Latest news with #JenniferWilliams
CBC
6 days ago
- Business
- CBC
Churchill Falls project part of 'big things' Canada should focus on, says Hydro-Quebec
As shifting economic and political pressures put a new focus on nation-building projects, the head of Hydro-Quebec says it's time for Canada to step up and get the Churchill Falls project done. Government and industry officials are looking to develop more hydroelectric capacity on the Churchill River, which includes developing Gull Island, first announced in December. Hydro-Quebec CEO Michael Sabia says if the memorandum of understanding between both provinces was important when it was first announced six months ago, it has taken on greater significance across the country since. "Let's be very clear, Canada is under threat. This is a time of real, economic and political uncertainty. It's a time when Canadians need to work together to build a future," Sabia told a room of industry professionals on Tuesday during Energy N.L.'s annual conference. Prime Minister Mark Carney has said he intends to fast-track nation-building infrastructure projects, and Premier John Hogan says he raised Churchill Falls during the first ministers' meeting in Saskatoon this week. Newfoundland and Labrador Hydro CEO Jennifer Williams reiterated how high the stakes really are. "What's at stake is the ability to make us a much stronger country. And if you think 'country first'—- great. Even if you think 'province first,' a much stronger country still benefits us all," Williams told reporters. On a national level, Williams said there is an "interest and impetus" to make Canada a stronger country, and the Churchill Falls megaproject has a role to play. Other jurisdictions across the country are lobbying their own projects, she warned. "So if we pause, if we hesitate, if we sputter, we're not going to be able to grab on to that," said Williams. "Something this momentous may not come again for a very long time. And who will we have to blame?" Sabia said current political tension with the United States, and Canada's economy, is why it is important for Churchill River projects to continue moving forward. "There are those who think Canada can't do big things. And it's time to show those people are wrong. And a number of those people are in the United States," he said. "And it's time for Canada to step up and demonstrate that big things — they are what we do." He says the Churchill River project is one of those "big things." 'Turned the corner' During the conference, which runs until Friday in St. John's, Sabia, Williams and Energy N.L. CEO Charlene Johnson spoke about the development of the MOU between Newfoundland and Labrador and Quebec, and the differences each team has to overcome. WATCH | Energy industry optimistic at annual conference: Energy N.L. conference opens with optimism about province's energy future 13 hours ago Duration 3:03 The annual Energy N.L. conference opened in St. John's on Tuesday. As the CBC's Terry Roberts reports, one thing dominated discussions: the multi-billion-dollar plan to increase hydroelectric output on the Churchill River. Williams, gesturing to Sabia on stage, called him an "unlikely partner" given the relationship between the two provinces. "We have turned the corner with Hydro-Quebec and this MOU is good for both provinces. We're working closely to get this whole opportunity in place. This is not 1969," she said. Sabia also spoke to the frustration Newfoundlanders and Labradorians have felt toward what has been considered a lop-sided and unfair agreement signed decades ago. The new deal will be balanced and benefit both provinces, he said. Sabia says the Churchill River is the type of project that will help both province's economies withstand tariffs and economic uncertainty. "As a sovereign country we ought to be doing these things that demonstrate — in particular to the United States — our ability to set foundations for a resilient, prosperous and autonomous economy going forward," he said.
