In This Story
OptiNose, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net product revenues of $20.4 million, compared to $19.8 million in the same quarter the previous year. The increase in revenue is attributed to changes in the co-pay assistance program.
Cost of product sales for the quarter was $2.1 million, compared to $2.2 million in the previous year. This decrease is due to a lower number of units sold.
Research and development expenses were $0.9 million for the quarter, down from $1.3 million in the previous year, primarily due to decreased costs related to the preparation and filing of the supplemental new drug application for XHANCE.
Selling, general, and administrative expenses increased to $19.5 million from $18.0 million, mainly due to increased sales and marketing costs related to the launch of XHANCE for the treatment of chronic sinusitis.
The company reported a net income of $467,000 for the quarter, compared to a net loss of $9.3 million in the previous year. This turnaround is largely due to unrealized gains on the fair value of warrants.
Cash used in operating activities was $46.6 million for the nine months ended September 30, 2024, compared to $27.4 million in the same period the previous year. The increase is attributed to changes in working capital.
OptiNose had cash and cash equivalents of $82.5 million as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern due to potential non-compliance with financial covenants under its A&R Note Purchase Agreement.
The filing also details a registered direct offering completed in May 2024, which raised net proceeds of $55.3 million.
OptiNose is focused on the commercialization of XHANCE, a nasal spray for the treatment of chronic rhinosinusitis with and without nasal polyps. The company plans to expand its market presence and improve its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OptiNose Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.