0001437749-24-017047 | 10-Q | XBRL Viewer

Significant Accounting Policies [Text Block]

Note 2—Significant Accounting Policies

Discontinued Operations

We review the presentation of planned or completed business dispositions in the condensed 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 condensed 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 condensed 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.

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 use 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. The royalty rate applicable to U.S. net sales of OMIDRIA is 30% until the expiration or termination of the last issued and unexpired U.S. patent, which we expect to occur no earlier than 2035. 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 quarterly using the expected value approach, which incorporates 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, which was recorded as an “OMIDRIA royalty obligation” on our condensed consolidated balance sheet. On February 1, 2024, we sold to DRI our remaining U.S. OMIDRIA royalty receipts through December 31, 2031 for $115.5 million in cash, which increased the OMIDRIA royalty obligation by the same amount. The OMIDRIA royalty obligation is amortized through December 31, 2031 using the implied effective interest rate of 10.3%. Interest expense is recorded in continuing operations.

To the extent our estimates of future royalties differ materially from previous estimates, we will adjust the carrying amount of the liability for future OMIDRIA royalties to the present value of the revised estimated cash flows, discounted at the implied effective interest rate of 10.3% utilizing the cumulative catch-up method. The offset to the adjustment would be recognized as a component of net income (loss) from continuing operations (see “Note 8 — OMIDRIA Royalty Obligation”).

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.

Right-of-Use Assets and Related Lease Liabilities

We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not readily available. We recognize variable lease payments when incurred. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

We record finance lease obligations as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of finance lease obligations is included in interest expense and recognized using the effective interest method over the lease term.

We account for leases with initial terms of 12 months or less as an operating expense.

Stock-Based Compensation

Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards 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, risk-free rates, forfeiture rates 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 Washington State law, repurchased shares are retired and not presented as treasury stock on the condensed consolidated financial statements.

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 basis. 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.

Financial Instruments and Concentrations of Credit Risk

F inancial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Cash and cash equivalents are deposited in checking and sweep accounts at financial institutions. At times, our cash and cash equivalents balance held at a financial institution may exceed 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. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the Company is not currently exposed to significant credit risk as the Company’s short-term investments are held in custody at third-party financial institutions. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the unaudited condensed consolidated balance sheets. As of March 31, 2024, the Company has no off-balance sheet concentrations of credit risk.

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

Mar. 31, 2024

Dec. 31, 2023

Convertible Senior Notes 2023 [Member]

Principal amount

$ 215,924

Unamortized debt issuance costs

(2,461)

Total unsecured convertible senior notes, net

213,463

Fair value of outstanding unsecured convertible senior notes (1)

^[1]

156,545

Convertible Senior Notes 2026 [Member]

Principal amount

$ 215,924

Unamortized debt issuance costs

$ (2,500)

(2,769)

Total unsecured convertible senior notes, net

213,155

Fair value of outstanding unsecured convertible senior notes (1)

^[1]

$ 131,444

[1]

The fair value is classified as Level 3 due to the limited trading activity for the unsecured convertible senior notes. The fair value of the 2026 Notes is determined based on quoted prices in an over-the counter market using the most recent trading information at the end of the reporting period. The value of the conversion feature of the 2026 Notes is not deemed to be significant as the current market price of our common stock is below the initial conversion price of $18.49 per share of common stock.

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

Note 3 - Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Text Block]

Note 3—Net 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 per share (“Diluted EPS”) is computed by dividing net income by the weighted average number of common shares and potentially dilutive common shares outstanding during the period 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 are as follows:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
2026 Notes convertible to common stock ⁽¹⁾		11,679,459		12,172,008
2023 Notes convertible to common stock ⁽²⁾		—		4,941,739
Outstanding options to purchase common stock		97,346		17,454
Outstanding restricted stock units ⁽³⁾		—		92,250
Total potentially dilutive shares excluded from net loss per share		11,776,805		17,223,451

	(1)	The 2026 Notes are subject to a capped call arrangements that potentially reduces the dilutive effect as described in “Note 6 — Convertible Senior Notes.” Any potential impact of the capped call arrangements is excluded from this table.
	(2)	The 2023 Notes (defined below) were fully extinguished upon maturity on November 15, 2023.
	(3)	The outstanding restricted stock units were vested and converted to shares of common stock on December 1, 2023.

Note 8 - OMIDRIA Royalty Obligation (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Royalty Obligation [Table Text Block]

OMIDRIA royalty obligation at December 31, 2023	$	125,126
Additional proceeds		115,525
Non-cash interest		1,079
Principal payments		(5,141	)
OMIDRIA royalty obligation at March 31, 2024	$	236,589

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


	Principal		Interest		Total
	(In thousands)
2024	$	14,147	$	16,764	$	30,911
2025		20,990		20,672		41,662
2026		23,991		18,504		42,495
2027		27,314		16,032		43,346
2028		30,991		13,221		44,212
Thereafter		119,156		18,857		138,013
Total scheduled payments	$	236,589	$	104,050	$	340,639

Note 9 - Leases (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Number Of Options To Extend Lease Term	2
Lessee, Operating Lease, Term of Contract (Year)	5 years
Restricted Cash and Cash Equivalents, Noncurrent	$ 1,054	$ 1,054

Note 8 - OMIDRIA Royalty Obligation - Schedule of Principal and Interest Payments on Royalty Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024, principal	$ 14,147
2024, interest	16,764
2024, annual cap	30,911
2025, principal	20,990
2025, interest	20,672
2025, annual cap	41,662
2026, principal	23,991
2026, interest	18,504
2026, annual cap	42,495
2027, principal	27,314
2027, interest	16,032
2027, annual cap	43,346
2028, principal	30,991
2028, interest	13,221
2028, annual cap	44,212
Thereafter, principal	119,156
Thereafter, interest	18,857
Thereafter, annual cap	138,013
Total scheduled payments, principal	236,589
Total scheduled payments, interest	104,050
Total scheduled payments, annual cap	$ 340,639

Note 7 - Discontinued Operations - Sale of OMIDRIA

3 Months Ended

Mar. 31, 2024

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

Note 7—Discontinued Operations - Sale of OMIDRIA

On December 23, 2021, we sold the rights to OMIDRIA and related assets to Rayner. As a result of the divestiture, the results of OMIDRIA activities are classified as discontinued operations in our condensed consolidated statements of operations and comprehensive loss and excluded from continuing operations for all periods presented.

