0001437749-24-010416 | 10-K | XBRL Viewer

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Continuing operations:
Current income tax expense:
Federal	$	—	$	—	$	—
State		—		—		—
Total current income tax expense		—		—		—

Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income tax benefit in continuing operations	$	—	$	—	$	—

Income tax expense as a component of discontinued operations	$	462	$	3,952	$	1,006

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*December 31,*
	*2023*			*2022*
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	95,183		$	85,887
Research and development tax credits		92,837			78,992
Capitalized research and development		39,318			21,864
OMIDRIA royalty obligation		28,903			28,938
Stock-based compensation		10,132			12,517
Lease liability		5,085			5,926
Other		10,283			9,234
Total deferred tax assets		281,741			243,358
Deferred tax liabilities:
OMIDRIA contract royalty asset		(38,832	)		(34,883	)
Right of use assets		(4,304	)		(4,987	)
Property and equipment		(122	)		(288	)
Total deferred tax liabilities		(43,258	)		(40,158	)
Net deferred tax assets before valuation allowance		238,483			203,200
Less valuation allowance		(238,483	)		(203,200	)
Net deferred tax liabilities	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*Year ended December 31,*
	*2023*			*2022*			*2021*
U.S. Federal statutory rate on net loss		(21.0	)%		(21.0	)%		(21.0	)%
State tax, net of federal tax benefit		(2.1	)%		(1.7	)%		(0.6	)%
Change in valuation allowance		27.7	%		28.3	%		26.9	%
Tax credits		(8.0	)%		(6.8	)%		(5.5	)%
Stock compensation		1.5	%		1.4	%		0.3	%
Other		1.9	%		(0.2	)%		(0.1	)%
Effective tax rate		0.0	%		0.0	%		0.0	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Balance at December 31, 2022	$	212
Increase in balance related to tax positions taken during prior years		1,796
Decrease in balance related to tax positions during prior years		(30	)
Decrease in balance as a result of a lapse of the applicable statute of limitations		(12	)
Balance at December 31, 2023	$	1,966

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 7,105	$ 11,009
Short-term investments	164,743	183,909
OMIDRIA contract royalty asset, short-term	29,373	28,797
Receivables	8,096	213,221
Prepaid expense and other assets	8,581	6,300
Total current assets	217,898	443,236
OMIDRIA contract royalty asset	138,736	123,425
Right of use assets	18,631	21,762
Property and equipment, net	1,950	1,492
Restricted investments	1,054	1,054
Total assets	378,269	590,969
Current liabilities:
Accounts payable	7,712	5,989
Accrued expenses	31,868	30,551
Current portion of convertible senior notes, net	0	94,381
Current portion of OMIDRIA royalty obligation	8,576	1,152
Current portion of lease liabilities	5,160	4,310
Total current liabilities	53,316	136,383
Convertible senior notes, net	213,155	220,906
OMIDRIA royalty obligation	116,550	125,126
Lease liabilities, non-current	18,143	22,426
Other accrued liabilities - noncurrent	2,088	444
Commitments and contingencies (Note 10)
Shareholders’ equity (deficit):
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at December 31, 2023 and December 31, 2022	0	0
Common stock, par value $0.01 per share, 150,000,000 shares authorized at December 31, 2023 and December 31, 2022; 61,128,597 and 62,828,765 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively.	611	628
Additional paid-in capital	727,936	720,773
Accumulated deficit	(753,530)	(635,717)
Total shareholders’ equity (deficit)	(24,983)	85,684
Total liabilities and shareholders’ equity (deficit)	$ 378,269	$ 590,969

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income (loss)	$ (117,813)	$ 47,417	$ 194,235
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense	11,650	14,072	17,630
Non-cash interest expense on convertible senior notes	1,853	1,830	1,696
Depreciation and amortization	920	952	1,386
Remeasurement on OMIDRIA contract royalty asset	(41,167)	(14,457)	0
Interest on OMIDRIA contract royalty asset	(15,315)	(18,634)	0
Accretion on U.S. government treasury bills, net	(8,714)	0	0
Gain on early extinguishment of convertible senior notes	(4,112)	0	0
Gain on sale of OMIDRIA, gross	0	0	(310,563)
Non-cash interest expense on future royalty obligation	0	1,695	0
Changes in operating assets and liabilities:
Receivables	205,125	(175,066)	(34,314)
OMIDRIA contract royalty asset	40,595	65,439	0
Accounts payable and accrued expense	4,682	(10,665)	14,640
Prepaid expenses and other	(2,978)	934	5,568
Net cash provided by (used in) operating activities	74,726	(86,483)	(109,722)
Investing activities:
Purchases of investments	(1,018,602)	(429,045)	(32,006)
Proceeds from the sale and maturities of investments	1,046,482	301,594	100,000
Purchases of property and equipment	(426)	(113)	(277)
Proceeds from Divestiture of Businesses	0	0	125,993
Net cash provided by (used in) investing activities	27,454	(127,564)	193,710
Financing activities:
Payments on convertible senior notes	(99,873)	0	0
Repurchases on common stock	(4,654)	0	0
Principal payments	(1,152)	(417)	0
Payments on finance lease obligations	(555)	(750)	(1,823)
Proceeds upon exercise of stock options	150	415	8,383
Proceeds upon entering into OMIDRIA royalty obligation	0	125,000	0
At the market offering costs	0	0	(241)
Net cash provided by (used in) financing activities	(106,084)	124,248	6,319
Net increase (decrease) in cash and cash equivalents	(3,904)	(89,799)	90,307
Cash and cash equivalents at beginning of period	11,009	100,808	10,501
Cash and cash equivalents at end of period	7,105	11,009	100,808
Supplemental cash flow information
Cash paid for interest	29,923	19,178	17,876
Equipment acquired under finance lease	$ 952	$ 40	$ 289

Note 7 - Discontinued Operations - Sale of OMIDRIA - Net Income From Discontinued Operations (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income tax expense (1)

$ 462

$ 3,952

$ 1,006

Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member]

Costs and expenses

30,631

Gross margin

80,104

Gain on sale of OMIDRIA

305,648

Interest on OMIDRIA contract royalty asset

15,315

18,634

Remeasurement adjustments

41,167

14,457

Other income

1,087

307

1,035

Income before income tax

57,569

233,398

386,787

Income tax expense (1)

(462)

(3,952)

(1,006)

Net income from discontinued operations, net of tax

57,107

229,446

385,781

Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | Product [Member]

Revenue

^[1]

110,735

Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | Development Milestones [Member]

Revenue

$ 0

$ 200,000

$ 0

[1]	For further discussion of income tax expense refer to “Note 13 – Income Taxes”.

Note 13 - Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Text Block]

Note 13—Income Taxes

The components of income tax benefit from continuing and discontinued operations were as follows:

	*December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Continuing operations:
Current income tax expense:
Federal	$	—	$	—	$	—
State		—		—		—
Total current income tax expense		—		—		—

Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income tax benefit in continuing operations	$	—	$	—	$	—

Income tax expense as a component of discontinued operations	$	462	$	3,952	$	1,006

For the years ended December 31, 2023, 2022 and 2021, for federal and state income tax purposes, we had net losses from continuing operations and net income from discontinued operations, which resulted in an overall tax loss. At December 31, 2023, 2022 and 2021, we had federal net operating loss ("NOL") carryforwards of approximately $398.6 million, $361.4 million and $630.6 million, respectively, for all periods. At December 31, 2023, 2022 and 2021, we had state NOL carryforwards of approximately $245.8 million, $226.3 million and $245.1 million, respectively. In 2023, we had a net loss for federal income tax purposes and in 2022 and 2021, we utilized existing net operating loss carryforwards of $268.6 million and $245.1 million, respectively to fully offset our federal tax liability for both periods. We recorded state income tax expense of $0.5 million, $4.0 million and $1.0 million in discontinued operations in 2023, 2022 and 2021, respectively as we did not have adequate net operating losses and tax credits to fully offset our state tax liability.

Deferred income tax assets and liabilities reflect the tax effect of net operating loss and tax credit carryforwards and the net temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of deferred income taxes were as follows:

	*December 31,*
	*2023*			*2022*
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	95,183		$	85,887
Research and development tax credits		92,837			78,992
Capitalized research and development		39,318			21,864
OMIDRIA royalty obligation		28,903			28,938
Stock-based compensation		10,132			12,517
Lease liability		5,085			5,926
Other		10,283			9,234
Total deferred tax assets		281,741			243,358
Deferred tax liabilities:
OMIDRIA contract royalty asset		(38,832	)		(34,883	)
Right of use assets		(4,304	)		(4,987	)
Property and equipment		(122	)		(288	)
Total deferred tax liabilities		(43,258	)		(40,158	)
Net deferred tax assets before valuation allowance		238,483			203,200
Less valuation allowance		(238,483	)		(203,200	)
Net deferred tax liabilities	$	—		$	—

As of December 31, 2023, we had federal net operating loss carryforwards of approximately $398.6 million and state net operating loss carryforwards of approximately $245.8 million. Pre-2018 federal net operating losses of $109.8 million expire between 2035 and 2037. Post-2018 federal net operating losses of $288.8 million do not expire. Research and development tax credit carryforwards of $93.0 million expire between 2024 and 2043.

The Tax Cuts and Jobs Act was enacted on December 22, 2017 and includes the requirement to capitalize and amortize research and experimental expenditures beginning in 2022. Prior to 2022, we expensed these costs as incurred for tax purposes.

Reconciliation of income tax computed at federal statutory rates to the reported provisions for income taxes from continuing operations are as follows:

	*Year ended December 31,*
	*2023*			*2022*			*2021*
U.S. Federal statutory rate on net loss		(21.0	)%		(21.0	)%		(21.0	)%
State tax, net of federal tax benefit		(2.1	)%		(1.7	)%		(0.6	)%
Change in valuation allowance		27.7	%		28.3	%		26.9	%
Tax credits		(8.0	)%		(6.8	)%		(5.5	)%
Stock compensation		1.5	%		1.4	%		0.3	%
Other		1.9	%		(0.2	)%		(0.1	)%
Effective tax rate		0.0	%		0.0	%		0.0	%

We file federal and certain state income tax returns, which provides varying statutes of limitations on assessments. However, because of net operating loss carryforwards, substantially all our tax years remain open to federal and state tax examination.

