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Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Classification on the Balance Sheet
Operating lease assets	$ 27,081		$ 27,082
Finance lease assets, net	2,638		2,973
Total lease assets	29,719		30,055
Operating Leases	2,391		2,282
Finance Lease	1,206		1,222
Operating	30,125		30,772
Finance	1,271		1,546
Total lease liabilities	34,993		$ 35,822
Lease cost
Operating lease cost	1,509	$ 1,031
Amortization	357	290
Interest	89	82
Short-term lease cost		138
Variable lease cost	542	486
Sublease income	(293)	(224)
Total lease cost	2,204	1,803
Operating cash flows used for operating leases	2,136	1,647
Operating cash flows used for finance leases	89	82
Financing cash flows used for finance leases	$ 313	$ 254

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 7,118	$ 3,084
Short-term investments	46,862	57,704
Receivables, net	24,117	35,185
Inventory	1,211	1,147
Prepaid expense and other assets	6,303	6,625
Total current assets	85,611	103,745
Property and equipment, net	3,355	3,829
Right of use assets	27,081	27,082
Restricted investments	1,154	1,154
Advanced payments, non-current	1,013	1,159
Total assets	118,214	136,969
Liabilities and shareholders' deficit
Accounts payable	12,960	5,328
Accrued expenses	41,379	46,627
Current portion of lease liabilities	3,597	3,504
Total current liabilities	57,936	55,459
Lease liabilities, non-current	31,396	32,318
Unsecured convertible senior notes, net	160,746	158,213
Commitments and contingencies (Note 8)
Shareholders' deficit:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at March 31, 2020 and December 31, 2019.
Common stock, par value $0.01 per share, 150,000,000 shares authorized at March 31, 2020 and December 31, 2019; 54,507,667 and 54,200,810 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively.	545	542
Additional paid-in capital	631,233	625,048
Accumulated deficit	(763,642)	(734,611)
Total shareholders' deficit	(131,864)	(109,021)
Total liabilities and shareholders' deficit	$ 118,214	$ 136,969

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating activities:
Net loss	$ (29,031)	$ (24,345)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,476	3,374
Non-cash interest expense	2,533	2,201
Depreciation and amortization	402	377
Changes in operating assets and liabilities:
Receivables	11,068	(1,900)
Inventory	(64)	(648)
Prepaid expenses and other assets	628	2,110
Accounts payable and accrued expenses	1,847	5,883
Net cash used in operating activities	(9,141)	(12,948)	$ (60,100)
Investing activities:
Purchases of property and equipment	(66)	(182)
Purchases of investments	(3,176)	(281)
Proceeds from the sale and maturities of investments	14,018	11,750
Net cash provided by investing activities	10,776	11,287
Financing activities:
Proceeds upon exercise of stock options	2,712	108
Principal payments on finance lease liabilities	(313)	(254)
Net cash provided by (used in) financing activities	2,399	(146)
Net increase (decrease) in cash and cash equivalents	4,034	(1,807)
Cash and cash equivalents at beginning of period	3,084	5,861	5,861
Cash and cash equivalents at end of period	7,118	4,054	$ 3,084
Supplemental cash flow information
Cash paid for interest	89	$ 82
Property acquired under finance lease	$ 22

Certain Balance Sheet Accounts

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Certain Balance Sheet Accounts

Note 3—Certain Balance Sheet Accounts

Accounts Receivable, net

Accounts receivable, net consist of the following:


	March 31,		December 31,
	2020		2019
	(In thousands)
Trade receivables, net	$	24,011	$	35,074
Sublease and other receivables		106		111
Total accounts receivables, net	$	24,117	$	35,185

Trade receivables are shown net of $4.1 million and $1.6 million of chargeback and product return allowances as of March 31, 2020 and December 31, 2019, respectively.

Inventory

Inventory consists of the following:


	March 31,		December 31,
	2020		2019
	(In thousands)
Raw materials	$	91	$	91
Work-in-progress		394		338
Finished goods		726		718
Total inventory	$	1,211	$	1,147

Property and Equipment, Net

Property and equipment, net consists of the following:


	March 31,		December 31,
	2020		2019
	(In thousands)
Finance leases	$	5,496	$	5,474
Laboratory equipment		2,750		2,844
Computer equipment		921		921
Office equipment and furniture		625		625
Total cost		9,792		9,864
Less accumulated depreciation and amortization		(6,437)		(6,035)
Total property and equipment, net	$	3,355	$	3,829

For both the three months ended March 31, 2020 and 2019, depreciation and amortization expenses were $0.4 million.

