aibioOmeros expects to close $16.0 million note repurchase, agrees to $14.5 million more
Tickers OMER
Omeros expects to close a $16.0 million principal repurchase of its 9.50% convertible notes due 2029, and agreed to buy up to $14.5 million more. The repurchases would leave about $40.3 million of notes outstanding, and the company may replace the cash with debt that is not convertible into equity.
Key facts
- Company
- Omeros Corporation (NASDAQ: OMER)
- News type
- Debt Financing
- Primary source
- SEC Form 8-K
Omeros Corporation entered into privately negotiated agreements on June 17, 2026 with certain holders of its 9.50% Convertible Senior Notes due 2029 to repurchase part of the notes. In its Form 8-K dated July 6, 2026, the company says it expects to complete the repurchase of $16.0 million of principal on July 6, 2026, for a total purchase price of approximately $31.3 million. The price includes accrued and unpaid interest and all other obligations. After that repurchase, about $54.8 million of notes remain outstanding. The filing names no placement agent or advisor for the repurchases.
The second round
On July 2, 2026, Omeros entered into agreements with the same holders to repurchase up to about $14.5 million more principal, for a total price of up to about $31.0 million. The price is subject to adjustment based on the trading price of the company's common stock during an averaging period that begins July 6, 2026. The company expects these repurchases to close between July 20 and July 30, 2026. If the full $14.5 million is repurchased, about $40.3 million of notes will remain outstanding.
The 8-K says the averaging period for the first round has been completed. The purchase prices in both rounds are set by the stock's trading, so the final cost is not known from the filing. In both rounds the total price is well above the principal being retired, because it covers accrued interest and other obligations and moves with the share price.
Replacing the cash
The company says it may seek to replace some or all of the cash used for the repurchases with unsecured or limited-collateral debt financing. Any such debt would not be convertible into, or otherwise linked to, Omeros's equity securities. The 8-K does not name a lender, a size or a rate for that debt.
The business and the Novo Nordisk deal
Omeros's 10-K, filed March 31, 2026, describes the company as a commercial-stage biotechnology company. Its commercial product, YARTEMLEA (narsoplimab-wuug), was approved by the FDA on December 23, 2025, for hematopoietic stem cell transplant-associated thrombotic microangiopathy. Commercial sales began in January 2026. A marketing authorization application for the same use is under review at the European Medicines Agency. The 10-K says the product has no boxed warning and no risk evaluation program. The company describes that as a difference from other complement inhibitors.
On November 25, 2025, Omeros completed a transaction with Novo Nordisk Healthcare AG under an asset purchase and license agreement dated October 10, 2025. Novo Nordisk acquired exclusive global rights to zaltenibart, the company's lead MASP-3 inhibitor. The company received an upfront cash payment of $240.0 million at closing. It is also eligible for up to $510.0 million in development and approval milestones, up to $1.3 billion in sales-based milestones and tiered royalties. The 10-K says the total is up to $1.8 billion in potential milestones, plus royalties.
Losses and cash
The company's annual figures show a net loss of $3.4 million for 2025, against $156.8 million for 2024. Research and development expense was $81.3 million in 2025, down from $119.5 million in 2024. Cash used in operations was $116.1 million in 2025, compared with $148.8 million in 2024.
Cash and cash equivalents were $3.4 million at the end of 2024, and short-term investments were $86.7 million. The 8-K gives no current cash balance, so the note repurchases cannot be set against the company's cash.
What comes next
The first repurchase was expected to close on July 6, 2026. The second round is expected to close between July 20 and July 30, 2026, and the final price depends on the stock's trading during the averaging period. The company's stated next step is the possible debt financing, which has no terms yet.