In December 2022, we earned a $200.0 million milestone upon occurrence of the event specified in the Asset Purchase Agreement with Rayner. The milestone payment was received in February 2023.

Net income from discontinued operations is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*			*2023*
	(In thousands)
Interest earned on OMIDRIA contract royalty asset	$	4,343		$	3,925
Remeasurement adjustments		2,339			1,677
Other income (loss), net		(16	)		380
Net income from discontinued operations, net of tax	$	6,666		$	5,982

The following is a roll forward of the OMIDRIA contract royalty asset (in thousands):

OMIDRIA contract royalty asset at December 31, 2023	$	168,109
Royalties earned		(9,363	)
Interest earned on OMIDRIA contract royalty asset		4,343
Remeasurement adjustments		2,339
OMIDRIA contract royalty asset at March 31, 2024	$	165,428

We remeasure the OMIDRIA contract royalty asset on a quarterly basis using the expected value approach, which incorporates actual results and future expectations. The OMIDRIA contract royalty asset is classified as a Level 3 asset as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market.

Cash flow from discontinued operations is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Net cash provided by discontinued operations from operating activities	$	9,107	$	213,876

Net cash provided by discontinued operations primarily represents royalties received and the $200.0 million milestone payment that we collected from Rayner in February 2023. 

Note 7 - Discontinued Operations - Sale of OMIDRIA (Details Textual) $ in Billions	Dec. 29, 2022 USD ($)
Omidria Assets Disposal [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Milestone Payment Receivable from Sale of Royalty Under Asset Purchase Agreement	$ 0.2

Note 12 - Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Balance, options (in shares) \| shares	15,255,154
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.5
Granted (in shares) \| shares	29,800
Granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 3.5
Exercised, options (in shares) \| shares	(9,339)
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 3.46
Forfeited, options (in shares) \| shares	(124,317)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 7.91
Balance, options (in shares) \| shares	15,151,298
Balance, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.5
Balance, Remaining Contractual Life (Year)	5 years 10 months 24 days
Balance, Intrinsic Value \| $	$ 1,894
Vested and expected to vest, options (in shares) \| shares	14,712,513
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)	5 years 9 months 18 days
Vested and expected to vest, Intrinsic Value \| $	$ 1,746
Exercisable, options (in shares) \| shares	10,966,833
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.33
Exercisable, Remaining Contractual Life (Year)	4 years 8 months 12 days
Exercisable, Intrinsic Value \| $	$ 394

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OMIDRIA contract royalty asset at December 31, 2023	$ 168,109
Royalties earned	(9,363)
Interest earned on OMIDRIA contract royalty asset	4,343	$ 3,925
Remeasurement adjustments	2,339	$ 1,677
OMIDRIA contract royalty asset at March 31, 2024	$ 165,428

Note 4 - Investments and Fair-value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investment Income, Interest	$ 2.8	$ 3.4
Demand Deposits [Member]
Restricted Cash, Current	$ 1.8		$ 7.1

Note 8 - OMIDRIA Royalty Obligation

3 Months Ended

Mar. 31, 2024

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 condensed consolidated balance sheet. DRI was entitled to receive royalties on OMIDRIA net sales between September 1, 2022 and December 31, 2030, subject to annual caps.

In February 2024, Omeros and DRI expanded their royalty purchase agreement under the Amendment, resulting in Omeros receiving an additional $115.5 million in cash consideration, which we accounted for as a modification of our existing debt from DRI. The Amendment eliminated the annual caps on royalty payments and provides that DRI will receive all royalties on U.S. net sales of OMIDRIA payable between January 1, 2024 and December 31, 2031.

Omeros retains the right to receive all royalties payable by Rayner on any net sales of OMIDRIA outside the U.S. payable 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. DRI has no recourse to our assets other than its interest in OMIDRIA royalties.

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.

The following schedule is a roll forward of the OMIDRIA royalty obligation (in thousands):

OMIDRIA royalty obligation at December 31, 2023	$	125,126
Additional proceeds		115,525
Non-cash interest		1,079
Principal payments		(5,141	)
OMIDRIA royalty obligation at March 31, 2024	$	236,589

We account for the OMIDRIA royalty obligation under the catch-up method. The catch-up method requires that we adjust the carrying amount to match the present value of revised estimated cash flows of Rayner’s U.S. net sales of OMIDRIA. We discounted the OMIDRIA royalty obligation at an implied effective interest rate of 10.3%. 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 March 31, 2024, the approximate fair value of our obligation was equal to its carrying value.

For the three months ended March 31, 2024 and 2023, we incurred interest expense of $5.0 million and $3.0 million, respectively.

