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Note 7 - Discontinued Operations - Sale of OMIDRIA

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 7—Discontinued Operations - Sale of OMIDRIA

On December 23, 2021, we sold the rights to OMIDRIA and related assets to Rayner, which is reported as discontinued operations in our condensed consolidated statements of operations and comprehensive loss and excluded from continuing operations for all periods presented.

The results of operations for OMIDRIA are recorded as income from discontinued operations for all periods presented in the condensed consolidated statements of operations and comprehensive loss are as follows:

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
		(In thousands)
Interest earned on OMIDRIA contract royalty asset		$	3,886			$	4,271			$	7,839			$	8,614
Remeasurement adjustments			(3,149	)			4,314				(2,981	)			6,653
Other income (loss), net			(266	)			499				(281	)			483
Ex-US royalties			(6	)			—				(6	)			—
Net income from discontinued operations, net of tax		$	465			$	9,084			$	4,571			$	15,750

The following is a roll forward of the OMIDRIA contract royalty asset (in thousands):

OMIDRIA contract royalty asset at December 31, 2024		$	153,349
Royalties earned			(15,251	)
Interest earned on OMIDRIA contract royalty asset			7,839
Remeasurement adjustments			(2,981	)
OMIDRIA contract royalty asset at June 30, 2025		$	142,956

We remeasure the OMIDRIA contract royalty asset on a quarterly basis using the expected value approach, which incorporates actual results and future expectations.

Cash flow from discontinued operations is as follows:

		Six Months Ended
		June 30,
		2025				2024
		(In thousands)
Net cash provided by discontinued operations from operating activities		$	13,176			$	21,418

Net cash provided by discontinued operations primarily represents royalties received from Rayner. All royalties earned on OMIDRIA sales within the U.S. through December 31, 2031 are remitted by Rayner to an escrow account established by Omeros, from which payments are made to DRI.