Omeros (OMER) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016segment	Aug. 04, 2016shares
Document Information [Line Items]
Number of operating segments | segment	1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	OMER
Entity Registrant Name	OMEROS CORP
Entity Central Index Key	1,285,819
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding | shares		39,293,131

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 4,589	$ 1,365
Short-term investments	16,648	26,898
Receivables	8,806	6,517
Inventory	1,780	472
Prepaid expense	2,282	1,894
Total current assets	34,105	37,146
Property and equipment, net	1,251	951
Restricted cash and investments	10,679	10,679
Other assets	73	219
Total assets	46,108	48,995
Current liabilities:
Accounts payable	5,420	6,428
Accrued expenses	10,452	9,752
Current portion of notes payable	193	73
Total current liabilities	16,065	16,253
Notes payable, net	69,833	49,769
Deferred rent	9,205	9,207
Commitments and contingencies (Note 8)
Shareholders’ deficit:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized and none issued and outstanding at June 30, 2016 and December 31, 2015		0
Common stock, par value $0.01 per share, 150,000,000 shares authorized at June 30, 2016 and December 31, 2015; 39,277,231 and 38,040,891 issued and outstanding at June 30, 2016 and December 31, 2015, respectively	393	380
Additional paid-in capital	386,905	376,528
Accumulated deficit	(436,293)	(403,142)
Total shareholders’ deficit	(48,995)	(26,234)
Total liabilities and shareholders’ deficit	$ 46,108	$ 48,995

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	39,277,231	38,040,891
Common stock, outstanding shares	39,277,231	38,040,891

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Product sales, net	$ 10,004	$ 3,125	$ 17,250	$ 3,363
Grant revenue	0	62	173	212
Revenue	10,004	3,187	17,423	3,575
Costs and expenses
Cost of product sales	327	365	654	376
Research and development	10,231	10,900	25,665	20,218
Selling, general and administrative	10,375	7,889	21,485	16,878
Total costs and expenses	20,933	19,154	47,804	37,472
Loss from operations	(10,929)	(15,967)	(30,381)	(33,897)
Interest expense	(1,857)	(937)	(3,232)	(1,894)
Other income (expense), net	174	224	462	442
Net loss	(12,612)	(16,680)	(33,151)	(35,349)
Comprehensive loss	$ (12,612)	$ (16,680)	$ (33,151)	$ (35,349)
Basic and diluted net loss per share (USD per share)	$ (0.32)	$ (0.44)	$ (0.86)	$ (0.95)
Weighted-average shares used to compute basic and diluted net loss per share (shares)	39,178,547	37,846,832	38,747,816	37,165,196

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net loss	$ (33,151)	$ (35,349)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	122	107
Stock-based compensation expense	7,031	4,898
Non-cash interest expense	684	442
Changes in operating assets and liabilities:
Receivables	(2,289)	(2,679)
Inventory	(1,308)	(65)
Prepaid expenses and other assets	(242)	(228)
Accounts payable and accrued expenses	(268)	(1,229)
Deferred rent	(2)	82
Net cash used in operating activities	(29,423)	(34,021)
Investing activities:
Purchases and sales of property and equipment	(34)	(114)
Purchases of investments	(20,625)	(79,403)
Proceeds from the sale and maturities of investments	30,875	37,050
Net cash provided by (used in) investing activities	10,216	(42,467)
Financing activities:
Proceeds from issuance of common stock and pre-funded warrants, net	724	79,076
Proceeds from borrowings under notes payable, net	19,864	0
Payments on notes payable	(34)	(2,342)
Proceeds upon exercise of stock options and warrants	1,877	1,961
Net cash provided by financing activities	22,431	78,695
Net increase in cash and cash equivalents	3,224	2,207
Cash and cash equivalents at beginning of period	1,365	354
Cash and cash equivalents at end of period	4,589	2,561
Supplemental cash flow information
Cash paid for interest	2,005	1,471
Issuance of warrants in connection with the Amendment to the Loan Agreement	758	0
Property acquired under capital lease	388	0
Prepaid expenses not yet paid	$ 1,035	$ 68