As of March 31, 2024, future expected principal and interest payments are as follows:


	Principal		Interest		Total
	(In thousands)
2024	$	14,147	$	16,764	$	30,911
2025		20,990		20,672		41,662
2026		23,991		18,504		42,495
2027		27,314		16,032		43,346
2028		30,991		13,221		44,212
Thereafter		119,156		18,857		138,013
Total scheduled payments	$	236,589	$	104,050	$	340,639

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (37,184)	$ (33,701)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,658	2,953
Non-cash interest on convertible notes and royalty obligations	1,387	477
Depreciation and amortization	204	186
Non-cash interest earned on OMIDRIA contract royalty asset	(4,343)	(3,925)
Remeasurement on OMIDRIA contract royalty asset	(2,339)	(1,677)
Accretion on U.S. government treasury bills, net	(1,893)	(2,316)
Changes in operating assets and liabilities:
OMIDRIA contract royalty asset	9,363	9,203
Receivables	454	203,188
Prepaid expenses and other	(5,090)	(582)
Accounts payable and accrued expense	(4,997)	733
Net cash provided by (used in) operating activities	(41,780)	174,539
Investing activities:
Purchases of investments and other	(487,554)	(523,941)
Proceeds from the sale and maturities of investments	425,687	342,610
Purchases of property and equipment	(58)	0
Net cash used in investing activities	(61,925)	(181,331)
Financing activities:
Proceeds from sale of future royalties	115,525	0
Repurchases on common stock	(11,851)	0
Principal payments	(5,141)	(278)
Principal payments on finance lease obligations	(134)	(110)
Proceeds upon exercise of stock options	32	0
Net cash provided by (used in) financing activities	98,431	(388)
Net decrease in cash and cash equivalents	(5,274)	(7,180)
Cash and cash equivalents at beginning of period	7,105	11,009
Cash and cash equivalents at end of period	1,831	3,829
Supplemental cash flow information
Cash paid for interest	$ 7,152	$ 7,933

Note 9 - Leases

3 Months Ended

Mar. 31, 2024

Lease Disclosure [Text Block]

Note 9—Leases

We have an operating lease for our office and laboratory facilities with an initial term that ends in November 2027 and two options to extend the lease term by an additional five years each. Restricted investments of $1.1 million represent the security deposit on our office and laboratory facilities. We have finance leases for certain laboratory and office equipment that have lease terms expiring through November 2026.

Supplemental lease information is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*			*2023*
	(In thousands)
Lease cost
Operating lease cost	$	1,606		$	1,633
Finance lease cost:
Amortization		145			118
Interest		56			51
Variable lease cost		916			790
Sublease income		(388	)		(375	)
Net lease cost	$	2,335		$	2,217

Cash paid for amounts included in the measurement of lease liabilities is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Cash payments for operating leases	$	1,815	$	1,780
Cash payments for financing leases	$	179	$	152

Note 5 - Certain Balance Sheet Accounts (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation	$ 0.2	$ 0.2

Note 4 - Investments and Fair-value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Text Block]

Note 4—Investments and Fair-Value Measurements

All of our investments are held in our name and are classified as short-term and held-to-maturity on the accompanying condensed consolidated balance sheets. Interest income is included as a component of other income on our condensed consolidated statement of operations and comprehensive loss. Interest and other income for the three months ended March 31, 2024 and March 31, 2023 consists primarily of interest earned of $2.8 million and $3.4 million, respectively.

The following tables summarize our investments:

	*March 31, 2024*
			*Gross Unrealized*
	*Amortized Cost*		*Gains/(Losses)*			*Estimated Fair Value*
	(In thousands)

U.S. government securities classified as short-term investments	$	180,971	$	(20	)	$	180,951
Money-market funds classified as short-term investments		47,532		—			47,532
Total short-term investments		228,503		(20	)		228,483
Certificate of deposit classified as non-current restricted investments		1,054		—			1,054
Total investments	$	229,557	$	(20	)	$	229,537

	*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

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

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

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

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

Our fair value hierarchy for our financial assets and liabilities are as follows:

	*March 31, 2024*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)
Assets:
U.S. government securities classified as short-term investments	$	—	$	180,951	$	—	$	180,951
Money-market funds classified as short-term investments		47,532		—		—		47,532
Total short-term investments		47,532		180,951		—		228,483
Certificate of deposit classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	48,586	$	180,951	$	—	$	229,537

	*December 31, 2023*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)
Assets:
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
Certificate of deposit classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	63,697	$	102,119	$	—	$	165,816

Cash held in demand deposit accounts of $1.8 million and $7.1 million is excluded from our fair-value hierarchy disclosure as of March 31, 2024 and December 31, 2023, respectively. The carrying amounts reported in the accompanying condensed consolidated balance sheets for receivables, accounts payable and accrued liabilities, and other current monetary assets and liabilities 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 outstanding convertible senior 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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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-Topic 940
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Note 6 - Convertible Senior Notes (Details Textual) $ / shares in Units, shares in Millions			2 Months Ended	3 Months Ended
	May 15, 2024 USD ($)	Nov. 15, 2023 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Interest Expense, Debt				$ 3,142,000	$ 3,258,000
Amortization of Debt Issuance Costs and Discounts				1,387,000	477,000
Subsequent Event [Member] \| Conversion of 2026 Notes into New Term Loans [Member]
Debt Conversion, Original Debt, Amount	$ 14,000,000
Convertible Senior Notes 2023 [Member]
Extinguishment of Debt, Amount		$ 95,000,000
Debt Instrument, Interest Rate, Stated Percentage		6.25%
Interest Expense, Debt					1,500,000
Amortization of Debt Issuance Costs and Discounts					$ 200,000
Debt Issuance Costs, Net				$ 2,461,000
Convertible Senior Notes 2026 [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.25%
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares				$ 18.4875
Debt Issuance Costs, Net				$ 2,500,000		$ 2,769,000
Debt Instrument, Interest Rate, Effective Percentage				5.90%
Debt Instrument, Convertible, Conversion Ratio				54.0906
Debt Instrument, Convertible Debt, Denominator Amount				$ 1,000
Debt Conversion, Converted Instrument, Shares Issued (in shares) \| shares				12.2
Debt Instrument, Convertible, Fair Value Amount of Equity Component			$ 23,200,000
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 2026 [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) \| $ / shares				$ 18.49

Note 7 - Discontinued Operations - Sale of OMIDRIA - Schedule of Discontinued Operations Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Discontinued Operations, Disposed of by Sale [Member] \| Omidria Assets Disposal [Member]
Net cash provided by discontinued operations from operating activities	$ 9,107	$ 213,876

