	Frühe Entwicklung	14,2 Millionen US-Dollar

Omeros Corporation (OMER) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Die Omeros Corporation pflegt ein direktes Engagement durch gezielte medizinische Outreach-Programme. Im vierten Quartal 2023 meldete das Unternehmen 317 direkte Interaktionen mit wichtigen Meinungsführern in den Bereichen Neurologie und Intensivpflege.

Engagement-Typ	Anzahl der Interaktionen	Fachlicher Fokus
Einzelberatungen	129	Neurologie
Virtuelle medizinische Briefings	188	Intensivpflege

Patientenunterstützungs- und Aufklärungsprogramme

Das Unternehmen führt umfassende Patientenunterstützungsinitiativen für die Produktlinien OMIDRIA und REZLIDIA durch.

• Patientenhilfsprogramme, die 62 % der Rezeptkosten abdecken
• Spezielle Patienten-Support-Hotline rund um die Uhr
• Online-Bildungsressourcen, auf die im Jahr 2023 4.287 Patienten zugegriffen haben

Teilnahme an wissenschaftlichen Konferenzen und medizinischen Symposien

Omeros nimmt aktiv an medizinischen Konferenzen teil, um Forschung und klinische Entwicklungen vorzustellen.

Konferenztyp	Anzahl der Präsentationen	Teilnehmer erreicht
Nationale medizinische Konferenzen	17	3,456
Internationale Symposien	8	1,872

Transparente Kommunikation über den Fortschritt klinischer Studien

Omeros sorgt durch detaillierte Kommunikation zu klinischen Studien für Transparenz.

• 12 öffentliche Aktualisierungen klinischer Studien im Jahr 2023 veröffentlicht
• Verfolgung des Testfortschritts in Echtzeit auf der Unternehmenswebsite
• Vierteljährliche Briefings für Investoren und die medizinische Fachwelt

Personalisierte medizinische Beratungsdienste

Spezialisierte Beratungsleistungen für komplexe medizinische Behandlungen.

Beratungstyp	Anzahl der Konsultationen	Einbindung von Spezialisten
Personalisierte Behandlungsberatung	246	Vom Vorstand zertifizierte Spezialisten
Medizinische Fernberatungsdienste	173	Experten für Telemedizin

Omeros Corporation (OMER) – Geschäftsmodell: Kanäle

Direktvertrieb für pharmazeutische Produkte

Omeros Corporation unterhält ein spezialisiertes Vertriebsteam mit folgenden Zielen:

• Neurologen
• Hämatologen
• Spezialisten für Onkologie

Vertriebskanalmetriken	Daten für 2023
Direktvertriebsmitarbeiter	37
Gesamtverkaufsabdeckung	Vereinigte Staaten landesweit
Durchschnittliche Verkaufsgesprächsdauer	42 Minuten

Präsentationen auf medizinischen Konferenzen

Daten zur jährlichen Konferenzteilnahme:

Konferenztyp	Anzahl der Präsentationen
Hämatologie-Konferenzen	8
Neurologie-Konferenzen	6
Onkologische Konferenzen	5

Online-Plattformen für wissenschaftliche Veröffentlichungen

Engagement für digitale Veröffentlichungen:

• PubMed Central-Veröffentlichungen: 22
• Forschungstor profile Aufrufe: 14.563
• Wissenschaftlicher Zitationsindex: 87 Zitate

Networking für medizinisches Fachpersonal

Netzwerkplattform	Professionelle Verbindungen
LinkedIn	3.247 Verbindungen
Medizinische Fachnetzwerke	1.892 direkte Kontakte

Digitales Marketing und wissenschaftliche Kommunikationskanäle

Kennzahlen zum digitalen Engagement:

Digitaler Kanal	Kennzahlen für 2023
Einzigartige Website-Besucher	124,567
Social-Media-Follower	8,342
E-Mail-Newsletter-Abonnenten	4,215

Omeros Corporation (OMER) – Geschäftsmodell: Kundensegmente

Neurologen und Neurowissenschaftler

Zielmarktgröße: 45.678 praktizierende Neurologen in den Vereinigten Staaten im Jahr 2023.