Accrued Expenses

Accrued expenses consist of the following:


	March 31,		December 31,
	2020		2019
	(In thousands)
Contract research and development	$	19,318	$	24,107
Sales rebates, fees and discounts		8,785		10,870
Interest payable		4,921		1,640
Consulting and professional fees		3,337		3,610
Employee compensation		2,772		3,546
Clinical trials		1,468		1,982
Other accrued expenses		778		872
Total accrued expenses	$	41,379	$	46,627

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Note 10—Stock-Based Compensation

Stock-based compensation expense is as follows:


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Research and development	$	1,447	$	1,494
Selling, general and administrative		2,029		1,880
Total	$	3,476	$	3,374

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to all stock option grants:


	Three Months Ended
	March 31,
	2020
Estimated weighted-average fair value	$	7.89
Weighted-average assumptions:
Expected volatility		76	%
Expected term, in years		6.0
Risk-free interest rate		1.18	%
Expected dividend yield		—	%

Stock option activity for all stock plans and related information is as follows:


		Weighted-
		Average			Aggregate
		Exercise		Remaining	Intrinsic
	Options	Price per		Contractual Life	Value
	Outstanding	Share		(In years)	(In thousands)
Balance at December 31, 2019	11,207,931	$	11.72
Granted	1,744,585		11.95
Exercised	(306,857)		8.84
Forfeited	(54,318)		15.04
Balance at March 31, 2020	12,591,341	$	11.81	6.4	$	26,173
Vested and expected to vest at March 31, 2020	12,116,956	$	11.75	6.3	$	25,838
Exercisable at March 31, 2020	8,261,407	$	11.03	5.0	$	23,067

At March 31, 2020, there were 4.3 million unvested options outstanding that will vest over a weighted-average period of 2.9 years and 3.7 million shares were available to grant. The total estimated compensation expense yet to be recognized on outstanding options is $32.9 million. In March 2020, annual stock option grants totaling approximately 1.6 million shares with an exercise price of $11.91 per share were granted to all eligible employees. The options vest monthly on a straight-line basis over four years.

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands		3 Months Ended		12 Months Ended
	May 11, 2020 state	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments \| segment		1
Number of states that have initiated re-ordering of OMIDRIA from wholesalers \| state	36
Cash, cash equivalents and marketable securities		$ 54,000
Operating loss		23,677	$ 19,239	$ 63,400
Net cash used in operating activities		$ 9,141	$ 12,948	$ 60,100
Line of Credit Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Borrowing option - percentage of eligible accounts receivable		85.00%
Borrowing capacity		$ 50,000

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Research and development	$	1,447	$	1,494
Selling, general and administrative		2,029		1,880
Total	$	3,476	$	3,374

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Three Months Ended
	March 31,
	2020
Estimated weighted-average fair value	$	7.89
Weighted-average assumptions:
Expected volatility		76	%
Expected term, in years		6.0
Risk-free interest rate		1.18	%
Expected dividend yield		—	%

Schedule of Stock Option Activity


		Weighted-
		Average			Aggregate
		Exercise		Remaining	Intrinsic
	Options	Price per		Contractual Life	Value
	Outstanding	Share		(In years)	(In thousands)
Balance at December 31, 2019	11,207,931	$	11.72
Granted	1,744,585		11.95
Exercised	(306,857)		8.84
Forfeited	(54,318)		15.04
Balance at March 31, 2020	12,591,341	$	11.81	6.4	$	26,173
Vested and expected to vest at March 31, 2020	12,116,956	$	11.75	6.3	$	25,838
Exercisable at March 31, 2020	8,261,407	$	11.03	5.0	$	23,067

Certain Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Schedule of accounts receivable


	March 31,		December 31,
	2020		2019
	(In thousands)
Trade receivables, net	$	24,011	$	35,074
Sublease and other receivables		106		111
Total accounts receivables, net	$	24,117	$	35,185

Schedule of Inventory, Current


	March 31,		December 31,
	2020		2019
	(In thousands)
Raw materials	$	91	$	91
Work-in-progress		394		338
Finished goods		726		718
Total inventory	$	1,211	$	1,147

Property, Plant and Equipment


	March 31,		December 31,
	2020		2019
	(In thousands)
Finance leases	$	5,496	$	5,474
Laboratory equipment		2,750		2,844
Computer equipment		921		921
Office equipment and furniture		625		625
Total cost		9,792		9,864
Less accumulated depreciation and amortization		(6,437)		(6,035)
Total property and equipment, net	$	3,355	$	3,829

Accrued Expenses


	March 31,		December 31,
	2020		2019
	(In thousands)
Contract research and development	$	19,318	$	24,107
Sales rebates, fees and discounts		8,785		10,870
Interest payable		4,921		1,640
Consulting and professional fees		3,337		3,610
Employee compensation		2,772		3,546
Clinical trials		1,468		1,982
Other accrued expenses		778		872
Total accrued expenses	$	41,379	$	46,627

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8—Commitments and Contingencies

Contracts

We have various agreements with third parties that would collectively require payment of termination fees totaling $17.6 million if we had cancelled the work as of March 31, 2020.

