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Omeros Corporation Reports Third Quarter 2013 Financial Results
Date:11/7/2013

er 30, 2013, total (i.e., cash and non-cash) operating expenses, excluding the litigation expense, increased by $3.1 million compared to the same period in 2012. The increase was primarily due to the non-cash rent and stock-based compensation expenses of $3.2 million in 3Q 2013 compared to $576,000 in 3Q 2012. The remaining increases were related to conducting the company's Phase 1 clinical program evaluating OMS824, advancing our MASP-2 program, preparing the New Drug Application (NDA) and Marketing Authorization Application (MAA) for OMS302, planning for the commercial launch of OMS302 in the second half of 2014, and non-recurring legal expenses incurred in connection with the CCIC matter. These higher costs were partially offset by lower overall clinical trial expenses related to the completion of the company's OMS302 Phase 3 clinical program in January 2013 and the completion of the company's first OMS103HP Phase 3 clinical trial in arthroscopic partial meniscectomy patients in December 2012.

Total revenue for the quarter ended September 30, 2013 was $196,000 compared to $1.4 million for the same period in 2012. This decrease was primarily due to lower revenue recognized from the company's GPCR platform development funding agreement with Vulcan Inc. and its affiliate. While research continues under the company's GPCR program, no additional deferred revenue under the Vulcan agreement remains to be recognized after the first quarter of 2013.

For the quarter ended September 30, 2013, Omeros reported a net loss of $13.9 million, or $0.46 per share, inclusive of the above-referenced $3.2 million of non-cash charges equaling $0.11 per share, compared to a net loss of $13.3 million, or $0.51 per share, inclusive of the above-referenced $576,000 of non-cash charges equaling $0.02 per share, for the same period in 2012.

At September 30, 2013, Omeros had cash, cash equivalents and short-term investments of $9.0 million. On October 24, 2013, subseque
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SOURCE Omeros Corporation
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