As of December 31, 2023 and 2022, the total amount of gross unrecognized tax benefits was $2.0 million and $0.2 million, respectively. We recognized $0.3 million of interest and penalties at December 31, 2023 as an unrecognized tax benefit. As of December 31, 2023, $1.8 million of the total unrecognized tax benefits, if recognized, would have an impact on our effective tax rate. We estimate that there will be no material changes in this uncertain tax position for the next 12 months. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

The following table summarizes the activities related to our gross unrecognized tax benefits (in thousands):

Balance at December 31, 2022	$	212
Increase in balance related to tax positions taken during prior years		1,796
Decrease in balance related to tax positions during prior years		(30	)
Decrease in balance as a result of a lapse of the applicable statute of limitations		(12	)
Balance at December 31, 2023	$	1,966

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note 13 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal	$ 0	$ 0	$ 0
State	0	0	0
Total current income tax expense	0	0	0
Federal	0	0	0
State	0	0	0
Total deferred income tax benefit	0	0	0
Income tax benefit in continuing operations	0	0	0
Income tax expense (1)	$ 462	$ 3,952	$ 1,006

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 12 - Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Balance, options (in shares) \| shares	13,872,973
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.02
Granted (in shares) \| shares	3,153,200
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 3.01
Exercised, options (in shares) \| shares	(36,726)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.1
Forfeited, options (in shares) \| shares	(1,734,293)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.96
Balance, options (in shares) \| shares	15,255,154
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.5
Balance, Remaining Contractual Life (Year)	6 years 2 months 12 days
Balance, Intrinsic Value \| $	$ 1,388
Vested and expected to vest, options (in shares) \| shares	14,762,090
Vested and expected to vest, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.65
Vested and expected to vest, Remaining Contractual Life (Year)	6 years
Vested and expected to vest, Intrinsic Value \| $	$ 1,272
Exercisable, options (in shares) \| shares	10,554,140
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.5
Exercisable, Remaining Contractual Life (Year)	4 years 8 months 12 days
Exercisable, Intrinsic Value \| $	$ 217

Note 3 - Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Text Block]

Note 3—Net Income (Loss) Per Share

Basic net income (loss) per share ("Basic EPS") is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share (“Diluted EPS”) is computed by dividing net income (loss) by the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Our potentially dilutive securities include common shares related to our stock options, RSUs and convertible senior notes calculated using the treasury stock method. In periods where we have a net loss from continuing operations but overall net income, we do not compute Diluted EPS. Potentially dilutive securities excluded from Diluted EPS are as follows:

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
2026 Notes convertible to common stock⁽¹⁾		11,132,366		12,172,008		12,172,008
2023 Notes convertible to common stock ⁽¹⁾⁽²⁾		4,318,944		4,941,739		4,941,739
Outstanding options to purchase common stock		38,462		9,488		1,707,371
Outstanding restricted stock units		—		98,750		2,642
Total dilutive shares excluded from net income (loss) per share		15,489,772		17,221,985		18,823,760

(1) The 2023 Notes were, and the 2026 Notes are subject to a capped call arrangement that potentially reduces the dilutive effect as described in “Note 6 - Convertible Senior Notes”. Any potential impact of the capped call arrangement is excluded from this table.

(2) The 2023 Notes were fully extinguished on November 15, 2023.

Note 8 - OMIDRIA Royalty Obligation (Details Textual) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 30, 2022	Feb. 29, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Proceeds From Royalty Obligation			$ 0	$ 125,000	$ 0
Interest Expense			30,844	22,702	$ 19,669
Subsequent Event [Member]
Proceeds From Royalty Obligation		$ 115,500
Subsequent Event [Member] \| Minimum [Member]
Milestone Benchmark One, If Milestone Achieves		10,000
Milestone Benchmark Two, If Milestone Achieves		156,000
Milestone Benchmark Three, Minimum Net Sales Required for Four Consecutive Quarters		8,000
Milestone Benchmark Four, Minimum Net Sales Required for Four Consecutive Quarters		181,000
Subsequent Event [Member] \| Maximum [Member]
Milestone Benchmark One, If Milestone Achieves		27,500
Milestone Benchmark Two, If Milestone Achieves		160,000
Milestone Benchmark Three, Minimum Net Sales Required for Four Consecutive Quarters		27,500
Milestone Benchmark Four, Minimum Net Sales Required for Four Consecutive Quarters		$ 185,000
Royalty Obligation [Member]
Interest Expense			11,800	$ 2,900
Royalty Obligation [Member] \| Fair Value, Inputs, Level 3 [Member]
Liabilities, Fair Value Disclosure			$ 116,300
DRI Healthcare Acquisition LP [Member]
Proceeds From Royalty Obligation	$ 125,000
Maximum Royalty Payable Percentage			9.40%			9.40%

Note 9 - Lease Liabilities - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Right of use assets	$ 18,631	$ 21,762
Total lease assets	19,851	22,707
Total lease liabilities	$ 23,303	$ 26,736
Operating leases (years) (Year)	3 years 9 months 18 days	4 years 9 months 18 days
Finance leases (years) (Year)	2 years 3 months 18 days	2 years 3 months 18 days
Operating leases	12.81%	12.81%
Finance leases	8.57%	10.44%
Operating lease cost	$ 6,464	$ 6,152
Amortization	677	812
Interest	174	174
Variable lease cost	3,160	3,191
Sublease income	(1,500)	(1,755)
Net lease cost	8,975	8,574
Cash payments for operating leases	7,144	7,072
Cash payments for financing leases	655	790
Other Assets [Member]
Right of use assets	18,631	21,762
Finance lease assets, net	1,220	945
Other Current Liabilities [Member]
Operating leases	4,590	3,888
Finance leases	570	422
Other Noncurrent Liabilities [Member]
Operating leases	17,424	21,971
Finance leases	$ 719	$ 455

Note 4 - Fair-Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investment Income, Interest	$ 14.7	$ 2.2
Demand Deposits [Member]
Restricted Cash, Current	$ 7.1	$ 11.0

Note 7 - Discontinued Operations - Sale of OMIDRIA (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of Disposal Groups Including Discontinued Operations, Gains and Losses from Sale [Table Text Block]

Cash proceeds	$	125,993
OMIDRIA contract royalty asset		184,570
Gain on sale of OMIDRIA, gross		310,563
Transaction and closing costs		(1,972	)
RSUs granted to transferred employees		(1,419	)
Prepaid assets and inventory at cost		(1,524	)
Gain on sale of OMIDRIA	$	305,648

Disposal Groups, Including Discontinued Operations [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(In thousands)
Product sales, net	$	—		$	—		$	110,735
Costs and expenses		—			—			30,631
Gross margin		—			—			80,104
Gain on sale of OMIDRIA		—			—			305,648
Milestone income		—			200,000			—
Interest on OMIDRIA contract royalty asset		15,315			18,634			—
Remeasurement adjustments		41,167			14,457			—
Other income		1,087			307			1,035
Income before income tax		57,569			233,398			386,787
Income tax expense ⁽¹⁾		(462	)		(3,952	)		(1,006	)
Net income from discontinued operations, net of tax	$	57,107		$	229,446		$	385,781

Disposal Groups, Including Discontinued Operations, Contract Royalty Asset [Table Text Block]

Balance at December 31, 2021	$	184,570
Royalties earned		(65,439	)
Interest on OMIDRIA contract royalty asset		18,634
Remeasurement adjustments		14,457
Balance at December 31, 2022		152,222
Royalties earned		(40,595	)
Interest on OMIDRIA contract royalty asset		15,315
Remeasurement adjustments		41,167
Balance at December 31, 2023	$	168,109

Schedule Of Disposal Groups Including Discontinued Operations Cash Flows [Table Text Block]

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Net cash provided by discontinued operations from operating activities	$	241,317	$	78,082	$	55,380
Net cash provided by discontinued operations from investing activities	$	—	$	—	$	125,993

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Equity, Attributable to Parent

Note 6 - Convertible Senior Notes (Details Textual)
$ / shares in Units, shares in Millions

1 Months Ended

2 Months Ended

12 Months Ended

Nov. 15, 2023

USD ($)

Dec. 31, 2023

USD ($)

$ / shares

Sep. 30, 2020

USD ($)

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Jan. 01, 2021

USD ($)

Dec. 31, 2020

USD ($)

Aug. 14, 2020

USD ($)

$ (24,983,000)

$ 85,684,000

$ 23,780,000

$ (120,752,000)

Repayments of Convertible Debt

99,873,000

(0)

Gain (Loss) on Extinguishment of Debt

4,112,000

$ 0

Long-Term Debt, Gross

215,924,000

320,030,000

Debt Issuance Costs, Net

^[1]

2,769,000

$ 2,769,000

4,743,000

Convertible Senior Notes 2026 [Member]

Repayments of Convertible Debt

9,100,000

Gain (Loss) on Extinguishment of Debt

$ 4,100,000

Debt Instrument, Interest Rate, Stated Percentage

5.25%

Long-Term Debt, Gross

$ 215,924,000

225,030,000

Debt Instrument, Convertible, Conversion Ratio

54.0906

Debt Instrument, Convertible Debt, Denominator Amount

$ 1,000

Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares

$ 18.4875

Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares

12.2

Debt Instrument, Convertible, Fair Value Amount of Equity Component

$ 23,200,000

Debt Issuance Costs, Net

^[1]

$ 2,769,000

$ 4,124,000

Debt Instrument, Interest Rate, Effective Percentage

5.90%

Convertible Senior Notes 2026 [Member] | Minimum [Member]

Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares

$ 18.49

Convertible Senior Notes 2026 [Member] | Maximum [Member]

Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares

$ 26.1

Convertible Senior Notes 2026 [Member] | Debt Conversion After September 30, 2020 [Member]

Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger

130.00%

Debt Instrument, Convertible, Threshold Sale Price Of Common Stock Conversion Rate Product Percentage Maximum

98.00%

Convertible Senior Notes 2026 [Member] | Debt Conversion On Or After August 15, 2023 [Member]

Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger

130.00%

Convertible Senior Notes 2023 [Member]

Extinguishment of Debt, Amount

$ 95,000,000

Debt Instrument, Interest Rate, Stated Percentage

6.25%

Long-Term Debt, Gross

$ 95,000,000

Debt Issuance Costs, Net

^[1]

$ 619,000

Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2020-06 [Member]

Equity, Attributable to Parent

$ 75,500,000

$ (75,474,000)

[1]	The fair value is classified as Level 3 due to the limited trading activity for the convertible senior notes.

Note 4 - Fair-Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Table Text Block]

	*December 31, 2023*
			*Gross Unrealized*
	*Amortized Cost*		*Gains/(Losses)*		*Estimated Fair Value*
	(In thousands)

U.S. government securities classified as short-term investments	$	102,100	$	19	$	102,119
Money-market funds classified as short-term investments		62,643		—		62,643
Total short-term investments		164,743		19		164,762
Certificate of deposit classified as non-current restricted investments		1,054		—		1,054
Total investments	$	165,797	$	19	$	165,816

	*December 31, 2022*
			*Gross Unrealized*
	*Amortized Cost*		*Gains/(Losses)*		*Estimated Fair Value*
	(In thousands)

U.S. government securities classified as short-term investments	$	99,027	$	22	$	99,049
Money-market funds classified as short-term investments		84,882		—		84,882
Total short-term investments		183,909		22		183,931
Certificate of deposit classified as non-current restricted investments		1,054		—		1,054
Total investments	$	184,963	$	22	$	184,985

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	*December 31, 2023*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)

U.S. government securities classified as short-term investments	$	—	$	102,119	$	—	$	102,119
Money-market funds classified as short-term investments		62,643		—		—		62,643
Total short-term investments		62,643		102,119		—		164,762
Money-market funds classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	63,697	$	102,119	$	—	$	165,816

	*December 31, 2022*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)

U.S. government treasury bills classified as short-term investments	$	—	$	99,049	$	—	$	99,049
Money-market funds classified as short-term investments		84,882		—		—		84,882
Total short-term investments		84,882		99,049		—		183,931
Money-market funds classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	85,936	$	99,049	$	—	$	184,985

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 4 - Fair-Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Text Block]

Note 4—Fair-Value Measurements

All of our investments are held in our name and are classified as short-term and held-to-maturity. Interest income from investments for the years ended December 31, 2023 and December 31, 2022 were $14.7 million and $2.2 million, respectively.