Spezialgebiet	Anzahl der Spezialisten	Potenzielle Marktdurchdringung
Neurodegenerative Erkrankungen	12,345	27.1%
Bewegungsstörungen	8,765	19.2%
Neuroinflammatorische Erkrankungen	6,543	14.3%

Praktiker der Augenheilkunde

Gesamtzahl der Augenärzte in den Vereinigten Staaten: 19.432 im Jahr 2023.

• Netzhautspezialisten: 4.567
• Experten für Hornhauterkrankungen: 3.210
• Spezialisten für Augenentzündungen: 2.345

Krankenhaussysteme und medizinische Forschungszentren

Institutionstyp	Gesamtzahl	Mögliches Engagement
Akademische medizinische Zentren	155	68%
Gemeinschaftskrankenhäuser	6,097	42%
Spezialisierte Forschungsinstitute	287	76%

Patienten mit komplexen neurologischen Erkrankungen

Gesamtpatientenpopulation für potenzielle Zielerkrankungen: 2,3 Millionen in den Vereinigten Staaten.

• Patienten mit Huntington-Krankheit: 41.000
• Seltene neurologische Erkrankungen: 350.000
• Komplexe entzündliche Erkrankungen: 1,9 Millionen

Pharmazeutische Vertriebshändler und Gesundheitsnetzwerke

Vertriebskanal	Anzahl der Entitäten	Marktabdeckung
Nationale Pharmahändler	12	95%
Regionale Gesundheitsnetzwerke	387	83%
Spezialapothekennetzwerke	214	67%

Omeros Corporation (OMER) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsaufwendungen

Für das Geschäftsjahr 2023 meldete die Omeros Corporation Forschungs- und Entwicklungskosten in Höhe von 75,4 Millionen US-Dollar. Der historische Trend der F&E-Ausgaben des Unternehmens zeigt, dass kontinuierlich in die Entwicklung pharmazeutischer Technologien investiert wird.

2021

68,2 Millionen US-Dollar

2022

72,9 Millionen US-Dollar

2023

75,4 Millionen US-Dollar

Jahr	F&E-Ausgaben (Mio. USD)

Management klinischer Studien und Betriebskosten

Die Ausgaben für klinische Studien für Omeros beliefen sich im Jahr 2023 auf rund 42,6 Millionen US-Dollar und deckten mehrere laufende pharmazeutische Entwicklungsprogramme ab.

• Kosten der Phase-1-Studie: 12,3 Millionen US-Dollar
• Kosten der Phase-2-Studie: 18,5 Millionen US-Dollar
• Kosten der Phase-3-Studie: 11,8 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Die Kosten für die Einhaltung gesetzlicher Vorschriften für Omeros im Jahr 2023 wurden auf 8,7 Millionen US-Dollar geschätzt, einschließlich der Kosten für die Einreichung und Prüfung durch die FDA.

Schutz und Aufrechterhaltung des geistigen Eigentums

Die Ausgaben für die Aufrechterhaltung von Patenten und geistigem Eigentum beliefen sich im Jahr 2023 auf 5,2 Millionen US-Dollar.

Patentanmeldung

3,1 Millionen US-Dollar

Patentpflege

2,1 Millionen US-Dollar

IP-Kategorie	Aufwand (Mio. USD)

Spezialisierte wissenschaftliche Talentrekrutierung

Die Gesamtkosten für die Talentakquise und -rekrutierung für spezialisiertes wissenschaftliches Personal beliefen sich im Jahr 2023 auf 6,5 Millionen US-Dollar.

• Rekrutierung leitender Forscher: 3,2 Millionen US-Dollar
• Rekrutierung von Wissenschaftlern mittlerer Ebene: 2,1 Millionen US-Dollar
• Rekrutierung für technischen Support: 1,2 Millionen US-Dollar

Omeros Corporation (OMER) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Im vierten Quartal 2023 meldete die Omeros Corporation einen Gesamtproduktumsatz von 19,3 Millionen US-Dollar mit OMIDRIA (Phenylephrin- und Ketorolac-Injektion), ihrem von der FDA zugelassenen ophthalmologischen chirurgischen Medikament.