Organization and Significant Ac

Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization We are a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Our first drug product, OMIDRIA, is approved by the United States (U.S.) Food and Drug Administration (FDA) for use during cataract surgery or intraocular lens replacement. We broadly launched OMIDRIA in the U.S. in April 2015. Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions have been eliminated and we have determined we operate in one segment. The accompanying unaudited condensed 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 June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Condensed Consolidated Balance Sheet at December 31, 2015 has been derived from our audited financial statements but does not include all of the information and footnotes required by GAAP for audited annual financial information. The accompanying unaudited condensed consolidated financial statements and related notes thereto 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, 2015 , which was filed with the U.S. Securities and Exchange Commission (SEC) on March 15, 2016. Product Sales, Net We record revenue from OMIDRIA sales when the product is delivered to our wholesalers. Product sales are recorded net of estimated chargebacks and rebates, wholesaler distribution fees and estimated product returns. Accruals or allowances are established for these deductions when revenue is recognized, and actual amounts incurred are offset against the applicable accruals and allowances. We reflect each of these accruals or allowances as either a reduction in the related accounts receivable or as an accrued liability, depending on how the accrual or allowance is settled. 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 June 30, 2016 , we had $21.2 million in cash, cash equivalents and short-term investments. In addition, we have $ 10.0 million in restricted cash and investments that must be maintained in depository and investment accounts with East West Bank (EWB) pursuant to the Loan and Security Agreement (the Loan Agreement) entered into in December 2015 with Oxford Finance LLC (Oxford) and EWB as well as $679,000 to secure a letter of credit for the Omeros Building lease. As of June 30, 2016 we have $70.0 million in notes payable which contain financial covenants requiring us to achieve $70.0 million in OMIDRIA net revenues during calendar year 2016 and quarterly OMIDRIA net revenues of $25.0 million in 2017 and $30.0 million in 2018, or maintain 50% of the then-outstanding principal and other obligations under the Loan Agreement in restricted cash and certain eligible term investments. If the OMIDRIA net revenue covenant is met for any quarter of 2017 or 2018, any additional cash collateral requirement then in effect would be removed. If we are unable to meet these financial covenants for any period, obtain a waiver from the lenders or otherwise re-negotiate the Loan Agreement, the lenders could declare all obligations under the Loan Agreement to be due and payable and pursue all other remedies available to the lenders under the Loan Agreement. We expect to continue to incur losses until such time as OMIDRIA product sales, corporate partnerships and/or licensing revenues from products or programs are adequate to support our ongoing operating expenses and debt service, including maintenance of any restricted cash and investments, if required. We are unable to predict if or when this may occur, and until it does occur, we will need to continue to raise additional funds through public or private equity securities sales, including under our At Market Issuance Sales Agreement (the ATM Agreement) with JonesTrading Institutional Services LLC (JonesTrading) (see Note 9 for further detail), through the incurrence of additional debt, through corporate partnerships, through asset sales or through the pursuit of collaborations and licensing arrangements related to certain of our products or programs. These conditions raise a substantial doubt about our ability to continue as a going concern. If we are unable to become cash-flow positive or to raise additional capital as and when needed, or upon acceptable terms, such failure would have a significant negative impact on our financial condition. The accompanying unaudited condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to our ability to continue as a going concern. Recently Adopted Accounting Pronouncements For the year ended December 31, 2015 we adopted and applied retrospectively Financial Accounting Standards Board (FASB) Accounting Standards Update, or ASU, No. 2015-03, related to simplifying the presentation of debt issuance costs. This standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction to the liability. Recent Accounting Pronouncements In August 2014, FASB issued ASU No. 2014-15 related to disclosure of an entity’s ability to continue as a going concern. This standard requires management to evaluate whether substantial doubt exists regarding the entity’s ability to continue as a going concern at each reporting period for a duration of one year after the date the financial statements are issued or available to be issued and to provide related footnote disclosures. This standard must be applied prospectively and is effective for interim and annual periods ending after December 15, 2016. We are monitoring for any conditions and events that could raise substantial doubt about our ability to continue as a going concern. The evaluation of the significance of those conditions and events and the related impact upon our disclosures, if applicable, will be disclosed in our annual financial statements for the year ended December 31, 2016. In February 2016, FASB issued ASU 2016-02 related to lease accounting. This standard requires lessees to recognize a right-of-use asset and a lease liability for most leases. This standard must be applied using a modified retrospective transition and is effective for all annual and interim periods beginning after December 15, 2018. Earlier adoption is permitted. We are evaluating how this new standard will impact the presentation of our financial statements and related disclosures. In March 2016, FASB issued ASU 2016-08 related to revenue recognition. This standard is an amendment to ASU 2014-09 relating to revenue from contracts with customers. This amendment clarifies an entity’s revenue recognition for a performance obligation based on principal versus agent considerations. This standard has the same effective date and transition requirements as ASU 2014-09, as amended, which requires that the guidance must be applied retroactively to each prior reporting period presented or retrospectively with the cumulative effect of applying the standard recognized in the period adopted. As amended, the standard is effective for interim and annual periods beginning after December 15, 2017 and cannot be adopted before the original effective date, which was for periods beginning after December 15, 2016. We are currently evaluating the impact that this standard may have on our financial statements once it is adopted. In March 2016, FASB issued ASU 2016-09 that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and for making a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. We are currently evaluating the impact that this standard may have on our financial statements once it is adopted and the timing of adoption. In April and May 2016, FASB issued ASU 2016-10 and ASU 2016-12, respectively. Both standards are amendments to ASU 2014-09 related to revenue from contracts with customers. ASU 2016-10 clarifies an entity’s revenue recognition when identifying performance obligations and licensing. ASU 2016-12 clarifies the objective of the collectibility criterion, one of the five steps of ASU 2014-09. This amendment also establishes practical expedients for sales-tax considerations and contract modifications. Both standards have the same effective date and transition requirements as ASU 2014-09, as amended. We are currently evaluating the impact that these standards may have on our financial statements once they are adopted.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2016
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 and six months ended June 30, 2016 and 2015 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: June 30, 2016 2015 Outstanding options to purchase common stock 9,501,818 8,427,501 Warrants and pre-funded warrants to purchase common stock 100,602 1,149,249 Total 9,602,420 9,576,750