Development Milestones and Product Royalties

We have licensed a variety of intellectual property from third parties that we are currently developing or may develop in the future. These licenses may require milestone payments during clinical development processes as well as low single to low double-digit royalties on the net income or net sales of the product. For the three months ended March 31, 2020 and 2019, development milestones were insignificant. We do not owe any royalties on OMIDRIA.

Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of lease-related assets and liabilities recorded on the balance sheet


	March 31,		December 31,
	2020		2019
	(In thousands)
Assets
Operating lease assets	$	27,081	$	27,082
Finance lease assets, net		2,638		2,973
Total lease assets	$	29,719	$	30,055

Liabilities
Current:
Operating leases	$	2,391	$	2,282
Finance leases		1,206		1,222
Non-current:
Operating leases		30,125		30,772
Finance leases		1,271		1,546
Total lease liabilities	$	34,993	$	35,822

Schedule of lease costs


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Lease cost
Operating lease cost	$	1,509	$	1,031
Finance lease cost:
Amortization		357		290
Interest		89		82
Short-term lease cost		—		138
Variable lease cost		542		486
Sublease income		(293)		(224)
Total lease cost	$	2,204	$	1,803

Schedule of supplemental cash flow information


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	2,136	$	1,647
Operating cash flows used for finance leases	$	89	$	82
Financing cash flows used for finance leases	$	313	$	254

Shareholders' Deficit

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Shareholders' Deficit

Note 9—Shareholders’ Deficit

Common Stock and Warrants

For the three months ended March 31, 2020, we received proceeds of $2.7 million upon the exercise of stock options which resulted in the issuance of 306,857 shares of common stock. For the three months ended March 31, 2019, we received proceeds of $0.1 million upon the exercise of stock options which resulted in the issuance of 10,744 shares of common stock.

As of March 31, 2020 and December 31, 2019, we had 243,115 warrants outstanding with a weighted average exercise price of $20.68 per share.

Interim Condensed Consolidated Statements of Shareholders’ Deficit

The changes in interim balances of the components of our shareholders’ deficit are as follows:


			Additional
	Common		Paid-In		Accumulated
	Stock		Capital		Deficit		Total
		(In thousands)
Balance January 1, 2020	$	542	$	625,048	$	(734,611)	$	(109,021)
Exercise of stock options		3		2,709		—		2,712
Stock-based compensation expense		—		3,476		—		3,476
Net loss		—		—		(29,031)		(29,031)
Balance March 31, 2020	$	545	$	631,233	$	(763,642)	$	(131,864)


			Additional
	Common		Paid-In		Accumulated
	Stock		Capital		Deficit		Total
		(In thousands)
Balance January 1, 2019	$	490	$	549,479	$	(650,125)	$	(100,156)
Exercise of stock options		—		108		—		108
Stock-based compensation expense		—		3,374		—		3,374
Net loss		—		—		(24,345)		(24,345)
Balance March 31, 2019	$	490	$	552,961	$	(674,470)	$	(121,019)

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,476	$ 3,374
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,447	1,494
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,029	$ 1,880

Convertible Senior Notes - Balance of Convertible Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Nov. 15, 2018
Debt Instrument
Total Convertible Notes, net	$ 160,746	$ 158,213
Convertible Debt \| Convertible Notes
Debt Instrument
Convertible Notes initially issued	210,000	210,000	$ 210,000
Unamortized discount	(45,329)	(47,660)
Unamortized issuance costs attributable to principal amount	(3,925)	(4,127)
Total Convertible Notes, net	160,746	$ 158,213
Fair value of outstanding Convertible Notes	$ 190,100

