Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is traded on The Nasdaq Global Market under the symbol “OMER.”
Holders
As of February 25, 2021, there were approximately 61,933,806 shares of our common stock outstanding, which were held by 90 holders of record.
Dividends
We have never declared or paid any cash dividends on our capital stock. We expect to retain all available funds and future earnings to fund the development and growth of our business and we do not anticipate paying any cash dividends in the foreseeable future.
Recent Sales of Unregistered Securities
We did not sell any equity securities during the fiscal year ended December 31, 2020, other than as previously disclosed in our Current Reports on Form 8-K filed with the SEC on August 14, 2020 in transactions that were not registered under the Securities Act.
Stock Performance Graph
The following graph compares the cumulative total shareholder return for our common stock (OMER), the Nasdaq Biotechnology Index (NBI) and the Nasdaq U.S. Benchmark TR Index (NQUSBT) for the period beginning December 31, 2015 and ending December 31, 2020. This graph assumes that $100 was invested on December 31, 2015 in our common stock, the Nasdaq Biotechnology Index and the Nasdaq U.S. Benchmark TR Index. It also assumes that
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any dividends were reinvested. The data shown in the following graph are not necessarily indicative of future stock price performance.
Comparison of 5 Year Cumulative Return
Assumes Initial Investment of $100
The foregoing information shall not be deemed to be “soliciting material” or to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to liability under that Section. In addition, the foregoing information shall not be deemed to be incorporated by reference into any of our filings under the Exchange Act or the Securities Act, except to the extent that we specifically incorporate this information by reference.
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The following selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the
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accompanying notes included elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results to be expected in any future period.
Year Ended December 31,
2020
2019
2018
2017
2016
(In thousands, except per share and share data)
Consolidated Statements of Operations and Comprehensive Loss Data:
Product sales, net
$
73,813
$
111,805
$
29,868
$
64,826
$
41,617
Costs and expenses:
Cost of product sales
902
865
512
1,078
1,412
Research and development
110,817
109,696
89,860
55,599
50,699
Selling, general and administrative
72,695
64,626
51,718
52,044
43,782
Total costs and expenses
184,414
175,187
142,090
108,721
95,893
Loss from operations
(110,601)
(63,382)
(112,222)
(43,895)
(54,276)
Loss on early extinguishment of debt
(13,374)
—
(12,993)
—
(5,595)
Interest expense
(26,751)
(22,657)
(16,252)
(11,030)
(7,819)
Other income
654
1,553
1,781
1,444
945
Loss before income taxes
(150,072)
(84,486)
(139,686)
(53,481)
(66,745)
Income tax benefit
12,011
—
12,929
—
—
Net loss
$
(138,061)
$
(84,486)
$
(126,757)
$
(53,481)
$
(66,745)
Comprehensive loss
$
(138,061)
$
(84,486)
$
(126,757)
$
(53,481)
$
(66,745)
Basic and diluted net loss per share
$
(2.41)
$
(1.71)
$
(2.61)
$
(1.17)
$
(1.65)
Weighted-average shares used to compute basic and diluted net loss per share
57,176,743
49,523,444
48,582,636
45,539,362
40,446,410
As of December 31,
2020
2019
2018
2017
2016
(In thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents and short-term investments
$
134,953
$
60,788
$
60,498
$
83,749
$
45,331
Working capital
114,549
48,286
52,511
82,065
44,191
Restricted investments
1,055
1,154
1,154
5,835
5,835
Total assets
181,042
136,969
95,936
116,328
67,278
Note payable
—
—
—
83,307
79,187
Lease liabilities (1)
32,552
35,822
2,467
1,300
523
Unsecured convertible senior notes, net
236,288
158,213
148,981
—
—
Accumulated deficit
(872,672)
(734,611)
(650,125)
(523,368)
(469,887)
Total shareholders’ deficit
(120,752)
(109,021)
(100,156)
(2,814)
(37,447)
(1) We adopted ASU 2016-02, Leases , (Topic 842) on January 1, 2019 using a modified retrospective approach. For additional information regarding our lease adoption, see Part II, Item 8, “Note 2—Significant Accounting Policies” to our Consolidated Financial Statements in this Annual Report on Form 10-K.
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