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments As of June 30, 2016 and December 31, 2015 , all investments are classified as short-term and available-for-sale on the accompanying Condensed Consolidated Balance Sheets. We did not own any securities with unrealized loss positions as of June 30, 2016 or December 31, 2015 . Investment income, which is included as a component of other income (expense), consists of interest earned.

Fair-Value Measurements

Fair-Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair-Value Measurements	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 they are 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: June 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money-market funds classified as non-current restricted cash and investments $ 10,679 $ — $ — $ 10,679 Money-market funds classified as short-term investments 16,648 — — 16,648 Total $ 27,327 $ — $ — $ 27,327 December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money-market funds classified as non-current restricted cash and investments $ 10,679 $ — $ — $ 10,679 Money-market funds classified as short-term investments 26,898 — — 26,898 Total $ 37,577 $ — $ — $ 37,577 Cash held in demand deposit accounts of $4.6 million and $1.4 million is excluded from our fair-value hierarchy disclosure as of June 30, 2016 and December 31, 2015 , respectively. There were no unrealized gains and losses associated with our short-term investments as of June 30, 2016 or December 31, 2015 . The carrying amounts reported in the accompanying Condensed Consolidated Balance Sheets for 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.

Inventory (Notes)

Inventory (Notes)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory	Inventory The components of inventory are as follows: June 30, December 31, (In thousands) Raw materials $ 101 $ 93 Work-in-process 1,559 158 Finished goods 120 221 Total inventory $ 1,780 $ 472 Work-in-process consists of manufactured vials of OMIDRIA which have not been packaged into finished goods.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: June 30, December 31, (In thousands) Consulting and professional fees $ 2,898 $ 2,400 Employee compensation 2,729 2,590 Contract research and development 2,138 2,973 Other accruals 1,448 681 Clinical trials 1,239 1,108 Total accrued liabilities $ 10,452 $ 9,752

