Omeros Corp (OMER) 2025 Q3 法說會逐字稿

Good afternoon and welcome to today's earnings call for Omeros Corporation.

(Operator Instructions) Please be advised that this call is being recorded at the company's request. A replay will be available on the company's website for one week from today.

Now, I'll turn the call over to Jennifer Williams, Investor Relations for Omeros.

Thank you and good afternoon, everyone.

Before we begin, please note that today's discussion will include forward-looking statements. These statements reflect management's current expectations and beliefs as of today; and are subject to risks and uncertainties that could cause actual results to differ materially.

For a detailed discussion of these risks and uncertainties, please refer to the special note regarding forward-looking statements and the Risk Factor sections in our quarterly report on Form 10-Q, filed today with the SEC, as well as our most recent annual report on Form 10-K.

Today's call will include a discussion of certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to the corresponding GAAP measures is included with Omeros's earnings press release issued earlier today. which is available on the Investor Relations page of our website; and has been furnished with the Form 8-K we filed with the SEC earlier today.

With that, I will now turn the call over to Dr. Greg Demopulos, Chairman and CEO of Omeros.

Thank you, Jennifer. Good afternoon, everyone.

Joining me today are David Borges, our Chief Accounting Officer, Nadia Dac, Chief Commercial Officer; Dr. Andreas Grauer, Chief Medical Officer; Dr. Cathy Melfi, Chief Regulatory Officer; and Dr. Steve Whitaker, Vice President of Clinical.

I'll begin with an overview of our third-quarter results and key corporate developments, followed by an update on our development programs. David will then provide more details on the financials before we open the call for questions.

For the third quarter of 2025, Omeros reported a net loss of $30.9 million or $0.47 per share, compared to a net loss of $25.4 million or $0.43 per share in the second quarter. The third-quarter results include $8.8 million in non-cash charges related to a mark-to-market adjustment of embedded derivatives associated with our debt. Excluding this charge, our adjusted net loss was $22.1 million and our adjusted loss per share was $0.34.

Cash burn for the quarter was $22 million. As of September 30, we had $36.1 million in cash and investments.

During the third quarter, we continued to strengthen our balance sheet, including a registered direct offering that generated $20.3 million in net proceeds; was priced at a 14% premium to the market and was completed without warrant coverage. This financing supports our ongoing operation and commercial launch preparations.

In October, we announced a definitive agreement with Novo Nordisk for an asset purchase and license transaction centered on our late-clinical-stage MASP-3 antibody, zaltenibart. The deal is valued at up to $2.1 billion in upfront and milestone payments, plus royalties in the high-single-digit to high-teen percentages on global net sales. The transaction remains subject to customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

HSR filings continued to be accepted during the government shutdown. The applicable waiting periods continued to run as usual during the shutdown. We anticipate closing later this quarter.

Upon closing, Omeros will receive $240 million in upfront cash, with an additional$100 million in achievable near-term milestones. With the upfront $240 million alone, we intend to fully repay our $67.1 million secured term loan; repay at maturity the remaining $17.1 million principal balance on our 2026 convertible notes; and fund more than 12 months of post-closing operations, including the anticipated US launch of narsoplimab for the treatment of transplant-associated thrombotic microangiopathy, or TATMA.

In exchange, Novo Nordisk will receive exclusive global rights in all indications to develop and commercialize zaltenibart and certain related antibodies and antigen-binding fragments. Omeros will, with certain exceptions, be broadly restricted from exploiting antibodies against MASP-3, as well as against other specific alternative pathway targets in a small number of indications that are of high priority to Novo Nordisk.

Omeros retains rights to continue development and commercialization of our MASP-3 small-molecule inhibitor program, with only limited restrictions on indications. We've also retained rights to certain research antibodies and to our grandfathered MASP-3 antibodies, with temporal and indication-related restrictions on commercialization.

This transaction represents a strategic and financial milestone for Omeros. It provides capital to advance our other high-value programs, including MASP-2, oncology, T-CAT, and PDE7, while validating the depth of our science and development expertise.

Zaltenibart is a pipeline and a drug. Both companies expect it to become the premier alternative pathway inhibitor, significantly advancing Novo Nordisk's rare disease franchise.

Novo is a global leader in therapeutic innovation and development. Its commitment and global reach will help fully unlock zaltenibart's therapeutic potential, maximizing its benefits for patients.

