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OptiNose Inc. (OPTN) has filed its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net product revenues of $78.2 million for the year, an increase from $71.0 million in 2023. The increase is primarily attributed to the label expansion of XHANCE for the treatment of chronic rhinosinusitis.
Research and development expenses decreased to $3.9 million from $5.3 million in the previous year, primarily due to reduced costs related to the preparation and filing of the supplemental new drug application for XHANCE.
Selling, general, and administrative expenses increased to $83.5 million from $79.8 million, driven by increased sales and marketing costs related to the launch of XHANCE for chronic sinusitis.
OptiNose reported a net loss of $21.5 million for the year, compared to a net loss of $35.5 million in 2023. The decrease in net loss is due to increased net product revenues and a decrease in research and development expenses.
The company ended the year with $84.5 million in cash and cash equivalents. OptiNose anticipates the need for additional capital to maintain compliance with financial covenants under its note purchase agreement.
OptiNose's future funding requirements will depend on the success of XHANCE commercialization, clinical development costs, and the ability to maintain compliance with debt covenants.
The company has identified substantial doubt about its ability to continue as a going concern due to potential non-compliance with financial covenants and the need for additional capital.
OptiNose plans to focus on enhancing commercial performance, expanding market opportunities for XHANCE, and seeking potential partnerships to address these challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OptiNose Inc. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.