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable In December 2015, we entered into the Loan Agreement pursuant to which we borrowed $50.0 million . In May 2016, we entered into the First Amendment to the Loan Agreement (the Amendment) whereby we accelerated the borrowing of the additional $20.0 million potentially available to us under the Loan Agreement. After deducting all loan initiation costs, we received $19.9 million in net proceeds. The Amendment did not modify the interest rate or any terms or covenants of the Loan Agreement except to increase the final payment fee rate applicable to the additional $20.0 million borrowed from 5.25% to 6.25% reflecting the accelerated draw-down of the additional loan. As of June 30, 2016 , our outstanding principal balance is $70.0 million and our loan maturity fee is $5.0 million . Interest under the Loan Agreement accrues on the loans at an annual rate of 9.25% . Our monthly interest-only payments of $539,600 are due through July 1, 2017. Beginning August 1, 2017, monthly principal and interest payments of $2.6 million are due through the January 1, 2020 maturity date. In connection with the Amendment, we issued warrants to purchase an aggregate of 100,602 shares of Omeros common stock (the Warrants) to Oxford and EWB at the then current market price of $9.94 per share. We accounted for the Warrants as a discount to our notes payable. See Note 9 for further discussion of the Warrants. We accounted for the Amendment as a debt modification and, accordingly, the unamortized discount and debt issuance costs associated with the Loan Agreement are being amortized to interest expense using the effective interest method over the remaining term of the Loan Agreement. The Loan Agreement contains covenants that require us to maintain $10.0 million in restricted cash and certain eligible term investments and limit or restrict our ability to enter into certain transactions. In addition, we are required to either meet an annual OMIDRIA net revenue minimum for 2016 of $70.0 million and quarterly OMIDRIA revenue minimums in 2017 and 2018, or maintain 50% of the then-outstanding note payable balance in restricted cash and certain eligible term investments. The Loan Agreement also includes provisions related to events of default, the occurrence of a material adverse effect and changes of control. The occurrence of an event of default could result in the acceleration of the Loan Agreement and, under certain circumstances, could increase our interest rate by 5.0% per annum during the period of default. There was no event of default under the Loan Agreement as of June 30, 2016 . As of June 30, 2016 , the remaining unamortized discount and debt issuance costs associated with the debt were $5.1 million and $440,700 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Development Milestones and Product Royalties We have retained control of worldwide commercial rights to OMIDRIA, to all of our product candidates and to our programs other than OMS103. We may be required, in connection with existing in-licensing or asset acquisition agreements, to make certain royalty and milestone payments and we cannot, at this time, determine when or if the related milestones will be achieved or whether the events triggering the commencement of payment obligations will occur. See Note 9 to our Consolidated Financial Statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K as filed with the SEC on March 15, 2016. Contracts We have various agreements with third parties that collectively require payment of termination fees totaling $1.3 million as of June 30, 2016 if we cancel the work within specific time frames, either prior to commencing or during performance of the contracted services. Litigation As described within Note 9 of the “Notes to Consolidated Financial Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 15, 2016, we filed a patent infringement lawsuit against Par Pharmaceutical, Inc. and its subsidiary, Par Sterile Products, LLC (collectively, Par) following our receipt of a Paragraph IV Notice Letter from Par stating that it had filed an Abbreviated New Drug Application (ANDA) seeking approval from the FDA to market a generic version of OMIDRIA before the expiration of three Orange Book-listed patents covering OMIDRIA. In each of April 2016 and August 2016, we amended the lawsuit to assert an additional OMIDRIA patent, both additional patents having been granted by the U.S. Patent and Trademark Office after Par sent its original Paragraph IV Notice Letter. In May 2016, Par stipulated to infringement of the first four asserted patents, and the court entered a partial judgment that Par’s filing of its ANDA constitutes an act of infringement of the claims of the first four asserted patents. Par maintains defenses and counterclaims alleging that the claims of the patents are invalid. The filing of our suit against Par triggered a stay of the FDA’s final approval of Par’s ANDA, which is expected to remain in effect until January 2018. We continue to believe that the assertions in Par’s Paragraph IV Notice Letter and its defenses and counterclaims asserted in the litigation that the asserted patent claims are allegedly invalid do not have merit, and we intend to defend our patents vigorously in the litigation against Par.