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2019 shares
Options Outstanding
Beginning balance (shares) \| shares	11,207,931
Granted (shares) \| shares	1,744,585
Exercised (shares) \| shares	(306,857)	(10,744)
Forfeited (shares) \| shares	(54,318)
Ending balance (shares) \| shares	12,591,341
Vested and expected to vest (shares) \| shares	12,116,956
Exercisable (shares) \| shares	8,261,407
Weighted-Average Exercise Price per Share
Beginning balance (USD per share) \| $ / shares	$ 11.72
Granted (USD per share) \| $ / shares	11.95
Exercised (USD per share) \| $ / shares	8.84
Forfeited (USD per share) \| $ / shares	15.04
Ending balance (USD per share) \| $ / shares	11.81
Vested and expected to vest (USD per share) \| $ / shares	11.75
Exercisable (USD per share) \| $ / shares	$ 11.03
Weighted- Average Remaining Contractual Life
Balance (in years)	6 years 4 months 24 days
Vested and expected to vest (in years)	6 years 3 months 18 days
Exercisable (in years)	5 years
Aggregate Intrinsic Value
Balance \| $	$ 26,173
Vested and expected to vest \| $	25,838
Exercisable \| $	$ 23,067

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 06, 2020
Document Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	001-34475
Entity Registrant Name	OMEROS CORPORATION
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1663741
Entity Address, Address Line One	201 Elliott Avenue West
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98119
City Area Code	206
Local Phone Number	676-5000
Title of 12(b) Security	Common Stock
Trading Symbol	OMER
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,510,667
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001285819
Amendment Flag	false

Fair-Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Nov. 15, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 7,118	$ 3,084
Unrealized gain (loss) on investments	$ 0	$ 0
Convertible Debt \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate	6.25%		6.25%

Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Convertible Debt


	March 31,		December 31,
	2020		2019
	(In thousands)
Principal amount	$	210,000	$	210,000
Unamortized discount		(45,329)		(47,660)
Unamortized issuance costs attributable to principal amount		(3,925)		(4,127)
Total Convertible Notes, net	$	160,746	$	158,213

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	20,000,000	20,000,000
Preferred stock, Issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized shares	150,000,000	150,000,000
Common stock, Issued shares	54,507,667	54,200,810
Common stock, outstanding shares	54,507,667	54,200,810

Net Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

Note 2—Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period, determined using the treasury-stock method. Common share equivalents are excluded from the diluted net loss per share computation if their effect is anti-dilutive.

The basic and diluted net loss per share amounts for the three months ended March 31, 2020 and 2019 were computed based on the shares of common stock outstanding during the respective periods. Potentially dilutive securities excluded from the diluted loss per share calculation are as follows:


	March 31,
	2020	2019
Outstanding options to purchase common stock	12,591,341	11,840,521
Outstanding warrants to purchase common stock	243,115	243,115
Total potentially dilutive shares excluded from loss per share	12,834,456	12,083,636

Shareholders' Deficit- Equity Table (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Balance	$ (109,021)	$ (100,156)
Exercise of stock options	2,712	108
Stock-based compensation	3,476	3,374
Net loss	(29,031)	(24,345)
Balance	(131,864)	(121,019)
Common Stock
Class of Stock [Line Items]
Balance	542	490
Exercise of stock options	3
Balance	545	490
Additional Paid-in Capital
Class of Stock [Line Items]
Balance	625,048	549,479
Exercise of stock options	2,709	108
Stock-based compensation	3,476	3,374
Balance	631,233	552,961
Accumulated Deficit
Class of Stock [Line Items]
Balance	(734,611)	(650,125)
Net loss	(29,031)	(24,345)
Balance	$ (763,642)	$ (674,470)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Net Loss Per Share (Details) - shares	3 Months Ended
Net Loss Per Share (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding dilutive securities not included in diluted loss per share calculation	12,834,456	12,083,636
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding dilutive securities not included in diluted loss per share calculation	12,591,341	11,840,521
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding dilutive securities not included in diluted loss per share calculation	243,115	243,115

Convertible Senior Notes - Narrative (Details) - Convertible Debt	Nov. 15, 2018 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Convertible Notes
Debt Instrument
Convertible Notes initially issued \| $	$ 210,000,000.0	$ 210,000,000	$ 210,000,000
Interest Rate	6.25%	6.25%
Conversion rate	0.0520183
Value used in calculation of conversion rate \| $	$ 1,000
Conversion Price	$ 19.22
Capped Call Transaction \| Minimum
Debt Instrument
Conversion Price	19.22
Capped Call Transaction \| Maximum
Debt Instrument
Conversion Price	$ 28.84

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss per Share


	March 31,
	2020	2019
Outstanding options to purchase common stock	12,591,341	11,840,521
Outstanding warrants to purchase common stock	243,115	243,115
Total potentially dilutive shares excluded from loss per share	12,834,456	12,083,636

