Omeros (OMER) 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	7-May-14
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'OMER	'
Entity Registrant Name	'OMEROS CORP	'
Entity Central Index Key	'0001285819	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	33,912,447

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$567	$1,384
Short-term investments	51,622	12,717
Grant and other receivables	488	379
Prepaid expenses	1,312	251
Other current assets	143	86
Total current assets	54,132	14,817
Property and equipment, net	989	939
Restricted cash	679	679
Other assets	267	100
Total assets	56,067	16,535
Current liabilities:	'	'
Accounts payable	4,926	2,329
Accrued expenses	5,306	3,944
Current portion of notes payable, net of discount	0	5,600
Total current liabilities	10,232	11,873
Notes payable, net of current portion and discount	32,212	14,898
Deferred rent	8,411	8,148
Commitments and contingencies (Note 8)	'	'
Shareholders’ equity:	'	'
Preferred stock, par value $0.01 per share: Authorized shares - 20,000,000 at March 31, 2014 (unaudited) and December 31, 2013; Issued and outstanding shares—none	'	'
Common stock, par value $0.01 per share: Authorized shares - 150,000,000 at March 31, 2014 (unaudited) and December 31, 2013; Issued and outstanding shares—33,901,591 and 30,359,508 at March 31, 2014 (unaudited) and December 31, 2013, respectively	339	304
Additional paid-in capital	275,888	235,685
Accumulated deficit	-271,015	-254,373
Total shareholders’ equity (deficit)	5,212	-18,384
Total liabilities and shareholders’ equity	$56,067	$16,535

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Preferred stock, par value (USD per share)	$0.01	$0.01
Preferred stock, authorized shares	20,000,000	20,000,000
Preferred stock, Issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (USD per share)	$0.01	$0.01
Common stock, authorized shares	150,000,000	150,000,000
Common stock, Issued shares	33,901,591	30,359,508
Common stock, outstanding shares	33,901,591	30,359,508

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue	$100	$1,095
Operating expenses:	'	'
Research and development	12,017	7,127
Selling, general and administrative	3,767	3,988
Total operating expenses	15,784	11,115
Loss from operations	-15,684	-10,020
Investment income	2	6
Interest expense	-672	-587
Other income (expense), net	-288	112
Net loss	-16,642	-10,489
Comprehensive loss	($16,642)	($10,489)
Basic and diluted net loss per share (USD per share)	($0.54)	($0.40)
Weighted-average shares used to compute basic and diluted net loss per share (shares)	30,897,039	25,908,153

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities:	'	'
Net loss	($16,642)	($10,489)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Gain on disposal of assets	-9	0
Depreciation and amortization	82	67
Stock-based compensation expense	1,788	1,093
Non-cash interest expense	136	120
Warrant modification expense	452	41
Changes in operating assets and liabilities:	'	'
Grant and other receivables	-109	-69
Prepaid expenses and other current and noncurrent assets	-1,060	-75
Accounts payable and accrued expenses	3,960	1,227
Deferred revenue	0	-970
Deferred Rent	263	87
Net cash used in operating activities	-11,139	-8,968
Investing activities:	'	'
Purchases of property and equipment	-6	-88
Purchases of investments	-58,839	-3,455
Proceeds from the sale of investments	19,934	12,250
Net cash provided by (used in) investing activities	-38,911	8,707
Financing activities:	'	'
Proceeds from issuance of common stock, net of offering costs	37,749	0
Proceeds from Issuance of Long-term Debt	12,699	0
Payments on notes payable	-1,464	0
Proceeds from issuance of common stock upon exercise of stock options	249	22
Net cash provided by financing activities	49,233	22
Net decrease in cash and cash equivalents	-817	-239
Cash and cash equivalents at beginning of period	1,384	1,520
Cash and cash equivalents at end of period	567	1,281
Supplemental cash flow information	'	'
Cash paid for interest	$691	$313