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Stock At Market Issuance Sales Agreement - In January 2016, we entered into the ATM Agreement with JonesTrading pursuant to which we may direct JonesTrading to sell shares of our common stock with an aggregate offering price of up to $100.0 million directly on The Nasdaq Global Market, through a market maker other than on an exchange or in negotiated transactions. Any sales made under the ATM Agreement are based solely on our instructions and JonesTrading will receive a 1.7% commission from the gross proceeds. The ATM Agreement may be terminated by either party at any time upon 10 days ' notice to the other party or by JonesTrading at any time in certain circumstances including the occurrence of a material adverse effect to Omeros. During the three and six months ended June 30, 2016, we sold 64,565 shares of our common stock at an average price of $11.41 per share under the ATM Agreement and received net proceeds of $724,000 . Securities Offering - In February 2015, we sold 3.4 million shares of our common stock at a public offering price of $20.03 per share and sold pre-funded warrants to purchase up to 749,250 shares of our common stock at a public offering price of $20.02 per pre-funded warrant share. The public offering price for the pre-funded warrants was equal to the public offering price of our common stock, less the $0.01 per share exercise price of each pre-funded warrant. After deducting underwriter discounts and offering expenses of $4.9 million , we received net proceeds from the offering of $79.1 million . For the six months ended June 30, 2016, we received proceeds of $1.9 million upon the exercise of stock options and pre-funded warrants which resulted in the issuance of 1,171,775 shares of common stock. Warrants In connection with the Amendment on May 18, 2016, we issued the Warrants to purchase an aggregate of 100,602 shares of our common stock to Oxford and EWB. We evaluated the terms of the Warrants and determined that the Warrants should be recorded as permanent equity. The aggregate fair value of the Warrants on the issue date was $758,000 , which we recorded as a discount to our notes payable. We are amortizing the Warrants over the remaining term of the Loan Agreement using the effective interest method. The Warrants are exercisable through May 18, 2023 at an exercise price per share of $9.94 per share.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense includes amortization of stock options granted to employees and non-employees and has been reported in our Condensed Consolidated Statements of Operations and Comprehensive Loss as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) (In thousands) Research and development $ 1,219 $ 1,229 $ 3,374 $ 2,554 Selling, general and administrative 1,391 1,151 3,657 2,344 Total $ 2,610 $ 2,380 $ 7,031 $ 4,898 In February 2016, in connection with our annual employee review process, we granted qualified employees options to purchase approximately 1.3 million shares of our common stock with an exercise price of $10.27 . The fair value of each option grant to employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to employee and director stock option grants during the periods ended: Three Months Ended Six Months Ended 2016 2015 2016 2015 Estimated weighted-average fair value $ 8.50 $ 12.63 $ 6.93 $ 12.97 Weighted-average assumptions Expected volatility 74 % 69 % 74 % 70 % Expected term, in years 5.8 5.9 5.7 5.9 Risk-free interest rate 1.37 % 1.71 % 1.40 % 1.61 % Expected dividend yield — % — % — % — % Stock option activity for all stock plans and related information is as follows: Options Outstanding Weighted- Average Exercise Price per Share Remaining Contractual Life (In years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2015 8,310,235 $ 7.97 Granted 1,663,155 10.84 Exercised (422,525 ) 4.42 Forfeited (49,047 ) 14.02 Balance at June 30, 2016 9,501,818 $ 8.60 6.44 $ 23,678 Vested and expected to vest at June 30, 2016 9,225,654 $ 8.51 6.36 $ 23,615 Exercisable at June 30, 2016 6,764,948 $ 7.41 5.45 $ 23,051 At June 30, 2016 , excluding non-employee stock options, the total estimated compensation expense to be recognized in connection with our unvested options is $16.6 million , and 1,896,593 shares were available to grant.

