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Net loss increases in second quarter for Omeros

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Omeros reported a 2018 second quarter net loss of $33.7 million, or $0.70 per share, compared with a net loss of $14.4 million, or $0.33 per share, in 2017’s second quarter.

Revenues for the quarter totaled $1.7 million, all related to the sales of Omidria (phenylephrine 1% and ketorolac 0.3% injection), compared with Omidria revenues of $17.2 million in 2017’s second quarter. With transitional pass-through reimbursement for Omidria unavailable so far in 2018, there has been a significant reduction in its use by ASCs and hospitals, resulting in the revenue decrease, according to a press release.

Pass-through status will begin again Oct. 1 and will be in effect until Sept. 30, 2020.

The company’s total costs and expenses increased from $29.1 million in 2017’s second quarter to $32.3 million in 2018.

Omeros had $88.4 million in cash, cash equivalents and short-term investments as of June 30.