# EDGAR Filing Document

**Accession Number:** 0001285819
**File Stem:** 0001437749-25-036507
**Filing Date:** 2025-12
**Character Count:** 32135
**Document Hash:** c2617f3ff72a5e25b5280bdbd58f05b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-036507.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001437749-25-036507

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251125

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OMEROS CORP
- **CENTRAL INDEX KEY:** 0001285819
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 911663741
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34475
- **FILM NUMBER:** 251537264

**BUSINESS ADDRESS:**
- **STREET 1:** 201 ELLIOTT AVENUE WEST
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98119
- **BUSINESS PHONE:** 206-676-5000

**MAIL ADDRESS:**
- **STREET 1:** 201 ELLIOTT AVENUE WEST
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98119

?xml version='1.0' encoding='ASCII'? omer20251024_8k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM 8-K**

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 25, 2025**

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## OMEROS CORPORATION
**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| **Washington** | **001-34475** | **91-1663741** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br> **Identification No.)** |
| **201 Elliott Avenue West**<br> **Seattle, WA** |  | **98119** |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (206) 676-5000**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.01 par value per share | OMER | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.02. Termination of a Material Definitive Agreement.**

On November 25, 2025, Omeros Corporation ("Omeros," the "Company" or "we") completed the closing of the transaction described under Item 2.01 below. Substantially concurrent with the closing of such transaction, the Company utilized a portion of the $240.0 million upfront payment that it received to repay all outstanding obligations under the Credit and Guarantee Agreement, dated June 3, 2024 (the "Credit Agreement"), among the Company, the various lenders party thereto, and Wilmington Savings Fund Society, FSB, as Administrative Agent and Collateral Agent. The retirement included prepayment of the $67.1 million outstanding term loan under the Credit Agreement, a $3.4 million mandatory prepayment premium, $2.0 million of incurred interest, and approximately $0.1 million of transaction related expenses. Repayment of the Company's obligations under the Credit Agreement resulted in the simultaneous release in full of all liens and covenants thereunder, including the covenant requiring the Company to maintain at all times a minimum of $25.0 million of unrestricted cash, cash equivalents and short-term investments, releasing such $25.0 million into the Company's working capital available for use. Upon the occurrence of such events, the Credit Agreement was terminated.

**Item 2.01. Completion of Acquisition or Disposition of Assets.**

On November 25, 2025, Omeroscompleted the closing of the previously announced transaction under the Asset Purchase and License Agreement, dated October 10, 2025 (the "Agreement"), with Novo Nordisk Health Care AG ("Novo Nordisk"), pursuant to which Novo Nordisk received exclusive global rights in all indications to develop and commercialize zaltenibart (OMS906), certain related monoclonal antibodies and antigen-binding fragments (collectively, the "Compounds"), and related pharmaceutical products (the "Products"). Zaltenibart is a first-in-class, late-stage clinical, humanized monoclonal antibody targeting MASP-3 – the most upstream and key activator of the alternative pathway of the complement system – and has shown multiple potential advantages over other alternative pathway inhibitors in development or on the market. Under the Agreement, Omeros sold and transferred, and Novo Nordisk purchased and assumed, certain assets and liabilities related to the Compounds and Products, and the parties granted and received certain intellectual property licenses to facilitate the continued development and commercialization activities of both companies (the "Transaction").

At the closing of the Transaction (the "Closing"), Omeros received an upfront cash payment of $240.0 million, approximately $72.6 million of which was used to repay the Credit Agreement as described in Item 1.02 above. In addition, Omeros can receive (i) up to a total of $510 million in one-time milestone payments upon the first achievement by Novo Nordisk or its affiliates or sublicensees of each of the development and approval milestone events as set forth in the Agreement and (ii) up to $1.3 billion in one-time milestone payments upon the first achievement by Novo Nordisk or its affiliates or sublicensees of certain sales-based milestone events as set forth in the Agreement. The upfront cash received at closing and the potential milestone payments represent a total of $2.1 billion. Omeros is also eligible under the Agreement to receive tiered royalties on annual net sales of Products at percentage rates ranging from high single digit to high teens, subject to reduction in certain circumstances, as set forth in the Agreement.