Certain Balance Sheet Accounts - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Trade receivables, net	$ 24,011	$ 35,074
Sublease and other receivables	106	111
Total accounts receivables, net	24,117	35,185
Chargeback and product return allowances	$ 4,100	$ 1,600

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization	Organization We are a commercial-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, complement-mediated diseases, disorders of the central nervous system, and immune-related diseases, including cancers. Our first drug product, OMIDRIA, is marketed in the United States (U.S.) for use during cataract surgery or intraocular lens replacement.
Basis of Presentation	Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions have been eliminated and we have determined we operate in one segment. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The information as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Condensed Consolidated Balance Sheet at December 31, 2019 has been derived from our audited financial statements but does not include all of the information and footnotes required by GAAP for audited annual financial information. The accompanying unaudited condensed consolidated financial statements and related notes thereto should be read in conjunction with the audited consolidated financial statements and related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2020.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, stock-based compensation expense and accruals for clinical trials, manufacturing of drug product and clinical drug supply and other contingencies. We base our estimates on historical experience and on various other factors, including the impact of the COVID-19 pandemic, that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition When we enter into a customer contract, we perform the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We generally record revenue from product sales when the product is delivered to our wholesalers. Product sales are recorded net of wholesaler distribution fees and estimated chargebacks, rebates, returns and purchase-volume discounts. Accruals or allowances are established for these deductions in the same period when revenue is recognized, and actual amounts incurred are offset against the applicable accruals or allowances. We reflect each of these accruals or allowances as either a reduction in the related accounts receivable or as an accrued liability depending on how the amount is expected to be settled.
Right-of-Use Assets and Related Lease Liabilities	Right-of-Use Assets and Related Lease Liabilities We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not readily available. We recognize variable lease payments when incurred. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. We record finance leases as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12 months or less as operating expenses on a straight-line basis over the lease term.
Advance Payments	Advance Payments Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and then recognized as an expense as the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payments based on estimated fair values as of the date of grant. The fair value of our stock options is calculated using the Black-Scholes option-pricing model which requires judgmental assumptions including volatility, forfeiture rates and expected option life. We use the straight-line method to allocate stock-based compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period.
Recently Adopted Pronouncements	Recently Adopted Pronouncements In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments—Credit Losses, (Topic 326) which changes how entities account for credit losses on most financial assets and certain other instruments and expands disclosures. The standard is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted. We adopted the standard on January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements and disclosures.

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of Stockholders Equity


			Additional
	Common		Paid-In		Accumulated
	Stock		Capital		Deficit		Total
		(In thousands)
Balance January 1, 2020	$	542	$	625,048	$	(734,611)	$	(109,021)
Exercise of stock options		3		2,709		—		2,712
Stock-based compensation expense		—		3,476		—		3,476
Net loss		—		—		(29,031)		(29,031)
Balance March 31, 2020	$	545	$	631,233	$	(763,642)	$	(131,864)


			Additional
	Common		Paid-In		Accumulated
	Stock		Capital		Deficit		Total
		(In thousands)
Balance January 1, 2019	$	490	$	549,479	$	(650,125)	$	(100,156)
Exercise of stock options		—		108		—		108
Stock-based compensation expense		—		3,374		—		3,374
Net loss		—		—		(24,345)		(24,345)
Balance March 31, 2019	$	490	$	552,961	$	(674,470)	$	(121,019)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues [Abstract]
Product sales, net	$ 23,537	$ 21,779
Costs and expenses:
Cost of product sales	267	131
Research and development	28,911	26,255
Selling, general and administrative	18,036	14,632
Total costs and expenses	47,214	41,018
Loss from operations	(23,677)	(19,239)
Interest expense	(5,903)	(5,600)
Other income	549	494
Net loss	(29,031)	(24,345)
Comprehensive loss	$ (29,031)	$ (24,345)
Basic and diluted net loss per share (USD per share)	$ (0.53)	$ (0.50)
Weighted-average shares used to compute basic and diluted net loss per share ( in shares)	54,299,813	49,014,009
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember

Fair-Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


	March 31, 2020
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Money-market funds classified as non-current restricted investments	$	1,154	$	—	$	—	$	1,154
Money-market funds classified as short-term investments		46,862		—		—		46,862
Total	$	48,016	$	—	$	—	$	48,016


	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Money-market funds classified as non-current restricted investments	$	1,154	$	—	$	—	$	1,154
Money-market funds classified as short-term investments		57,704		—		—		57,704
Total	$	58,858	$	—	$	—	$	58,858

Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total cost	$ 9,792		$ 9,864
Less accumulated depreciation and amortization	(6,437)		(6,035)
Total property and equipment, net	3,355		3,829
Depreciation and amortization	402	$ 377
Finance leases
Property, Plant and Equipment [Line Items]
Total cost	5,496		5,474
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total cost	2,750		2,844
Computer equipment
Property, Plant and Equipment [Line Items]
Total cost	921		921
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Total cost	$ 625		$ 625

Fair-Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair-Value Measurements

Note 4—Fair-Value Measurements

As of March 31, 2020, and December 31, 2019, all investments were classified as short-term and available-for-sale on the accompanying Condensed Consolidated Balance Sheets. Investment income, which was included as a component of other income, consists of interest earned.