Globe and Mail
7 days ago
- Business
- Globe and Mail
Quebec and Newfoundland's new energy deal sends strong message to U.S., Hydro‑Québec CEO says
The chief executive of Hydro‑Québec says a sweeping new energy deal with Newfoundland and Labrador Hydro is a signal to the United States that Canada can get 'big things done.' Michael Sabia was in St. John's, N.L., Tuesday, where he pitched the draft deal as a turning point in Quebec's relationship with Newfoundland and Labrador, and a step toward Canada becoming an 'energy superpower.' 'Let's be clear: Canada is under threat,' Sabia told a room full of representatives from Newfoundland and Labrador's energy industry. 'This is a time of real economic and political uncertainty. It's a time when Canadians need to work together to build the future,' he said. 'Ultimately, that's what this deal is about. It's about building now to secure Canada's energy future.' Sabia was speaking to the crowd at a conference held by Energy N.L., Newfoundland and Labrador's energy industry association. He was joined on stage by Jennifer Williams, president and chief executive of Newfoundland and Labrador Hydro. The two discussed an agreement in principle announced last year that would end a contract signed in 1969 that allows Hydro‑Québec to buy the lion's share of the energy from the Churchill Falls hydroelectric plant at prices far below market value. The contract has long been a source of bitterness in Canada's easternmost province. The new arrangement would end the contentious deal 16 years early and see Hydro‑Québec pay for more power while developing new projects with Newfoundland and Labrador Hydro along the Churchill River. Newfoundland and Labrador would also get more power from Churchill Falls. The memorandum of understanding has its critics. The Opposition Progressive Conservatives have been uneasy with the draft deal, demanding the Liberal government have it independently reviewed. The party also called for a halt to ongoing negotiations of final contracts, saying a proposed national energy corridor could bring better opportunities. Some in Newfoundland and Labrador have also wondered if Hydro‑Québec can be trusted and whether the province will truly get enough value for its resources. 'Show me a deal where there hasn't ever been skeptics,' Williams challenged when asked about those who have criticisms. Sabia addressed the tangled history of the provinces several times and said repeatedly that the new arrangement was 'balanced' and served the needs of both Newfoundland and Labrador and Quebec. Both sides made concessions, he said, adding that the deal contained items neither side wanted. He refused to elaborate on what those were. Sabia said the agreement is the 'single most important signal we can send to the United States right now,' as long as it goes ahead as planned. Williams agreed the proposed projects need to proceed smoothly and quickly, repeating 'rigour and speed are not incompatible.' Both said they were heartened by signs from Prime Minister Mark Carney that he would speed up project approvals. Williams touted the deal's promised economic benefits, which includes $17 billion in revenue to the provincial treasury by 2041. Newfoundland and Labrador expects to be carrying a net debt of $19.4 billion by the end of the current fiscal year. 'We have to take this opportunity now,' Williams told reporters after the event. 'If we don't, something this momentous may not come again for a very long time, and who will we have to blame? We have got to take this moment on.' Officials hope to have final agreements hammered out next year. In the meantime, preliminary topographic and soil studies are expected to begin in Labrador this summer, Sabia said.
CBC
03-06-2025
- Business
- CBC
Spotlight on new Churchill Falls deal at annual Energy N.L. conference
As industry leaders and specialists gather in St. John's for an annual energy industry conference, the spotlight is focused on a new hydroelectric agreement being forged between Newfoundland and Labrador and Quebec. Energy N.L.'s annual conference runs until Thursday at the St. John's Convention Centre. According to the event's schedule, much of the focus will be on what's happening in central Labrador. The new Churchill Falls agreement is expected to be finalized by 2026. Government and industry officials are looking to develop more hydroelectric capacity on the Churchill River, which includes developing Gull Island, first announced in December. The first session delves into the three energy industries — oil and gas, wind-hydrogen and hydroelectricity — and how Newfoundland and Labrador fits into a global market. That's followed by a session focused on the Churchill Falls megaproject and the economic opportunities the memorandum of understanding between Newfoundland and Labrador Hydro and Hydro-Quebec could offer. Hydro-Quebec CEO Michael Sabia and Newfoundland and Labrador Hydro CEO Jennifer Williams will sit on a panel in the afternoon to discuss details about the deal. "The discussion will focus on why and how the MOU came together, the nation-building benefits of the proposed infrastructure projects — with a specific focus on Newfoundland and Labrador and Quebec — and the long-term impacts of increased hydroelectric capacity for Newfoundland and Labrador, and beyond," reads a synopsis on the conference's website. Wind-hydrogen hype The conference's second day will focus on renewable energy, particularly wind-hydrogen. Representatives from the six companies interested in establishing wind-hydrogen projects in the province — Everwind Fuels, Pattern Energy, World Energy GH2, North Atlantic, EVREC and ABO — will be on a panel to speak about the sector and its challenges. During last year's conference, the spotlight was on the nascent wind-hydrogen sector. However, since then much of the hype around wind-hydrogen has subsided. Many of the projects have downsized or are exploring alternative business cases for a wind energy farm. Earlier this year, World Energy GH2 revised its plans for a wind project on Newfoundland's west coast, pivoting from a previously proposed green hydrogen and ammonia plant, to focus on data centres and e-fuel production. Other companies have been granted extensions by the provincial government for the millions owed to the treasury for Crown land reserve fees. Global pressure But optimism around the province's energy sector remains. Energy N.L. said Newfoundland and Labrador "has a strategic advantage in sharing its lower carbon energy with the world." There's also acknowledgement of ongoing economic uncertainty. The conference website says there's "current context of the resurgence of protectionist trade policies around the globe," a possible allusion to the ever-fluctuating trade war instigated by U.S. President Donald Trump. One of the conference's final sessions will focus on Newfoundland and Labrador's place in the global market, the opportunities that exist and the "resiliency" needed to navigate the changes.