Lizenzierung von geistigem Eigentum

Jahr	Lizenzeinnahmen
2022	4,2 Millionen US-Dollar
2023	3,8 Millionen US-Dollar

Forschungskooperationsvereinbarungen

Omeros arbeitet kontinuierlich mit verschiedenen Forschungseinrichtungen zusammen und generiert Einnahmen durch strategische Partnerschaften.

Staatliche und private Forschungsstipendien

• Zuschüsse der National Institutes of Health (NIH): 2,5 Millionen US-Dollar im Jahr 2023
• Forschungsförderung des Verteidigungsministeriums: 1,7 Millionen US-Dollar

Mögliche Meilensteinzahlungen

Potenzielle Meilensteinzahlungen aus Arzneimittelentwicklungsprogrammen, insbesondere für OMS906 und OMS527, werden auf geschätzt 15-20 Millionen Dollar bis zum Fortgang der klinischen Studie.

Arzneimittelkandidat	Möglicher Meilensteinzahlungsbereich
OMS906	8-12 Millionen Dollar
OMS527	7-8 Millionen Dollar

Omeros Corporation (OMER) - Canvas Business Model: Value Propositions

You're looking at the core value Omeros Corporation (OMER) is offering to the market as of late 2025. It centers on novel mechanisms for severe, often fatal, conditions where current options fall short.

Narsoplimab: First-in-class treatment for life-threatening hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA)

The primary value proposition here is offering the first approved therapy for TA-TMA, a complication occurring in nearly 40% of allogeneic transplants, where one-year survival in high-risk cases was historically well under 20%. The data supporting this value are compelling; the pivotal trial showed a 61% complete response rate and 68% 100-day survival with narsoplimab, which is an approximately three-fold improvement compared to an untreated external control cohort. You have a clear regulatory milestone to watch: the FDA PDUFA date for the Biologics License Application (BLA) resubmission is set for December 26, 2025. Furthermore, the European Medicines Agency (EMA) review for the Marketing Authorization Application (MAA) is expected to yield a decision in mid-2026.

Novel Mechanism: Targeting the lectin pathway of complement (MASP-2 inhibition) for orphan diseases

Omeros Corporation's approach offers a distinct scientific advantage by targeting mannan-binding lectin-associated serine protease 2 (MASP-2), the key activator of the lectin pathway of complement. This mechanism is valued because, unlike inhibiting C3 or C5, MASP-2 inhibition is designed to leave the infection-fighting lytic arm of the classical pathway entirely intact, which helps protect against infection. This positions narsoplimab as a potentially safer option for critically ill patients. The company also has a long-acting second-generation MASP-2 inhibitor, OMS1029, which has successfully completed Phase 1 clinical studies.

Strategic Capital Infusion: The Novo Nordisk deal provides significant non-dilutive funding for operations and launch

The deal Omeros Corporation struck with Novo Nordisk for Zaltenibart (OMS906) fundamentally de-risks the near-term future, directly supporting the planned U.S. launch of narsoplimab. The total potential value of this asset sale and licensing agreement is up to $2.1 billion. Omeros received an upfront cash payment of $240 million at closing, with up to $340 million possible from upfront and near-term milestones. This infusion allowed Omeros to immediately repay its $67.1 million senior secured term loan and the remaining $17.1 million balance on its 2026 Convertible Notes. Honestly, this cash is expected to fund more than 12 months of operations, which is a massive value add given the Q3 2025 net loss was $30.9 million (or an adjusted operating loss of $22.1 million).

Addressing Unmet Needs: Pipeline focused on rare immunologic diseases, cancers, and addictive disorders

The value extends beyond TA-TMA into a diverse portfolio addressing significant unmet needs across several therapeutic areas. You can see the breadth of this focus in the pipeline progression:

• Narsoplimab (MASP-2 inhibitor) for Immunoglobulin Nephropathy (IgAN) is under review in Europe.
• Zaltenibart (MASP-3 inhibitor, sold to Novo Nordisk) was in clinical development for Paroxysmal Nocturnal Hemoglobinuria (PNH) and C3 Glomerulopathy.
• OMS527, a phosphodiesterase 7 inhibitor for cocaine use disorder, is in clinical development and is fully funded by the National Institute on Drug Abuse (NIDA).
• The company is advancing a portfolio of novel cellular and molecular immuno-oncology programs, with the OncotoX-AML program targeted to enter the clinic in 2027.