The following tables summarize our investments:

	*December 31, 2023*
			*Gross Unrealized*
	*Amortized Cost*		*Gains/(Losses)*		*Estimated Fair Value*
	(In thousands)

U.S. government securities classified as short-term investments	$	102,100	$	19	$	102,119
Money-market funds classified as short-term investments		62,643		—		62,643
Total short-term investments		164,743		19		164,762
Certificate of deposit classified as non-current restricted investments		1,054		—		1,054
Total investments	$	165,797	$	19	$	165,816

	*December 31, 2022*
			*Gross Unrealized*
	*Amortized Cost*		*Gains/(Losses)*		*Estimated Fair Value*
	(In thousands)

U.S. government securities classified as short-term investments	$	99,027	$	22	$	99,049
Money-market funds classified as short-term investments		84,882		—		84,882
Total short-term investments		183,909		22		183,931
Certificate of deposit classified as non-current restricted investments		1,054		—		1,054
Total investments	$	184,963	$	22	$	184,985

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 are as follows:

	*December 31, 2023*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)

U.S. government securities classified as short-term investments	$	—	$	102,119	$	—	$	102,119
Money-market funds classified as short-term investments		62,643		—		—		62,643
Total short-term investments		62,643		102,119		—		164,762
Money-market funds classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	63,697	$	102,119	$	—	$	165,816

	*December 31, 2022*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)

U.S. government treasury bills classified as short-term investments	$	—	$	99,049	$	—	$	99,049
Money-market funds classified as short-term investments		84,882		—		—		84,882
Total short-term investments		84,882		99,049		—		183,931
Money-market funds classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	85,936	$	99,049	$	—	$	184,985

Unrealized gains and losses on our short-term investments were not material for either period presented. Cash held in demand deposit accounts of $7.1 million and $11.0 million is excluded from our fair-value hierarchy disclosure as of December 31, 2023 and 2022, respectively. The carrying amounts for receivables, accounts payable and accrued liabilities, and other current monetary assets and liabilities, including lease financing obligations, approximate fair value.

See “Note 6 - Convertible Senior Notes” and “Note 8 – OMIDRIA Royalty Obligation” for the carrying amount and estimated fair value of our 2023 Notes, 2026 Notes and the OMIDRIA royalty obligation.

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

Note 5 - Certain Balance Sheet Accounts - Schedule of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OMIDRIA milestone receivable	$ 0	$ 200,000
OMIDRIA royalty receivables	6,724	12,966
Other receivables	1,372	255
Total receivables	$ 8,096	$ 213,221

Note 9 - Lease Liabilities (Details Textual)	Dec. 31, 2023
Number Of Options To Extend Lease Term	2
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note 7 - Discontinued Operations - Sale of OMIDRIA (Details Textual) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 23, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 29, 2022
Proceeds from Divestiture of Businesses			$ 0	$ 0	$ 125,993
Percentage of Royalty Receivable on Sale of Product Rights	50.00%	30.00%
Omidria Assets Disposal [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Proceeds from Divestiture of Businesses	$ 126,000				$ 125,993
Milestone Payment Receivable from Sale of Royalty Under Asset Purchase Agreement		$ 200,000		$ 200,000		$ 200,000
Percentage of Royalty Receivable on Sale of Product Rights	50.00%	30.00%

Note 8 - OMIDRIA Royalty Obligation - Schedule of Principal and Interest Payments on Royalty Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024, principal	$ 8,576
2024, interest	11,424
2024, annual cap	20,000
2025, principal	14,641
2025, interest	10,359
2025, annual cap	25,000
2026, principal	16,081
2026, interest	8,919
2026, annual cap	25,000
2027, principal	17,664
2027, interest	7,336
2027, annual cap	25,000
2028, principal	19,402
2028, interest	5,598
2028, annual cap	25,000
Thereafter, principal	48,762
Thereafter, interest	4,988
Thereafter, annual cap	53,750
Total scheduled payments, principal	125,126
Total scheduled payments, interest	48,624
Total scheduled payments, annual cap	$ 173,750

Note 3 - Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
2026 Notes convertible to common stock⁽¹⁾		11,132,366		12,172,008		12,172,008
2023 Notes convertible to common stock ⁽¹⁾⁽²⁾		4,318,944		4,941,739		4,941,739
Outstanding options to purchase common stock		38,462		9,488		1,707,371
Outstanding restricted stock units		—		98,750		2,642
Total dilutive shares excluded from net income (loss) per share		15,489,772		17,221,985		18,823,760

Note 12 - Share-Based Compensation - Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Estimated weighted-average fair value (in dollars per share)	$ 2.44	$ 2.94	$ 10.54
Expected volatility	93.00%	90.00%	81.00%
Expected life, in years (Year)	7 years 2 months 12 days	6 years	6 years
Risk-free interest rate	3.97%	2.83%	1.06%
Expected dividend yield	0.00%	0.00%	0.00%

Note 1 - Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1—Organization and Basis of Presentation

General

Omeros Corporation (“Omeros,” the “Company” or “we”) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting immunologic disorders including complement-mediated diseases, cancers, and addictive and compulsive disorders. We marketed our first drug product OMIDRIA® (phenylephrine and ketorolac intraocular solution) 1% / 0.3% for use during cataract surgery or intraocular lens replacement in the United States (the “U.S.”) until we sold OMIDRIA and related business assets on December 23, 2021 (see “Sale of OMIDRIA Assets” below for additional information).

Our pipeline of clinical-stage development programs includes: narsoplimab, our antibody targeting mannan-binding lectin-associated serine protease 2 ("MASP-2"), the effector enzyme of the lectin pathway of complement; OMS1029, our long-acting antibody targeting MASP-2; OMS906, our antibody targeting mannan-binding lectin-associated serine protease-3 ("MASP-3"), the key activator of the alternative pathway of complement; and OMS527, our phosphodiesterase 7 ("PDE7") inhibitor program.

Clinical development of narsoplimab is currently focused primarily on hematopoietic stem cell transplant-associated thrombotic microangiopathy ("TA-TMA"). Our Biologics License Application ("BLA") for narsoplimab in TA-TMA is anticipated to be resubmitted with additional information to support potential approval of narsoplimab in this indication. In October 2023, we announced the results of a pre-specified interim analysis of our Phase 3 ARTEMIS-IGAN trial evaluating narsoplimab for the treatment of immunoglobulin A ("IgA") nephropathy. Topline results showed that narsoplimab did not reach statistically significant improvement over placebo on the primary endpoint of reduction in proteinuria. Based on this result, we have discontinued the ARTEMIS-IGAN clinical trial.

Phase 1 and Phase 2 clinical programs are underway in our other clinical-stage assets.

Sale of OMIDRIA Assets

On December 23, 2021, we closed on an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Rayner Surgical Inc. (“Rayner”) for the sale of our commercial product OMIDRIA. Rayner paid us $126.0 million in cash at closing, and we retained all outstanding accounts receivable, accounts payable and accrued expenses as of the closing date. Additionally, we are entitled to future royalty payments on net sales of OMIDRIA.

Under the Asset Purchase Agreement, Omeros is entitled to receive a milestone payment of $200.0 million (the “Milestone Payment”) following an event (the "Milestone Event") that establishes separate payment for OMIDRIA for a continuous period of at least four years when furnished in the ambulatory surgery center (“ASC”) setting. In December 2022, the Milestone Event occurred and we recorded a $200.0 million milestone receivable. We received the Milestone Payment in February 2023.

As a result of the divestiture, the results of OMIDRIA operations (e.g., revenues and operating costs) have been reclassified to discontinued operations in our consolidated statements of operations and comprehensive income (loss) and excluded from continuing operations for all periods presented (See“Note 7 – Discontinued Operations – Sale of OMIDRIA ”).

Basis of Presentation

Our consolidated financial statements include the financial position and results of operations of Omeros and our wholly owned subsidiaries. All inter-company transactions have been eliminated. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

Liquidity and Capital Resources

As of December 31, 2023, we had cash, cash equivalents and short-term investments of $171.8 million. Our cash provided by operations for the year ended December 31, 2023 was $74.7 million and included our 2023 net loss for the year of $117.8 million and collection of the $200.0 million Milestone Payment in the first quarter of 2023. We extinguished $95.0 million outstanding of convertible senior notes at maturity in November 2023. In February 2024, we received $115.5 million upon the sale to DRI Healthcare Acquisition LP ("DRI") of substantially all of our expected remaining U.S.-only Rayner OMIDRIA royalty receipts payable through December 31, 2031 (see “Note 8 - OMIDRIA Royalty Obligation”).

Historically, we have incurred net losses from continuing operations and negative operating cash flows. We have not yet established an ongoing source of revenue sufficient to cover our operating costs; therefore, we potentially need to continue to raise additional capital to accomplish our business plan and to retire our outstanding convertible senior notes due in 2026. We plan to continue to fund our operations for at least the next twelve months with our existing cash and investments and the $115.5 million we received in February 2024 from DRI. We have a sales agreement to sell shares of our common stock, from time to time, in an “at the market” equity offering facility through which we may offer and sell shares of our common stock equaling an aggregate amount up to $150.0 million. Should it be determined to be strategically advantageous, we could pursue debt financings as well as public and private offerings of our equity securities, similar to those we have previously completed, or other strategic transactions, which may include licensing a portion of our existing technology. Should it be necessary to manage our operating expenses, we could also reduce our projected cash requirements by delaying clinical trials, reducing selected research and development efforts, or implementing other restructuring activities.

Segments

We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making.

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 OMIDRIA contract royalty asset valuation, stock-based compensation expense, and accruals for clinical trials and manufacturing of drug product. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.

Note 6 - Convertible Senior Notes - Schedule of Debt Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Convertible Senior Notes 2023 [Member]
Contractual interest expense	$ 5,195	$ 5,938	$ 5,938
Amortization of debt issuance costs	619	663	618
Total interest expense	5,814	6,601	6,556
Convertible Senior Notes 2026 [Member]
Contractual interest expense	11,774	11,814	11,814
Amortization of debt issuance costs	1,355	1,167	1,078
Total interest expense	$ 13,129	$ 12,981	$ 12,892

Note 11 - Shareholders' Equity (Deficit) (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 23, 2023	Dec. 31, 2023	Nov. 09, 2023	Mar. 01, 2021
Equity Offering Facility, Maximum Aggregate Offering Amount		$ 150,000		$ 150,000
Stock Repurchase Program, Authorized Amount			$ 50,000
Stock Repurchased and Retired During Period, Value		$ 4,654
Indefinite Term Share Repurchase Program [Member]
Stock Repurchased and Retired During Period, Shares (in shares)		1,800,000
Shares Acquired, Average Cost Per Share (in dollars per share)		$ 2.54
Stock Repurchased and Retired During Period, Value		$ 4,700
2017 Omnibus Incentive Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	5,000,000

Note 9 - Lease Liabilities - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024, operating lease	$ 8,528
2024, finance lease	684
2024, leases	9,212
2025, operating lease	7,088
2025, finance lease	517
2025, leases	7,605
2026, operating lease	6,870
2026, finance lease	258
2026, leases	7,128
2027, operating lease	5,950
2027, finance lease	0
2027, leases	5,950
Total undiscounted operating lease payments	28,436
Total undiscounted finance lease payments	1,459
Total undiscounted lease payments	29,895
Less interest, operating lease	(6,422)
Less interest, finance lease	(170)
Less interest	(6,592)
Total lease liabilities	23,303	$ 26,736
Other Liabilities [Member]
Total operating lease liabilities	22,014
Total finance lease liabilities	$ 1,289

Note 5 - Certain Balance Sheet Accounts

12 Months Ended

Dec. 31, 2023

Supplemental Balance Sheet Disclosures [Text Block]

Note 5—Certain Balance Sheet Accounts

Receivables

Receivables consists of the following:

	*December 31,*		*December 31,*
	*2023*		*2022*
	(In thousands)
OMIDRIA milestone receivable	$	—	$	200,000
OMIDRIA royalty receivables		6,724		12,966
Other receivables		1,372		255
Total receivables	$	8,096	$	213,221

Property and Equipment, Net

Property and equipment, net consists of the following:

	*December 31,*			*December 31,*
	*2023*			*2022*
	(In thousands)
Equipment under finance leases	$	6,929		$	6,204
Laboratory equipment		3,525			3,135
Computer equipment		1,113			1,076
Office equipment and furniture		624			625
Total cost		12,191			11,040
Less accumulated depreciation and amortization		(10,241	)		(9,548	)
Total property and equipment, net	$	1,950		$	1,492

For the years ended December 31, 2023, 2022 and 2021, depreciation and amortization expenses were $0.9 million, $1.0 million and $1.4 million, respectively.