Organization_and_Significant_A

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Organization and Significant Accounting Policies	'
	Organization and Significant Accounting Policies
	Organization
	We are a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system. Our most clinically advanced potential product, OMS302 or Omidria™ for lens replacement surgery, is derived from our proprietary PharmacoSurgery® platform designed to improve clinical outcomes of patients undergoing ophthalmological, arthroscopic, urological and other surgical procedures. Our PharmacoSurgery platform is based on low-dose combinations of therapeutic agents delivered directly to the surgical site throughout the duration of the procedure to inhibit preemptively inflammation and other problems caused by surgical trauma and to provide clinical benefits both during and after surgery. In addition to Omidria, we have six other clinical-stage development programs in our pipeline, which also includes a diverse group of preclinical programs as well as two additional platforms: one capable of unlocking new G protein-coupled receptor (GPCR) drug targets and the other used to generate antibodies. For each of our programs and potential products, which we refer to herein as products, we have retained all manufacturing, marketing and distribution rights.
	Omidria is being developed for use in patients undergoing intraocular lens replacement surgery. In July 2013, we submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) and in September 2013, we submitted a Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for Omidria. We expect the FDA to approve our NDA for Omidria in the second quarter of 2014. Assuming approval, we expect to begin marketing Omidria in the U.S. in the second half of 2014. In the European Union (EU) and other international territories, we plan to enter into one or more partnerships for the marketing and distribution of Omidria.
	Basis of Presentation
	Our consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions between and among our subsidiaries have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The information as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Consolidated Balance Sheet at December 31, 2013 has been derived from audited financial statements but does not include all of the information and footnotes required by GAAP.
	The accompanying unaudited consolidated financial statements and notes to consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (SEC) on March 13, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, fair market value of investments, stock-based compensation expense and accruals for clinical trials and contingencies. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.
	Liquidity and Capital Resources
	As of March 31, 2014, we had $52.2 million in cash, cash equivalents and short-term investments due, in part, to our recent receipt of the net amounts of $37.7 million from the sale of our common stock and $12.7 million of additional debt financing. We believe that our existing cash, cash equivalents and short-term investments, together with potential sales from Omidria and capital that we may be able to raise through one or more corporate partnerships, equity offerings, debt financings, collaborations, licensing arrangements or asset sales, will be sufficient to fund our anticipated operating expenses, capital expenditures and note payments for at least the next 12 months.
	Inventory
	Capitalization of costs as inventory will begin when the product has received regulatory approval in either the U.S. or the EU. We expense inventory costs related to products as research and development expenses prior to regulatory approval.
	Segments
	We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Net Loss Per Share	'
	Net Loss Per Share
	Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period, determined using the treasury-stock method.
	The basic and diluted net loss per share amounts for the three months ended March 31, 2014 and 2013 were computed based on the shares of common stock outstanding during the respective periods. Potentially dilutive securities excluded from the diluted loss per share calculation are as follows:
		March 31,
		2014	2013
	Outstanding options to purchase common stock	6,762,948	5,356,086
	Warrants to purchase common stock	609,016	609,016
	Total	7,371,964	5,965,102

Cash_Cash_Equivalents_and_Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2014
Cash and Cash Equivalents [Abstract]	'
Cash, Cash Equivalents and Investments	'
	Cash, Cash Equivalents and Investments
	As of March 31, 2014 and December 31, 2013, all investments are classified as short-term and available-for-sale on the accompanying Consolidated Balance Sheets. We did not own any securities with unrealized loss positions as of March 31, 2014 or December 31, 2013. Investment income consists primarily of interest income.