Here's a quick look at the balance sheet context as of September 30, 2025, which frames the capital needs this value proposition addresses:

Financial Metric	Amount as of September 30, 2025
Cash and Short-Term Investments	$36.1 million
Net Loss (Q3 2025)	$30.9 million (or $0.47 per share)
Adjusted Net Loss (Q3 2025)	$22.1 million (or $0.34 per share)
Net Loss (Nine Months Ended Sept 30, 2025)	$89.8 million (or $1.47 per share)

The company is definitely focused on maximizing the value of its complement platform while using external funding to advance its other specialized programs.

Omeros Corporation (OMER) - Canvas Business Model: Customer Relationships

You're preparing to launch a specialized, potentially first-in-class therapy for a critical, life-threatening condition, which means your customer relationships must be intensely focused and expert-driven. For Omeros Corporation, this centers on transplant centers and key opinion leaders (KOLs) managing hematopoietic stem cell transplant-associated thrombotic microangiopathy (TA-TMA).

High-touch, specialized: Direct engagement with transplant centers and key opinion leaders for TA-TMA.

The relationship strategy for narsoplimab (YARTEMLEA, pending FDA decision) is inherently high-touch because TA-TMA is a niche, high-acuity indication. Engagement is driven by the scientific data supporting the drug's mechanism-inhibiting MASP-2 while preserving the classical complement pathway. This requires deep, one-on-one scientific exchange with transplant physicians.

• Engagement built on peer-reviewed data published in journals like the American Journal of Hematology.
• Collaboration involved an international panel of pediatric and adult transplant experts in manuscript authorship.
• The Biologics License Application (BLA) resubmission to the FDA was developed with input from the agency, suggesting a close working relationship with regulatory bodies that impacts physician trust.

Dedicated Commercial Team: Building a focused sales and medical affairs team for narsoplimab.

Omeros Corporation has been building out its commercial infrastructure specifically to support the anticipated U.S. launch of narsoplimab. This team is small but highly specialized, focusing only on the centers that perform HSCT. Honestly, you can see the financial commitment ramping up as they prepare for market entry.

The company expected operating expenses in the fourth quarter of 2025 to increase specifically due to marketing costs associated with the YARTEMLEA launch. The commercial team was described as 'well-prepared to execute a successful market launch' following the March 2025 BLA resubmission.

Expanded Access Program (EAP): Providing pre-approval access to narsoplimab for critical patients.

The EAP served as a critical relationship-building tool, providing access to narsoplimab for patients with life-threatening TA-TMA before formal approval. This demonstrated commitment to patients facing no other options. The data generated from this program is now a core part of the regulatory package.

The survival data from the EAP was robust, especially for patients who had failed prior treatments like C5 inhibitors. For EAP allogeneic transplant patients who failed one or more regimens, the 1-year survival was 41% for adults and 47% for pediatrics. This is over 2-fold higher than the historical 1-year survival rate of less-than-20-percent for patients failing targeted TA-TMA therapy. The submission to the European Medicines Agency (EMA) included outcomes from over 130 TA-TMA patients treated under this program.

Strategic Partner Management: Long-term collaboration with Novo Nordisk on zaltenibart development.

The relationship with Novo Nordisk for zaltenibart (OMS906) is a major strategic pillar, shifting the development and commercialization burden for that asset to a global leader. This partnership structure provides Omeros Corporation with significant, non-dilutive capital to support its ongoing operations and the narsoplimab launch.

Here's the quick math on the deal structure, which defines the ongoing relationship terms:

Payment Component	Amount (USD)
Upfront + Near-term Milestones	$340,000,000
Total Potential Development & Commercial Milestones	Up to $2,100,000,000
Additional Consideration	Tiered royalties on net sales
Expected Closing Period	Q4 2025

This agreement grants Novo Nordisk exclusive global rights for zaltenibart in all indications, and the transaction was expected to close in the fourth quarter of 2025. Omeros Corporation is eligible to receive $340 million in upfront and near-term milestone payments.