Accrued Expenses

Accrued expenses consist of the following:

	*December 31,*		*December 31,*
	*2023*		*2022*
	(In thousands)
Clinical trials	$	10,168	$	5,536
Employee compensation		7,380		6,665
Contract research and development		6,223		3,209
Interest payable		4,242		5,172
Consulting and professional fees		3,539		4,425
Other accrued expenses		316		5,544
Total accrued expenses	$	31,868	$	30,551

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
	Sep. 30, 2022	Dec. 23, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Dec. 29, 2022	Sep. 30, 2020
Percentage of Royalty Receivable on Sale of Product Rights		50.00%		30.00%
Milestone Payment Receivable			$ 0	$ 200,000	$ 0	$ 200,000
Percentage Of Interest Earned on Outstanding Contract Royalty Asset								11.00%
Proceeds From Royalty Obligation					0	125,000	$ 0
Repayments of Convertible Debt					99,873	(0)	(0)
Gain (Loss) on Extinguishment of Debt					4,112	0	0
Asset Impairment Charges					0	0	0
Advertising Expense					$ 0	0	$ 800
Convertible Senior Notes 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.25%		6.25%
Convertible Senior Notes 2026 [Member]
Debt Instrument, Interest Rate, Stated Percentage			5.25%		5.25%					5.25%
Repayments of Convertible Debt			$ 9,100
Gain (Loss) on Extinguishment of Debt			$ 4,100
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)			3 years		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)			10 years		10 years
Discontinued Operations, Disposed of by Sale [Member] \| Omidria Assets Disposal [Member]
Percentage of Royalty Receivable on Sale of Product Rights		50.00%		30.00%
Milestone Payment Receivable from Sale of Royalty Under Asset Purchase Agreement				$ 200,000		$ 200,000			$ 200,000
DRI Healthcare Acquisition LP [Member]
Proceeds From Royalty Obligation	$ 125,000
Maximum Royalty Payable Percentage			9.40%		9.40%			9.40%

Note 12 - Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Schedule [Table Text Block]

Grant Type	Vesting Schedule
Employee initial options grants	25% at one-year anniversary, 1/48 monthly thereafter
Employee recurring options grants	1/48 monthly
Non-employee consultant options grants	1/12 or 1/48 monthly
Employee RSUs	50% after one year, 50% after two years

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(In thousands)
Continuing operations:
Research and development	$	4,754		$	6,123		$	6,791
Selling, general and administrative		7,140			8,042			8,154
Total stock-based compensation in continuing operations		11,894			14,165			14,945
Discontinued operations		(244	)		(93	)		2,685
Total stock-based compensation	$	11,650		$	14,072		$	17,630

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Estimated weighted-average fair value	$	2.44		$	2.94		$	10.54
Weighted-average assumptions:
Expected volatility		93	%		90	%		81	%
Expected life, in years		7.2			6.0			6.0
Risk-free interest rate		3.97	%		2.83	%		1.06	%
Expected dividend yield		—	%		—	%		—	%

Share-Based Payment Arrangement, Activity [Table Text Block]

	*Options Outstanding*			*Weighted- Average Exercise Price per Share*		*Remaining Contractual Life (In years)*		*Aggregate Intrinsic Value (In thousands)*
Balance at December 31, 2022		13,872,973		$	11.02
Granted		3,153,200			3.01
Exercised		(36,726	)		4.10
Forfeited		(1,734,293	)		9.96
Balance at December 31, 2023		15,255,154		$	9.50		6.2	$	1,388
Vested and expected to vest at December 31, 2023		14,762,090		$	9.65		6.0	$	1,272
Exercisable at December 31, 2023		10,554,140		$	11.50		4.7	$	217

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	*RSUs Outstanding*			*Weighted- Average Grant Date Fair Value Per Share*
Balance at December 31, 2022		98,750		$	7.53
Vested and released		(67,250	)		7.53
Forfeited		(31,500	)		7.53
Balance at December 31, 2023		—		$	—

Note 7 - Discontinued Operations - Sale of OMIDRIA - Gain (Loss) on Disposal Group (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 23, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash proceeds		$ 0	$ 0	$ 125,993
Discontinued Operations, Disposed of by Sale [Member] \| Omidria Assets Disposal [Member]
Cash proceeds	$ 126,000			125,993
OMIDRIA contract royalty asset				184,570
Gain on sale of OMIDRIA, gross				310,563
Transaction and closing costs				(1,972)
RSUs granted to transferred employees				(1,419)
Prepaid assets and inventory at cost				(1,524)
Gain on sale of OMIDRIA		$ 0	$ 0	$ 305,648

Note 1 - Organization and Basis of Presentation (Details Textual) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 23, 2021 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 01, 2021 USD ($)	Aug. 14, 2020 USD ($)
Proceeds from Divestiture of Businesses			$ 0	$ 0	$ 125,993
Milestone Payment If Achieved Under Asset Purchase Agreement	$ 200,000
Milestone Period (Year)	4 years
Milestone Payment Receivable			0	200,000
Cash, Cash Equivalents, and Short-Term Investments			171,800
Net Cash Provided by (Used in) Operating Activities			74,726	(86,483)	(109,722)
Net Income (Loss) Attributable to Parent			(117,813)	47,417	194,235
Cash Proceeds From Milestone Payment			200,000
Long-Term Debt, Gross			215,924	320,030
Proceeds From Royalty Obligation			0	125,000	0
Equity Offering Facility, Maximum Aggregate Offering Amount			$ 150,000			$ 150,000
Number of Operating Segments			1
Subsequent Event [Member]
Proceeds From Royalty Obligation		$ 115,500
Convertible Senior Notes 2023 [Member]
Long-Term Debt, Gross			$ 95,000	$ 95,000			$ 95,000
Discontinued Operations, Disposed of by Sale [Member] \| Omidria Assets Disposal [Member]
Proceeds from Divestiture of Businesses	$ 126,000				$ 125,993

Note 11 - Shareholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2023

Equity [Text Block]

Note 11—Shareholders’ Equity (Deficit)

Common Stock

As of December 31, 2023, we had reserved shares of common stock under our equity plans as follows:

Stock options outstanding			15,255,154
Awards available to issue under the 2017 Plan			8,802,249
Total shares reserved			24,057,403

At the Market Sales Agreement – We have a sales agreement to sell shares of our common stock having an aggregate offering price of up to $150.0 million, from time to time, through an “at the market” equity offering program.

Amendment of 2017 Omnibus Incentive Compensation Plan - At our June 23, 2023 annual meeting, our shareholders approved a 5,000,000 share increase in the number of shares of common stock available for grant under the 2017 Omnibus Incentive Compensation Plan, as amended and restated.

Share Repurchase Program - On November 9, 2023, the Board of Directors approved an indefinite-term share repurchase program under which we may repurchase from time to time up to $50.0 million of our common stock in the open market or through privately negotiated transactions. For the year ended December 31, 2023, we repurchased and retired 1.8 million shares of common stock at an average share price of $2.54, for an aggregate repurchase price of $4.7 million.

The entire disclosure for equity.

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Note 12 - Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	15,255,154	13,872,973
Common Stock, Shares, Outstanding, Above Period End Closing Price (in shares)	12,300,000
Share Price (in dollars per share)	$ 3.27
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 0.1	$ 0.2	$ 7.8
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	4,700,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	15,300,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 1 month 6 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 14.5

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) (Accounting Standards Update 2020-06 [Member]) at Dec. 31, 2020	0
Balance (in shares) at Dec. 31, 2020					61,671,231
Balance (Accounting Standards Update 2020-06 [Member]) at Dec. 31, 2020	$ 0	$ (70,777)	$ (4,697)	$ (75,474)
Balance at Dec. 31, 2020					$ 616	$ 751,304	$ (872,672)	$ (120,752)
Issuance of common stock upon exercise of stock options (in shares)					945,924
Issuance of common stock upon exercise of stock options					$ 10	8,372	0	8,382
Issuance of common stock upon grant of restricted stock awards (in shares)					11,700
Issuance of common stock upon grant of restricted stock awards					$ 0	91	0	91
At the market offering fees					0	(241)	0	(241)
Stock-based compensation					0	17,539	0	17,539
Net income (loss)					$ 0	0	194,235	194,235
Balance (in shares) at Dec. 31, 2021					62,628,855
Balance at Dec. 31, 2021					$ 626	706,288	(683,134)	23,780
Issuance of common stock upon exercise of stock options (in shares)					101,160
Issuance of common stock upon exercise of stock options					$ 1	414	0	415
Issuance of common stock upon grant of restricted stock awards (in shares)					98,750
Issuance of common stock upon grant of restricted stock awards					$ 1	(1)	0	0
Stock-based compensation					0	14,072	0	14,072
Net income (loss)					$ 0	0	47,417	47,417
Balance (in shares) at Dec. 31, 2022					62,828,765
Balance at Dec. 31, 2022					$ 628	720,773	(635,717)	$ 85,684
Issuance of common stock upon exercise of stock options (in shares)					36,726			36,726
Issuance of common stock upon exercise of stock options					$ 0	150	0	$ 150
Issuance of common stock upon grant of restricted stock awards (in shares)					67,250
Issuance of common stock upon grant of restricted stock awards					$ 1	(1)	0	0
Stock-based compensation					0	11,650	0	11,650
Net income (loss)					$ 0	0	(117,813)	(117,813)
Repurchases of common stock (in shares)					(1,804,144)
Repurchases of common stock					$ (18)	(4,636)	0	(4,654)
Balance (in shares) at Dec. 31, 2023					61,128,597
Balance at Dec. 31, 2023					$ 611	$ 727,936	$ (753,530)	$ (24,983)

Note 11 - Shareholders' Equity (Deficit) - Schedule of Reserved Shares (Details)	Dec. 31, 2023 shares
Total shares reserved (in shares)	24,057,403
2017 Omnibus Incentive Compensation Plan [Member]
Total shares reserved (in shares)	8,802,249
Share-Based Payment Arrangement, Option [Member]
Total shares reserved (in shares)	15,255,154

Note 5 - Certain Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Clinical trials	$ 10,168	$ 5,536
Employee compensation	7,380	6,665
Contract research and development	6,223	3,209
Interest payable	4,242	5,172
Consulting and professional fees	3,539	4,425
Other accrued expenses	316	5,544
Total accrued expenses	$ 31,868	$ 30,551

Note 11 - Shareholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2023

Reserved Shares Of Common Stock For Future Issuance [Table Text Block]

Stock options outstanding			15,255,154
Awards available to issue under the 2017 Plan			8,802,249
Total shares reserved			24,057,403

Note 8 - OMIDRIA Royalty Obligation (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Royalty Obligation [Table Text Block]

Balance at December 31, 2022	$	126,278
Principal payments		(1,152	)
Balance at December 31, 2023	$	125,126

Maximum Scheduled Principal and Interest Payments of Royalty Obligation [Table Text Block]

					*Total*
	*Principal*		*Interest*		*Annual Cap*
	(In thousands)
2024	$	8,576	$	11,424	$	20,000
2025		14,641		10,359		25,000
2026		16,081		8,919		25,000
2027		17,664		7,336		25,000
2028		19,402		5,598		25,000
Thereafter		48,762		4,988		53,750
Total scheduled payments	$	125,126	$	48,624	$	173,750

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Text Block]

Note 2—Significant Accounting Policies

Discontinued Operations

We review the presentation of planned or completed business dispositions in the consolidated financial statements based on the available information and events that have occurred. The review consists of evaluating whether the business meets the definition of a component for which the operations and cash flows are clearly distinguishable from the other components of the business and, if so, whether it is anticipated that after the disposal the cash flows of the component would be eliminated from continuing operations and whether the disposition represents a strategic shift that has a major effect on operations and financial results.