FairValue_Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair-Value Disclosures	'
	Fair-Value Measurements
	On a recurring basis, we measure certain financial assets at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required:
	Level 1—Observable inputs for identical assets or liabilities, such as quoted prices in active markets;
	Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
	Level 3—Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.
	Our fair-value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis are as follows:
		31-Mar-14
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as cash equivalents	$	—	$	—	$	—	$	—
	Money-market funds classified as non-current restricted cash	679		—		—		679
	Money-market funds classified as short-term investments	51,622		—		—		51,622
	Total	$	52,301	$	—	$	—	$	52,301
		31-Dec-13
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as cash equivalents	$	213	$	—	$	—	$	213
	Money-market funds classified as non-current restricted cash	679		—		—		679
	Money-market funds classified as short-term investments	12,717		—		—		12,717
	Total	$	13,609	$	—	$	—	$	13,609
	Cash held in demand deposit accounts of $567,000 and $1.2 million is excluded from our fair-value hierarchy disclosure as of March 31, 2014 and December 31, 2013, respectively. There were no unrealized gains and losses associated with our short-term investments as of March 31, 2014 or December 31, 2013. The carrying amounts reported in the accompanying Consolidated Balance Sheets for grant and other receivables, accounts payable and other current monetary assets and liabilities approximate fair value because of the immediate or short-term maturity of these financial instruments.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Accrued Liabilities	'
	Accrued liabilities consisted of the following:
		March 31,		December 31,
		2014		2013
		(In thousands)
	Contract research	$	1,727	$	858
	Employee compensation	1,476		1,346
	Clinical trials	768		596
	Consulting & professional fees	971		649
	Other accruals	364		495
	Total accrued liabilities	$	5,306	$	3,944