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

3 Months Ended

Mar. 31, 2024

Disposal Groups, Including Discontinued Operations [Table Text Block]

	*Three Months Ended*
	*March 31,*
	*2024*			*2023*
	(In thousands)
Interest earned on OMIDRIA contract royalty asset	$	4,343		$	3,925
Remeasurement adjustments		2,339			1,677
Other income (loss), net		(16	)		380
Net income from discontinued operations, net of tax	$	6,666		$	5,982

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

OMIDRIA contract royalty asset at December 31, 2023	$	168,109
Royalties earned		(9,363	)
Interest earned on OMIDRIA contract royalty asset		4,343
Remeasurement adjustments		2,339
OMIDRIA contract royalty asset at March 31, 2024	$	165,428

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

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Net cash provided by discontinued operations from operating activities	$	9,107	$	213,876

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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Note 4 - Investments and Fair-value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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

	*March 31, 2024*
			*Gross Unrealized*
	*Amortized Cost*		*Gains/(Losses)*			*Estimated Fair Value*
	(In thousands)

U.S. government securities classified as short-term investments	$	180,971	$	(20	)	$	180,951
Money-market funds classified as short-term investments		47,532		—			47,532
Total short-term investments		228,503		(20	)		228,483
Certificate of deposit classified as non-current restricted investments		1,054		—			1,054
Total investments	$	229,557	$	(20	)	$	229,537

	*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

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

	*March 31, 2024*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)
Assets:
U.S. government securities classified as short-term investments	$	—	$	180,951	$	—	$	180,951
Money-market funds classified as short-term investments		47,532		—		—		47,532
Total short-term investments		47,532		180,951		—		228,483
Certificate of deposit classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	48,586	$	180,951	$	—	$	229,537

	*December 31, 2023*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)
Assets:
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
Certificate of deposit classified as non-current restricted investments		1,054		—		—		1,054
Total investments	$	63,697	$	102,119	$	—	$	165,816

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

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Note 4 - Investments and Fair-value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term investments	$ 228,503	$ 164,743
Restricted investments	1,054	1,054
Fair Value, Recurring [Member]
Short-term investments	228,483	164,762
Restricted investments	1,054	1,054
Total	229,537	165,816
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Short-term investments	47,532	62,643
Restricted investments	1,054	1,054
Total	48,586	63,697
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Short-term investments	180,951	102,119
Restricted investments	0	0
Total	180,951	102,119
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	180,951	102,119
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	180,951	102,119
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	47,532	62,643
Money Market Funds [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Short-term investments	47,532	62,643
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 6 - Convertible Senior Notes

3 Months Ended

Mar. 31, 2024

Long-Term Debt [Text Block]

Note 6—Convertible Senior Notes

2023 Convertible Senior Notes

We extinguished the $95.0 million outstanding on our 6.25% convertible senior notes (the “2023 Notes”) at par upon maturity on November 15, 2023. For the three months ended March 31, 2023, we recognized interest expense of $1.5 million and amortization of debt issuance costs of $0.2 million.

2026 Convertible Senior Notes

We have outstanding unsecured convertible senior notes which 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”). The 2026 Notes mature on February 15, 2026, unless earlier purchased, redeemed or converted in accordance with their terms.

Amounts outstanding on our 2026 Notes are as follows:

	March 31,			December 31,
	2024			2023
	(In thousands)
Principal amount	$	215,924		$	215,924
Unamortized debt issuance costs		(2,461	)		(2,769	)
Total unsecured convertible senior notes, net	$	213,463		$	213,155

Fair value of outstanding unsecured convertible senior notes ⁽¹⁾	$	156,545		$	131,444

(1)

The fair value is classified as Level 3 due to the limited trading activity for the unsecured convertible senior notes. The fair value of the 2026 Notes is determined based on quoted prices in an over-the counter market using the most recent trading information at the end of the reporting period. The value of the conversion feature of the 2026 Notes is not deemed to be significant as the current market price of our common stock is below the initial conversion price of $18.49 per share of common stock.

The unamortized debt issuance costs of $2.5 million as of March 31, 2024 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:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Contractual interest expense	$	2,834	$	2,954
Amortization of debt issuance costs		308		304
Total	$	3,142	$	3,258

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, 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, whether or not consecutive, 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 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 of our common stock 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 condensed consolidated balance sheet. As of March 31, 2024, 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.

Note 7 - Discontinued Operations - Sale of OMIDRIA - Net Income From Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest earned on OMIDRIA contract royalty asset	$ 4,343	$ 3,925
Remeasurement adjustments	2,339	1,677
Other income (loss), net	(16)	380
Net income from discontinued operations, net of tax	$ 6,666	$ 5,982

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Costs and expenses:
Research and development	$ 26,770	$ 24,610
Selling, general and administrative	12,264	11,103
Total costs and expenses	39,034	35,713
Loss from operations	(39,034)	(35,713)
Interest expense	(8,231)	(7,933)
Interest and other income	3,415	3,963
Net loss from continuing operations	(43,850)	(39,683)
Net income from discontinued operations, net of tax	6,666	5,982
Net loss	$ (37,184)	$ (33,701)
Basic and diluted net income (loss) per share:
Net loss from continuing operations (in dollars per share)	$ (0.75)	$ (0.63)
Net income from discontinued operations (in dollars per share)	0.12	0.09
Net loss (in dollars per share)	$ (0.63)	$ (0.54)
Weighted-average shares used to compute basic and diluted net income (loss) per share (in shares)	58,800,716	62,828,765

Note 6 - Convertible Senior Notes (Tables)

3 Months Ended

Mar. 31, 2024

Convertible Debt [Table Text Block]

	March 31,			December 31,
	2024			2023
	(In thousands)
Principal amount	$	215,924		$	215,924
Unamortized debt issuance costs		(2,461	)		(2,769	)
Total unsecured convertible senior notes, net	$	213,463		$	213,155