Cision Canada
02-06-2025
- Business
- Cision Canada
Celebrating National Electricity Month by honouring leaders in the electricity sector
Electricity Canada's "Faces of the Industry" award is given to six individuals who demonstrate leadership and innovation OTTAWA, ON, June 2, 2025 /CNW/ - This June, Electricity Canada will celebrate National Electricity Month by celebrating individual achievements within the sector. The annual "Faces of the Industry" award is presented to six outstanding leaders in the sector and their achievements will be featured throughout the month. Electricity Canada is a national trade association that represents the companies that generate, transmit and distribute electricity in Canada. The association launched the award in 2024 to highlight individual innovation, leadership and impact. This years' Faces of the Industry award winners were selected by an independent judging panel. Regionally, they represent six provinces and professionally, their experience includes executive leadership, finance, procurement, engineering and line work. The 2025 recipients include: Jennifer Williams – President and CEO Newfoundland and Labrador Hydro Jennifer led a historic agreement last year by renegotiating the decades-old Upper Churchill contract 17 years ahead of schedule. This is one of the largest energy deals in North American history that will benefit future generations in Quebec and Newfoundland and Labrador. Sandra Haskins - Senior Vice President and CFO at Capital Power Sandra has over three decades of groundbreaking financial leadership and has raised over $3 billion in public capital markets over the past two years—an outstanding achievement for a publicly-traded independent power producer. Jeffrey Laninga – Live Line Engineer and Section Head at Manitoba Hydro Jeffrey is an innovator in safety and live lines who invented tools to make powerline technicians' work safer. Jeffrey's groundbreaking tools and techniques have revolutionized field practices and are protecting workers across Canada and around the world. Joy Brake – Senior Technical Advisor, System Planning at Nova Scotia Power Joy is a leader in building Nova Scotia's renewable future by designing and implementing critical transmission strategies to integrate wind, solar, and battery storage, facilitating Nova Scotia's transition from coal to renewables in the next five years. Mohamed ElNozahy – Engineering Manager – EMT Studies, from Independent Electricity System Operator Mohamed is a pioneer in power system engineering, and he's transformed Ontario's future grid planning through electromagnetic transient modeling (or EMT) which will become an important tool for safe and reliable integration of renewables. Dan Irvine – Director of Procurement and Contracts at SaskPower Dan has redefined SaskPower's procurement strategy in Saskatchewan. He has championed the growth of the domestic supply chain and built capacity for procurement using local and Indigenous suppliers. The recipients will be featured in an Electricity Canada social media campaign during National Electricity Month throughout June. QUOTES "The Faces of the Industry Award comes out a simple philosophy: the electricity sector isn't made up of companies—it's made up of people. This National Electricity Month, we want to show the creativity, innovation, leadership and grace under pressure that make Canada's electricity system the envy of the world. This year's winners genuinely care about the provision of electricity, and about making our sector the best it can be. On behalf of Electricity Canada and its member companies, we are privileged to have the leadership of Jennifer, Sandra, Mohamed, Dan, Jeff and Joy. These six recipients represent the very best of us." Francis Bradley, President and CEO, Electricity Canada "Jennifer Williams is a visionary and an outstanding leader of Newfoundland and Labrador Hydro and its employees. She has also been a driving force behind the transformational projects outlined in the recent Memorandum of Understanding with Hydro-Quebec. These projects will redefine the future of electrical energy in the province and beyond and benefit generations of Newfoundlanders and Labradorians. I speak for all Hydro Board members when I say we are honoured to witness Jennifer guide her team as they navigate the rapidly changing energy landscape. We are delighted to congratulate her on being named one of Electricity Canada's Faces of the Industry." John Green, Chair, Board of Directors, Newfoundland and Labrador Hydro "Sandra Haskins' ability to balance strategic vision with practical execution has positioned our proudly Canadian company as a leader in the North American power industry. Sandra's achievements have significantly contributed to not only Capital Power's success and growth, but the advancement of a resilient energy system and beyond—a testament to Sandra's life-long impact as an innovative leader in the electricity industry. Capital Power is thrilled that Sandra has been awarded as one of Electricity Canada's Faces of the Industry for 2025." Avik Dey, CEO, Capital Power "Joy Brake is leading critical work, alongside our broader system planning team, to understand and advance the system changes that enable Nova Scotia to develop and integrate more renewable energy sources. As a leader of this team, Joy represents the best of the electricity sector in her determination and focus on maintaining grid performance and stability while supporting our provincial and federal climate goals to reach 80% renewables and move off coal by 2030. We are delighted that Electricity Canada has recognized this important work by naming Joy one of its Faces of the Industry." Chris Milligan, Director, System Planning & Grid Integration, Nova Scotia Power "Jeffrey Laninga's