Notes_Payable

Notes Payable	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Notes Payable	'
	Notes Payable
	In March 2014, we entered into a new Loan and Security Agreement (the Oxford/MidCap Loan Agreement) with Oxford Finance LLC (Oxford) and MidCap Financial SBIC, LP (MidCap) pursuant to which we borrowed $32.0 million. We used approximately $19.1 million of the loan proceeds to repay all of the amounts owed by us under our then outstanding loan from Oxford and, after deducting all loan initiation costs including a $160,000 upfront loan initiation fee and lenders’ legal costs, we received $12.7 million in net proceeds. The Oxford/MidCap Loan Agreement provides for monthly interest-only payments at an annual rate of 9.25% through March 1, 2015. Beginning April 1, 2015, monthly principal and interest payments of $1.0 million are due through the maturity date of March 1, 2018. In addition, the Oxford/MidCap Loan Agreement requires a $2.2 million loan maturity fee upon full repayment of the loan. We may prepay the outstanding principal balance in its entirety at any time if we pay an additional fee equal to 1.0% of the then-outstanding principal balance, which prepayment fee would be waived if we refinance the indebtedness with Oxford and MidCap and pay the loan maturity fee. As security under the Oxford/MidCap Loan Agreement, we granted Oxford, as collateral agent for the lenders, a security interest in substantially all of our assets, excluding intellectual property.
	The Oxford/MidCap Loan Agreement contains covenants that limit or restrict our ability to incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, pledge our intellectual property or repurchase stock. Additionally, the Oxford/MidCap Loan Agreement includes events of default regarding non-payment, inaccuracy of representations and warranties, covenant breach, occurrence of a material adverse effect (MAE, as defined below), cross default to material indebtedness, bankruptcy or insolvency, material judgment defaults and a change of control. The occurrence of an event of default could result in the acceleration of the Oxford/MidCap Loan Agreement and, under certain circumstances, could increase our interest rate 5.0% per annum during the period of default.
	MAE is defined as a material adverse effect upon (i) our business operations, properties, assets, results of operations or financial condition of Omeros, taken as a whole with respect to our viability, that reasonably would be expected to result in our inability to repay any portion of the loans in accordance with the terms of the Oxford/MidCap Loan Agreement, (ii) the validity, perfection, value or priority of the lenders’ security interest in the collateral, (iii) the enforceability of any material provision of the Oxford/MidCap Loan Agreement or related agreements, or (iv) the ability of the lenders to enforce its rights and remedies under the Oxford/MidCap Loan Agreement or related agreements.
	We accounted for the Oxford/MidCap Loan Agreement as a debt modification and, accordingly, the remaining unamortized debt issuance costs of $103,000 associated with the then outstanding loan with Oxford and the debt issuance costs of $244,000 associated with the Oxford/MidCap Loan Agreement are being amortized to interest expense using the effective interest method through the March 1, 2018 Oxford/MidCap Loan Agreement maturity date. Additionally, the $2.2 million maturity fee, which is treated as a debt discount, is being amortized to interest expense using the effective-interest method through March 1, 2018.
	As of March 31, 2014, the remaining unamortized discount and debt issuance costs associated with the debt were $2.2 million and $339,000, respectively.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2014
Text Block [Abstract]	'
Revenue	'
	Revenue
	Revenue recognized from grants and other sources is as follows:
		Three Months Ended
		March 31,
		2014		2013
		(In thousands)
	Small Business Innovative Research Grants	$	100	$	125
	Vulcan Inc.	$	—	$	970
	Total revenue	$	100	$	1,095
	We have periodically received Small Business Innovative Research (SBIR) grants from the National Institutes of Health (NIH), which are used to support the research and development of our products. We recorded revenue related to these grants of $100,000 and $125,000 for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, $1.1 million of potential revenue remained available under these grants, if qualifying research is performed.
	In October 2010, we entered into a platform development funding agreement with Vulcan Inc. and its affiliate (collectively, Vulcan) pursuant to which we received $20.0 million for our G protein-coupled receptor (GPCR) program. Of the funds received, $8.2 million was recorded as deferred revenue. The remaining deferred revenue of $970,000 was recognized as revenue during the first quarter of 2013.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Real Estate Obligations
	We currently lease our office and laboratory space in The Omeros Building under a lease agreement with BMR-201 Elliott Avenue LLC (BMR). The initial term of the lease ends in November 2027 and we have two options to extend the lease term, each by five years. As of March 31, 2014, the remaining aggregate non-cancelable rent payable under the initial term of the lease is approximately $61.0 million. The remaining deferred rent balance relates to rent deferrals since the inception of our lease. Deferred rent is being amortized to research and development and selling, general and administrative expense on a straight-line basis through the term of the lease.
	Development Milestones and Product Royalties
	We have retained the worldwide commercial rights to all of the products in our clinical and preclinical programs. We potentially owe certain development milestones and sales based royalties on commercial sales of certain products within our pipeline. These are low-single-digit royalties based on net sales or net income as more fully described in our 2013 Annual Report on Form 10-K filed with the SEC on March 13, 2014.
	In April 2010, we entered into an exclusive license agreement with Helion Biotech ApS (Helion), pursuant to which we received a royalty-bearing, worldwide exclusive license to all of Helion’s intellectual property rights related to mannan-binding lectin-associated serine protease-2 (MASP-2) antibodies, polypeptides and methods in the field of inhibition of mannan-binding lectin-mediated activation of the complement system for the prevention, treatment or diagnosis of any disease or condition. We incurred a milestone payment of $200,000 to Helion during the first quarter of 2014 related to the filing of an Investigational New Drug Application (IND) with the FDA.
	Other
	In the first quarter of 2013, we recorded a $900,000 expense as selling, general and administrative expense in connection with previously awarded NIH grants.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	Shareholders’ Equity
	Common Stock
	Public Offering - In March 2014, we sold 3.5 million shares of our common stock at a public offering price of $11.50 per share in a public offering. After deducting offering expenses and underwriter discounts of $2.5 million, we received net proceeds from the transaction of $37.7 million.
	MLV At-the-Market Sales Agreement - In December 2012, we entered into an at-the-market issuance sales agreement (the Sales Agreement) with MLV & Co. LLC (MLV). The Sales Agreement terminated April 16, 2014.
	Warrants
	The following table summarizes our total outstanding warrants as of March 31, 2014, which have a weighted average exercise price of $23.85:
	Outstanding At	Expiration Date	Exercise Price
	31-Mar-14
	197,478	September 29, 2014	$12.25
	133,333	October 21, 2015	20
	133,333	October 21, 2015	30
	133,333	October 21, 2015	40
	11,539	April 26, 2015	9.13
	609,016		$23.85
	On March 28, 2014, we extended the expiration dates of warrants to purchase 197,478 shares of our common stock at an exercise price of $12.25 per share to September 29, 2014. In March 2013, we extended the expiration dates of the same warrants by one year. We evaluated the fair value of the warrants before and after the modifications and recorded the $452,000 and $41,000 change in fair value as other expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2014 and 2013, respectively.
	In October 2010, in connection with the Vulcan agreement, we issued to Vulcan three warrants to purchase our common stock, each with a five-year term and exercisable for 133,333 shares, with exercise prices of $20, $30 and $40 per share, respectively.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Stock-Based Compensation
	Our 2008 Equity Incentive Plan (the 2008 Plan) provides for the grant of incentive and nonstatutory stock options, restricted stock, stock appreciation rights, performance units and performance shares to employees, directors and consultants and subsidiary corporations’ employees and consultants. Options are granted with exercise prices equal to the closing fair market value of our common stock on the date of the grant. The terms of options may not exceed 10 years and options generally vest over a four-year period.
	On January 1, 2014, in accordance with provisions of the 2008 Plan, the authorized shares available for grant under the 2008 Plan were increased by 1,517,975 shares. As of March 31, 2014, a total of 8,858,525 shares were reserved for issuance under our stock plans, of which 2,095,577 were available for future grants under the 2008 Plan.
	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no stock option grants during the first quarter of 2014 or 2013.
	Stock-based compensation expense has been reported in our Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended
		March 31,
		2014			2013
		(In thousands)
	Research and development	$	1,011		$	581
	Selling, general and administrative	777			512
	Total	$	1,788		$	1,093
	Stock option activity for all stock plans and related information is as follows:
		Options		Weighted-			Remaining	Aggregate
		Outstanding		Average			Contractual  Life	Intrinsic
				Exercise			(In years)	Value
				Price per				(In thousands)
				Share
	Balance at December 31, 2013	6,969,303		$	6.38
	Granted	—		—
	Exercised	(42,083	)	5.93
	Forfeited	(164,272	)	9.8
	Balance at March 31, 2014	6,762,948		$	6.3		6.83	$	39,056
	Vested and expected to vest at March 31, 2014	6,526,397		$	6.2		6.75	$	38,315
	Exercisable at March 31, 2014	4,322,288		$	4.78		5.63	$	31,509
	At March 31, 2014, there were 2,440,660 unvested options outstanding that will vest over a weighted-average period of 2.3 years. Excluding non-employee stock options, the total estimated compensation expense to be recognized in connection with these options is $12.9 million.