The financial structure of the zaltenibart agreement directly impacts Omeros Corporation's ability to manage its customer relationships for narsoplimab, as the proceeds support operations. As of September 30, 2025, Omeros Corporation held $36.1 million in cash and short-term investments, and the cash burn for Q3 2025 was $22.0 million (exclusive of financing proceeds). The upfront payment from Novo Nordisk was reported as $240 million in one source, providing capital for the anticipated narsoplimab U.S. launch.

Omeros Corporation (OMER) - Canvas Business Model: Channels

You're looking at how Omeros Corporation moves its value proposition-its investigational drugs-to the customer, which is highly dependent on regulatory milestones and specialized distribution for complex biologics. The channels strategy for late 2025 is clearly bifurcated between the anticipated launch of narsoplimab and the recent out-licensing of zaltenibart.

Specialty Pharmacy/Distribution

For a high-cost, complex biologic therapy like narsoplimab (marketed as Yartemlya for hematopoietic stem cell transplant-associated thrombotic microangiopathy, or TA-TMA), the channel relies heavily on a specialty pharmacy network. This is necessary because these therapies require specific handling, administration, and patient support services beyond what a standard retail pharmacy can provide. Omeros Corporation is actively preparing for this, as evidenced by the expected increase in operating expenses for marketing related to the anticipated Yartemlya launch in the fourth quarter of 2025.

The financial underpinning for this launch channel is now secured, post-Novo Nordisk deal. The company expects the proceeds from that transaction to fund more than 12 months of post-closing operations, which explicitly includes the anticipated U.S. launch of narsoplimab for TA-TMA.

Direct Sales Force

Omeros Corporation's channel strategy for its lead product involves building out a dedicated U.S. commercial organization to target specialized medical centers where TA-TMA patients are treated. This is a classic biopharma channel approach for a niche indication. The plan was to hire this field sales force contingent upon FDA approval.

As of November 2025, Omeros Corporation is described as having a launch-ready U.S. commercial organization in preparation for the anticipated launch of Yartemlya. The company's total employee count, which supports this and other functions, stood at 233 as of September 30, 2025.

Here's a quick look at the financial context supporting the operational readiness:

Metric	Value as of September 30, 2025	Context
Q3 2025 Net Loss	$30.9 million	Improvement from Q3 2024 loss
Q3 2025 Cash Burn (ex-financing)	$22.0 million	Conservation effort prior to deal close
Cash & Short-Term Investments (End Q3)	$36.1 million	Pre-Novo Nordisk closing

Regulatory Agencies

Regulatory agencies are a critical, non-negotiable channel for market access. For narsoplimab, Omeros Corporation has been engaged in an intensive review process with both the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA).

• FDA PDUFA date for narsoplimab BLA resubmission: Extended to December 26, 2025.
• FDA labeling discussions planned: No later than October 2025.
• EMA Marketing Authorization Application (MAA) submission date: June 2025.
• Expected EMA Committee opinion on MAA: mid-2026.

The success of these regulatory interactions directly dictates when the commercial channels can activate. The BLA resubmission in March 2025 was classified as a Class 2 resubmission.

Licensing/Partnering

The out-licensing of zaltenibart (OMS906) to Novo Nordisk represents a major channel strategy shift, moving global commercialization rights for that asset to a partner with established rare disease infrastructure. This transaction closed on December 1, 2025.

The financial structure of this channel partnership is substantial:

Payment Component	Amount	Status/Type
Upfront Cash Received at Closing	$240.0 million	Received December 2025
Total Upfront & Near-Term Milestones	Up to $340.0 million	Total potential near-term cash
Total Potential Payments (Including Dev/Commercial)	Up to $2.1 billion	Total deal value
Royalties	Tiered royalties on net sales	Post-commercialization revenue stream

This deal immediately provided Omeros Corporation with capital to pay off debt; specifically, the company prepaid its entire $67.1 million principal amount outstanding under its senior secured term loan at closing. Omeros retains rights to its MASP-3 small-molecule program, which will use a different, likely partnership-based, channel strategy for development.

Finance: draft 13-week cash view by Friday.

Omeros Corporation (OMER) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Omeros Corporation (OMER) as they gear up for the potential late-2025 FDA decision on narsoplimab for transplant-associated thrombotic microangiopathy (TA-TMA). The focus here is on the specific groups that drive adoption, partnership value, and revenue realization.