Fair value of outstanding unsecured convertible senior notes ⁽¹⁾	$	156,545		$	131,444

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

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Contractual interest expense	$	2,834	$	2,954
Amortization of debt issuance costs		308		304
Total	$	3,142	$	3,258

Note 3 - Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
2026 Notes convertible to common stock ⁽¹⁾		11,679,459		12,172,008
2023 Notes convertible to common stock ⁽²⁾		—		4,941,739
Outstanding options to purchase common stock		97,346		17,454
Outstanding restricted stock units ⁽³⁾		—		92,250
Total potentially dilutive shares excluded from net loss per share		11,776,805		17,223,451

Note 6 - Convertible Senior Notes - Schedule of Debt Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total	$ 3,142	$ 3,258
Convertible Senior Notes 2023 [Member]
Contractual interest expense	2,834	2,954
Amortization of debt issuance costs	$ 308	304
Total		$ 1,500

Note 5 - Certain Balance Sheet Accounts - Schedule of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
OMIDRIA royalty receivables	$ 6,986	$ 6,724
Other receivables	656	1,372
Total receivables	$ 7,642	$ 8,096

Note 5 - Certain Balance Sheet Accounts

3 Months Ended

Mar. 31, 2024

Supplemental Balance Sheet Disclosures [Text Block]

Note 5 — Certain Balance Sheet Accounts

OMIDRIA Contract Royalty Asset

The OMIDRIA contract royalty asset consists of the following:

	*March 31,*		*December 31,*
	*2024*		*2023*
	(In thousands)
Short-term contract royalty asset	$	29,519	$	29,373
Long-term contract royalty asset		135,909		138,736
Total OMIDRIA contract royalty asset	$	165,428	$	168,109

Receivables

Receivables consist of the following:

	*March 31,*		*December 31,*
	*2024*		*2023*
	(In thousands)
OMIDRIA royalty receivables	$	6,986	$	6,724
Other receivables		656		1,372
Total receivables	$	7,642	$	8,096

See “Note 7 — Discontinued Operations – Sale of OMIDRIA” for discussion regarding the estimated fair value of our OMIDRIA contract royalty asset.

Property and Equipment, Net

Property and equipment, net consists of the following:

	*March 31,*			*December 31,*
	*2024*			*2023*
	(In thousands)
Equipment under finance lease obligations	$	6,929		$	6,929
Laboratory equipment		3,583			3,525
Computer equipment		1,113			1,113
Office equipment and furniture		624			624
Total cost		12,249			12,191
Less accumulated depreciation and amortization		(10,445	)		(10,241	)
Total property and equipment, net	$	1,804		$	1,950

For the three months ended March 31, 2024 and 2023, depreciation and amortization expense was the same at $0.2 million.

Accrued Expenses

Accrued expenses consists of the following:

	*March 31,*		*December 31,*
	*2024*		*2023*
	(In thousands)
Clinical trials	$	9,357	$	10,168
Employee compensation		8,799		7,380
Contract research and development		5,344		6,223
Consulting and professional fees		2,308		3,539
Interest payable		1,417		4,242
Other accrued expenses		1,177		316
Total accrued expenses	$	28,402	$	31,868

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions			1 Months Ended
	Feb. 01, 2024	Sep. 30, 2022	Feb. 29, 2024	Dec. 31, 2022	Mar. 31, 2023
Percentage of Royalty Receivable on Sale of Product Rights				30.00%
Percentage Of Interest Earned on Outstanding Contract Royalty Asset					11.00%
DRI Healthcare Acquisition LP [Member]
Proceeds From Royalty Obligation	$ 115.5	$ 125.0	$ 115.5
Royalty Interest Rate	10.30%		10.30%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION (a) None. (b) None. (c) During the three months ended March 31, 2024, 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
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,831	$ 7,105
Short-term investments	228,503	164,743
OMIDRIA contract royalty asset, short-term	29,519	29,373
Receivables	7,642	8,096
Prepaid expense and other assets	13,463	8,581
Total current assets	280,958	217,898
OMIDRIA contract royalty asset	135,909	138,736
Right of use assets	17,767	18,631
Property and equipment, net	1,804	1,950
Restricted investments	1,054	1,054
Total assets	437,492	378,269
Current liabilities:
Accounts payable	6,182	7,712
Accrued expenses	28,402	31,868
Current portion of OMIDRIA royalty obligation	19,130	8,576
Current portion of lease liabilities	5,342	5,160
Total current liabilities	59,056	53,316
Convertible senior notes, net	213,463	213,155
OMIDRIA royalty obligation, non-current	217,459	116,550
Lease liabilities, non-current	16,754	18,143
Other accrued liabilities, non-current	2,088	2,088
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 March 31, 2024 and December 31, 2023.	0	0
Common stock, par value $0.01 per share, 150,000,000 shares authorized at March 31, 2024 and December 31, 2023; 57,942,695 and 61,128,597 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively.	579	611
Additional paid-in capital	718,807	727,936
Accumulated deficit	(790,714)	(753,530)
Total shareholders’ deficit	(71,328)	(24,983)
Total liabilities and shareholders’ equity (deficit)	$ 437,492	$ 378,269