Let's turn now to our MASP-2 antibody, narsoplimab, which, when approved, will be marketed as YARTEMLEA. The biologics license application, or BLA, for the treatment of TA-TMA remains under FDA review, with a December 2025 PDUFA date.

Because PDUFA reviews are funded by industry fees, the current government shutdown, which just ended, is not expected to affect this timeline. We remain optimistic for an approval decision by or before December 26.

In Europe, the Marketing Authorization Application, or MAA, for YARTEMLEA in TA-TMA was validated in June by the European Medicines Agency, or EMA; and is under review by the Committee for Medicinal Products for Human Use. We anticipate an EMA decision in mid-2026.

While regulatory review proceeds toward anticipated approval of YARTEMLEA in both the US and Europe, Omeros is preparing to execute on our commercial launch plan. Our US commercial organization, from leadership and market access to field teams and market development liaisons, is assembled and launch-ready. We've established a national ICD-10 diagnostic code for TA-TMA and an associated CPT procedural code specific to YARTEMLEA. Together, these position YARTEMLEA, once approved, as the only reimbursable TA-TMA treatment.

We also expect to receive from Medicare a new technology add-on payment, or NTAP, to support hospital reimbursement.

Engagement with transplant centers, payers, and key hospital decision-makers on YARTEMLEA has been highly positive. This has been driven by the drug's demonstrated response and survival benefits, clean safety profile, and clear dosing regimen.

Our team stands ready to initiate the commercial launch of YARTEMLEA upon FDA approval.

Awareness and support for YARTEMLEA in the transplant community continue to grow. Several recent publications in leading peer-reviewed journals by global transplant experts further strengthen the profile of the YARTEMLEA; specifically, its compelling survival outcomes and strong safety record.

The first paper, Survival in Adults with High-Risk TA-TMA, a Comparative Analysis of Narsoplimab versus Supportive Care, was published last month in Blood Advances, the Journal of the American Society of Hematology. It shows significantly improved survival in TA-TMA patients treated with YARTEMLEA, both in the pivotal clinical trial and the global expanded access program, compared to a well-matched external control group receiving standard supportive care.

The second publication titled, Narsoplimab Results in Excellent Survival in Adults and Children with Hematopoietic Cell Transplant-Associated Thrombotic Microangiopathy, appeared earlier this month in the American Journal of Hematology. It reports strong survival outcomes in patients treated under expanded access with the YARTEMLEA used as both first-line and as salvage therapy in those who failed one or more prior regimens with other complement agents, including C5 inhibitors and/or (inaudible). Importantly, no safety concerns were identified, consistent with all prior YARTEMLEA studies.

The third paper also published last month in the American Journal of Hematology focused on increasingly recognized safety concerns with the use of off-label C5 inhibitors. The study by (inaudible) et al. at Emory University looked specifically at the C5 inhibitor, eculizumab, in pediatric TA-TMA and reported a remarkably high infection rate.

In this [prospective-matched] analysis, eculizumab-treated patients showed an 8.5-fold increase in bacteremia and about a 6-fold increase in infection-related mortality compared with controls. This likely reflects the mechanism of C5 inhibition, which impairs, post-defense. In contrast, MASP-2 inhibition by YARTEMLEA preserves immune protection.

With the YARTEMLEA approval decision approaching in TA-TMA, we've identified other commercially attractive MASP-2-related indications for our pursuit. Our MASP-2 franchise includes YARTEMLEA, optimized for acute conditions like TAT-MA; OMS-1029, our long-acting MASP-2 antibody for chronic diseases, designed for dosing as infrequently as once-quarterly; and our MASP-2 small-molecule inhibitors intended for those indications in which once-daily oral dosing would be preferable.

OMS-1029 is Phase 2-ready. with both active drug and placebo already manufactured and released. Our lead small-molecule MASP-2 inhibitor is close to beginning IND-enabling studies.

Okay, turning now to programs beyond our complement franchise, our PDE7 inhibitor program evaluating OMS527 for cocaine use disorder continues to progress under a fully funded grant from the National Institute on Drug Abuse, or NIDA. Animal cocaine interaction studies designed with NIDA toxicologists have been completed and show no drug interaction or safety issues, supporting the planned inpatient human study in cocaine users. FDA has requested additional preclinical information. We now expect to begin this inpatient clinical trial in the second half of 2026.