Organization_and_Significant_A1

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Organization	'
	Organization
	We are a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system. Our most clinically advanced potential product, OMS302 or Omidria™ for lens replacement surgery, is derived from our proprietary PharmacoSurgery® platform designed to improve clinical outcomes of patients undergoing ophthalmological, arthroscopic, urological and other surgical procedures. Our PharmacoSurgery platform is based on low-dose combinations of therapeutic agents delivered directly to the surgical site throughout the duration of the procedure to inhibit preemptively inflammation and other problems caused by surgical trauma and to provide clinical benefits both during and after surgery. In addition to Omidria, we have six other clinical-stage development programs in our pipeline, which also includes a diverse group of preclinical programs as well as two additional platforms: one capable of unlocking new G protein-coupled receptor (GPCR) drug targets and the other used to generate antibodies. For each of our programs and potential products, which we refer to herein as products, we have retained all manufacturing, marketing and distribution rights.
	Omidria is being developed for use in patients undergoing intraocular lens replacement surgery. In July 2013, we submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) and in September 2013, we submitted a Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for Omidria. We expect the FDA to approve our NDA for Omidria in the second quarter of 2014. Assuming approval, we expect to begin marketing Omidria in the U.S. in the second half of 2014. In the European Union (EU) and other international territories, we plan to enter into one or more partnerships for the marketing and distribution of Omidria.
Basis of Presentation	'
	Basis of Presentation
	Our consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions between and among our subsidiaries have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The information as of March 31, 2014 and for the three months ended March 31, 2014 and 2013 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Consolidated Balance Sheet at December 31, 2013 has been derived from audited financial statements but does not include all of the information and footnotes required by GAAP.
	The accompanying unaudited consolidated financial statements and notes to consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (SEC) on March 13, 2014.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, fair market value of investments, stock-based compensation expense and accruals for clinical trials and contingencies. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.
Liquidity Disclosure [Policy Text Block]	'
	Liquidity and Capital Resources
	As of March 31, 2014, we had $52.2 million in cash, cash equivalents and short-term investments due, in part, to our recent receipt of the net amounts of $37.7 million from the sale of our common stock and $12.7 million of additional debt financing.
Inventory, Policy [Policy Text Block]	'
	Inventory
	Capitalization of costs as inventory will begin when the product has received regulatory approval in either the U.S. or the EU. We expense inventory costs related to products as research and development expenses prior to regulatory approval.
Segments	'
	Segments
	We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making.