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Discontinued Operations, Policy [Policy Text Block]	Discontinued Operations We review the presentation of planned or completed business dispositions in the condensed 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 condensed 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 condensed 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.
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 use 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. The royalty rate applicable to U.S. net sales of OMIDRIA is 30% until the expiration or termination of the last issued and unexpired U.S. patent, which we expect to occur no earlier than 2035. 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 quarterly using the expected value approach, which incorporates 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, which was recorded as an “OMIDRIA royalty obligation” on our condensed consolidated balance sheet. On February 1, 2024, we sold to DRI our remaining U.S. OMIDRIA royalty receipts through December 31, 2031 for $115.5 million in cash, which increased the OMIDRIA royalty obligation by the same amount. The OMIDRIA royalty obligation is amortized through December 31, 2031 using the implied effective interest rate of 10.3%. Interest expense is recorded in continuing operations. To the extent our estimates of future royalties differ materially from previous estimates, we will adjust the carrying amount of the liability for future OMIDRIA royalties to the present value of the revised estimated cash flows, discounted at the implied effective interest rate of 10.3% utilizing the cumulative catch-up method. The offset to the adjustment would be recognized as a component of net income (loss) from continuing operations (see “Note 8 — OMIDRIA Royalty Obligation”).
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.
Lessee, Leases [Policy Text Block]	Right-of-Use Assets and Related Lease Liabilities We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not readily available. We recognize variable lease payments when incurred. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. We record finance lease obligations as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of finance lease obligations is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12 months or less as an operating expense.
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 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, risk-free rates, forfeiture rates 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 Washington State law, repurchased shares are retired and not presented as treasury stock on the condensed consolidated financial statements.
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 basis. 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.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Financial Instruments and Concentrations of Credit Risk F inancial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Cash and cash equivalents are deposited in checking and sweep accounts at financial institutions. At times, our cash and cash equivalents balance held at a financial institution may exceed 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. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the Company is not currently exposed to significant credit risk as the Company’s short-term investments are held in custody at third-party financial institutions. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the unaudited condensed consolidated balance sheets. As of March 31, 2024, the Company has no off-balance sheet concentrations of credit risk.

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	62,828,765
Balance at Dec. 31, 2022	$ 628	$ 720,773	$ (635,717)	$ 85,684
Stock-based compensation expense	0	2,953	0	2,953
Net loss	$ 0	0	(33,701)	(33,701)
Balance (in shares) at Mar. 31, 2023	62,828,765
Balance at Mar. 31, 2023	$ 628	723,726	(669,418)	54,936
Balance (in shares) at Dec. 31, 2023	61,128,597
Balance at Dec. 31, 2023	$ 611	727,936	(753,530)	$ (24,983)
Issuance of common stock upon exercise of stock options (in shares)	9,339			9,339
Issuance of common stock upon exercise of stock options	$ 0	32	0	$ 32
Repurchases of common stock (in shares)	(3,195,241)
Repurchases of common stock	$ (32)	(11,819)	0	(11,851)
Stock-based compensation expense	0	2,658	0	2,658
Net loss	$ 0	0	(37,184)	(37,184)
Balance (in shares) at Mar. 31, 2024	57,942,695
Balance at Mar. 31, 2024	$ 579	$ 718,807	$ (790,714)	$ (71,328)

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 10, 2024
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	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,944,159

Note 12 - Share-Based Compensation - Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares
Estimated weighted-average fair value (in dollars per share)	$ 2.84
Expected volatility	95.00%
Expected life, in years (Year)	6 years 8 months 12 days
Risk-free interest rate	4.09%
Expected dividend yield	0.00%

Note 8 - OMIDRIA Royalty Obligation - Schedule of Royalty Obligation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-cash interest	$ 8,231	$ 7,933
Principal payments	(5,141)	$ (278)
Royalty Obligation [Member]
OMIDRIA royalty obligation at December 31, 2023	125,126
Additional proceeds	115,525
Non-cash interest	1,079
Principal payments	(5,141)
OMIDRIA royalty obligation at March 31, 2024	$ 236,589

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

Note 12 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Continuing operations
Research and development	$	1,014	$	1,272
Selling, general and administrative		1,644		1,722
Total stock-based compensation in continuing operations		2,658		2,994
Discontinued operations		—		(41	)
Total stock-based compensation	$	2,658	$	2,953

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

	*Three Months Ended*
	*March 31, 2024*
Estimated weighted-average fair value	$	2.84
Weighted-average assumptions:
Expected volatility		95	%
Expected life, in years		6.7
Risk-free interest rate		4.09	%
Expected dividend yield		—	%

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

				*Weighted-*
				*Average*				*Aggregate*
				*Exercise*		*Remaining*		*Intrinsic*
	*Options*			*Price per*		*Contractual Life*		*Value*
	*Outstanding*			*Share*		*(In years)*		*(In thousands)*
Balance at December 31, 2023		15,255,154		$	9.50
Granted		29,800			3.50
Exercised		(9,339	)		3.46
Forfeited		(124,317	)		7.91
Balance at March 31, 2024		15,151,298		$	9.50		5.9	$	1,894
Vested and expected to vest at March 31, 2024		14,712,513		$	9.65		5.8	$	1,746
Exercisable at March 31, 2024		10,966,833		$	11.33		4.7	$	394

Note 10 - Commitments and Contingencies (Details Textual) $ in Millions	Mar. 31, 2024 USD ($)
Long-Term Purchase Commitment, Termination Fee	$ 23.3

Note 8 - OMIDRIA Royalty Obligation (Details Textual) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
	Feb. 01, 2024	Sep. 30, 2022	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Interest Expense, Operating and Nonoperating				$ 8,231	$ 7,933
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
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
DRI Healthcare Acquisition LP [Member]
Proceeds From Royalty Obligation	$ 115,500	$ 125,000	$ 115,500
Royalty Interest Rate	10.30%		10.30%
Interest Expense, Operating and Nonoperating				$ 5,000	$ 3,000

Note 12 - Stock-based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Text Block]

Note 12—Stock-Based Compensation

Our stock option plans provide for the grant of incentive and non-qualified stock options, restricted stock awards, restricted stock units, and other stock awards to employees, non-employee directors and consultants.

On April 25, 2024, annual stock option grants of approximately 2.9 million shares of common stock were awarded to eligible participants for the 2023 annual performance period. The options have an exercise price of $3.06 per share and vest monthly on a straight-line basis over four years.