We are also advancing our targeted complement activating therapy, or T-CAT, platform, a new class of pathogen-targeting recombinant antibodies, designed for broad action against bacteria. fungi, viruses, and parasites. T-CAT represents a novel approach to infectious disease treatment, harnessing complement activation to kill pathogens directly. As preclinical animal data continue to accumulate across multiple pathogen classes and species, excitement continues to grow among infectious disease experts, particularly regarding T-CAT's potential against multidrug-resistant organisms, or MDROs.

These pathogens represent a global health crisis, with enormous mortality and cost burdens. Effective MDRO therapies remain one of the most urgent and unmet needs in medicine. T-CAT has the potential to address it without contributing to drug resistance.

Finally, turning to our oncology platform, our OncotoX Biologics Program is advancing rapidly with acute myeloid leukemia, or AML, as the lead indication. Our OncotoX AML therapeutic has consistently shown superior efficacy to current standard-of -care treatments, both in vivo in human tumor-bearing mice and in vitro in human AML cell lines.

Our OncotoX therapeutics demonstrate broad activity across AML genotypes, including TP53, NPM1, KMT2A, and FLT3 mutations. A non-human primate safety study is underway, with encouraging results to date. Guided by our clinical steering committee of AML leaders, we remain on track to enter the clinic in 2027.

That concludes our financial, corporate, and development program update, I'll now turn the call over to David Borges, our Chief Accounting Officer, for a detailed description of our financial results. David?

Thanks, Greg.

Our net loss for the third quarter of 2025 was $30.9 million or $0.47 per share compared to a net loss of $25.4 million or $0.43 per share in the second quarter of this year. Third-quarter results include non-cash charges of $8.8 million associated with marking to market our embedded derivatives related to our debt. Excluding this charge from current quarter results, our adjusted net loss was $22.1 million and our adjusted loss per share was $0.34 per share.

The $8.8 million charge is solely a non-cash remeasurement adjustment. Removing it provides a more accurate measure engaging the company's operating performance.

As of September 30, 2025, we had $36.1 million of cash and investments on hand. As Greg mentioned, we closed our registered direct offering in July, in which we received net proceeds of $20.3 million. We also raised net proceeds of $9 million from our ATM program during the quarter.

The closing of our agreement with Novo Nordisk, which is expected to occur in the fourth quarter of this year, will provide Omeros with $240 million in upfront cash. At closing, a portion of the proceeds will be used to fully repay all outstanding obligations under our secured credit agreement. This includes the $67.1 million outstanding end-of-the-term loan, along with an applicable prepayment premium and accrued interest. The repayment will eliminate all liens, covenants associated with the credit agreement, including the $25 million minimum liquidity covenant.

In connection with the May 2025 conversion of our 2026 convertible notes, we exchanged $70.8 million in aggregate principal amount of those notes on a one-for-one basis for newly issued 2029 notes, extending the maturity to June 2029, a period more than three years out. Additionally, we reached agreements with two holders to convert $10 million of their 2026 notes to Omeros common stock, which was completed in September 2025. Following these transactions, the principal balance of our 2026 notes has been reduced from $97.9 million to $17.1 million, which becomes due in February 2026.

After repayment of the $67.1 million term loan and the $17.1 million of the '26 notes, the company's only remaining debt will be $70.8 million of the 2029 notes, which, again, are not due until June of 2029.

Costs and expenses from continuing operations for the third quarter before interest and other income were $26.4 million, which was a decrease of $6 million from the second quarter of this year.

Research and development expenses in the third quarter were primarily focused on zaltenibart and YERTEMLEA. The primary components of interest expense include the 2026 notes, the DRI-OMIDRIA royalty obligation, the secure term loan, and the 2029 notes.

For the third quarter, interest expense was a net credit of $13.4 million, primarily due to a $22.3 million non-cash remeasurement adjustment related to our DRI-OMIDRIA royalty obligation. This adjustment reflects updated forecasts of royalty receipts provided by Rayner. Excluding the DRI royalty obligation, which is entirely pass-through interest from Rayner to DRI; and amortization of debt issuance costs, discounts, and premiums, contractual cash interest expense was $4.2 million compared to $3.9 million in the prior quarter. The increase was due to higher interest on the '29 notes, relative to the 26 notes.

Interest and other income totaled $616,000 in the third quarter of '25 compared to $1.2 million in the second quarter of this year.