safety innovations are saving lives across the globe and have rewritten the rules of live line work. Very few people have seen a problem that threatened worker safety and then invented something that fixes it. Jeff has not only found solutions to things, crafted in care, but these solutions have been implemented internationally. This is a testament to what happens when practical experience meets relentless dedication to worker safety. Manitoba Hydro is proud of Jeff's work, and for his recognition as one of Electricity Canada's Faces of the Industry." Allen Danforth, President and CEO, Manitoba Hydro "Dan Irvine's passion lies in helping grow supplier capacity. For years, Dan has focused his team on supplier development and helping Saskatchewan companies grow their profile with SaskPower to demonstrate valuable experience that will enable them to bid on work across Canada. Many organizations in Saskatchewan achieved their first large contract with SaskPower and are now able to compete and win meaningful work across Canada and North America." Howard Matthews, Vice-President, Generation, SaskPower "The capability to carry out electromagnetic transient simulations and modeling is essential to integrating renewables into the grid. Mohamed and his team have worked hard to develop this capability within the IESO, which supports the reliable integration of renewables while safeguarding our grid. Mohamed and his team built this system from the ground up and it now sets the global benchmark. The IESO congratulates Mohamed on being named one of Electricity Canada's Faces of the Industry." About Electricity Canada: Founded in 1891, Electricity Canada (formerly the Canadian Electricity Association) is the national forum and voice of the evolving and innovative electricity business in Canada. The Association supports, through its advocacy efforts, the regional, national, and international success of its members. Electricity Canada members generate, transmit, and distribute electrical energy to industrial, commercial, residential, and institutional customers across Canada. Members include integrated electric utilities, independent power producers, transmission and distribution companies, power marketers, and system operators, who together deliver electricity to all Canadians, in every province and territory.
Yahoo
16-05-2025
- Business
- Yahoo
Q1 2025 Omeros Corp Earnings Call
Jennifer Williams; Investor Relations; Cook Williams Communications, Inc. Gregory Demopulos; Chairman of the Board, President, Chief Executive Officer; Omeros Corp David Borges; Chief Accounting Officer; Omeros Corp Nadia Dac; Vice President, Chief Commercial Officer; Omeros Corp Steve Brozak; Analyst; WBB Securities Operator Good afternoon and welcome to today's earnings call for Omeros Corporation. (Operator Instructions) Please be advised that this call is being recorded at the company's request, and a replay will be available on the company's website for one week from today. I'll turn the call over to Jennifer Williams, Investor Relations for Omeros. Jennifer Williams Good afternoon and thank you for joining the call today. I'd like to remind you that some of the statements that will be made on the call today will be forward-looking. These statements are based on management's beliefs and expectations as of today only and are subject to change. All forward-looking statements involve risks and uncertainties that could cause the company's actual results to differ materially. Please refer to the special notes in the risk factor section regarding forward-looking statements, and the company's quarterly report on Form 10-q, which was filed today with the SEC, and the risk factor section of the company's most recent annual report on Form 10k for a discussion of these risks and uncertainties. Now I would like to turn the call over to Dr. Greg Demopulos, Chairman and CEO of Omera. Gregory Demopulos Thank you, Jennifer, and good afternoon everyone. I'm joined on today's call by David Borges, our Chief Accounting Officer; Nadia Dac, our Chief Commercial Officer; Andreas Grauer, our Chief Medical Officer; Cathy Melfi, our Chief Regulatory Officer; and Steve Whitaker, our Vice President of Clinical. Today I'll start with an overview of our first quarter of financial results and provide updates across our development programs. David will then go through our financials in more detail, and we open the call for questions. Now let's look at our financial results for the first quarter. Our net loss was $33.5 million or $0.58 per share, compared to a net loss of $31.4 million or $0.54 per share in the fourth quarter of last year. As of March 31, 2025, we had $52.5 million of cash and investments on hand. I'd like to start with how we are strengthening our balance sheet and addressing our liquidity position and the options available to us for raising capital. While we've been focused on achieving significant milestones across our development programs, which I'll discuss shortly, we've also been actively pursuing ways to strengthen our balance sheet and manage our debt maturities. Earlier this week, we announced an exchange agreement with certain holders of our 2026 convertible notes, exchanging about $71 million in principle for new 9.5% convertible senior notes due out in 2029. We also reached an agreement with two affiliated holders to convert [$10 million] of their 2026 notes into equity over a period of 90 to 120 days, with the entire amount to be converted by September of this year. As a result, the outstanding balance on the 2026 notes will be reduced to approximately $17 million eliminating the need to make a $20 million mandatory pre-payment of our existing term loan by November 1 to avoid triggering an accelerated maturity of the term loan balance. Overall, this