Organization and Significant 16

Organization and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions have been eliminated and we have determined we operate in one segment. The accompanying unaudited condensed 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 June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Condensed Consolidated Balance Sheet at December 31, 2015 has been derived from our audited financial statements but does not include all of the information and footnotes required by GAAP for audited annual financial information. The accompanying unaudited condensed consolidated financial statements and related notes thereto 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, 2015 , which was filed with the U.S. Securities and Exchange Commission (SEC) on March 15, 2016. The accompanying unaudited condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to our ability to continue as a going concern.
Revenue Recognition	Product Sales, Net We record revenue from OMIDRIA sales when the product is delivered to our wholesalers. Product sales are recorded net of estimated chargebacks and rebates, wholesaler distribution fees and estimated product returns. Accruals or allowances are established for these deductions when revenue is recognized, and actual amounts incurred are offset against the applicable accruals and allowances. We reflect each of these accruals or allowances as either a reduction in the related accounts receivable or as an accrued liability, depending on how the accrual or allowance is settled. Use of
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.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements For the year ended December 31, 2015 we adopted and applied retrospectively Financial Accounting Standards Board (FASB) Accounting Standards Update, or ASU, No. 2015-03, related to simplifying the presentation of debt issuance costs. This standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction to the liability. Recent Accounting Pronouncements In August 2014, FASB issued ASU No. 2014-15 related to disclosure of an entity’s ability to continue as a going concern. This standard requires management to evaluate whether substantial doubt exists regarding the entity’s ability to continue as a going concern at each reporting period for a duration of one year after the date the financial statements are issued or available to be issued and to provide related footnote disclosures. This standard must be applied prospectively and is effective for interim and annual periods ending after December 15, 2016. We are monitoring for any conditions and events that could raise substantial doubt about our ability to continue as a going concern. The evaluation of the significance of those conditions and events and the related impact upon our disclosures, if applicable, will be disclosed in our annual financial statements for the year ended December 31, 2016. In February 2016, FASB issued ASU 2016-02 related to lease accounting. This standard requires lessees to recognize a right-of-use asset and a lease liability for most leases. This standard must be applied using a modified retrospective transition and is effective for all annual and interim periods beginning after December 15, 2018. Earlier adoption is permitted. We are evaluating how this new standard will impact the presentation of our financial statements and related disclosures. In March 2016, FASB issued ASU 2016-08 related to revenue recognition. This standard is an amendment to ASU 2014-09 relating to revenue from contracts with customers. This amendment clarifies an entity’s revenue recognition for a performance obligation based on principal versus agent considerations. This standard has the same effective date and transition requirements as ASU 2014-09, as amended, which requires that the guidance must be applied retroactively to each prior reporting period presented or retrospectively with the cumulative effect of applying the standard recognized in the period adopted. As amended, the standard is effective for interim and annual periods beginning after December 15, 2017 and cannot be adopted before the original effective date, which was for periods beginning after December 15, 2016. We are currently evaluating the impact that this standard may have on our financial statements once it is adopted. In March 2016, FASB issued ASU 2016-09 that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting and for making a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. We are currently evaluating the impact that this standard may have on our financial statements once it is adopted and the timing of adoption. In April and May 2016, FASB issued ASU 2016-10 and ASU 2016-12, respectively. Both standards are amendments to ASU 2014-09 related to revenue from contracts with customers. ASU 2016-10 clarifies an entity’s revenue recognition when identifying performance obligations and licensing. ASU 2016-12 clarifies the objective of the collectibility criterion, one of the five steps of ASU 2014-09. This amendment also establishes practical expedients for sales-tax considerations and contract modifications. Both standards have the same effective date and transition requirements as ASU 2014-09, as amended. We are currently evaluating the impact that these standards may have on our financial statements once they are adopted.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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: June 30, 2016 2015 Outstanding options to purchase common stock 9,501,818 8,427,501 Warrants and pre-funded warrants to purchase common stock 100,602 1,149,249 Total 9,602,420 9,576,750

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
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: June 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money-market funds classified as non-current restricted cash and investments $ 10,679 $ — $ — $ 10,679 Money-market funds classified as short-term investments 16,648 — — 16,648 Total $ 27,327 $ — $ — $ 27,327 December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money-market funds classified as non-current restricted cash and investments $ 10,679 $ — $ — $ 10,679 Money-market funds classified as short-term investments 26,898 — — 26,898 Total $ 37,577 $ — $ — $ 37,577

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	he components of inventory are as follows: June 30, December 31, (In thousands) Raw materials $ 101 $ 93 Work-in-process 1,559 158 Finished goods 120 221 Total inventory $ 1,780 $ 472

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consisted of the following: June 30, December 31, (In thousands) Consulting and professional fees $ 2,898 $ 2,400 Employee compensation 2,729 2,590 Contract research and development 2,138 2,973 Other accruals 1,448 681 Clinical trials 1,239 1,108 Total accrued liabilities $ 10,452 $ 9,752