During the third quarter, we reported an $8.8 million non-cash loss on marketing to market our embedded derivatives related to our debt. Our derivatives are primarily comprised of a put/call option on our unsecured 2029 notes and represents the conversion and interest [make/call] features available to holders, allowing them to convert the notes into common stock.

The loss from discontinued operations in the third quarter was $9.7 million, a decrease of $10.1 million from the second quarter. This decline was primarily due to a remeasurement adjustment stemming from Rayner's downward revision of its forecast for US-based royalties of OMIDRIA. As a result, we're required under GAAP to revise downward our OMIDRIA contract royalty assets and our DRI OMIDRIA royalty obligation.

As a reminder, in February 2024, we amended our agreement with DRI, granting them rights to all US OMIDRIA royalties from Rayner through December 31, 2031. Omeros retains royalties from ex-US sales and will receive all global OMIDRIA royalties starting January 1, 2032.

It's important to note that the bulk of these transactions involve US-based royalties, which are pass-through in nature and net cash-neutral to Omeros. Rayner remits these royalties to DRI via an escrow agent. However, because both Rayner and DRI are contractual counterparties to us, we are required to recognize these amounts as assets and liabilities on our balance sheet.

Now, let's look at our expected fourth-quarter 2025 results. We expect that overall operating expenses from continuing operations in the fourth quarter of 2025 will be higher than the third quarter, primarily due to increased marketing costs associated with the anticipated launch of your YERTEMLEA.

Research and development expenses in the fourth quarter are expected to be consistent with those in the third quarter of this year. Interest income in the fourth quarter should be slightly higher than in the third quarter, primarily due to higher average cash balances. Other income will be significantly higher this quarter, reflecting the expected gain on the Novo transaction after related expenses.

In addition, we expect to record a non-cash gain upon repayment of our term loan related to the removal of the unamortized premium, debt issuance cost, and an embedded derivative associated with that instrument.

Interest expense, excluding any non-cash adjustments related to the OMIDRIA royalty obligation; and amortization of debt, discounts, and issuance costs, should be around $8 million. This represents a non-cash increase of $23.1 million from the third quarter, primarily reflecting the absence of a significant non-cash adjustment tied to the OMIDRIA royalty obligation.

One thing to keep in mind, our reported results will continue to reflect non-cash mark-to-market adjustments on the embedded derivative tied to our debt. These adjustments generally move with our stock price and can create volatility quarter to quarter. Because they're non-cash and unpredictable, they're excluded from our adjusted net loss and don't affect our operational guidance.

Finally, income from discontinued operations is expected to be in the $5 million to $6 million range, excluding any non-cash remeasurement adjustments to the OMIDRIA contract asset.

With that, I'll turn it back over to you, Greg.

All right, David. Thank you. Operator, would you please open the call to questions?

(Operator Instructions)

Brandon Folkes, H.C. Wainwright.

Hi. Thanks for taking my questions. Congrats on all the progress in the quarter.

Greg, I want to just understand post-approval till launch and maybe till we see significant revenue pull-through on our supplement. Once you gain approval, maybe when would you look to launch? Do you need to get into any guidelines? Or can you just begin detailing our supplement at launch?

And then, can you just help me understand selling to these transplant centers. Is it a similar process to the hospitals in terms of formularies? Anything you can help just in terms of thinking about this launch activities, post-approval?

Sure. Well, thank you, Brandon, first of all.

As I mentioned in the prepared comments, those launch preparations are already well underway. The expectation is, upon what we expect and hope will be an approval, we would move very quickly to launch the product.

With respect to revenues, we do not -- as you know, we just customarily don't talk about our revenue projections for a reasonable period of time until we're able to see the same revenue trend lines that everyone else is. So I'm going to beg off of the revenue question, other than to say that we believe that through the Novo transaction and the narsoplimab or YARTEMLEA approval that we would expect to potentially be cash flow positive in '27.

So that is how we're viewing it.

Also, I think, with respect to your question regarding hospitals and formularies, let me turn that question over to Nadia, who will be able to give you, I think, more detail.

Thanks, Greg.

As we've said on previous calls, we've identified and prioritized accounts that we call ready-to-go.

In accounts, we know the exception process of the formulary and we know a champion. already exists for TA-TMA and is eager to have an approved treatment. So formulary approvals will happen over time but they're not critical to actually having our narsoplimab ordered and administered to patients in those hospitals.