Stock-based compensation is as follows:

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Continuing operations
Research and development	$	1,014	$	1,272
Selling, general and administrative		1,644		1,722
Total stock-based compensation in continuing operations		2,658		2,994
Discontinued operations		—		(41	)
Total stock-based compensation	$	2,658	$	2,953

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

	*Three Months Ended*
	*March 31, 2024*
Estimated weighted-average fair value	$	2.84
Weighted-average assumptions:
Expected volatility		95	%
Expected life, in years		6.7
Risk-free interest rate		4.09	%
Expected dividend yield		—	%

Expected volatility is based on the historical volatility of our stock price weighted by grant issuances over the reporting period. We estimated the expected life of the stock options granted using the historical exercise behavior of option holders. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates.

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

				*Weighted-*
				*Average*				*Aggregate*
				*Exercise*		*Remaining*		*Intrinsic*
	*Options*			*Price per*		*Contractual Life*		*Value*
	*Outstanding*			*Share*		*(In years)*		*(In thousands)*
Balance at December 31, 2023		15,255,154		$	9.50
Granted		29,800			3.50
Exercised		(9,339	)		3.46
Forfeited		(124,317	)		7.91
Balance at March 31, 2024		15,151,298		$	9.50		5.9	$	1,894
Vested and expected to vest at March 31, 2024		14,712,513		$	9.65		5.8	$	1,746
Exercisable at March 31, 2024		10,966,833		$	11.33		4.7	$	394

Of the 15.2 million common stock options outstanding as of March 31, 2024, 12.1 million have an exercise price per share above $ 3.45, which was the closing price of our stock on the Nasdaq exchange on March 28, 2024.

As of March 31, 2024, there were 4.2 million unvested options outstanding that will vest over a weighted-average period of 2.0 years. The total estimated compensation expense yet to be recognized on outstanding options is $12.1 million.

Note 5 - Certain Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2024

Schedule Of Contract Royalty Asset [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
	(In thousands)
Short-term contract royalty asset	$	29,519	$	29,373
Long-term contract royalty asset		135,909		138,736
Total OMIDRIA contract royalty asset	$	165,428	$	168,109

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

	*March 31,*		*December 31,*
	*2024*		*2023*
	(In thousands)
OMIDRIA royalty receivables	$	6,986	$	6,724
Other receivables		656		1,372
Total receivables	$	7,642	$	8,096

Property, Plant and Equipment [Table Text Block]

	*March 31,*			*December 31,*
	*2024*			*2023*
	(In thousands)
Equipment under finance lease obligations	$	6,929		$	6,929
Laboratory equipment		3,583			3,525
Computer equipment		1,113			1,113
Office equipment and furniture		624			624
Total cost		12,249			12,191
Less accumulated depreciation and amortization		(10,445	)		(10,241	)
Total property and equipment, net	$	1,804		$	1,950

Schedule of Accrued Liabilities [Table Text Block]

	*March 31,*		*December 31,*
	*2024*		*2023*
	(In thousands)
Clinical trials	$	9,357	$	10,168
Employee compensation		8,799		7,380
Contract research and development		5,344		6,223
Consulting and professional fees		2,308		3,539
Interest payable		1,417		4,242
Other accrued expenses		1,177		316
Total accrued expenses	$	28,402	$	31,868

Note 4 - Investments and Fair-value Measurements - Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt securities, available for sale, amortized cost	$ 228,503	$ 164,743
Debt securities, available for sale, gross unrealized gains (losses)	(20)	19
Debt securities, available for sale, fair value	228,483	164,762
Debt securities, amortized cost	229,557	165,797
Debt securities, fair value	229,537	165,816
US Treasury Securities [Member]
Debt securities, available for sale, amortized cost	180,971	102,100
Debt securities, available for sale, gross unrealized gains (losses)	(20)	19
Debt securities, available for sale, fair value	180,951	102,119
Money Market Funds [Member]
Debt securities, available for sale, amortized cost	47,532	62,643
Debt securities, available for sale, gross unrealized gains (losses)	0	0
Debt securities, available for sale, fair value	47,532	62,643
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 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	29,800
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 3.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	15,151,298	15,255,154
Share Price (in dollars per share)	$ 3.45
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	2,900,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 3.06
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	15,200,000
Common Stock, Shares, Outstanding, Above Period End Closing Price (in shares)	12,100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	4,200,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 12.1

Note 9 - Leases (Tables)

3 Months Ended

Mar. 31, 2024

Lease, Cost [Table Text Block]

	*Three Months Ended*
	*March 31,*
	*2024*			*2023*
	(In thousands)
Lease cost
Operating lease cost	$	1,606		$	1,633
Finance lease cost:
Amortization		145			118
Interest		56			51
Variable lease cost		916			790
Sublease income		(388	)		(375	)
Net lease cost	$	2,335		$	2,217

	*Three Months Ended*
	*March 31,*
	*2024*		*2023*
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Cash payments for operating leases	$	1,815	$	1,780
Cash payments for financing leases	$	179	$	152

Note 12 - Share-Based Compensation - Schedule of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation	$ 2,658	$ 2,953
Research and Development Expense [Member]
Stock-based compensation	1,014	1,272
Selling, General and Administrative Expenses [Member]
Stock-based compensation	1,644	1,722
Continuing Operations [Member]
Stock-based compensation	2,658	2,994
Discontinued Operations [Member]
Stock-based compensation	$ 0	$ (41)

Note 11 - Shareholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2024

Equity [Text Block]

Note 11—Shareholders’ Equity (Deficit)

Common Stock

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. As of March 31, 2024, we have not sold any shares under this program.

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 three months ended March 31, 2024, we repurchased and retired 3.2 million shares of common stock at an average share price of $3.71 for an aggregate repurchase price of $11.9 million. Since inception of the program, we have repurchased and retired 5.0 million shares at an average price of $3.30 per share.

The entire disclosure for equity.