Novo Nordisk is strongly positioned to develop zaltenibart into a differentiated and potentially best-in-class treatment approach for a number of rare blood and kidney disorders, maximizing the opportunity to help people living with these diseases in the future and supporting the company's leadership ambition in this space. Omeros retains rights to its MASP-3 small-molecule program unrelated to zaltenibart, including the ability to develop and commercialize small-molecule MASP-3 inhibitors with limited restrictions on indications. Omeros also retains rights to its "grandfathered" MASP-3 antibodies, with temporal and indication restrictions on commercialization and for use in advancing its small-molecule therapeutics.

In accordance with the Agreement, at the Closing, the Company and Novo Nordisk entered into a transition services agreement (the "Transition Services Agreement") pursuant to which the Company will provide certain transition services to Novo Nordisk to facilitate the transfer of the acquired assets and liabilities under the Agreement and to provide for the continued operation of relevant studies and program activities during the applicable term. Subject to certain exceptions and limitations, Novo Nordisk will reimburse the Company for costs and expenses incurred by the Company under the Transition Services Agreement, including third-party costs and expenses and costs associated with delivery of transition services by Omeros personnel on an hourly basis at rates specified in the Agreement.

The foregoing description of the Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement. The Agreement contains representations, warranties, and covenants that were made for the purpose of allocating contractual risk between those parties, that do not establish these matters as facts and, in certain cases, are subject to separately scheduled exceptions and qualifications. Investors should not rely on the representations, warranties, and covenants as characterizations of the actual state of facts or condition of the Company, Novo Nordisk, or any of their respective subsidiaries or affiliates.

**Item** 8**.01. Other Events.**

On December 1, 2025, we issued a press release announcing the Closing. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On November 29, 2025, the Board of Directors of the Company approved an indefinite term share repurchase program under which we may repurchase from time to time up to $100.0 million of our common stock in the open market or through privately negotiated transactions.

**Item 9.01. Financial Statements and Exhibits.**

(b) Pro forma financial information.

The following unaudited pro forma condensed consolidated information reflecting the Transaction described under Item 2.01 above are filed as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference:

● the Company's unaudited pro forma condensed consolidated balance sheet as of September 30, 2025;

● the Company's unaudited pro forma consolidated statement of operations and comprehensive income (loss) for fiscal year ended December 31, 2024; and

● the Company's unaudited pro forma condensed consolidated statement of operations and comprehensive loss for the nine-month period ended September 30, 2025.

The unaudited pro forma condensed consolidated financial statements are not intended to represent or be indicative of the Company's consolidated results of operations or financial position that would have been reported had the Transaction been completed as of the dates presented and should not be taken as representation of the Company's future consolidated results of operations or financial condition. The pro forma adjustments are based on available information and certain assumptions that management believes are reasonable under the circumstances.

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 99.1 | [Press Release dated December 1, 2025](ex_893916.htm) |
| 99.2 | [Unaudited Pro Forma Financial Statements and accompanying notes](ex_876104.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **OMEROS CORPORATION** | **OMEROS CORPORATION** |
| Date: December 1, 2025 | By: | /s/ Gregory A. Demopulos |
|  |  | Gregory A. Demopulos, M.D. |
|  |  | President, Chief Executive Officer and |
|  |  | Chairman of the Board of Directors |

---

## Exhibit 99.1

**Exhibit 99.1**

![omeroslogo_med.jpg](omeroslogo_med.jpg)

**Omeros Corporation Announces Closing of Asset Purchase and License Agreement with Novo Nordisk for Omeros**' **Clinical-Stage MASP-3 Inhibitor Zaltenibart (OMS906)**

**SEATTLE, WA** – **December 1, 2025** – Omeros Corporation (Nasdaq: OMER) today announced the closing of the asset sale and licensing transaction between Omeros and Novo Nordisk for the candidate drug zaltenibart (formerly OMS906). Zaltenibart is a first-in-class, late-stage clinical humanized monoclonal antibody targeting MASP-3 – the most upstream and key activator of the alternative pathway of the complement system – and has shown multiple potential advantages over other alternative pathway inhibitors in development or on the market. The transaction was completed pursuant to an asset purchase and license agreement that was <u>announced on October 15, 2025</u>.