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss per Share	'
	Potentially dilutive securities excluded from the diluted loss per share calculation are as follows:
		March 31,
		2014	2013
	Outstanding options to purchase common stock	6,762,948	5,356,086
	Warrants to purchase common stock	609,016	609,016
	Total	7,371,964	5,965,102

FairValue_Measurements_Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	'
	Our fair-value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis are as follows:
		31-Mar-14
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as cash equivalents	$	—	$	—	$	—	$	—
	Money-market funds classified as non-current restricted cash	679		—		—		679
	Money-market funds classified as short-term investments	51,622		—		—		51,622
	Total	$	52,301	$	—	$	—	$	52,301
		31-Dec-13
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as cash equivalents	$	213	$	—	$	—	$	213
	Money-market funds classified as non-current restricted cash	679		—		—		679
	Money-market funds classified as short-term investments	12,717		—		—		12,717
	Total	$	13,609	$	—	$	—	$	13,609

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Accrued Liabilities	'
	Accrued liabilities consisted of the following:
		March 31,		December 31,
		2014		2013
		(In thousands)
	Contract research	$	1,727	$	858
	Employee compensation	1,476		1,346
	Clinical trials	768		596
	Consulting & professional fees	971		649
	Other accruals	364		495
	Total accrued liabilities	$	5,306	$	3,944

Revenue_Revenue_by_Agreement_T

Revenue Revenue by Agreement (Tables)	3 Months Ended
	Mar. 31, 2014
Revenue Recognition [Abstract]	'
Revenue Recognition, Multiple-deliverable Arrangements, Description	'
	Revenue recognized from grants and other sources is as follows:
		Three Months Ended
		March 31,
		2014		2013
		(In thousands)
	Small Business Innovative Research Grants	$	100	$	125
	Vulcan Inc.	$	—	$	970
	Total revenue	$	100	$	1,095

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Schedule of Stockholders' Equity Note, Warrants or Rights	'
	The following table summarizes our total outstanding warrants as of March 31, 2014, which have a weighted average exercise price of $23.85:
	Outstanding At	Expiration Date	Exercise Price
	31-Mar-14
	197,478	September 29, 2014	$12.25
	133,333	October 21, 2015	20
	133,333	October 21, 2015	30
	133,333	October 21, 2015	40
	11,539	April 26, 2015	9.13
	609,016		$23.85

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation Expense	'
	Stock-based compensation expense has been reported in our Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended
		March 31,
		2014			2013
		(In thousands)
	Research and development	$	1,011		$	581
	Selling, general and administrative	777			512
	Total	$	1,788		$	1,093
Stock Option Activity and Related Information	'
	Stock option activity for all stock plans and related information is as follows:
		Options		Weighted-			Remaining	Aggregate
		Outstanding		Average			Contractual  Life	Intrinsic
				Exercise			(In years)	Value
				Price per				(In thousands)
				Share
	Balance at December 31, 2013	6,969,303		$	6.38
	Granted	—		—
	Exercised	(42,083	)	5.93
	Forfeited	(164,272	)	9.8
	Balance at March 31, 2014	6,762,948		$	6.3		6.83	$	39,056
	Vested and expected to vest at March 31, 2014	6,526,397		$	6.2		6.75	$	38,315
	Exercisable at March 31, 2014	4,322,288		$	4.78		5.63	$	31,509