We do have a process that we will be providing the formulary kits and walking the [P&T] Committees through. But that will be happening in parallel.

Thank you, Nadia. Brandon, did that cover it?

It does. That was very helpful. Thanks very much.

Thank you.

Steve Brozak, WBB Securities.

Thanks for taking the question.

Just when I got used to narsoplimab this many years, YARTEMLEA is now the new way to describe it.

You mentioned something on the call and in the press release on NTAPs. I'm familiar with some previous NTAP awards. You say that you would expect -- can you give as much detail as you can on the NTAP section? Because, obviously, it's a good way for hospital systems to get additional payments. So what can you tell us about it and your estimation of how it'll work for your YARTEMLEA and so forth?

Sure. Again, I'll answer that in general; and then, hand that over to Nadia, as well.

But, as you know, the NTAP provides assistance in payment or subsidizes payments in the hospital setting -- so to the hospital. We are in the process of applying.

We do expect that we will receive, as I said, an NTAP for YARTEMLEA. So I think that is intended to obviously be helpful within the hospital system to help [defray ]the costs of the drug when (inaudible) have not yet obviously adjusted to the additional cost of a drug like YARTEMLEA and TA-TMA.

So that's the purpose.

Let me hand it over to Nadia, who can give a little detail about, perhaps, next steps, timeline, et cetera.

Yeah. You described it well. We're very proud of the fact that we submitted on time. As (inaudible) has publicly shared, they will have a town hall in December where we are prepared to present our data there.

And then, the decisions, which we're very confident in a positive decision, would then go into effect in their fiscal year that begins in 2026.

Thank you, Nadia. Did that answer -- Steve?

Yeah. [That's exactly spot on]. Great. Thank you. Thank you.

Olivia Breyer, Cantor.

Hi. Good afternoon. Thank you for the questions. Congratulations on the recent Nova deal.

Can you comment, Greg, on whether or not you all have had labeling discussions with the FDA yet? Is there anything that we should be taking into consideration, as we think about what a potential label might look like, just based on the historical control analysis that you ran?

And then, I did have a quick question on that historical control database. I noticed that those data from the Kyoto Transplantation Group are from 2000 to 2016. Is there any reason that it didn't include data from beyond 2016?

Sure. Let me take those questions, I believe, in order. I cut the first and the third but I may ask you then to repeat the second. So maybe I'll go one, three, come back to two.

With respect to labeling, we do not -- just historically and consistent with Omeros's guidelines, we really just do not comment on play-by-play discussions with FDA.

With respect to, well, your question about the Kyoto data and the years that those data were collected, frankly, there's good overlap with the data from our trial. The reason that those data are running that timeframe for Kyoto is, remember, those data came -- the initiation of accessing those data came from the publication.

The Kyoto Stem Cell Transplant Group pulled all those data from 17 different institutions throughout Kyoto. So the amount of data that is really well beyond anything that we could find anywhere else. Not only the amount of the data but, frankly, the quality of the data -- significantly beyond what we would have been able to grab or could grab since we actually attempted this from CIBMTR, EBMT -- none of those really collect the patient-level data and the specificity detail of TA-TMA.

So that's how those data were collected. That's really what's driving the timeframe. But I'll come back to my initial comment, which is that the overlap is there between our patients treated and the Kyoto patient. patients.

Cathy, do you want to have any further statement on that?

Well, on the Kyoto, as you said, Greg, the database was collected very rigorously up to a particular point and published. And so to try to start that up again would certainly take years.

If you're asking me to comment on the first question, again, the communications with FDA have been interactive and collaborative. We've been able to provide FDA what they've asked for in their information requests.

Okay. I'm sorry, Olivia. The third -- I caught something about what it might look like, with respect to the control. You're speaking about what we would anticipate labeling looks like?

Correct. Is there anything for us to keep in mind, as we go into that PDUFA and as we potentially get a label in December?

No. Again, I'll just default back to the same answer, which is that we don't discuss labeling. We don't discuss the play-by-play interactions with FDA. We just don't think, frankly, that's a wise thing for Omeros to do.

But, look, I'm going to speak now, generally, about the data that we have provided to FDA. We've provided adult data. We have also provided substantial pediatric data through the expanded access program.

Certainly, our objective would be to include both adult and pediatric patients in any label. I think that that is clear. I think we've said something to that same effect, previously.