On a recurring basis, we measure certain financial assets at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required:

Level 1—Observable inputs for identical assets or liabilities, such as quoted prices in active markets;

Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3—Unobservable inputs in which little or no market data exists, therefore they are developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

Our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis are as follows:


	March 31, 2020
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Money-market funds classified as non-current restricted investments	$	1,154	$	—	$	—	$	1,154
Money-market funds classified as short-term investments		46,862		—		—		46,862
Total	$	48,016	$	—	$	—	$	48,016


	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Money-market funds classified as non-current restricted investments	$	1,154	$	—	$	—	$	1,154
Money-market funds classified as short-term investments		57,704		—		—		57,704
Total	$	58,858	$	—	$	—	$	58,858

Cash held in demand deposit accounts of $7.1 million and $3.1 million is excluded from our fair-value hierarchy disclosure as of March 31, 2020 and December 31, 2019, respectively. There were no unrealized gains or losses associated with our short-term investments as of March 31, 2020 or December 31, 2019. The carrying amounts reported in the accompanying Condensed Consolidated Balance Sheets for receivables, accounts payable, other current monetary assets and liabilities approximate fair value.

See “Note 6--Convertible Senior Notes” for the carrying amount and estimated fair value of our 6.25% Convertible Senior Notes due 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Convertible Senior Notes

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Convertible Senior Notes

Note 6—Convertible Senior Notes

We have $210.0 million aggregate principal amount 6.25% Convertible Senior Notes due 2023 (the Convertible Notes). The Convertible Notes are unsecured and accrue interest at an annual rate of 6.25% per annum, payable semi-annually in arrears on May 15 and November 15 of each year. The Convertible Notes mature on November 15, 2023, unless earlier purchased, redeemed or converted in accordance with their terms.

The Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, as we elect at our sole discretion. The initial conversion rate is 52.0183 shares of our common stock per $1,000 of note principal (equivalent to an initial conversion price of approximately $19.22 per share of common stock), subject to adjustment in certain circumstances. To reduce the dilutive impact or potential cash expenditure associated with conversion of the Convertible Notes, we entered into a capped call transaction which essentially covers the number of shares of our common stock underlying the Convertible Notes when our common stock is trading between the initial conversion price of $19.22 per share and $28.84 per share. As of March 31, 2020, all Convertible Notes remain outstanding.

The balance of our Convertible Notes at March 31, 2020 and December 31, 2019, is as follows:


	March 31,		December 31,
	2020		2019
	(In thousands)
Principal amount	$	210,000	$	210,000
Unamortized discount		(45,329)		(47,660)
Unamortized issuance costs attributable to principal amount		(3,925)		(4,127)
Total Convertible Notes, net	$	160,746	$	158,213

The estimated fair value of the Convertible Notes at March 31, 2020, as determined through consideration of quoted market prices, was $190.1 million. The fair value is classified as Level 3 due to the limited trading activity for the Convertible Notes.

Certain Balance Sheet Accounts - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Contract research and development	$ 19,318	$ 24,107
Sales rebates, fees and discounts	8,785	10,870
Consulting and professional fees	4,921	1,640
Employee compensation	3,337	3,610
Clinical trials	1,468	1,982
Interest payable	2,772	3,546
Other accrued expenses	778	872
Total accrued expenses	$ 41,379	$ 46,627

Certain Balance Sheet Accounts - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 91	$ 91
Work-in-process	394	338
Finished goods	726	718
Total inventory	$ 1,211	$ 1,147

Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Organization and Basis of Presentation

Note 1—Organization and Significant Accounting Policies

Organization

We are a commercial-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, complement-mediated diseases, disorders of the central nervous system, and immune-related diseases, including cancers. Our first drug product, OMIDRIA, is marketed in the United States (U.S.) for use during cataract surgery or intraocular lens replacement.

Basis of Presentation

Our condensed consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions have been eliminated and we have determined we operate in one segment. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The information as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Condensed Consolidated Balance Sheet at December 31, 2019 has been derived from our audited financial statements but does not include all of the information and footnotes required by GAAP for audited annual financial information.