Omeros is eligible to receive upfront and near-term milestone payments up to $340.0 million, of which the upfront amount of $240.0 million was paid in cash at closing. In total, Omeros is eligible to receive up to $2.1 billion including potential development and commercial milestones, plus tiered royalties on net sales.

Novo Nordisk is strongly positioned to develop zaltenibart into a differentiated and potentially best-in-class treatment approach for a number of rare blood and kidney disorders, maximizing the opportunity to help people living with these diseases in the future and supporting the company's leadership ambition in this space. Omeros retains rights to its MASP-3 small-molecule program unrelated to zaltenibart, including the ability to develop and commercialize small-molecule MASP-3 inhibitors with limited restrictions on indications.

At the closing, Omeros prepaid the entire $67.1 million principal amount outstanding under its senior secured term loan, along with a related pre-payment premium, accrued and unpaid interest, and expenses. The prepayment resulted in the termination of the senior secured credit agreement between Omeros and the term loan lenders and the release in full of all liens and covenants thereunder, including the $25.0 million minimum liquidity covenant. Omeros expects that the remaining proceeds from the closing payment will be sufficient to repay at or prior to maturity the remaining $17.1 million principal balance on its 2026 Convertible Notes and fund more than 12 months of operations, including the anticipated U.S. launch of narsoplimab for the treatment of transplant-associated thrombotic microangiopathy (TA-TMA).

**About zaltenibart**

Zaltenibart (OMS906) is an investigational humanized monoclonal antibody that selectively targets mannan-binding lectin-associated serine protease-3 (MASP-3), the key and most upstream activator of the alternative pathway of the complement system and a critical component of innate immunity involved in host defense and immune regulation. By inhibiting MASP-3, zaltenibart is designed to address complement-mediated diseases driven by alternative pathway dysregulation.

MASP-3 is responsible for converting complement pro-factor D to its active form, factor D. With low systemic levels compared to other alternative pathway proteins and slow clearance from circulation, MASP-3 is considered a highly attractive therapeutic target. Unlike inhibitors of C3 or C5, MASP-3 inhibition preserves classical pathway activity, which is critical to vaccine-induced immunity and defense against infections. Moreover, MASP-3 is not believed to be an acute-phase reactant, potentially offering another significant advantage for MASP-3 inhibitors like zaltenibart.

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Zaltenibart has potential applications across a broad range of therapeutic areas and indications, including paroxysmal nocturnal hemoglobinuria (PNH), renal diseases such as immunoglobulin A nephropathy (IgAN), C3 glomerulopathy and atypical hemolytic uremic syndrome, and other immune and complement-driven disorders.

**About Omeros Corporation**

Omeros is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing first-in-class small-molecule and protein therapeutics for both large-market and orphan diseases, with a particular emphasis on complement-mediated diseases, cancers, and addictive or compulsive disorders. Omeros' lead MASP-2 inhibitor narsoplimab targets the lectin pathway of complement and is under regulatory review by both the U.S. Food and Drug Administration and the European Medicines Agency for the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy. OMS1029, a long-acting MASP-2 inhibitor, has successfully completed Phase 1 clinical trials. Pursuant to a recently announced agreement, Novo Nordisk acquired global rights to zaltenibart (formerly OMS906), a MASP-3 inhibitor in clinical development for paroxysmal nocturnal hemoglobinuria and other alternative pathway indications, including associated intellectual property and related assets. Omeros is entitled to receive cash milestone payments upon Novo Nordisk's achievement of certain development, approval, and sales-based milestones related to zaltenibart and certain related therapeutic antibodies, as well as royalties on net sales of commercialized products. Omeros' pipeline also includes OMS527, a phosphodiesterase 7 inhibitor in clinical development for cocaine use disorder, fully funded by the National Institute on Drug Abuse, as well as a growing portfolio of novel molecular and cellular therapeutic programs for oncology. For more information about Omeros and its programs, visit www.omeros.com.