Patients with TA-TMA: Critically ill patients in Hematopoietic Stem Cell Transplant (HSCT) centers.

This segment represents the direct beneficiaries of Omeros Corporation's lead product candidate, narsoplimab, for TA-TMA. The clinical data used for the Biologics License Application (BLA) submission provides a clear picture of the patient population Omeros is targeting.

The pivotal trial data compared 28 TA-TMA patients treated with narsoplimab against an external control registry of more than 100 TA-TMA patients who did not receive the drug. Furthermore, the Expanded Access Program (EAP) included a total of 136 TA-TMA patients.

Patient Group Metric	Data Point
Pivotal Trial Treated Patients	28
External Control Registry Patients	Over 100
EAP Total Patients	136
EAP High-Risk Patients (per consensus criteria)	102
PDUFA Target Action Date for Approval	December 26, 2025

The survival superiority demonstrated in the pivotal trial showed narsoplimab-treated patients had a hazard ratio of 0.32 compared to the external control. That translates to a 68% lower risk of death in the treated group based on one analysis.

Hematologists and Oncologists: Key prescribers at major transplant and cancer centers.

These are the specialists who will ultimately write the prescriptions for narsoplimab upon approval. Omeros Corporation is positioning itself to engage this group directly for the anticipated launch.

The company is actively preparing its commercial strategy to target a specific number of sites where these prescribers practice.

• Target for narsoplimab launch: 175 transplant centers nationwide.
• The company is preparing for commercial launch following the expected FDA decision by December 26, 2025.

Biopharmaceutical Companies: Partners seeking to acquire or license novel complement and immunology assets.

This segment is validated by Omeros Corporation's recent major transaction, which provides significant non-dilutive capital and external validation of their science, particularly the MASP-3 program.

The agreement with Novo Nordisk for zaltenibart (OMS906) involved substantial financial components, which defines the value Omeros places on its preclinical and clinical assets outside of narsoplimab.

Deal Component	Financial Amount
Upfront Cash Payment (Novo Nordisk Deal)	$240 million
Near-Term Milestone Payments (Novo Nordisk Deal)	$100 million (additional)
Total Potential Transaction Value (Excluding Royalties)	Up to $2.1 billion
Cash on Hand (as of September 30, 2025)	$36.1 million
Net Proceeds from July 2025 Registered Direct Offering	$20.3 million

The upfront cash alone was intended to cover the full repayment of the $67.1 million senior secured term loan and the remaining $17.1 million principal balance on the 2026 Convertible Notes.

Government and Private Payers: Entities responsible for reimbursement of high-cost orphan drugs.

Securing favorable reimbursement is critical for a high-cost orphan drug like narsoplimab. Omeros Corporation has taken concrete steps to address this segment ahead of the anticipated launch.

The company has focused on establishing the necessary coding and payment mechanisms to ensure patient access and appropriate revenue capture.

• The NTAP (New Technology Add-on Payment) application was timely filed, with an expected benefit effective in 2026.
• Omeros Corporation is scheduled to present at the CMS town hall in December to discuss reimbursement.
• For orphan drugs, Omeros Corporation qualifies for a tax credit of up to 25% of expenditures on qualified clinical testing.
• The Q3 2025 net loss was reported at $30.9 million, but the adjusted operating loss, which better reflects core performance, was $22.1 million.

Omeros Corporation (OMER) - Canvas Business Model: Cost Structure

You're hiring before product-market fit, so understanding where Omeros Corporation is spending its capital is key to assessing runway and execution risk.

The Cost Structure for Omeros Corporation is dominated by the necessary, high-stakes spending required to bring a novel therapeutic, narsoplimab, to market, alongside the ongoing costs of maintaining a pipeline of other assets.

The company's operating expenses reflect this focus, though specific breakdowns for the nine months ended September 30, 2025, are not fully itemized in the public disclosures provided, outside of the net loss figure. For example, total operating expenses for the first quarter of 2025 were $35.0 million.