Organization_and_Significant_A2

Organization and Significant Accounting Policies (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	segment
Accounting Policies [Abstract]	'	'
Cash, Cash Equivalents, and Short-term Investments	$52,200,000	'
Proceeds from issuance of common stock, net of offering costs	37,749,000	0
Proceeds from Issuance of Long-term Debt	12,699,000	0
Number of operating segments	1	'
Oxford Midcap Loan [Member]	'	'
Accounting Policies [Abstract]	'	'
Proceeds from Issuance of Long-term Debt	$12,699,000	'

Net_Loss_Per_Share_Calculation

Net Loss Per Share - Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss Per Share (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Outstanding dilutive securities not included in diluted loss per share calculation	7,371,964	5,965,102
Outstanding options to purchase common stock	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Outstanding dilutive securities not included in diluted loss per share calculation	6,762,948	5,356,086
Warrants to purchase common stock	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Outstanding dilutive securities not included in diluted loss per share calculation	609,016	609,016

FairValue_Measurements_Financi

Fair-Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Total	$52,301	$13,609
Money Market Funds	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as cash equivalents	0	213
Money-market funds classified as short-term investments	51,622	12,717
Non Current	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as restricted cash	679	679
Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Total	52,301	13,609
Fair Value, Inputs, Level 1 | Money Market Funds	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as cash equivalents	0	213
Money-market funds classified as short-term investments	51,622	12,717
Fair Value, Inputs, Level 1 | Non Current	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as restricted cash	$679	$679

FairValue_Measurements_Narrati

Fair-Value Measurements - Narrative (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash excluded from fair value hierarchy disclosure	$567,000	$1,200,000
Unrealized Gain (Loss) on Investments	$0	$0

Accrued_Liabilities_Accrued_Li

Accrued Liabilities - Accrued Liabilities (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Contract research	$1,727	$858
Employee compensation	1,476	1,346
Clinical trials	768	596
Consulting & professional fees	971	649
Other accruals	364	495
Total accrued liabilities	$5,306	$3,944

Notes_Payable_Detail

Notes Payable (Detail) (USD $)	3 Months Ended				2 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 04, 2014	Mar. 04, 2014
			Oxford Midcap Loan [Member]	Oxford Midcap Loan [Member]	Oxford Loan Agreement [Member]
Debt Instrument [Line Items]	'	'	'	'	'
Loan and security agreement, existing outstanding indebtedness	'	'	'	$32,000,000	'
Repayments of Debt	'	'	19,100,000	'	'
Payments of Debt Restructuring Costs	'	'	160,000	'	'
Proceeds from Issuance of Long-term Debt	12,699,000	0	12,699,000	'	'
Accrued interest rate	'	'	'	9.25%	'
Debt Instrument, Date of First Required Payment	'	'	1-Apr-15	'	'
Debt Instrument, Periodic Payment	'	'	1,021,000	'	'
Debt Instrument, Fee Amount	'	'	'	2,200,000	'
Debt Prepayment Penalty Rate	'	'	1.00%	'	'
Additional Default Interest Rate	'	'	5.00%	'	'
Debt Issuance Cost	'	'	244,000	'	103,000
Unamortized balance of debt discount	'	'	2,192,000	'	'
Unamortized balance of debt issuance costs	'	'	$339,000	'	'

Revenue_Detail

Revenue (Detail) (USD $)	1 Months Ended	3 Months Ended
	Oct. 31, 2010	Mar. 31, 2014	Mar. 31, 2013
Revenue [Line Items]	'	'	'
Revenues	'	$100,000	$1,095,000
Small Business Innovative Research	'	'	'
Revenue [Line Items]	'	'	'
Grant revenue recognized	'	100,000	125,000
Remaining available amount under grant	'	1,100,000	'
Vulcan Incorporated	'	'	'
Revenue [Line Items]	'	'	'
Grants received	20,000,000	'	'
Deferred revenue	8,200,000	'	'
Deferred Revenue, Revenue Recognized	'	$0	$970,000

Commitments_and_Contingencies_

Commitments and Contingencies (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	Leases
Commitments and Contingencies Disclosure [Line Items]	'	'
Number of Options to extend the lease term	2	'
Options to extend the lease term, number of options	'5 years	'
Remaining aggregate rent payable	$61,000,000	'
Research and development expense	12,017,000	7,127,000
Helion Biotech ApS	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'
Research and development expense	200,000	'
Selling, General and Administrative Expenses	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'
Government Grants Under Review	'	$900,000