will reduce our total debt by $10 million and lower our near-term repayment obligations by over $100 million producing it from approximately $118 million to $17 million. The debt extension moves maturity out to 2029 and removes a major overhang for all routes of securing near-term capital. We also have an active at the market facility in place with the capacity to raise up to $150 million in aggregate, providing meaningful flexibility to access additional capital when needed. With the debt exchange now having been completed, we're in the process of securing additional capital to support our operations through the anticipated approval and launch of our supplement, including active discussions around partnerships, which would bring non-dilutive funding. As we assess capital raising alternatives, we're also keeping a close eye on costs across the organization. We've taken meaningful steps to lower expenses while continuing to advance key initiatives and position the company for long-term growth. We've made good progress, but we know it's critical to remain disciplined. We are carefully managing our cash and liquidity to ensure we have the flexibility to deliver on our priorities and are committed to using our resources wisely, focusing investment on the areas that matter most to our shareholders and for near-term success of the company. This means that certain activities and programs have been suspended or paused in order to prioritize the allocation of our currently available capital to the development of commercial infrastructure and capacities needed to ensure the successful launch of narsoplimab for the treatment of hematopoietic stem cell transplant associated thrombotic microangiopathy or TATMA, following the anticipated approval by FDA of our resubmitted biologics license application and to the completion of our ongoing narsoplimab clinical trials with enrolled patients. As recently announced, FDA has accepted our resubmitted BLA for narsoplimab and TATMA and has assigned a target date for FDA action of September 25. We have received and are responding to information requests as part of the process. Our primary analysis results show a hazard ratio of 0.32 with a P value of less than 0.001, meaning that narsoplimab resulted in a statistically significant threefold greater improvement in survival compared to the well matched control group. All sensitivity analyses, including the analyses directed to our expanding access program or EAP are strikingly consistent and strong, and we look forward to working closely with FDA to bring narsoplimab to market, as the first approved treatment for TATMA. Additionally, the ICD 10 codes established through our collaborative efforts with transplant experts and professional societies will create reimbursement hurdles for off-label treatments since narsoplimab will be the only approved treatment for TATMA. We're also moving forward to complete and submit a marketing authorization application or MAA to the European Medicines Authority for narsoplimab in TATMA. We're targeting to complete that submission later this quarter. Although pre-launch commercialization activities within our narsoplimab program will continue, we are suspending our expanded access program for narsoplimab, also known as compassionate use. Physician requests for access to narsoplimab under this program continue. And we are mindful that the TATMA patients who lack an approved treatment for this often fatal condition will be most affected by cessation of access to narsoplimab prior to approval. Nevertheless, suspension of the program is necessary to eliminate direct costs associated with supplying the drug and the external management of the EAP. We remain committed to support patients who are currently being treated under the EAP. This discontinuation of the program will not affect these currently treated patients. Additionally, our ongoing study of narsoplimab in pediatric patients with TATMA will continue. A manuscript detailing the data related to the primary analysis authored by an international group of leaders in the transplant field has been submitted for publication in a top tier journal. A second manuscript directed to the EAP results again authored by international transplant leaders is planned for submission early next week. A manuscript from Wild Cornell describing the role of MASP-2 in the lectin pathway in long COVID is also under review in a major peer-reviewed journal. We expect that narsoplimab will be the first approved therapy in TATMA, and nearly $1 billion annual market opportunity. Narsoplimab is positioned to become a cornerstone asset for transplant experts with label expansion opportunity in other transplant complications and to other disease fields. Our focus remains bringing our narsoplimab to market as quickly as possible. Transplanters and their patients globally are waiting for it. Our other prioritized program is the development of zaltenibart, our lead antibody targeting mask 3, the most proximal and key inhibitor of the alternative pathway of complement. The initial indication for zaltenibart is paroxysmal nocturnal hemoglobinuria or PNH. The global market for PNH including multiple treatment modalities is estimated to grow about 11% annually to over $10 billion in 2032. There remains significant unmet need for PNH patients, and the complement inhibitor market specifically is expected to more than double from about $2.2 billion today to $4.7 billion in that same time frame. We expect zaltenibart to carve out a significant share of that growing market. Our ongoing clinical trial evaluating zaltenibart for the treatment of TNH and treatment naive patients will continue. Also continuing is the extension study, which enrolls PNH patients treated with zaltenibart who have completed any of our prior zaltenibart studies in this indication. Our Phase 2 study in C3G will also remain ongoing. Our Phase 3's zaltenibart program and PNH began initiating clinical trial sites last quarter. And based on capital considerations, the anticipated ramp up in spending as well on those trials, we are pausing our Phase 3 PNH program temporarily, and are working with our vendors and investigators to ensure that the program is ready to restart with as little disruption to the timeline as possible after securing capital. Market research confirms that zaltenibart's target profile is differentiated from the evolving PNH landscape. Preference drivers for zaltenibart include A compelling efficacy and safety profile with low treatment burden. 