The accompanying unaudited condensed consolidated financial statements and related notes thereto should be read in conjunction with the audited consolidated financial statements and related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2020.

Risks and Uncertainties Related to COVID-19

In December 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan, China and has since spread around the world. On March 11, 2020, the World Health Organization (WHO) declared the outbreak of COVID-19 a global pandemic. The COVID-19 outbreak and the response of governmental authorities to try to limit it are having a significant impact on our business. On March 18, 2020, The American Academy of Ophthalmology issued a letter recommending that all ophthalmologists immediately cease providing any treatment other than urgent or emergent care. Upon this recommendation the ambulatory surgery centers (ASCs) and hospitals using OMIDRIA postponed nearly all cataract surgery. Consequently, our sales of OMIDRIA to our wholesalers have been minimal following the announcement. In early May, a large number of states began re-opening ASCs and hospitals to cataract surgery, and we have had facilities in at least 36 states initiate re-ordering of OMIDRIA from our wholesalers. The COVID-19 pandemic could have a continuing adverse impact on our business, operations and financial results, including through sustained limitations on cataract surgery and corresponding reduction in demand for OMIDRIA, disruptions in commercial sales activities, higher than normal volume of OMIDRIA product returns, delays or disruptions with respect to manufacturing of clinical or commercial supply, delays in our clinical trials or in the submission or review of regulatory applications, as well as a deterioration of general economic conditions. Due to the unknown magnitude, duration and outcome of the COVID-19 pandemic, it is not possible to estimate precisely its impact on our business, operations or financial results; however, the impact could be material.

Going Concern Discussion

As of March 31, 2020, we had cash, cash equivalents and short-term investments of $54.0 million and an accounts receivable-based line of credit that allows us to borrow up to $50.0 million depending on our eligible accounts receivable

borrowing base. We have incurred losses from operations of $23.7 million and $63.4 million for the three months ended March 31, 2020, and the year ended December 31, 2019, respectively. Cash used in operating activities was $9.1 million and $60.1 million for the three months ended March 31, 2020, and the year ended December 31, 2019, respectively. We will continue to incur losses from operations as revenues exceed operating costs and debt service obligations.

OMIDRIA pass-through reimbursement is scheduled to end on September 30, 2020 and our first quarter 2020 sales of OMIDRIA were negatively affected by the COVID-19 pandemic. As such, we cannot predict future OMIDRIA revenues due to the uncertain impact of these circumstances on sales of OMIDRIA in 2020 and beyond. Similarly, we are unable to include in the determination regarding our prospects as a going concern amounts available under our accounts receivable-based line of credit or any proceeds from debt transactions or other financing instruments despite our successful track record in accessing capital through these avenues. We also have not included any potential partnerships related to our products or product candidates. Regardless of whether we secure continued passthrough payment for OMIDRIA, our working capital needs will likely continue to increase, particularly if the disruption to our operations caused by the COVID-19 pandemic continues. The conditions described above, when evaluated within the constraints of the accounting literature, raise substantial doubt with respect to our ability to meet our obligations through May 11, 2021 and, therefore, to continue as a going concern.

We plan to continue to fund our operations through proceeds from sales of OMIDRIA and, in addition, we may utilize funds available under our accounts receivable-based line of credit, which allows us to borrow up to 85% of our available accounts receivable borrowing base or $50 million, whichever is less. Should it be necessary or determined to be strategically advantageous, we also could pursue debt financings, public and private offerings of our equity securities similar to those we have completed previously, and/or other strategic transactions, which may include licensing a portion of our existing technology. If these capital sources, for any reason, are needed but inaccessible, it would have a significantly negative effect on our financial condition. Should it be necessary to manage our operating expenses, we would reduce our projected cash requirements through reduction of our expenses by delaying clinical trials, reducing selected research and development efforts, and/or implementing other restructuring activities.

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to our ability to continue as a going concern.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, stock-based compensation expense and accruals for clinical trials, manufacturing of drug product and clinical drug supply and other contingencies. We base our estimates on historical experience and on various other factors, including the impact of the COVID-19 pandemic, that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.

Revenue Recognition

When we enter into a customer contract, we perform the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation.

We generally record revenue from product sales when the product is delivered to our wholesalers. Product sales are recorded net of wholesaler distribution fees and estimated chargebacks, rebates, returns and purchase-volume discounts. Accruals or allowances are established for these deductions in the same period when revenue is recognized, and actual amounts incurred are offset against the applicable accruals or allowances. We reflect each of these accruals or

allowances as either a reduction in the related accounts receivable or as an accrued liability depending on how the amount is expected to be settled.