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	Stock-based compensation expense includes amortization of stock options granted to employees and non-employees and has been reported in our Condensed Consolidated Statements of Operations and Comprehensive Loss as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) (In thousands) Research and development $ 1,219 $ 1,229 $ 3,374 $ 2,554 Selling, general and administrative 1,391 1,151 3,657 2,344 Total $ 2,610 $ 2,380 $ 7,031 $ 4,898
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following assumptions were applied to employee and director stock option grants during the periods ended: Three Months Ended Six Months Ended 2016 2015 2016 2015 Estimated weighted-average fair value $ 8.50 $ 12.63 $ 6.93 $ 12.97 Weighted-average assumptions Expected volatility 74 % 69 % 74 % 70 % Expected term, in years 5.8 5.9 5.7 5.9 Risk-free interest rate 1.37 % 1.71 % 1.40 % 1.61 % Expected dividend yield — % — % — % — %
Stock Option Activity and Related Information	Stock option activity for all stock plans and related information is as follows: Options Outstanding Weighted- Average Exercise Price per Share Remaining Contractual Life (In years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2015 8,310,235 $ 7.97 Granted 1,663,155 10.84 Exercised (422,525 ) 4.42 Forfeited (49,047 ) 14.02 Balance at June 30, 2016 9,501,818 $ 8.60 6.44 $ 23,678 Vested and expected to vest at June 30, 2016 9,225,654 $ 8.51 6.36 $ 23,615 Exercisable at June 30, 2016 6,764,948 $ 7.41 5.45 $ 23,051

Organization and Significant 22

Organization and Significant Accounting Policies (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)segment	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Number of operating segments | segment	1
Cash, cash equivalents and short-term investments	$ 21,200,000
Oxford EWB Loan
Outstanding balance	70,000,000
Debt instrument, covenant compliance, minimum annual net revenue requirements	$ 70,000,000
Debt instrument, covenant compliance, minimum restricted cash and eligible term investments as a percent of outstanding balance	50.00%
Oxford EWB Loan | Forecast
Debt instrument, covenant compliance, minimum quarterly net revenue requirements		$ 30,000,000	$ 25,000,000
Cash and Eligible Investments
Restricted cash and investments	$ 10,000,000
Cash
Restricted cash and investments	$ 679,000

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding dilutive securities not included in diluted loss per share calculation	9,602,420	9,576,750
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	9,501,818	8,427,501
Warrants and pre-funded 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	100,602	1,149,249

Fair-Value Measurements - Finan

Fair-Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$ 27,327	$ 37,577
Restricted Cash, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	10,679	10,679
Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	16,648	26,898
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	27,327	37,577
Fair Value, Inputs, Level 1 | Restricted Cash, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	10,679	10,679
Fair Value, Inputs, Level 1 | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	16,648	26,898
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Fair Value, Inputs, Level 2 | Restricted Cash, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	0	0
Fair Value, Inputs, Level 2 | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	0	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	0	0
Fair Value, Inputs, Level 3 | Restricted Cash, Noncurrent
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	0	0
Fair Value, Inputs, Level 3 | Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds, fair value disclosure	$ 0	$ 0

Fair-Value Measurements - Narra

Fair-Value Measurements - Narrative (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Cash excluded from fair value hierarchy disclosure	$ 4,600,000	$ 1,400,000
Unrealized gain (loss) on investments	$ 0	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 101	$ 93
Work-in-process	1,559	158
Finished goods	120	221
Inventory	$ 1,780	$ 472

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Consulting and professional fees	$ 2,898	$ 2,400
Employee compensation	2,729	2,590
Contract research and development	2,138	2,973
Other accruals	1,448	681
Clinical trials	1,239	1,108
Total accrued liabilities	$ 10,452	$ 9,752

Notes Payable (Detail)

Notes Payable (Detail) - USD ($)	Aug. 01, 2017	May 31, 2016	Jun. 30, 2016	May 18, 2016	Dec. 31, 2015	Feb. 28, 2015
Debt Instrument [Line Items]
Shares of common stock to purchase by warrant (in shares)						749,250
Warrant exercise price (in USD per share)						$ 0.01
Oxford EWB Loan
Debt Instrument [Line Items]
Debt instrument, face amount					$ 50,000,000
Debt instrument, additional borrowing under first amendment		$ 20,000,000
Proceeds from debt issuance		$ 19,900,000
Maturity fee, as a percent			5.25%
Maturity fee on amended balance, as a percent			6.25%
Outstanding balance			$ 70,000,000
Loan maturity fee			$ 5,000,000
Stated interest rate			9.25%
Monthly interest only payments			$ 539,600
Shares of common stock to purchase by warrant (in shares)		100,602		100,602
Warrant exercise price (in USD per share)		$ 9.94		$ 9.94
Debt instrument, covenant compliance, minimum restricted cash and certain eligible short term investments			10,000,000
Debt instrument, covenant compliance, minimum annual net revenue requirements			$ 70,000,000
Debt instrument, covenant compliance, minimum restricted cash and eligible term investments as a percent of outstanding balance			50.00%
Potential additional default interest			5.00%
Unamortized balance of debt discount			$ 5,100,000
Unamortized balance of debt issuance costs			$ 441,000
Oxford EWB Loan | Forecast
Debt Instrument [Line Items]
Monthly principal and interest payments	$ 2,600,000