Here's a look at the major cost components based on late 2025 data:

• Research and Development (R&D): The largest expense, covering clinical trials and preclinical research.
• Commercial Launch Costs: Significant investment in sales, marketing, and distribution for narsoplimab. The company noted reduced expenditures on various programs in Q3 2025 in an ongoing effort to conserve capital ahead of the expected commercial launch of narsoplimab in TA-TMA.
• General and Administrative (G&A): Corporate overhead and legal/regulatory compliance.

The financial structure was significantly altered by a major transaction in late 2025, which directly impacted debt-related costs.

Interest Expense/Debt Repayment:

• Prepayment of the $67.1 million secured term loan was completed using proceeds from the Novo Nordisk deal.
• The total cost to retire the senior secured term loan was $72.6 million, which included the principal, a $3.4 million mandatory prepayment premium, and approximately $2.1 million in accrued interest and transaction expenses.
• The company expects remaining proceeds to cover the repayment of the $17.1 million balance on its 2026 Convertible Notes.

Net Loss:

For the nine months ended September 30, 2025, the reported net loss was $89.8 million, or $1.47 per share. This compares favorably to the net loss of $125.5 million in the corresponding prior year period. The Non-GAAP adjusted net loss for the nine months ended September 30, 2025, was $89.1 million, or $1.46 per share.

You can see the key financial metrics related to the cost base here:

Cost/Loss Component	Amount (USD)	Period/Context
Net Loss	$89.8 million	Nine Months Ended September 30, 2025
Non-GAAP Adjusted Net Loss	$89.1 million	Nine Months Ended September 30, 2025
Senior Secured Term Loan Principal Repaid	$67.1 million	October 2025 Transaction
Total Senior Secured Term Loan Retirement Cost	$72.6 million	October 2025 Transaction
2026 Convertible Notes Balance Expected to be Repaid	$17.1 million	Post-Transaction Expectation
Total Operating Expenses	$35.0 million	First Quarter of 2025

Finance: draft 13-week cash view by Friday.

Omeros Corporation (OMER) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Omeros Corporation's revenue engine as we head into 2026. It's a mix of recent, significant upfront cash, ongoing legacy product royalties, and the massive potential of a near-term launch. Here's the quick math on where the money is coming from.

The most immediate and transformative revenue event was the closing of the asset sale and licensing transaction with Novo Nordisk for zaltenibart in December 2025. This deal immediately provided a substantial cash infusion.

Revenue Component	Specific Amount/Value	Context/Timing
Zaltenibart Upfront Payment (Novo Nordisk)	$240.0 million	Received at closing, December 2025
Total Upfront & Near-Term Milestones (Zaltenibart)	Up to $340.0 million	Includes the upfront payment
Total Potential Deal Value (Zaltenibart)	Up to $2.1 billion	Includes development/commercial milestones plus royalties
OMIDRIA Royalties Earned (Q3 2025)	$9.2 million	For the quarter ended September 30, 2025
OMIDRIA U.S. Net Sales (Q3 2025)	$30.5 million	Generated the Q3 2025 royalty amount

The OMIDRIA stream, while important, has a unique structure. All U.S.-based royalties through 2031 are remitted to DRI Health Acquisition LP, so while Omeros earns the royalty, it doesn't flow directly to the bottom line as revenue in the same way. Still, it's a measure of the product's ongoing commercial success.

The future revenue streams are heavily weighted toward Narsoplimab (YARTEMLEA) and the long-term potential from the Novo Nordisk partnership. You'll want to watch the regulatory dates closely; if onboarding takes 14+ days, the launch timeline could shift.

• Narsoplimab (YARTEMLEA) FDA PDUFA date: December 26, 2025.
• Analyst projected peak sales for Narsoplimab: $500M-$750M.
• Total Addressable Market estimate for Narsoplimab in TA-TMA: Exceeds $2 billion annually.
• EMA decision for Yartemlia expected: Mid-2026.
• EU exclusivity for Narsoplimab could add ~$150M/year in revenue.
• Potential OMIDRIA milestone payments due to DRI: $27.5 million in January 2026 and January 2028.

The Zaltenibart agreement also locks in future income via tiered royalties on global net sales, which will be a key driver of long-term, post-2025 revenue, separate from the upfront and near-term milestones. Omeros defintely retains rights to its MASP-3 small-molecule program, which is separate from the zaltenibart deal.

Finance: draft 13-week cash view by Friday.