Planned or completed business dispositions are presented as discontinued operations when all the criteria described above are met. For those divestitures that qualify as discontinued operations, all comparative periods presented are reclassified in the consolidated balance sheets. Additionally, the results of operations of a discontinued operation are reclassified to income from discontinued operations, net of tax, for all periods presented in the consolidated statements of operations and comprehensive income (loss). Results of discontinued operations include all revenues and expenses directly derived from such businesses. General corporate overhead is not allocated to discontinued operations. The OMIDRIA asset sale to Rayner qualifies as a discontinued operation and has been presented as such for all reporting periods presented. The Company included information regarding cash flows from discontinued operations (see “Note 7 – Discontinued Operations – Sale of OMIDRIA”).

OMIDRIA Royalties, Milestones and Contract Royalty Assets

We have rights to receive future royalties from Rayner on OMIDRIA net sales at royalty rates that vary based on geography and certain regulatory contingencies. Therefore, future OMIDRIA royalties are treated as variable consideration. The sale of OMIDRIA qualified as an asset sale under GAAP. To measure the OMIDRIA contract royalty asset, we used the expected value approach which is the sum of the discounted probability-weighted royalty payments, we would receive using a range of potential outcomes, to the extent that it is probable that a significant reversal in the amount of cumulative income recognized will not occur. As contemplated by the Asset Purchase Agreement, the royalty rate applicable to U.S. net sales of OMIDRIA was reduced from 50% to 30% upon the occurrence, in December 2022, of the event triggering the $200.0 million Milestone Payment. The reduction in our royalty rate to 30% continues until the expiration or termination of the last issued and unexpired U.S. patent, which we expect to occur no earlier than 2035. Consequently, we revalued the OMIDRIA contract royalty asset using the 30% royalty rate on U.S. net sales and adjusted the probability weighted outcomes to reflect the occurrence of the Milestone Event. Royalties earned are recorded as a reduction to the OMIDRIA contract royalty asset. The amount recorded in discontinued operations in future periods will reflect interest earned on the outstanding OMIDRIA contract royalty asset at 11.0% and any amounts we receive that are different from the expected royalties. The OMIDRIA contract royalty asset is re-measured periodically using the expected value approach based on actual results and future expectations. Any required adjustment to the OMIDRIA contract royalty asset is recorded in discontinued operations.

OMIDRIA Royalty Obligation

On September 30, 2022, we sold to DRI an interest in a portion of our future OMIDRIA royalty receipts for a purchase price of $125.0 million and recorded as an “OMIDRIA royalty obligation” on our consolidated balance sheet. The liability is amortized over the term of the arrangement using the implied effective interest rate of 9.4%. Interest expense is recorded as a component of continuing operations.

To the extent our estimates of future royalties are less than previous estimates, we will adjust the carrying amount of the OMIDRIA royalty obligation to the present value of the revised estimated cash flows, discounted at the effective interest rate utilizing the cumulative catch-up method. The adjustment would be recognized as a component of net income (loss) from continuing operations (see “Note 8 - OMIDRIA Royalty Obligation”).

Cash and Cash Equivalents, Short-Term Investments and Restricted Investments

Cash and cash equivalents include highly liquid investments with a maturity of three months or less on the date of purchase which can be easily converted into cash without a significant impact to their value. Short-term investment securities are classified as held-to-maturity. Investments classified as held-to-maturity are carried at cost. Amortization, accretion, interest, and dividends, realized gains and losses and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific-identification method. Investments with maturities of less than one year, or those for which management intends to use the investments to fund current operations, are included in current assets. We evaluate whether an investment is other-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an other-than-temporary decline in value has occurred include: the market value of the security in relation to its cost basis; the financial condition of the investee; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment. Restricted investments held in money-market funds include security deposits held by our landlord.

Investment income, which is included as a component of other income, consists primarily of interest earned.

Inventory

We expense inventory costs related to product candidates as research and development expenses until regulatory approval is reasonably assured in the U.S. or the European Union (“EU”). Once approval is reasonably assured, costs, including amounts related to third-party manufacturing, transportation and internal labor and overhead, will be capitalized.

Receivables

Receivables at December 31, 2023 primarily consist of royalties receivable from Rayner. Receivables at December 31, 2022 also included the $200.0 million Milestone Payment which we received in February 2023. Considering the nature of our receivables, we concluded an allowance for doubtful accounts was not necessary as of December 31, 2023 and 2022, respectively.

Property and Equipment, Net

Property and equipment are stated at cost, and depreciation is calculated using the straight-line method over the estimated useful life of the assets, which is generally three to 10 years. Equipment acquired through finance leases is recorded as property and equipment and is amortized over the shorter of the useful lives of the related assets or the lease term. Expenditures for repairs and maintenance are expensed as incurred.

Convertible Senior Notes

On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion Options (Subtopic 470.20 and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) on a modified retrospective basis. ASU 2020-06 removed the separate liability and equity accounting for our convertible senior notes that was required under previous guidance and allows us to account for our convertible senior notes wholly as debt. Upon adoption, we removed the equity component allocated to debt issuance costs.

Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation are evaluated as a modification or an extinguishment depending on whether the exchange is determined to have substantially different terms. We extinguished the 6.25% convertible senior notes (the “2023 Notes”) at par upon maturity on November 15, 2023. In December 2023, we repurchased $9.1 million par value of our 5.25% convertible senior notes (“2026 Notes”) at a discount, realizing a $4.1 million non-cash gain on extinguishment.

Impairment of Long-Lived Assets

We assess the impairment of long-lived assets, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of these assets is measured by comparing the carrying value to future undiscounted cash flows that the asset is expected to generate. If the asset is impaired, the amount of any impairment will be reflected in the results of operations in the period of impairment. We have not recognized any impairment losses for the years ended December 31, 2023, 2022 and 2021.

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.

Prior to the sale of OMIDRIA to Rayner, we recorded product sales as revenue when the product was delivered to our wholesalers and title for the product was transferred. Product sales were recorded net of wholesaler distribution fees and estimated chargebacks, rebates, returns and purchase-volume discounts.

Research and Development

Research and development expenses are comprised primarily of contracted research, clinical trial study and manufacturing costs prior to approval; consulting services; contract milestones; materials and supplies; costs for personnel, including salaries, benefits and stock compensation; depreciation; an allocation of our occupancy costs; and other expenses incurred to sustain our overall research and development programs. Advance payments for goods or services that will be used 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. All other research and development costs are expensed as incurred.

Selling, General and Administrative

Selling, general and administrative expenses are comprised primarily of marketing and selling expenses; professional and legal services; patent costs; and salaries, benefits, and stock-compensation costs for sales, marketing, and other personnel not directly engaged in research and development. Additionally, selling, general and administrative expenses include depreciation; an allocation of our occupancy costs; and other general corporate expenses. Advertising costs are expensed as incurred. We had no advertising costs during the years ended December 31, 2023 and 2022. For the year ended December 31, 2021, we incurred $0.8 million in advertising costs related to our sales of OMIDRIA.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained upon an examination. A valuation allowance is established when it is more likely than not that the deferred tax assets will not be realized.

Stock-Based Compensation

Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards and restricted stock units (“RSU”) based on estimated fair values. The fair value of our stock is calculated using the Black-Scholes option-pricing model, which requires judgmental assumptions around volatility, forfeiture rates, risk-free rate and expected term. Compensation expense is recognized over the requisite service periods, which is generally the vesting period, using the straight-line method. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.

Common Stock Repurchases

We may repurchase shares of our common stock from time to time under authorization made by our Board of Directors. Under applicable Washington State law, repurchased shares are retired and not presented separately as treasury stock on the consolidated financial statements.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is comprised of net income (loss) and certain changes in equity that are excluded from net income (loss). There was no difference between comprehensive income (loss) and net income (loss) for the years ended December 31, 2023, 2022 and 2021.

Financial Instruments and Concentrations of Credit Risk

Cash and cash equivalents, receivables, accounts payable and accrued liabilities, which are recorded at invoiced amount or cost, approximate fair value based on the short-term nature of these financial instruments. The fair value of short-term investments is based on quoted market prices. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and receivables. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, our cash and cash equivalents balance held at a financial institution may exceeds the federally insured limits. To limit the credit risk, we invest our excess cash in high-quality securities such as money market mutual funds, certificates of deposit and U.S. treasury bills.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosure (Topic 740), to enhance the transparency of income tax disclosures. ASU 2023-09 provides enhancements to the income tax disclosures related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years after December 15, 2025 and applied prospectively. The Company is evaluating the impact of this pronouncement on its consolidated financial statements.

Note 12 - Stock-Based Compensation - Vesting Schedule (Details)	12 Months Ended
	Dec. 31, 2023
Vesting, One year Then 2.083 Percent Monthly [Member] \| Share-Based Payment Arrangement, Employee [Member] \| Share-Based Payment Arrangement, Option [Member]
Vesting percent	25.00%
Vesting Monthly [Member] \| Share-Based Payment Arrangement, Employee [Member] \| Share-Based Payment Arrangement, Option [Member]
Vesting percent	2.083%
Vesting Monthly [Member] \| Share-Based Payment Arrangement, Nonemployee [Member] \| Share-Based Payment Arrangement, Option [Member]
Vesting percent	8.333%
Vesting Yearly [Member] \| Share-Based Payment Arrangement, Employee [Member] \| Restricted Stock Units (RSUs) [Member]
Vesting percent	50.00%

Note 9 - Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

	*December 31,*			*December 31,*
	*2023*			*2022*
	(In thousands)
Assets
Operating lease assets	$	18,631		$	21,762
Finance lease assets, net		1,220			945
Total lease assets	$	19,851		$	22,707

Liabilities
Current:
Operating leases	$	4,590		$	3,888
Finance leases		570			422
Non-current:
Operating leases		17,424			21,971
Finance leases		719			455
Total lease liabilities	$	23,303		$	26,736

Weighted-average remaining lease term
Operating leases (years)		3.8			4.8
Finance leases (years)		2.3			2.3
Weighted-average discount rate
Operating leases		12.81	%		12.81	%
Finance leases		8.57	%		10.44	%

	*Year Ended*
	*December 31,*
	*2023*			*2022*
	(In thousands)
Lease cost
Operating lease cost	$	6,464		$	6,152
Finance lease cost:
Amortization		677			812
Interest		174			174
Variable lease cost		3,160			3,191
Sublease income		(1,500	)		(1,755	)
Net lease cost	$	8,975		$	8,574

	*Year Ended*
	*December 31,*
	*2023*		*2022*
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Cash payments for operating leases	$	7,144	$	7,072
Cash payments for financing leases	$	655	$	790

Lessee, Liability, to be Paid, Maturity [Table Text Block]

	*Operating*			*Finance*
	*Leases*			*Leases*			*Total*
	(In thousands)
2024	$	8,528		$	684		$	9,212
2025		7,088			517			7,605
2026		6,870			258			7,128
2027		5,950			—			5,950
Total undiscounted lease payments		28,436			1,459			29,895
Less interest		(6,422	)		(170	)		(6,592	)
Total lease liabilities	$	22,014		$	1,289		$	23,303

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM *9B.* OTHER INFORMATION (a) None. (b) During the three months ended December 31, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 14 - 401(k) Retirement Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Text Block]

Note 14—401(k) Retirement Plan

Our 401(k) retirement plan provides for an annual company discretionary match on employee contributions. For the years-ended December 31, 2023, 2022 and 2021, Omeros' 401(k) match expense was $0.6 million, $0.6 million and $0.8 million, respectively. We match up to 4.0% of each participating employee’s eligible earnings, with a maximum company match of $4,000 per employee per year. All employees are eligible to participate.