Commitments and Contingencies C

Commitments and Contingencies Contracts (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Liabilities Subject to Compromise, Early Contract Termination Fees	$ 1.3

Shareholders' Equity (Detail)

Shareholders' Equity (Detail) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Jan. 31, 2016	Feb. 28, 2015	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	May 31, 2016	May 18, 2016
Class of Stock [Line Items]
Stock issued during period		3,400,000
Share price (in USD per share)		$ 20.03
Proceeds from issuance of common stock and pre-funded warrants, net		$ 79,100,000		$ 724,000	$ 79,076,000
Shares of common stock to purchase by warrant (in shares)		749,250
Warrant exercise price (in USD per share)		$ 0.01
Offering expenses and underwriter discounts		$ 4,900,000
Proceeds from warrant exercises				$ 1,900,000
Warrants exercised during period				1,171,775
Pre-funded Warrants
Class of Stock [Line Items]
Share price (in USD per share)		$ 20.02
At The Market (ATM) Program
Class of Stock [Line Items]
Aggregate offering price for ATM program	$ 100,000,000
Stock offering ATM program, commission percent	1.70%
Stock offering ATM program, notice period for termination	10 days
Stock issued during period			64,565
Proceeds from issuance of common stock and pre-funded warrants, net			$ 724,000
At The Market (ATM) Program | Weighted Average
Class of Stock [Line Items]
Share price (in USD per share)			$ 11.41	$ 11.41
Oxford EWB Loan
Class of Stock [Line Items]
Shares of common stock to purchase by warrant (in shares)						100,602	100,602
Warrant exercise price (in USD per share)						$ 9.94	$ 9.94
Oxford EWB Loan | Long-term Debt
Class of Stock [Line Items]
Warrant fair value							$ 758,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 29, 2016	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)		1,663,155
Granted (USD per share)		$ 10.84
Unrecognized compensation expense		$ 16.6
Equity Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants		1,896,593
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	1,300,000
Granted (USD per share)	$ 10.27

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 2,610	$ 2,380	$ 7,031	$ 4,898
Research and Development Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,219	1,229	3,374	2,554
Selling, General and Administrative Expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,391	$ 1,151	$ 3,657	$ 2,344

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Employee Option Grant Estimated on Date of Grant (Details) - Equity Option - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted-average fair value (USD per share)	$ 8.50	$ 12.63	$ 6.93	$ 12.97
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	74.00%	69.00%	74.00%	70.00%
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term, in years	5 years 9 months 25 days	5 years 10 months 24 days	5 years 8 months 15 days	5 years 11 months 8 days
Risk-free interest rate	1.37%	1.71%	1.40%	1.61%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Options Outstanding
Beginning balance (shares) | shares	8,310,235
Granted (shares) | shares	1,663,155
Exercised (shares) | shares	(422,525)
Forfeited (shares) | shares	(49,047)
Ending balance (shares) | shares	9,501,818
Vested and expected to vest (shares) | shares	9,225,654
Exercisable (shares) | shares	6,764,948
Weighted-Average Exercise Price per Share
Beginning balance (USD per share) | $ / shares	$ 7.97
Granted (USD per share) | $ / shares	10.84
Exercised (USD per share) | $ / shares	4.42
Forfeited (USD per share) | $ / shares	14.02
Ending balance (USD per share) | $ / shares	8.60
Vested and expected to vest (USD per share) | $ / shares	8.51
Exercisable (USD per share) | $ / shares	$ 7.41
Weighted- Average Remaining Contractual Life
Balance (in years)	6 years 5 months 8 days
Vested and expected to vest (in years)	6 years 4 months 9 days
Exercisable (in years)	5 years 5 months 12 days
Aggregate Intrinsic Value
Balance | $	$ 23,678
Vested and expected to vest | $	23,615
Exercisable | $	$ 23,051