4 to 6 times per year dosing, which minimizes how often patients have to think about their disease and infrequent IV administration, which minimizes both the risk of non-compliance and subsequent breakthrough disease while aligning with the existing economic and treatment model of physicians' practices in PNH. Development spending on our long-acting next generation MASP-2 inhibitor OMS 1,029 remains limited. That asset is Phase 2 ready, with drug product needed to support Phase 2 trials having already been manufactured and stored, pending the selection of the first indication and the resources to initiate Phase 2 studies. We've also reduced spending in our other areas of complement franchise, including our small molecule MASP-2 and MASP-3 programs as part of our effort to focus resources on core development priorities. Apart from our complement programs, our PD 7 inhibitor program evaluating OMS 527 for cocaine use disorder or CUD will continue moving forward, funded entirely by a grant from the National Institute on Drug Abuse or NIDA. Work on an upcoming inpatient clinical trial evaluating safety and preliminary efficacy of OMS 527 in patients with CUD is ongoing, with readout of those clinical data expected late this year or early next. In addition, we continue on a limited basis preclinical studies in our novel oncology platform, including IND enabling studies in our OncotoX program. OncotoX is designed to target and kill only dividing cancer cells. Treatment of acute myeloid leukemia or AML is the lead indication. Our OncotoX AML therapeutic has consistently demonstrated superior efficacy to current AML standard of care treatments, both in vitro and in vivo with human cell lines. OncotoX AML shows broad application across AML regardless of genetic mutations, including TP53 and PM1, KMT2A, and FLIT 3. This broad application certainly appears to be unique. Well tolerated and preliminary tolerability studies, IND enabling work is ongoing, and we expect to be in the clinic in 18 to 24 months. This work, as well as clinical trials, will be aided and guided by our distinguished clinical steering committee, all of whom lead AML treatment and research at their respective premier cancer centers. Based on positive feedback from stealth unveiling of our OncotoX data last month at the American Association of Cancer Research with prospective partners, we believe that this program has potential to drive substantial value at an early stage of development, meaning in the near term. I'll now turn the call over to David, our Chief Accounting Officer, to go through a more detailed discussion of our financial results. David? David Borges Thanks, Greg. Our net loss for the first quarter of 2025 was $33.5 million or $0.58 per share compared to a net loss of $31.4 million or $0.54 per share in the fourth quarter of last year. As of March 31, 2025, we had $52.4 million of cash and investments on hand. As Greg just mentioned earlier this week, we entered into an exchange agreement with certain holders of our 2026 convertible notes. We exchanged $70.8 million in aggregate principal amount of the 2026 convertible notes for newly issued 9.5% convertible senior notes due in June 2029 on a one for one basis. In addition, we reached an agreement with one holder to convert $10 million of the 2026 notes into shares of the company's stock in three separate tranches over the next 90 to 120 days, with the conversion to be finalized by September 2025. Following these transactions, the outstanding principal balance of the 2026 notes will be reduced to approximately $17.1 million. Most importantly, this reduction in principle of the 2026 convertible notes enables the company to avoid making a $20 million mandatory pre-payment under our term-loan agreement, which otherwise would have been required on or before November 1, 2025, to avoid an accelerated maturity of the term loan. As a result, our total outstanding debt will be reduced by $10 million, and our potential debt repayments over the next 12 months would be lowered by over $100 million from $117.9 million to $17.1 million. These actions improve our financial flexibility, strengthen our balance sheet, and position the company to better execute on its long-term plans. Constant expenses from continuing operations for the first quarter before interest and other income were $35 million, which was a decrease of $691,000 from the fourth quarter of last year. Research and development expenses in the first quarter were heavily focused on narsoplimab and zaltenibart. Interest expense for the first quarter was $3.7 million which reflects a $477,000 increase as compared to the fourth quarter of last year. The primary components of interest expense are the 2026 notes, the OMIDRIA royalty obligation, and the secured term loan. In the first quarter, we recorded a $3.4 million non-cash measurement adjustment to interest expense related to changes made to the OMIDRIA royalty obligation. This credit was $700,000 lower than a similar adjustment recorded in the fourth