The entire disclosure for retirement benefits.

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Unamortized debt issuance costs

Note 13 - Gross Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Balance at December 31, 2022	$ 212
Increase in balance related to tax positions taken during prior years	1,796
Decrease in balance related to tax positions during prior years	(30)
Decrease in balance as a result of a lapse of the applicable statute of limitations	(12)
Balance at December 31, 2023	$ 1,966

Note 13 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net operating loss carryforwards	$ 95,183	$ 85,887
Research and development tax credits	92,837	78,992
Capitalized research and development	39,318	21,864
OMIDRIA royalty obligation	28,903	28,938
Stock-based compensation	10,132	12,517
Lease liability	5,085	5,926
Other	10,283	9,234
Total deferred tax assets	281,741	243,358
OMIDRIA contract royalty asset	(38,832)	(34,883)
Right of use assets	(4,304)	(4,987)
Property and equipment	(122)	(288)
Total deferred tax liabilities	(43,258)	(40,158)
Net deferred tax assets before valuation allowance	238,483	203,200
Less valuation allowance	(238,483)	(203,200)
Net deferred tax liabilities	$ 0	$ 0

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Mar. 28, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001285819
Entity Registrant Name	OMEROS CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-34475
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, par value $0.01 per share
Trading Symbol	OMER
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 328,153,747
Entity Common Stock, Shares Outstanding		57,942,695
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Seattle, Washington

Note 5 - Certain Balance Sheet Accounts (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation, Depletion and Amortization, Nonproduction	$ 0.9	$ 1.0	$ 1.4

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	61,128,597	62,828,765
Common stock, outstanding (in shares)	61,128,597	62,828,765

Note 6 - Convertible Senior Notes - Convertible Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Aug. 14, 2020

Principal amount

$ 215,924

$ 320,030

^[1]

(2,769)

(4,743)

Total convertible senior notes, net

213,155

315,287

Fair value of outstanding convertible senior notes (1)

Convertible Senior Notes 2023 [Member]

Principal amount

95,000

$ 95,000

Unamortized debt issuance costs

^[1]

(619)

Total convertible senior notes, net

94,381

Fair value of outstanding convertible senior notes (1)

92,031

Convertible Senior Notes 2026 [Member]

Principal amount

215,924

225,030

Unamortized debt issuance costs

^[1]

(2,769)

(4,124)

Total convertible senior notes, net

213,155

220,906

Fair value of outstanding convertible senior notes (1)

$ 131,444

$ 118,141

[1]	The fair value is classified as Level 3 due to the limited trading activity for the convertible senior notes.

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Costs and expenses:
Research and development	$ 114,870	$ 112,721	$ 118,775
Selling, general and administrative	49,660	50,668	54,842
Total costs and expenses	164,530	163,389	173,617
Loss from operations	(164,530)	(163,389)	(173,617)
Interest expense	(30,844)	(22,702)	(19,669)
Interest and other income	16,342	4,062	1,740
Gain on early extinguishment of convertible senior notes	4,112	0	0
Net loss from continuing operations	(174,920)	(182,029)	(191,546)
Net income from discontinued operations, net of tax	57,107	229,446	385,781
Net income (loss)	$ (117,813)	$ 47,417	$ 194,235
Basic and diluted net income (loss) per share:
Net loss from continuing operations (in dollars per share)	$ (2.79)	$ (2.9)	$ (3.07)
Net income from discontinued operations (in dollars per share)	0.91	3.66	6.19
Net income (loss) (in dollars per share)	$ (1.88)	$ 0.76	$ 3.12
Weighted-average shares used to compute basic and diluted net income (loss) per share (in shares)	62,739,227	62,737,091	62,344,100

Note 7 - Discontinued Operations - Sale of OMIDRIA - Schedule of Discontinued Operations Cash Flows (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net cash provided by discontinued operations from operating activities	$ 241,317	$ 78,082	$ 55,380
Net cash provided by discontinued operations from investing activities	$ 0	$ 0	$ 125,993

Note 14 - 401(k) Retirement Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Cost	$ 600,000	$ 600,000	$ 800,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 4,000

Note 6 - Convertible Senior Notes

12 Months Ended

Dec. 31, 2023

Long-Term Debt [Text Block]

Note 6—Convertible Senior Notes

On January 1, 2021, we adopted ASU 2020-06, Debt—Debt with Conversion Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) on a modified retrospective basis. ASU 2020-06 removes the separate liability and equity accounting for our convertible senior notes. Consequently, we now account for our convertible senior notes wholly as debt. Upon adoption, we removed the equity component allocated to debt issuance costs increasing convertible senior notes and shareholders’ equity by $75.5 million.

In December 2023, we repurchased $9.1 million par value of our 2026 Notes realizing a non-cash gain on debt extinguishment of $4.1 million to our consolidated statement of operations and comprehensive loss in the current year. On November 15, 2023, we also extinguished at par the $95.0 million outstanding principal amount on our 2023 Notes.

Convertible senior notes outstanding at December 31, 2023 and 2022, respectively, are as follows:

	*Balance as of December 31, 2023*
	*2023 Notes*		*2026 Notes*			*Total*
	(In thousands)
Principal amount	$	—	$	215,924		$	215,924
Unamortized debt issuance costs		—		(2,769	)		(2,769	)
Total convertible senior notes, net	$	—	$	213,155		$	213,155

Fair value of outstanding convertible senior notes ⁽¹⁾	$	—	$	131,444

	*Balance as of December 31, 2022*
	*2023 Notes*			*2026 Notes*			*Total*
	(In thousands)
Principal amount	$	95,000		$	225,030		$	320,030
Unamortized debt issuance costs		(619	)		(4,124	)		(4,743	)
Total convertible senior notes, net	$	94,381		$	220,906		$	315,287

Fair value of outstanding convertible senior notes ⁽¹⁾	$	92,031		$	118,141

(1) The fair value is classified as Level 3 due to the limited trading activity for the convertible senior notes.

2023 Convertible Senior Notes

The 2023 Notes accrued interest at an annual rate of 6.25% per annum. The 2023 Notes matured on November 15, 2023, and the $95.0 million outstanding principal and related accrued interest were paid at that time.

The following table sets forth total interest expense recognized in connection with the 2023 Notes:

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Contractual interest expense	$	5,195	$	5,938	$	5,938
Amortization of debt issuance costs		619		663		618
Total interest expense	$	5,814	$	6,601	$	6,556

2026 Convertible Senior Notes

The 2026 Notes are unsecured and accrue interest at an annual rate of 5.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year. The 2026 Notes mature on February 15, 2026, unless earlier purchased, redeemed or converted in accordance with their terms.

The initial conversion rate is 54.0906 shares of our common stock per $1,000 of note principal (equivalent to an initial conversion price of approximately $18.4875 per share of common stock), which equals approximately 12.2 million shares issuable upon conversion, subject to adjustment in certain circumstances.

The 2026 Notes are convertible at the option of the holders on or after November 15, 2025 at any time prior to the close of business on February 12, 2026, the second scheduled trading day immediately before the stated maturity date of February 15, 2026. Additionally, holders may convert their 2026 Notes at their option at specified times prior to the maturity date only if:

(1) during any calendar quarter, beginning after September 30, 2020, that the last reported sale price per share of our common stock exceeds 130% of the conversion price of the 2026 Notes for each of at least 20 trading days in the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2) during the five consecutive business days immediately after any five-consecutive-trading-day period (such five-consecutive-trading-day period, the “measurement period”) in which the trading price per $1,000 principal amount of 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day;

(3) there is an occurrence of one or more certain corporate events or distributions of our common stock; or

(4) we call the 2026 Notes for redemption.

We will settle any conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate(s).

Subject to the satisfaction of certain conditions, we may redeem in whole or in part the 2026 Notes at our option beginning August 15, 2023 through the 50th scheduled trading day immediately before the maturity date at a cash redemption price equal to the principal amount of the 2026 Notes to be redeemed plus any accrued and unpaid interest to, but excluding, the redemption date. The 2026 Notes are subject to redemption only if certain requirements are satisfied, including that the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice and (ii) the trading day immediately before the date we send such notice.

In order to reduce the dilutive impact or potential cash expenditure associated with the conversion of the 2026 Notes, we entered into capped call transactions in connection with the issuances of the 2026 Notes (the "2026 Capped Call"). The 2026 Capped Call will cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2026 Notes, the number of shares of common stock underlying the 2026 Notes when our common stock is trading within the range of approximately $18.49 and $26.10. However, should the market price of our common stock exceed the $26.10 cap, then the conversion of the 2026 Notes would have an additional dilutive impact or may require a cash expenditure to the extent the market price exceeds the cap price. The 2026 Capped Call will expire on various dates over the 50-trading-day period ranging from December 2, 2025 to February 12, 2026, if not exercised earlier. The 2026 Capped Call is a separate transaction and not part of the terms of the 2026 Notes and was executed separately from the issuance of the 2026 Notes. The amount paid for the 2026 Capped Call was recorded as a reduction to additional paid-in capital in the consolidated balance sheet. As of December 31, 2023, approximately 12.2 million shares remained outstanding under the 2026 Capped Call.

Further, we concluded the 2026 Capped Call qualifies for a derivative scope exception for instruments that are both indexed to an entity’s own stock and classified in stockholders’ equity in its balance sheet. Consequently, the fair value of the 2026 Capped Call of $23.2 million is classified as equity, not accounted for as derivatives, and will not be subsequently remeasured.

The unamortized debt issuance costs of $2.8 million as of December 31, 2023 will be amortized to interest expense at an effective interest rate of 5.9% over the remaining term.

The following table sets forth interest expense recognized related to the 2026 Notes:

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Contractual interest expense	$	11,774	$	11,814	$	11,814
Amortization of debt issuance costs		1,355		1,167		1,078
Total interest expense	$	13,129	$	12,981	$	12,892

Note 8 - OMIDRIA Royalty Obligation - Schedule of Royalty Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal amount borrowed at December 31, 2022	$ 126,278
Principal payments	(1,152)	$ (417)	$ 0
OMIDRIA royalty obligation at December 31, 2023	$ 125,126	$ 126,278

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operation, Tax Effect of Discontinued Operation	$ 462	$ 3,952	$ 1,006
Unrecognized Tax Benefits	1,966	212
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	300
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1,800
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense		0
Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	93,000
Omidria Assets Disposal [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Discontinued Operation, Tax Effect of Discontinued Operation	(462)	(3,952)	(1,006)
Domestic Tax Authority [Member]
Operating Loss Carryforwards	398,600	361,400	630,600
Operating Loss Carryforwards Utilized	268,600	245,100
Operating Loss Carryforwards Subject to Expiration	109,800
Operating Loss Carryforwards Not Subject to Expiration	288,800
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 245,800	226,300	245,100
State and Local Jurisdiction [Member] \| Omidria Assets Disposal [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Discontinued Operation, Tax Effect of Discontinued Operation		$ 4,000	$ 1,000

Note 10 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

Note 10—Commitments and Contingencies

Contracts

We have various agreements with third parties that collectively require payment of termination fees totaling $25.8 million as of December 31, 2023 if we cancel the work within specific time frames, either prior to commencing or during performance of the contracted services.