Shareholders_Equity_Detail

Shareholders' Equity (Detail) (USD $)	1 Months Ended	3 Months Ended
	Oct. 31, 2010	Mar. 31, 2014	Mar. 31, 2013	Mar. 29, 2007
	warrant
Class of Stock [Line Items]	'	'	'	'
Stock Issued During Period, Shares, New Issues	'	3,500,000	'	'
Share Price	'	$11.50	'	'
Payments of Stock Issuance Costs	'	$2,500,000	'	'
Proceeds from issuance of common stock, net of offering costs	'	37,749,000	0	'
Shares of common stock to purchase by warrant	'	197,478	'	197,478
Warrant expiration date	'	29-Sep-14	'	'
Exercise price of warrants	'	12.25	'	12.25
Class of Warrant or Right, Outstanding	'	609,016	'	'
Class of Warrant or Right, Exercise Price of Warrants or Rights, Weighted Average Price	'	23.85	'	'
Change in fair value of warrants	'	$452,000	$41,000	'
Number of warrants issued	3	'	'	'
Oxford [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares of common stock to purchase by warrant	'	11,539	'	'
Warrant expiration date	'	26-Apr-15	'	'
Exercise price of warrants	'	9.13	'	'
Warrant One | Vulcan Incorporated	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares of common stock to purchase by warrant	133,333	133,333	'	'
Warrant expiration date	'	21-Oct-15	'	'
Exercise price of warrants	20	20	'	'
Class Of Warrant Or Right Term	'5 years	'	'	'
Warrant Two | Vulcan Incorporated	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares of common stock to purchase by warrant	133,333	133,333	'	'
Warrant expiration date	'	21-Oct-15	'	'
Exercise price of warrants	30	30	'	'
Class Of Warrant Or Right Term	'5 years	'	'	'
Warrant Three | Vulcan Incorporated	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares of common stock to purchase by warrant	133,333	133,333	'	'
Warrant expiration date	'	21-Oct-15	'	'
Exercise price of warrants	40	40	'	'
Class Of Warrant Or Right Term	'5 years	'	'	'

StockBased_Compensation_Narrat

Stock-Based Compensation - Narrative (Detail) (USD $)	3 Months Ended		1 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Jan. 31, 2013	Mar. 31, 2014
		Equity Incentive Plan 2008	Equity Incentive Plan 2008	Equity Incentive Plan 2008
			Stock Option	Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock options, maximum term	'	'	'	'10 years
Stock options, average vesting period	'	'4 years	'	'
Increase in authorized shares	'	'	1,517,975	'
Stock options, number of shares reserved for issuance	'	8,858,525	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	2,095,577	'	'
Unvested options outstanding	2,440,660	'	'	'
Unvested options outstanding, vesting period	'2 years 3 months 10 days	'	'	'
Unrecognized compensation expense	$12.90	'	'	'

StockBased_Compensation_StockB

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Total	$1,788	$1,093
Research and Development	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Stock-based compensation expense	1,011	581
Selling, General and Administrative Expenses	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Stock-based compensation expense	$777	$512

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Options Outstanding	'
Beginning balance	6,969,303
Granted	0
Exercised	-42,083
Forfeited	-164,272
Ending balance	6,762,948
Vested and expected to vest	6,526,397
Exercisable	4,322,288
Weighted-Average Exercise Price per Share	'
Beginning balance	$6.38
Granted	$0
Exercised	$5.93
Forfeited	$9.80
Ending balance	$6.30
Vested and expected to vest	$6.20
Exercisable	$4.78
Weighted- Average Remaining Contractual Life	'
Balance	'6 years 9 months 29 days
Vested and expected to vest	'6 years 9 months
Exercisable	'5 years 7 months 17 days
Aggregate Intrinsic Value	'
Balance	$39,056
Vested and expected to vest	38,315
Exercisable	$31,509