Right-of-Use Assets and Related Lease Liabilities

We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not readily available. We recognize variable lease payments when incurred. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. We record finance leases as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12 months or less as operating expenses on a straight-line basis over the lease term.

Advance Payments

Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and then recognized as an expense as the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided.

Stock-Based Compensation

Stock-based compensation expense is recognized for all share-based payments based on estimated fair values as of the date of grant. The fair value of our stock options is calculated using the Black-Scholes option-pricing model which requires judgmental assumptions including volatility, forfeiture rates and expected option life. We use the straight-line method to allocate stock-based compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period.

Recently Adopted Pronouncements

Stock-Based Compensation - Fair Value of Employee Option Grant Estimated on Date of Grant (Details) - Stock Options	3 Months Ended
	Mar. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted-average fair value (USD per share)	$ 7.89
Weighted Average
Weighted-average assumptions
Expected volatility	76.00%
Expected term, in years	6 years
Risk-free interest rate	1.18%
Expected dividend yield	0.00%

Debt (Details) - Line of Credit Agreement - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument
Borrowing capacity	$ 50.0
Borrowing option - percentage of eligible accounts receivable	85.00%
Outstanding borrowings	$ 0.0	$ 0.0
Prime Rate
Debt Instrument
Interest Rate	5.50%

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)		1,744,585
Exercise price (USD per share) \| $ / shares		$ 11.95
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested options outstanding (shares)	4,300,000	4,300,000
Period for recognition		2 years 10 months 24 days
Shares available for future grants (shares)	3,700,000	3,700,000
Unrecognized compensation expense \| $	$ 32.9	$ 32.9
Granted (shares)	1,600,000
Exercise price (USD per share) \| $ / shares	$ 11.91
Stock options, average vesting period	4 years

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contract termination fees	$ 17.6

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

Note 5—Debt

Line of Credit

We have a Loan and Security Agreement with Silicon Valley Bank, which provides for a $50.0 million revolving line of credit facility (the Line of Credit Agreement). Under the Line of Credit Agreement, we may draw, on a revolving basis, up to the lesser of $50.0 million and 85.0% of our eligible accounts receivable, less certain reserves. Interest on amounts outstanding is payable monthly at the greater of 5.5% and the prime rate. The line of credit is secured by all our assets excluding intellectual property and development program inventories.

As of March 31, 2020 and December 31, 2019, we had no outstanding borrowings under the Line of Credit Agreement.

Shareholders' Deficit - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Proceeds upon exercise of stock options	$ 2,712	$ 108
Issuance of common stock upon exercise of stock options (in shares)	306,857	10,744
Warrants to purchase common stock
Class of Warrant or Right [Line Items]
Warrants outstanding	243,115		243,115
Warrant exercise price (in USD per share)	$ 20.68		$ 20.68

Fair-Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as non-current restricted investments	$ 1,154	$ 1,154
Money-market funds classified as short-term investments	46,862	57,704
Fair Value, Measurements, Recurring \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as non-current restricted investments	1,154	1,154
Money-market funds classified as short-term investments	46,862	57,704
Total	48,016	58,858
Fair Value, Measurements, Recurring \| Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as non-current restricted investments	1,154	1,154
Money-market funds classified as short-term investments	46,862	57,704
Total	$ 48,016	$ 58,858

Lease Liabilities

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lease liabilities

Note 7—Leases

We have operating leases related to our office and laboratory space and finance leases for certain laboratory and office equipment, as follows:


	March 31,		December 31,
	2020		2019
	(In thousands)
Assets
Operating lease assets	$	27,081	$	27,082
Finance lease assets, net		2,638		2,973
Total lease assets	$	29,719	$	30,055

Liabilities
Current:
Operating leases	$	2,391	$	2,282
Finance leases		1,206		1,222
Non-current:
Operating leases		30,125		30,772
Finance leases		1,271		1,546
Total lease liabilities	$	34,993	$	35,822

The components of total lease cost are as follows:


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Lease cost
Operating lease cost	$	1,509	$	1,031
Finance lease cost:
Amortization		357		290
Interest		89		82
Short-term lease cost		—		138
Variable lease cost		542		486
Sublease income		(293)		(224)
Total lease cost	$	2,204	$	1,803

The supplemental cash flow information related to leases is as follows:


	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	2,136	$	1,647
Operating cash flows used for finance leases	$	89	$	82
Financing cash flows used for finance leases	$	313	$	254