quarter of last year and is a primary driver of the increase in interest expense for the first quarter. Interest and other income totaled $1.1 million in the first quarter of 2025 compared to $2.3 million in the fourth quarter of last year. The decrease is primarily attributable to lower interest income and night a grant reimbursement revenue from completion of our animal studies on addiction. Income from discontinued operations in the first quarter was $4.1 million down $1.1 million from the fourth quarter. The first quarter total includes two primary components; $3.9 million of interest earned on the OMIDRIA contract royalty asset and a $166,000 remeasurement adjustment to the contract asset. As previously discussed, royalties earned are recorded as a reduction of the OMIDRIA contact royalty asset on our balance sheet rather than recognized in our income statement. OMIDRIA royalties for the first quarter totaled $6.7 million based on OMIDRIA net sales of $22.3 million. This compares the royalties of $10.1 million on fourth quarter net sales of $33.6 million, representing a decrease of $3.4 million in royalties and a reduction of $11.3 million in net sales quarter over quarter. And compared to the first quarter of 2024, first quarter of 2025, and midway royalties decreased by $2.7 million, corresponding to an $8.9 million decline in net sales. And as a reminder, in February 2024, we entered into an amended agreement with DRI under which they acquired the right to receive all US and OMIDRIA royalties payable by Rayner through December 31, 2031. Omeros retains all royalty rights to ex-US sales of OMIDRIA, and we're entitled to receive all US royalties on OMIDRIA sales from and after January 1, 2032. In other words, all global royalty payments will accrue to Omaros beginning January 1st, 2032. Now let's take a look at our expected second quarter 2025 results. We anticipate that overall operating expenses from continuing operations in the second quarter of 2025 will be lower compared to the first quarter of '25, as we begin to pause on clinical development of zaltenibart and other programs. Interest and other income for the second quarter is expected to be approximately $625,000 and interest expense -- excuse me, excluding any non-cash adjustments related to the OMIDRIA royalty obligation, should be around $7.6 million. This represents a non-cash increase of $3.3 million from the first quarter, primarily reflecting the absence of significant non-cash adjustment tied to the OMIDRIA royalty obligation and incremental interest expense of about $370,000 associated with the newly issued 2029 convertible notes. The senior term loan transaction we closed in June 2024 included a $29.8 million gain resulting from repurchasing a portion of our 2026 convertible notes. Under GAAP, we are unable to recognize that gain immediately. The $29.8 million gain is deferred and amortized as a premium over the term of the senior loan, reducing interest expense. Inclusive of the deferred gain, we calculate the annual effect of interest rate to be 1.4%. We expect to incur $600,000 in interest expense on the senior term loan for the second quarter of 2025. And finally, income from discontinued operations is expected to be in the $6 million to $7 million range, excluding any non-cash remeasurement adjustments to the OMIDRIA contract asset. With that, I'll turn it back over to Greg. Gregory Demopulos Thanks David. Operator, now let's please open the call to questions. Operator (Operator Instructions) Steve Brozak, WBB Securities. Steve Brozak Hey, thanks for taking the questions. I do have one. Since everything is pretty much being driven to the launch, can you give us as much detail as you can on not just launch plans, but how you are prepared for the launch itself and what does this mean as far as patient access and anything else you want to add? Thanks, and I'll hop back in the queue. Gregory Demopulos Yeah, thanks, Steve. Look, we're well prepared for the launch. Our commercial team has done a lot of work, and I think, we are expecting again assuming approval, which we do that the launch will be very successful. Let me turn that over though to Nadia for more detail. Nadia Dac Thanks, Greg. Now we have a small but mighty team that's been extremely focused in this area. And the good news is that the consolidated prescriber base, we know where the transplant centers are. We understand the allergeneic volume by center. And so our team has been focused on what we call the top-40 centers that are responsible for driving just about 60% of the allergeneic transplant volume. With time, we've actually gone a little deeper to the next 40 that gets us to about 80% of that volume. So we've cultivated what we're calling fast start accounts, and we understand the decision making in these accounts. We know who the transplant champion is. And not only that, these are centers that are actively and proactively monitoring for TATMA signs and symptoms, so they understand this complication of allogeneic transplants. And then we also know the transition from inpatient to outpatient because with profiled narsoplimab, we believe its efficacy plus safety profile lends itself to be infused both in inpatient as well as outpatient settings based on of those experts preference. And we've also been engaging with payers. The exciting news is after we resubmitted our BLA, we've had several payers reach out for what we call product information exchanges. In fact, we've got one set up next week and several immediately after, and we expect that we'll have even more requests for those as we approach our PEDUFA date. This is important because for economic plans they've got to evaluate what's on the horizon, and having a significant value driver for a complication where nothing