**Forward-Looking Statements**

Jennifer Cook Williams<br> Cook Williams Communications, Inc.<br> Investor and Media Relations<br> <u>IR@omeros.com</u>

## Exhibit 99.2

**Exhibit 99.2**

![logo.jpg](logo.jpg)

**Omeros Corporation** 

**Unaudited Pro Forma Condensed Consolidated Financial Statements**

On November 25, 2025, Omeros Corporation ("Omeros" or the "Company") completed the closing of the previously announced transaction under the Asset Purchase and License Agreement, dated October 10, 2025 (the "APLA") with Novo Nordisk Health Care AG ("Novo Nordisk"), pursuant to which Novo Nordisk received exclusive global rights in all indications to develop and commercialize zaltenibart (OMS906), Omeros' lead human monoclonal antibody targeting mannan-binding lectin-associated serine protease-3 ("MASP-3"), certain related monoclonal antibodies and antigen-binding fragments (collectively, the "Compounds"), and related pharmaceutical products (the "Products"). Under the APLA, Omeros sold and transferred, and Novo Nordisk purchased and assumed, certain assets related to the Compounds and Products, including key patents and other intellectual property. The parties also granted and received certain intellectual property licenses in order to facilitate the continued development and commercialization activities of both companies (the "Transaction").

At the closing of the Transaction (the "Closing"), Omeros received an upfront cash payment of $240.0 million. As contemplated by the Credit and Guarantee Agreement, dated June 3, 2024 (the "Credit Agreement"), among the Company, the various lenders party thereto, and Wilmington Savings Fund Society, FSB, as Administrative Agent and Collateral Agent, a portion of the upfront cash payment was applied to fully repay the $67.1 million outstanding term loan under the Credit Agreement (the "Term Loan Repayment"), a $3.4 million mandatory prepayment premium, incurred interest of $2.0 million and approximately $0.1 million of transaction related expenses. The Term Loan Repayment resulted in the termination of the Credit Agreement and release in full of all liens and covenants thereunder including the covenant requiring the Company to maintain at all times a minimum of $25.0 million of unrestricted cash, cash equivalents and short-term investments. Upon the occurrence of such events, the Credit Agreement was terminated.

The unaudited pro forma condensed consolidated balance sheet as of September 30, 2025 gives effect to the Transaction and Term Loan Repayment as if they had occurred on September 30, 2025. The unaudited pro forma consolidated financial statements of operations and comprehensive income (loss) for the year ended December 31, 2024 and nine months ended September 30, 2025 give effect to the Transaction and Term Loan Repayment as if they had occurred on January 1, 2024.

The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of December 31, 2024 and the notes thereto contained in the Company's Annual Report on Form 10-K filed on March 31, 2025, as amended, and the unaudited condensed consolidated financial statements as of September 30, 2025 contained in the Company's Quarterly Report on Form 10-Q filed on November 13, 2025.

The unaudited pro forma condensed consolidated financial statements are presented based on information currently available and are provided for informational purposes only. They are not intended to represent what the Company's condensed consolidated statements of operations and comprehensive income (loss) and balance sheet actually would have been had the Transaction and Term Loan Repayment occurred on the applicable date indicated above, nor do they reflect all actions that may be undertaken by the Company following Closing. In addition, these unaudited pro forma condensed consolidated financial statements are not necessarily indicative of the Company's results of operations and financial position for any future period.

The "Historical Omeros (as reported)" column in the unaudited pro forma condensed consolidated financial statements reflects the Company's historical condensed consolidated financial statements for the periods presented and does not reflect any adjustments related to the Transaction or the Term Loan Repayment.

The "Asset Sale and License Adjustments" column in the unaudited pro forma condensed consolidated financial statements was based on available information and assumptions that reflects the impacts of events directly attributable to the Transaction which management believes are reasonable and factually supportable.

Likewise, the "Term Loan Repayment" column in the unaudited pro forma condensed consolidated financial statements was based on available information and assumptions that reflects the impacts of events directly attributable to the Term Loan Repayment which management believes are reasonable and factually supportable.

