$OPTN
OptiNose, Inc.

2020 Q1 Form 10-Q Financial Statement

#000149465020000052 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $7.062M $4.476M
YoY Change 57.77% 417.46%
Cost Of Revenue $1.360M $738.0K
YoY Change 84.28% 269.0%
Gross Profit $5.710M $3.738M
YoY Change 52.76% 462.11%
Gross Profit Margin 80.86% 83.51%
Selling, General & Admin $27.06M $26.34M
YoY Change 2.73% -5.97%
% of Gross Profit 473.91% 704.65%
Research & Development $4.932M $4.562M
YoY Change 8.11% 168.2%
% of Gross Profit 86.37% 122.04%
Depreciation & Amortization $309.0K $269.0K
YoY Change 14.87% 71.34%
% of Gross Profit 5.41% 7.2%
Operating Expenses $33.35M $31.64M
YoY Change 5.4% 5.78%
Operating Profit -$26.29M -$27.16M
YoY Change -3.23% -6.48%
Interest Expense $2.863M $2.388M
YoY Change 19.89% 8.89%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$28.86M -$28.87M
YoY Change -0.03% -5.56%
Income Tax
% Of Pretax Income
Net Earnings -$28.86M -$28.87M
YoY Change -0.06% -5.55%
Net Earnings / Revenue -408.61% -645.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$628.6K -$699.7K
COMMON SHARES
Basic Shares Outstanding 45.91M shares 41.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.5M $171.3M
YoY Change -13.31% -18.35%
Cash & Equivalents $148.5M $171.3M
Short-Term Investments
Other Short-Term Assets $3.700M $3.800M
YoY Change -2.63% 171.43%
Inventory $5.709M $5.716M
Prepaid Expenses
Receivables $11.73M $5.793M
Other Receivables $0.00 $0.00
Total Short-Term Assets $169.7M $186.8M
YoY Change -9.16% -13.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.980M $3.715M
YoY Change -19.78% 19.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.513M $2.495M
YoY Change -39.36% 538.11%
Total Long-Term Assets $4.493M $6.210M
YoY Change -27.65% 77.78%
TOTAL ASSETS
Total Short-Term Assets $169.7M $186.8M
Total Long-Term Assets $4.493M $6.210M
Total Assets $174.2M $193.0M
YoY Change -9.75% -12.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.403M $7.676M
YoY Change -29.61% -4.0%
Accrued Expenses $27.48M $17.68M
YoY Change 55.39% 22.01%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.23M $26.87M
YoY Change 27.38% 19.48%
LONG-TERM LIABILITIES
Long-Term Debt $104.7M $72.70M
YoY Change 44.02% 0.97%
Other Long-Term Liabilities $200.0K $1.100M
YoY Change -81.82%
Total Long-Term Liabilities $104.9M $73.80M
YoY Change 42.14% 2.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.23M $26.87M
Total Long-Term Liabilities $104.9M $73.80M
Total Liabilities $139.0M $100.6M
YoY Change 38.16% 6.55%
SHAREHOLDERS EQUITY
Retained Earnings -$456.8M -$346.8M
YoY Change 31.73% 43.4%
Common Stock $492.0M $439.2M
YoY Change 12.03% 19.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.13M $92.35M
YoY Change
Total Liabilities & Shareholders Equity $174.2M $193.0M
YoY Change -9.75% -12.5%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$28.86M -$28.87M
YoY Change -0.06% -5.55%
Depreciation, Depletion And Amortization $309.0K $269.0K
YoY Change 14.87% 71.34%
Cash From Operating Activities -$27.97M -$29.69M
YoY Change -5.81% 29.12%
INVESTING ACTIVITIES
Capital Expenditures $70.00K $168.0K
YoY Change -58.33% -56.02%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$70.00K -$168.0K
YoY Change -58.33% -56.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $29.38M $188.0K
YoY Change 15526.6% -111.1%
NET CHANGE
Cash From Operating Activities -$27.97M -$29.69M
Cash From Investing Activities -$70.00K -$168.0K
Cash From Financing Activities $29.38M $188.0K
Net Change In Cash $1.335M -$29.68M
YoY Change -104.5% 18.37%
FREE CASH FLOW
Cash From Operating Activities -$27.97M -$29.69M
Capital Expenditures $70.00K $168.0K
Free Cash Flow -$28.04M -$29.86M
YoY Change -6.11% 27.72%

Facts In Submission

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CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
Organization and Description of Business<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">OptiNose, Inc. (the Company) was incorporated in Delaware in May 2010 (inception) and has facilities in Yardley, Pennsylvania, Ewing, New Jersey, Oslo, Norway and Swindon, England. The Company's predecessor entity, OptiNose AS, was formed under the laws of Norway in September 2000. In 2010, OptiNose AS became a wholly-owned subsidiary of the Company as part of an internal reorganization.</span></div><div style="margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company is a specialty pharmaceutical company focused on the development and commercialization of products for patients treated by ear, nose and throat (ENT) and allergy specialists. The Company's first commercial product, XHANCE</span><sup style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;vertical-align:top;">®</sup><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> (fluticasone propionate) nasal spray, 93 mcg, is a therapeutic utilizing its proprietary Exhalation Delivery System (EDS) device that delivers a topically-acting corticosteroid for the treatment of chronic rhinosinusitis with nasal polyps and, if approved, chronic rhinosinusitis without nasal polyps (also referred to as chronic sinusitis). XHANCE was approved by the United States (US) Food and Drug Administration (FDA) in September 2017 for the treatment of nasal polyps in patients 18 years of age or older. XHANCE was made widely available through commercial channels in April 2018.</span></div>
CY2020Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
148475000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of estimates</span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary.</span></div>
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Concentration of credit risk</span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. The Company generally invests its cash in deposits with high credit quality financial institutions. Additionally, the Company performs periodic evaluations of the relative credit standing of these financial institutions.</span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Customer and supplier concentration</span></div>XHANCE is sold to wholesale pharmaceutical distributors and Preferred Pharmacy Network (PPN) partners, who, in turn, sell XHANCE to pharmacies, hospitals and other customers
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1008000 USD
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12382114 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9690359 shares
CY2020Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
1900000 USD
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1227000 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
676000 USD
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2801000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1581000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
5709000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
3484000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5458000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5299000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2478000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2247000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2980000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3052000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
308000 USD
CY2019Q1 us-gaap Depreciation
Depreciation
269000 USD
CY2020Q1 optn Accrued Selling Generaland Administrative Current
AccruedSellingGeneralandAdministrativeCurrent
5615000 USD
CY2019Q4 optn Accrued Selling Generaland Administrative Current
AccruedSellingGeneralandAdministrativeCurrent
5544000 USD
CY2020Q1 optn Accrued Researchand Development Current
AccruedResearchandDevelopmentCurrent
4001000 USD
CY2019Q4 optn Accrued Researchand Development Current
AccruedResearchandDevelopmentCurrent
3379000 USD
CY2020Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3884000 USD
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
7810000 USD
CY2020Q1 optn Accrued Product Allowances Current
AccruedProductAllowancesCurrent
12016000 USD
CY2019Q4 optn Accrued Product Allowances Current
AccruedProductAllowancesCurrent
12858000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1960000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1788000 USD
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27476000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31379000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1346000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1135000 USD
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1346000 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1135000 USD
CY2020Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
28822000 USD
CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
32514000 USD
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
84000 USD
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
8.16
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2460000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2422000 USD
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y

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