Development Milestones and Product Royalties

We have entered a variety of development, collaboration, licensing or similar agreements with third parties under which we have accessed technology or services in connection with our development assets and programs. Some of these agreements require milestone payments based on achievements of development, regulatory or sales milestones, and/or low-single to low-double digit royalties on net income or net sales of the relevant product. For the years ended December 31, 2023, 2022 and 2021, we paid $5.0 million, $0.3 million and $0.5 million, respectively in development milestones.

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Term Purchase Commitment, Termination Fee	$ 25.8
Development Milestones [Member] \| License [Member]
Accrued Liabilities	$ 5.0	$ 0.3	$ 0.5

Note 12 - Share-Based Compensation - Schedule of Recognized Period Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation	$ 11,650	$ 14,072	$ 17,630
Research and Development Expense [Member]
Stock-based compensation	4,754	6,123	6,791
Selling, General and Administrative Expenses [Member]
Stock-based compensation	7,140	8,042	8,154
Continuing Operations [Member]
Stock-based compensation	11,894	14,165	14,945
Discontinued Operations [Member]
Stock-based compensation	$ (244)	$ (93)	$ 2,685

Note 6 - Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2023

Convertible Debt [Table Text Block]

	*Balance as of December 31, 2023*
	*2023 Notes*		*2026 Notes*			*Total*
	(In thousands)
Principal amount	$	—	$	215,924		$	215,924
Unamortized debt issuance costs		—		(2,769	)		(2,769	)
Total convertible senior notes, net	$	—	$	213,155		$	213,155

Fair value of outstanding convertible senior notes ⁽¹⁾	$	—	$	131,444

	*Balance as of December 31, 2022*
	*2023 Notes*			*2026 Notes*			*Total*
	(In thousands)
Principal amount	$	95,000		$	225,030		$	320,030
Unamortized debt issuance costs		(619	)		(4,124	)		(4,743	)
Total convertible senior notes, net	$	94,381		$	220,906		$	315,287

Fair value of outstanding convertible senior notes ⁽¹⁾	$	92,031		$	118,141

Schedule Of Debt Instrument, Interest Expense Recognized [Table Text Block]

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Contractual interest expense	$	5,195	$	5,938	$	5,938
Amortization of debt issuance costs		619		663		618
Total interest expense	$	5,814	$	6,601	$	6,556

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Contractual interest expense	$	11,774	$	11,814	$	11,814
Amortization of debt issuance costs		1,355		1,167		1,078
Total interest expense	$	13,129	$	12,981	$	12,892

Note 4 - Fair-Value Measurements - Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt securities, available for sale, amortized cost	$ 164,743	$ 183,909
Debt securities, available for sale, gross unrealized gains (losses)	19	22
Debt securities, available for sale, fair value	164,762	183,931
Debt securities, amortized cost	165,797	184,963
Debt securities, fair value	165,816	184,985
US Treasury Securities [Member]
Debt securities, available for sale, amortized cost	102,100	99,027
Debt securities, available for sale, gross unrealized gains (losses)	19	22
Debt securities, available for sale, fair value	102,119	99,049
Money Market Funds [Member]
Debt securities, available for sale, amortized cost	62,643	84,882
Debt securities, available for sale, gross unrealized gains (losses)	0	0
Debt securities, available for sale, fair value	62,643	84,882
Certificates of Deposit [Member]
Debt securities, held-to-maturity, amortized cost	1,054	1,054
Debt securities, held-to-maturity, fair value	$ 1,054	$ 1,054

Note 7 - Discontinued Operations - Sale of OMIDRIA

12 Months Ended

Dec. 31, 2023

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 7—Discontinued Operations - Sale of OMIDRIA

On December 23, 2021, we closed the sale of OMIDRIA and related assets, which is reported as discontinued operations in our consolidated statements of operations and comprehensive income. Upon closing, we received an up-front cash payment from Rayner of $126.0 million, and we retained the outstanding receivables and liabilities related to OMIDRIA as of the closing date.

The year ended December 31, 2021, included a gain on the sale of OMIDRIA comprised as follows (in thousands):

Cash proceeds	$	125,993
OMIDRIA contract royalty asset		184,570
Gain on sale of OMIDRIA, gross		310,563
Transaction and closing costs		(1,972	)
RSUs granted to transferred employees		(1,419	)
Prepaid assets and inventory at cost		(1,524	)
Gain on sale of OMIDRIA	$	305,648

In December 2022, the achievement of the Milestone Event triggered a $200.0 million Milestone Payment from Rayner which we received in February 2023. The Milestone Event also resulted in a reduction in the U.S. royalty rate from 50% to 30% on OMIDRIA net sales.

The results of operations for OMIDRIA are recorded as income from discontinued operations for all periods presented in the consolidated statements of operations and comprehensive income (loss).

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(In thousands)
Product sales, net	$	—		$	—		$	110,735
Costs and expenses		—			—			30,631
Gross margin		—			—			80,104
Gain on sale of OMIDRIA		—			—			305,648
Milestone income		—			200,000			—
Interest on OMIDRIA contract royalty asset		15,315			18,634			—
Remeasurement adjustments		41,167			14,457			—
Other income		1,087			307			1,035
Income before income tax		57,569			233,398			386,787
Income tax expense ⁽¹⁾		(462	)		(3,952	)		(1,006	)
Net income from discontinued operations, net of tax	$	57,107		$	229,446		$	385,781

(1) For further discussion of income tax expense refer to “Note 13 – Income Taxes”.

The following schedule is a rollforward of the OMIDRIA contract royalty asset (in thousands):

Balance at December 31, 2021	$	184,570
Royalties earned		(65,439	)
Interest on OMIDRIA contract royalty asset		18,634
Remeasurement adjustments		14,457
Balance at December 31, 2022		152,222
Royalties earned		(40,595	)
Interest on OMIDRIA contract royalty asset		15,315
Remeasurement adjustments		41,167
Balance at December 31, 2023	$	168,109

Cash flow from discontinued operations is as follows:

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(In thousands)
Net cash provided by discontinued operations from operating activities	$	241,317	$	78,082	$	55,380
Net cash provided by discontinued operations from investing activities	$	—	$	—	$	125,993

Note 8 - OMIDRIA Royalty Obligation

12 Months Ended

Dec. 31, 2023

Royalty Obligation [Text Block]

Note 8—OMIDRIA Royalty Obligation

In September 2022, we sold to DRI an interest in our future OMIDRIA royalty receipts and received $125.0 million in cash consideration which was recorded as an OMIDRIA royalty obligation on our consolidated balance sheet. DRI is entitled to receive royalties on OMIDRIA net sales between September 1, 2022 and December 31, 2030, subject to annual caps. DRI receives their prorated monthly cap amount before we receive any royalty proceeds. DRI is not entitled to carry-forward nor recoup any shortfall if the royalties paid by Rayner for an annual period are less than the cap amount applicable to each discrete calendar year. Additionally, DRI has no recourse to or security interest in our assets other than our OMIDRIA royalty receipts.

The changes in the OMIDRIA royalty obligation during the year ended December 31, 2023 are as follows (in thousands):

Balance at December 31, 2022	$	126,278
Principal payments		(1,152	)
Balance at December 31, 2023	$	125,126

The OMIDRIA royalty obligation is classified as a Level 3 liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. As of December 31, 2023, the approximate fair value of our obligation was $116.3 million.

For the years ended December 31, 2023 and December 31, 2022, we incurred interest expense of $11.8 million and $2.9 million, respectively, on the OMIDRIA royalty obligation.

As of December 31, 2023, the maximum scheduled principal and interest payments (based on an implied effective interest rate of 9.4%) are as follows:

					*Total*
	*Principal*		*Interest*		*Annual Cap*
	(In thousands)
2024	$	8,576	$	11,424	$	20,000
2025		14,641		10,359		25,000
2026		16,081		8,919		25,000
2027		17,664		7,336		25,000
2028		19,402		5,598		25,000
Thereafter		48,762		4,988		53,750
Total scheduled payments	$	125,126	$	48,624	$	173,750