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Note 5 - Certain Balance Sheet Accounts - Contract Royalty Asset (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term contract royalty asset	$ 29,519	$ 29,373
Long-term contract royalty asset	135,909	138,736
Total OMIDRIA contract royalty asset	$ 165,428	$ 168,109

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	57,942,695	61,128,597
Common stock, outstanding (in shares)	57,942,695	61,128,597

Note 1 - Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

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.

Our clinical-stage development programs include: 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”). We successfully completed a pivotal clinical trial for narsoplimab in TA-TMA and previously submitted to FDA a biologics license application (“BLA”) seeking marketing approval for narsoplimab in this indication. In late 2021, FDA issued a complete response letter (“CRL”) with respect to the BLA in which the agency indicated that additional information would be needed to support regulatory approval. We appealed FDA’s decision to issue the CRL through a formal dispute resolution process that concluded in late 2022. Although our appeal was denied, the decision identified potential paths for resubmission of the BLA based on data from our completed pivotal trial and submission of additional evidence and analyses. We are having ongoing discussions with the agency regarding the data and analyses required to be included in a potential resubmission of our BLA. As a result, we are currently unable to estimate when we will submit the BLA or, subsequently, FDA’s timing for a decision regarding approval. There can be no guarantee that FDA's specific recommendations for resubmission will be acceptable to Omeros in terms of the time and/or expenditure required or that any resubmission of the BLA will result in approval of narsoplimab for TA-TMA.

Our lectin pathway program also includes OMS1029, our long-acting antibody targeting MASP-2. This next-generation MASP-2 inhibitor is intended to be complementary to narsoplimab, enabling us to pursue chronic indications in which dosing convenience would be of significant benefit to patients. A Phase 1 single-ascending dose clinical trial of OMS1029 was successfully completed in early 2023 and a multiple-ascending dose Phase 1 clinical trial is expected to conclude in mid-2024. OMS1029 has been well tolerated to date with no safety concerns identified. We are evaluating several potential indications for Phase 2 clinical development of OMS1029.

Our pipeline of clinical-stage complement-targeted therapeutic candidates also includes OMS906, a proprietary, patented monoclonal antibody targeting MASP-3, the key activator of the alternative pathway of complement. We have three ongoing Phase 2 clinical trials evaluating OMS906 for the treatment of paroxysmal nocturnal hemoglobinuria (“PNH”). The first is in PNH patients who have not previously been treated with a complement inhibitor, and the second is in PNH patients who have had an unsatisfactory response to ravulizumab. The third Phase 2 clinical trial is an open-label extension study to assess the long-term efficacy and safety of OMS906 in patients who have completed either of the other two PNH Phase 2 clinical trials. We also have an ongoing Phase 2 clinical program evaluating OMS906 for the treatment of C3G, a rare and debilitating renal disease driven by complement dysregulation.

Our phosphodiesterase 7 (“PDE7”) inhibitor program, which we refer to as OMS527, comprises multiple PDE7 inhibitor compounds and is based on our discoveries of previously unknown links between PDE7 and any addiction or compulsive disorder, and between PDE7 and any movement disorders. In April 2023, we were awarded a grant from the National Institute on Drug Abuse ("NIDA"), part of the National Institutes of Health, to develop, at NIDA's request, our lead orally administered PDE7 inhibitor compound, for which we have successfully completed a Phase 1 study, for the treatment of cocaine use disorder (“CUD”). NIDA awarded the grant to Omeros for a total of $6.69 million over three years, of which we have claimed and received $0.7 million of funding to date and recognized $0.2 million into Other Income in our condensed consolidated statement of operations and comprehensive loss. The grant is intended to support preclinical cocaine interaction/toxicology studies to assess safety of the therapeutic candidate in the presence of concomitant cocaine administration, as well as an in-patient, placebo-controlled clinical study evaluating the safety and effectiveness of OMS527 in adults with CUD who receive concurrent intravenous cocaine. The preclinical study is intended to provide the toxicology data necessary to support the human study of OMS527 in CUD. The toxicology study is underway and is expected to be completed later this year.

We also have various programs in preclinical research and development.

OMIDRIA Sale and Royalty Monetization Transactions

On December 23, 2021, we closed an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Rayner Surgical Inc. (“Rayner”) for the sale of our commercial product OMIDRIA and certain related assets including inventory and prepaid expenses. As a result of the divestiture, the results of OMIDRIA activities are classified as discontinued operations in our condensed consolidated statements of operations and comprehensive loss and excluded from continuing operations for all periods presented (See “Note 7 — Discontinued Operations – Sale of OMIDRIA”).

On September 30, 2022, we sold to DRI Healthcare Acquisition LP (“DRI”) an interest in a portion of our future OMIDRIA royalty receipts and received $125.0 million in cash consideration, which we recorded as an OMIDRIA royalty obligation on our condensed consolidated balance sheet. Interest expense on the royalty obligation is recorded as a component of continuing operations.

On February 1, 2024, we sold to DRI an expanded interest in our OMIDRIA royalties and received $115.5 million in cash consideration, which we recorded as an addition to the OMIDRIA royalty obligation. The amended and restated royalty purchase agreement with DRI (the “Amendment”) eliminates the previously existing annual caps on royalty payments after January 1, 2024, and provides that DRI now receives all royalties on U.S. net sales of OMIDRIA payable between January 1, 2024 and December 31, 2031. (See “Note 8 — OMIDRIA Royalty Obligation”). Omeros is entitled to retain all royalties on net sales of OMIDRIA outside of the United States.

Basis of Presentation

Our condensed 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 condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

Liquidity and Capital Resources

As of March 31, 2024, we had cash, cash equivalents and short-term investments of $230.3 million. During the quarter ended March 31, 2024, our cash used in operations was $41.8 million.

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 retire our outstanding convertible senior notes due in February 2026 (the “2026 Notes”). We plan to continue to fund our operations for at least the next twelve months with our existing cash and investments. 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, or other strategic transactions, which may include licensing or selling a portion or all of one or more of our existing technologies. 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.

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 10 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024