YARTEMLEA's explosive early launch funds a rebuild, but the EU rejection and $40M in remaining converts test how far the cash goes

Omeros is a commercial-stage biopharmaceutical company whose lead product, YARTEMLEA, is an FDA-approved therapy for TA-TMA, a life-threatening condition that can occur after organ transplantation.

YARTEMLEA (narsoplimab), the first and only FDA-approved therapy for TA-TMA, a frequently fatal post-transplant complication, generated $32.2 million gross revenue in Q2 2026 alone, validating early commercial uptake. Whether the thesis holds depends on whether U.S. revenue growth sustains operations while the EU re-examination resolves and the convertible note overhang is retired. The CHMP negative opinion, $40.3 million in remaining 2029 notes, and a preclinical-stage pipeline beyond YARTEMLEA keep the risk profile elevated.