Subsequent Event

In February 2024, Omeros and DRI expanded their royalty purchase agreement, resulting in Omeros receiving $115.5 million in cash consideration from DRI upon closing. The Amended and Restated Royalty Purchase Agreement ("RPA") eliminated the caps on royalty payments effective in the first quarter of 2024 and provides that DRI will now receive all royalties on U.S. net sales of OMIDRIA payable between January 1, 2024 and December 31, 2031. DRI is entitled to payment only to the extent of royalty payments that are payable in the respect of U.S. net sales of OMIDRIA on or before December 31, 2031 and DRI has no recourse to our assets other than its interest in OMIDRIA royalties. Omeros retains the right to receive all royalties payable by Rayner on any net sales of OMIDRIA outside the U.S. payable from and after January 1, 2024, as well as royalties on global net sales of OMIDRIA payable from and after December 31, 2031. To date, international royalties have not been significant. We are also entitled to receive a milestone ranging between $10.0 million and $27.5 million if U.S. net sales of OMIDRIA reach applicable thresholds ranging between a total of $156.0 million and $160.0 million for any period of four consecutive quarters prior to January 1, 2026. In addition, we are entitled to receive a separate milestone ranging between $8.0 million and $27.5 million if U.S. net sales of OMIDRIA reach applicable thresholds ranging between a total of $181.0 million and $185.0 million for any period of four consecutive quarters prior to January 1, 2028.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Discontinued Operations, Policy [Policy Text Block]	Discontinued Operations We review the presentation of planned or completed business dispositions in the consolidated financial statements based on the available information and events that have occurred. The review consists of evaluating whether the business meets the definition of a component for which the operations and cash flows are clearly distinguishable from the other components of the business and, if so, whether it is anticipated that after the disposal the cash flows of the component would be eliminated from continuing operations and whether the disposition represents a strategic shift that has a major effect on operations and financial results. Planned or completed business dispositions are presented as discontinued operations when all the criteria described above are met. For those divestitures that qualify as discontinued operations, all comparative periods presented are reclassified in the consolidated balance sheets. Additionally, the results of operations of a discontinued operation are reclassified to income from discontinued operations, net of tax, for all periods presented in the consolidated statements of operations and comprehensive income (loss). Results of discontinued operations include all revenues and expenses directly derived from such businesses. General corporate overhead is not allocated to discontinued operations. The OMIDRIA asset sale to Rayner qualifies as a discontinued operation and has been presented as such for all reporting periods presented. The Company included information regarding cash flows from discontinued operations (see “Note 7 – Discontinued Operations – Sale of OMIDRIA”).
Royalty Fees And Contract Royalty Asset [Policy Text Block]	OMIDRIA Royalties, Milestones and Contract Royalty Assets We have rights to receive future royalties from Rayner on OMIDRIA net sales at royalty rates that vary based on geography and certain regulatory contingencies. Therefore, future OMIDRIA royalties are treated as variable consideration. The sale of OMIDRIA qualified as an asset sale under GAAP. To measure the OMIDRIA contract royalty asset, we used the expected value approach which is the sum of the discounted probability-weighted royalty payments, we would receive using a range of potential outcomes, to the extent that it is probable that a significant reversal in the amount of cumulative income recognized will not occur. As contemplated by the Asset Purchase Agreement, the royalty rate applicable to U.S. net sales of OMIDRIA was reduced from 50% to 30% upon the occurrence, in December 2022, of the event triggering the $200.0 million Milestone Payment. The reduction in our royalty rate to 30% continues until the expiration or termination of the last issued and unexpired U.S. patent, which we expect to occur no earlier than 2035. Consequently, we revalued the OMIDRIA contract royalty asset using the 30% royalty rate on U.S. net sales and adjusted the probability weighted outcomes to reflect the occurrence of the Milestone Event. Royalties earned are recorded as a reduction to the OMIDRIA contract royalty asset. The amount recorded in discontinued operations in future periods will reflect interest earned on the outstanding OMIDRIA contract royalty asset at 11.0% and any amounts we receive that are different from the expected royalties. The OMIDRIA contract royalty asset is re-measured periodically using the expected value approach based on actual results and future expectations. Any required adjustment to the OMIDRIA contract royalty asset is recorded in discontinued operations.
Royalty Obligation Policy [Policy Text Block]	OMIDRIA Royalty Obligation On September 30, 2022, we sold to DRI an interest in a portion of our future OMIDRIA royalty receipts for a purchase price of $125.0 million and recorded as an “OMIDRIA royalty obligation” on our consolidated balance sheet. The liability is amortized over the term of the arrangement using the implied effective interest rate of 9.4%. Interest expense is recorded as a component of continuing operations. To the extent our estimates of future royalties are less than previous estimates, we will adjust the carrying amount of the OMIDRIA royalty obligation to the present value of the revised estimated cash flows, discounted at the effective interest rate utilizing the cumulative catch-up method. The adjustment would be recognized as a component of net income (loss) from continuing operations (see “Note 8 - OMIDRIA Royalty Obligation”).
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents, Short-Term Investments and Restricted Investments Cash and cash equivalents include highly liquid investments with a maturity of three months or less on the date of purchase which can be easily converted into cash without a significant impact to their value. Short-term investment securities are classified as held-to-maturity. Investments classified as held-to-maturity are carried at cost. Amortization, accretion, interest, and dividends, realized gains and losses and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific-identification method. Investments with maturities of less than one year, or those for which management intends to use the investments to fund current operations, are included in current assets. We evaluate whether an investment is other-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an other-than-temporary decline in value has occurred include: the market value of the security in relation to its cost basis; the financial condition of the investee; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment. Restricted investments held in money-market funds include security deposits held by our landlord. Investment income, which is included as a component of other income, consists primarily of interest earned.
Inventory, Policy [Policy Text Block]	Inventory We expense inventory costs related to product candidates as research and development expenses until regulatory approval is reasonably assured in the U.S. or the European Union (“EU”). Once approval is reasonably assured, costs, including amounts related to third-party manufacturing, transportation and internal labor and overhead, will be capitalized.
Accounts Receivable [Policy Text Block]	Receivables Receivables at December 31, 2023 primarily consist of royalties receivable from Rayner. Receivables at December 31, 2022 also included the $200.0 million Milestone Payment which we received in February 2023. Considering the nature of our receivables, we concluded an allowance for doubtful accounts was not necessary as of December 31, 2023 and 2022, respectively.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment, Net Property and equipment are stated at cost, and depreciation is calculated using the straight-line method over the estimated useful life of the assets, which is generally three to 10 years. Equipment acquired through finance leases is recorded as property and equipment and is amortized over the shorter of the useful lives of the related assets or the lease term. Expenditures for repairs and maintenance are expensed as incurred.
Debt, Policy [Policy Text Block]	Convertible Senior Notes On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion Options (Subtopic 470.20 and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) on a modified retrospective basis. ASU 2020-06 removed the separate liability and equity accounting for our convertible senior notes that was required under previous guidance and allows us to account for our convertible senior notes wholly as debt. Upon adoption, we removed the equity component allocated to debt issuance costs. Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation are evaluated as a modification or an extinguishment depending on whether the exchange is determined to have substantially different terms. We extinguished the 6.25% convertible senior notes (the “2023 Notes”) at par upon maturity on November 15, 2023. In December 2023, we repurchased $9.1 million par value of our 5.25% convertible senior notes (“2026 Notes”) at a discount, realizing a $4.1 million non-cash gain on extinguishment.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets We assess the impairment of long-lived assets, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of these assets is measured by comparing the carrying value to future undiscounted cash flows that the asset is expected to generate. If the asset is impaired, the amount of any impairment will be reflected in the results of operations in the period of impairment. We have not recognized any impairment losses for the years ended December 31, 2023, 2022 and 2021.
Revenue [Policy Text Block]	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. Prior to the sale of OMIDRIA to Rayner, we recorded product sales as revenue when the product was delivered to our wholesalers and title for the product was transferred. Product sales were recorded net of wholesaler distribution fees and estimated chargebacks, rebates, returns and purchase-volume discounts.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development expenses are comprised primarily of contracted research, clinical trial study and manufacturing costs prior to approval; consulting services; contract milestones; materials and supplies; costs for personnel, including salaries, benefits and stock compensation; depreciation; an allocation of our occupancy costs; and other expenses incurred to sustain our overall research and development programs. Advance payments for goods or services that will be used 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. All other research and development costs are expensed as incurred.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling, General and Administrative Selling, general and administrative expenses are comprised primarily of marketing and selling expenses; professional and legal services; patent costs; and salaries, benefits, and stock-compensation costs for sales, marketing, and other personnel not directly engaged in research and development. Additionally, selling, general and administrative expenses include depreciation; an allocation of our occupancy costs; and other general corporate expenses. Advertising costs are expensed as incurred. We had no advertising costs during the years ended December 31, 2023 and 2022. For the year ended December 31, 2021, we incurred $0.8 million in advertising costs related to our sales of OMIDRIA.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained upon an examination. A valuation allowance is established when it is more likely than not that the deferred tax assets will not be realized.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards and restricted stock units (“RSU”) based on estimated fair values. The fair value of our stock is calculated using the Black-Scholes option-pricing model, which requires judgmental assumptions around volatility, forfeiture rates, risk-free rate and expected term. Compensation expense is recognized over the requisite service periods, which is generally the vesting period, using the straight-line method. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Common Stock Repurchases We may repurchase shares of our common stock from time to time under authorization made by our Board of Directors. Under applicable Washington State law, repurchased shares are retired and not presented separately as treasury stock on the consolidated financial statements.
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) is comprised of net income (loss) and certain changes in equity that are excluded from net income (loss). There was no difference between comprehensive income (loss) and net income (loss) for the years ended December 31, 2023, 2022 and 2021.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Financial Instruments and Concentrations of Credit Risk Cash and cash equivalents, receivables, accounts payable and accrued liabilities, which are recorded at invoiced amount or cost, approximate fair value based on the short-term nature of these financial instruments. The fair value of short-term investments is based on quoted market prices. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and receivables. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, our cash and cash equivalents balance held at a financial institution may exceeds the federally insured limits. To limit the credit risk, we invest our excess cash in high-quality securities such as money market mutual funds, certificates of deposit and U.S. treasury bills.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosure (Topic 740), to enhance the transparency of income tax disclosures. ASU 2023-09 provides enhancements to the income tax disclosures related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years after December 15, 2025 and applied prospectively. The Company is evaluating the impact of this pronouncement on its consolidated financial statements.

Note 7 - Discontinued Operations - Sale of OMIDRIA - Contract Royalty Asset (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OMIDRIA contract royalty asset at December 31, 2021	$ 152,222	$ 184,570
Royalties earned	40,595	(65,439)
Interest on OMIDRIA contract royalty asset	15,315	18,634	$ 0
Remeasurement adjustments	41,167	14,457	0
Royalties earned	(40,595)	65,439
OMIDRIA contract royalty asset at December 31, 2022	$ 168,109	$ 152,222	$ 184,570

Note 12 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Balance, RSUs (in shares) \| shares	98,750
Balance, RSUs, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 7.53
Vested and released, RSUs (in shares) \| shares	(67,250)
Vested and released, RSUs, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 7.53
Forfeited, RSUs (in shares) \| shares	(31,500)
Forfeited, RSUs, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 7.53
Balance, RSUs (in shares) \| shares	0
Balance, RSUs, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 0

Note 5 - Certain Balance Sheet Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	*December 31,*		*December 31,*
	*2023*		*2022*
	(In thousands)
OMIDRIA milestone receivable	$	—	$	200,000
OMIDRIA royalty receivables		6,724		12,966
Other receivables		1,372		255
Total receivables	$	8,096	$	213,221

Property, Plant and Equipment [Table Text Block]

	*December 31,*			*December 31,*
	*2023*			*2022*
	(In thousands)
Equipment under finance leases	$	6,929		$	6,204
Laboratory equipment		3,525			3,135
Computer equipment		1,113			1,076
Office equipment and furniture		624			625
Total cost		12,191			11,040
Less accumulated depreciation and amortization		(10,241	)		(9,548	)
Total property and equipment, net	$	1,950		$	1,492

Schedule of Accrued Liabilities [Table Text Block]

	*December 31,*		*December 31,*
	*2023*		*2022*
	(In thousands)
Clinical trials	$	10,168	$	5,536
Employee compensation		7,380		6,665
Contract research and development		6,223		3,209
Interest payable		4,242		5,172
Consulting and professional fees		3,539		4,425
Other accrued expenses		316		5,544
Total accrued expenses	$	31,868	$	30,551

Note 5 - Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, gross	$ 12,191	$ 11,040
Less accumulated depreciation and amortization	(10,241)	(9,548)
Total property and equipment, net	1,950	1,492
Finance Lease Equipment [Member]
Property and equipment, gross	6,929	6,204
Equipment [Member]
Property and equipment, gross	3,525	3,135
Computer Equipment [Member]
Property and equipment, gross	1,113	1,076
Furniture and Fixtures [Member]
Property and equipment, gross	$ 624	$ 625

Note 3 - Net Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Total potentially dilutive shares excluded from net income (loss) per share (in shares)

15,489,772

17,221,985

18,823,760

Convertible Senior Notes 2026 [Member]

Total potentially dilutive shares excluded from net income (loss) per share (in shares)

^[1],[2]

11,132,366

12,172,008

Convertible Senior Notes 2023 [Member]

Total potentially dilutive shares excluded from net income (loss) per share (in shares)

^[1]

4,318,944

4,941,739

Share-Based Payment Arrangement, Option [Member]

Total potentially dilutive shares excluded from net income (loss) per share (in shares)

38,462

9,488

1,707,371

Restricted Stock Units (RSUs) [Member]

Total potentially dilutive shares excluded from net income (loss) per share (in shares)

98,750

2,642

[1]	The 2023 Notes and 2026 Notes are subject to a capped call arrangement that potentially reduces the dilutive effect as described in “Note 6 - Convertible Senior Notes”. Any potential impact of the capped call arrangement is excluded from this table.
[2]	The 2023 Notes were fully retired on November 15, 2023.

Note 4 - Fair-Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term investments	$ 164,743	$ 183,909
Restricted investments	1,054	1,054
Fair Value, Recurring [Member]
Short-term investments	164,762	183,931
Restricted investments	1,054	1,054
Total	165,816	184,985
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Short-term investments	62,643	84,882
Restricted investments	1,054	1,054
Total	63,697	85,936
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Short-term investments	102,119	99,049
Restricted investments	0	0
Total	102,119	99,049
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Short-term investments	0	0
Restricted investments	0	0
Total	0	0
US Treasury Securities [Member] \| Fair Value, Recurring [Member]
Short-term investments	102,119	99,049
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Short-term investments	0	0
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Short-term investments	102,119	99,049
US Treasury Securities [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Short-term investments	0	0
Money Market Funds [Member] \| Fair Value, Recurring [Member]
Short-term investments	62,643	84,882
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Short-term investments	62,643	84,882
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Short-term investments	0	0
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Short-term investments	$ 0	$ 0

Note 9 - Lease Liabilities

12 Months Ended

Dec. 31, 2023