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Omeros posts quarterly, year-end losses

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Omeros reported a net loss of $23.5 million, or $0.48 per share, in the fourth quarter of 2018 compared with a net loss of $16.6 million, or $0.34 per share, in 2017’s fourth quarter, according to a press release.

The company’s full year financial results included a net loss of $126.8 million, or $2.61 per share, compared with a net loss of $53.5 million, or $1.17 per share, in 2017.

Omidria (phenylephrine 1% and ketorolac 0.3% intraocular solution) revenues increased from $13.8 million to $22 million for the quarter and decreased from $64.8 million to $29.9 million for the year. The yearly loss was attributed to the lack of a separate payment for Omidria under Medicare Part B from January through September, the release said.

Operating expenses increased to $40.5 million for the quarter compared with $27.9 million in 2017’s fourth quarter. For the full year, they rose $33.4 million to $142.1 million. The increase was attributed to higher research and development spending for upcoming programs and trials.

Omeros had cash, cash equivalents and short-term investments totaling $60.5 million as of Dec. 31, 2018.