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| |
|:---|
| **OMEROS CORPORATION** |
| **PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET** |
| **As of September 30, 2025** |
| **(In thousands, except share and per share data)** |
| **(unaudited)** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical Omeros<br> (as reported)** | **Asset Sale and License Adjustments** | **Term Loan Repayment** | **Pro Forma Omeros** |
| **Assets** | |  |  | |
| Current assets: |  |  |  |  |
| Cash and cash equivalents | $2395 | $237663 **(a)** | $(72621) **(c)** | $167437 |
| Short-term investments | 33690 |  |  | 33690 |
| OMIDRIA contract royalty asset | 25052 |  |  | 25052 |
| Receivables | 6908 |  |  | 6908 |
| Prepaid expense and other assets | 3760 |  |  | 3760 |
| Total current assets | 71805 | 237663 | (72621) | 236847 |
| OMIDRIA contract royalty asset, non-current | 99031 |  |  | 99031 |
| Right of use assets | 11807 |  |  | 11807 |
| Property and equipment, net | 2009 |  |  | 2009 |
| Restricted investments | 1054 |  |  | 1054 |
| **Total assets** | $185706 | $237663 | $(72621) | $350748 |
| **Liabilities and shareholders' equity/(deficit)** |  |  |  |  |
| Current liabilities: |  |  |  |  |
| Accounts payable | $12499 | $(420) **(b)** | $— | $12079 |
| Accrued expenses | 25745 | (499) **(b)** | (714) **(d)** | 24532 |
| OMIDRIA royalty obligation | 19301 |  |  | 19301 |
| Convertible senior notes, net | 17036 |  |  | 17036 |
| Lease liabilities | 6175 |  |  | 6175 |
| Total current liabilities | 80756 | (919) | (714) | 79123 |
| OMIDRIA royalty obligation, non-current | 152529 |  |  | 152529 |
| Convertible senior notes, non-current, net | 72075 |  |  | 72075 |
| Term debt, non-current, net | 87480 |  | (87480) **(e)** |  |
| Lease liabilities, non-current | 8843 |  |  | 8843 |
| Other accrued liabilities, non-current | 4501 |  |  | 4501 |
| Shareholders' equity/(deficit): |  |  |  |  |
| Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at September 30, 2025. |  |  |  |  |
| Common stock, par value $0.01 per share, 150,000,000 shares authorized at September 30, 2025; 70,073,622 shares issued and outstanding at September 30, 2025. | 700 |  |  | 700 |
| Additional paid-in capital | 778968 |  |  | 778968 |
| Accumulated deficit | (1000146) | 238582 **(a)** | 15573 **(f)** | (745991) |
| Total shareholders' equity/(deficit) | (220478) | 238582 | 15573 | 33677 |
| **Total liabilities and shareholders' equity/(deficit)** | $185706 | $237663 | $(72621) | $350748 |

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| |
|:---|
| **OMEROS CORPORATION** |
| **PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)** |
| **For the Year Ended December 31, 2024** |
| **(In thousands, except share and per share data)** |
| **(unaudited)** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical Omeros<br> (as reported)** | **Asset Sale and License Agreements** | **Term Loan Repayment** | **Pro Forma Omeros** |
| Costs and expenses: |  |  |  |  |
| Research and development | $119523 | $(24997) **(g)** | $— | $94526 |
| Selling, general and administrative | 49735 | (971) **(g)** |  | 48764 |
| Total costs and expenses | 169258 | (25968) |  | 143290 |
| Loss from operations | (169258) | 25968 |  | (143290) |
| Interest expense, net of remeasurement adjustments and other | (24675) |  | 844 **(i)** | (23831) |
| Other income | 11304 |  |  | 11304 |
| Gain on sale of zaltenibart |  | 238780 **(h)** |  | 238780 |
| Gain on early extinguishment of term debt |  |  | 15573 **(f)** | 15573 |
| Net income (loss) from continuing operations | (182629) | 264748 | 16417 | 98536 |
| Net income from discontinued operations, net of tax | 25814 |  |  | 25814 |
| Net income (loss) | $(156815) | $264748 | $16417 | $124350 |
| Basic and diluted net income (loss) per share: |  |  |  |  |
| Net income (loss) from continuing operations | $(3.14) |  |  | $1.70 |
| Net income from discontinued operations | 0.44 |  |  | 0.44 |
| Net income (loss) | $(2.70) |  |  | $2.14 |
| Weighted-average shares used to compute basic and diluted net income (loss) per share from continuing operations | 58170931 |  |  | 58170931 |

