v3.26.1
Note 7 - Discontinued Operations - Sale of OMIDRIA
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 7—Discontinued Operations - Sale of OMIDRIA

 

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

 

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

 

   

Three Months Ended

    

Six Months Ended

  
   

June 30,

    

June 30,

  
   

2026

    

2025

    

2026

    

2025

  
   

(In thousands)

  

Interest earned on OMIDRIA contract royalty asset

   $ 3,063     $ 3,886     $ 6,195     $ 7,839  

Remeasurement adjustments

     3,571       (3,149 )     5,191       (2,981 )

Other income (loss), net

     (82 )     (83 )     (32 )     (98 )

Ex-U.S. royalties

     6       6       12       6  

Income before income tax

     6,558       660       11,366       4,766  

Income tax benefit (expense)

     37       (195 )     40       (195 )

Net income from discontinued operations, net of tax

   $ 6,595     $ 465     $ 11,406     $ 4,571  

 ​ ​

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

 

OMIDRIA contract royalty asset at December 31, 2025

   $ 121,786  

Royalties earned

     (16,694 )

Interest earned on OMIDRIA contract royalty asset

     6,195  

Remeasurement adjustments

     5,191  

OMIDRIA contract royalty asset at June 30, 2026

   $ 116,478  

 

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

 

Cash flow from discontinued operations is as follows: 

 ​

   

Six Months Ended

  
   

June 30,

  
   

2026

    

2025

  
   

(In thousands)

  

Net cash provided by discontinued operations from operating activities

   $ 16,320     $ 13,176  

 

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