is currently approved is important to them. And they do view the fact that narsoplimab being the only potential product indicated for TATMA is a significant value driver. So the disease education continues, the identification of accounts, knowing all of the stakeholders, not just the transplant physician, puts us in a really successful position. Plus the data is just so compelling with a significant value proposition for all of those stakeholders involved. So we are excited for that approval to come in. Gregory Demopulos Thank you, Nadia. Did that answer your question, Steve? Steve Brozak Yeah, it did, but it also raised two more. So I will throw them in the equation as well. On the first one, obviously, there's something that has to be I guess, detailed more. These are extremely sick patients. So as far as that goes, if you can provide any color on those patients we're talking about, because obviously, this is a life threatening situation for which there's just no other reasonable therapy that works. Can you talk more about those patients and how they got there? And the additional question along that -- and this time, I do promise to hop back in the queue -- a great deal of money has been spent on these patients. They've had stem cell transplants, and these are not easy procedures, but they're also extremely laborious in terms of healthcare costs. Can you go into any detail about that? And the whole purpose there is to talk about this, the support of these patients buying narsoplimab and what it means, and I leave it to you as to how much detail you can give us on that. Thank you again. Gregory Demopulos Sure, let me just make sure we understand the first question. It was, how did those patients get there, and I just want to make sure we're answering that question. What specifically are you referencing when you say how did they get there? Steve Brozak These are hematological oncology patients who've wound up through medical intervention that are there. So can you detail some of that, because that's the part that people automatically assume of stem cell TATMA? Gregory Demopulos Yeah, sure. Look, TATMA is a complication of stem cell transplant, but it's really wholly unpredictable. So patients, their families, their loved ones go through the transplant process, which as you can imagine, is stressful, is costly, as you've already identified. And there's obviously a tremendous amount of hope that that stem cell transplant is going to extend the life of or cure the patient. And all of a sudden, out of left field without any warning comes TATMA. And this is not a disease that has a long and lingering span. This is a disease that comes hard, it can come fast, and it can result in death not in months and months, but really days to weeks. And you can imagine the hit to the patient, to the family, to all of those concerned about that patient when things are looking great and all of a sudden things turned really south really quickly. So the idea here is that is what we're facing. There is no approved treatment. There are off-label treatments which really have mixed results. There are reports of some efficacy. There are also reports of actually increased safety risks. And you know we are working hard and expect that narsoplimab will be the first drug approved for TATMA. With respect to your second question about the costs, let me turn that over to Nadia, and then I'll see if anyone wants to additionally comment on what I've just relayed in response to your first question. Nadia Dac Yes, Steve, you're spot on in terms of the costs associated with untreated patients, whether it's ICU or inpatient. Those are the significant cost drivers. And so in terms of the economic value that we're looking at and how we're building that story for narsoplimab, when you have a treatment that's the only one indicated for TATMA, with the kind of survival benefit that we've demonstrated in our data, when you compare that versus the cost of a patient developing end organ damage, kidneys failing, dialysis, transplant potentially of organs or death, there is no comparison and preserving that patient and reducing the cost, of course. So that is how we're looking at this and this is also how other stakeholders are taking that into consideration. The other aspect of that that I will highlight is the ability of a drug to be used outpatient is also a significant value driver because it is less expensive to dose a outpatient. So with this kind of efficacy the goal is to get the patient as quickly as possible from ICU to inpatient, from inpatient to outpatient, and that's the goal with the why I say the entire profile, it's efficacy plus safety. Because we know in this space, in the transplant space, there's some treatments that are exclusively inpatient dosed, and that's quite limiting where we don't see the same concerns with narsoplimab potentially. Steve Brozak Got it, thanks for the color and the detail. Let me hop back in the queue. Gregory Demopulos Thanks, Steve. Operator (Operator Instructions) Gregory Demopulos All right, operator, it appears no other questions. So with that, I'd like to thank everyone for joining us today. We appreciate the continued support and confidence of our investors and lenders. We remain focused on executing with discipline and securing the capital resources necessary to bring us through to the anticipated approval of narsoplimab, a successful commercial launch, and the development of our pipeline. We expect all of those things to occur, and we look forward to providing updates over the near term. All of us at Omeros appreciate your continued support. Have a good evening, and we look forward to speaking with you again. Operator This concludes today's conference call. Thank you for participating. You may now disconnect.