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| |
|:---|
| **OMEROS CORPORATION** |
| **PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS** |
| **For the Nine Months Ended September 30, 2025** |
| **(In thousands, except share and per share data)** |
| **(unaudited)** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical Omeros<br> (as reported)** | **Asset Sale and License Adjustments** | **Term Loan Repayment** | **Pro Forma Omeros** |
| Costs and expenses: |  |  |  |  |
| Research and development | $61850 | $(14531) **(g)** | $— | $47319 |
| Selling, general and administrative | 31865 | (1529) **(g)** |  | 30336 |
| Total costs and expenses | 93715 | (16060) |  | 77655 |
| Loss from operations | (93715) | 16060 |  | (77655) |
| Interest expense, net of remeasurement adjustments and other | 9686 |  | 1996 **(i)** | 11682 |
| Other income | 2979 |  |  | 2979 |
| Loss on early extinguishment of 2026 Notes | (2968) |  |  | (2968) |
| Net gain (loss) on change in fair value of financial instruments | (680) |  | 1801 **(j)** | 1121 |
| Net loss from continuing operations | (84698) | 16060 | 3797 | (64841) |
| Net loss from discontinued operations, net of tax | (5103) |  |  | (5103) |
| Net loss | $(89801) | $16060 | $3797 | $(69944) |
| Basic and diluted net loss per share: |  |  |  |  |
| Net loss from continuing operations | $(1.39) |  |  | $(1.07) |
| Net loss from discontinued operations | (0.08) |  |  | (0.08) |
| Net loss | $(1.47) |  |  | $(1.15) |
| Weighted-average shares used to compute basic and diluted net loss per share from continuing operations | 61049886 |  |  | 61049886 |

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**Basis of Pro Forma Presentation**

The accompanying unaudited pro forma condensed consolidated financial statements of Omeros were prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and Article 11 of Regulation S-X and are based on the historical consolidated financial information of the Company. The condensed consolidated financial information has been adjusted in the accompanying pro forma condensed consolidated financial statements to give effect to both the disposition of the Company's clinical-stage complement-targeted therapeutic candidate, zaltenibart, and the Term Loan Repayment under the Credit Agreement.

**Adjustments to the Pro Forma Condensed Consolidated Financial Statements**

Explanations of the adjustments to the unaudited pro forma condensed consolidated financial statements are as follows:

a. Net proceeds from the Transaction reflects gross consideration of $240.0 million after deducting estimated transaction fees of $2.3 million.

b. Derecognition of the transaction costs which were captured through accounts payable and accrueds as of September 30, 2025, which are paid from gross proceeds of the Transaction. The Company currently does not anticipate any income tax expense as it has sufficient net operating losses and other tax attributes for which valuation allowances were previously established that can be utilized to cover the net gain on the sale.

c. Repayment of principal outstanding under the Credit Agreement of $67.1 million, a prepayment premium of $3.4 million, incurred interest of $2.0 million and approximately $0.1 million of transaction related expenses as of the Closing.

d. Unwinding of accrued interest on the balance sheet as of September 30, 2025 of $0.7 million which was paid at Closing.

e. Comprised of the following: (1) repayment of principal outstanding under the Credit Agreement of $67.1 million, (2) derecognition of the unamortized premium of approximately $18.8 million related to marking-to-market the term debt to fair market value at the acquisition date, net of issuance costs and (3) derecognition of the associated embedded derivative liability of $1.6 million.

f. Non-recurring estimated net gain on extinguishment of the term debt is comprised of eliminating the following: $18.8 million of unamortized debt premium and issuance costs and $1.6 million of the term debt embedded derivative liability reflected on our September 30, 2025 balance sheet, partially offset by a prepayment penalty expense of $3.4 million, additional interest expense incurred after September 30, 2025 of $1.3 million, which is net of what was accrued and previously expensed as of September 30, 2025, and transaction related expenses of approximately $0.1 million.

g. Derecognition of OMS906 program costs which otherwise would not have been incurred if the Closing occurred on January 1, 2024.

h. Non-recurring upfront proceeds from the sale of zaltenibart to Novo Nordisk of $240.0 million less estimated transaction costs of approximately $1.2 million, which is net of what was accrued and previously expensed as of September 30, 2025.

i. To reflect the elimination of the term debt interest expense, including amortization of debt premium and capitalized debt issuance costs, which otherwise would not have been incurred if the Closing occurred on January 1, 2024.

j. Derecognition of a $1.8 million loss on the fair value remeasurement of the term debt embedded derivative.