Okay. Thank you, both. Appreciate the color.

Thanks. Thanks, Olivia.

Serge Belanger, Needham & Co.

Hi. Good afternoon. This is John, on for Serge today. Thanks for taking our questions.

First, just to piggyback a bit on the previous question, I'm curious whether there's been any recent FDA commentary to you guys on your data package and the use of historical controls. I only ask, again, just trying to gain some clarity around it, considering some of the recent [CRLs] have come out for products that use historical controls.

And then, second on operating expenses, just curious whether you're at steady-state there or expect changes heading into 2026. You mentioned there should be a little bit of a bump in 4Q this year. I'm curious what your outlook is for 2026. Thanks.

Yeah. First, with respect to our interactions or information requests, whatever may come from FDA, we're in a review process.

One would expect that throughout that period, information requests come, information requests are responded to in a timely manner. I don't think it's any different for our application than for any others.

So I think that that's pretty clear.

I think that the other products which have run into issues around historical control, I think you may be referring to -- potentially, is that the BioHaven product that you're referencing?

Yeah. That's correct. Also, [GeneCard] and [Unicure], as well.

Yeah. Unicure and BioHaven. Yeah. When you look closely at those, John, it's a very different situation, I think, than what we have. I think it's very different, broadly, than just pointing out, historical control, historical control; therefore, these two things must be the same. Those are very different products.

I think the packages are -- we haven't seen all of the package for either of those products, either Unicure or BioHaven. They haven't made those public. But what is there publicly, I think, makes it pretty clear that there are differences here. So we really don't see those as having any impact or any meaningful impact on our application or on our drug.

With respect to our expenses moving into '26, I would expect, again, that, I think as David went through, those, we would expect to increase. But, again, everything is being predicated on, really, two events.

One is the closing of the deal. The second is the approval decision from FDA. We can dial up or dial down, as needed. But, certainly, what we're expecting to do are the things that I went through in the prepared comments.

There are a number of programs that we intend to push. Those include 1029. They include the MASP-2 small molecules, as well. They include our PDE7 program; our T-CAT program. They very much include what we have as our oncology platform.

We're really excited about all of these programs. But I think there's a breadth of applicability across each of these programs.

But we are excited. We do expect, at some point, to share more information on these programs. I would just say, stay tuned and we'll share information as it becomes available and appropriate to share.

Did that satisfy, John?

Yeah. That was great. Thank you very much.

Okay. Good. Thank you.

Thank you. I'm showing no further questions at this time.

I would now like to turn it back to Dr. Demopulos for closing remarks.

All right. Thank you, operator. Thanks to all of our panelists for their questions.

Before ending today's call, I'd like to just step back and reflect on what's been accomplished and what lies ahead.

Today, Omeros is entering one of the most exciting phases in our history. With the YARTEMLEA approaching an approval decision, we're preparing to deliver the first and only approved treatment for TA-TMA, a therapy that we expect will really transform outcomes for transplant patients worldwide. The continued recognition from the global transplant community highlights the impact we expect YARTEMLEA to have, once launched.

Equally important, our strategic transaction with Novo Nordisk underscores the scientific and critical value of our complement franchise. This collaboration not only provides substantial non-dilutive capital but also brings the strength, scale, and expertise of one of the world's leading biopharmaceutical companies to accelerate and expand the reach of zaltenibart in MASP-3 inhibition, globally. It is a strong external validation of our science, our platform, and our team's ability to translate innovation into long-term value.

At the same time, we continue to advance a deep and diversified pipeline from OMS1029 and our MASP-2 small molecules to our PDE7 program, the T-CAT platform, and our oncology franchise. Each targets major unmet needs and carries significant potential to create both clinical and shareholder value.

Our focus now is clear: securing YARTEMLEA approval, executing a successful commercial launch, and driving forward the next wave of programs that will define Omeros's future.

We are scientifically differentiated. Upon closing, the Novo Nordisk transaction will be financially strong and well positioned to deliver sustained growth.

I want to thank our employees for their dedication; our collaborators and partners, including Novo Nordisk, for their confidence in our science; and our shareholders for their continued support.

We look forward to updating you again, as we continue to execute on what we expect will be a truly transformative period for Omeros.

Have a good evening.

This concludes today's conference call. Thank you for participating. You may now disconnect.