$OPTN
OptiNose, Inc.

2020 Form 10-K Financial Statement

#000149465021000010 Filed on March 03, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $49.12M $11.08M $34.63M
YoY Change 41.83% 266.89% 390.18%
Cost Of Revenue $7.520M $2.080M $5.294M
YoY Change 42.05% 188.89% 233.38%
Gross Profit $41.60M $9.000M $29.34M
YoY Change 41.79% 289.61% 435.64%
Gross Profit Margin 84.69% 81.23% 84.71%
Selling, General & Admin $105.4M $26.55M $104.2M
YoY Change 1.23% 12.21% 8.93%
% of Gross Profit 253.48% 295.0% 355.03%
Research & Development $23.38M $5.380M $20.78M
YoY Change 12.49% 60.12% 105.79%
% of Gross Profit 56.2% 59.78% 70.84%
Depreciation & Amortization $1.456M $230.0K $1.108M
YoY Change 31.41% 9.52% 105.57%
% of Gross Profit 3.5% 2.56% 3.78%
Operating Expenses $128.8M $31.92M $124.9M
YoY Change 3.1% 18.13% 18.18%
Operating Profit -$87.22M -$22.92M -$95.60M
YoY Change -8.77% -7.24% -4.63%
Interest Expense $13.01M -$2.070M $9.623M
YoY Change 35.18% 22.49% 4.27%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$99.79M -$25.00M -$103.1M
YoY Change -3.22% -5.23% -29.5%
Income Tax
% Of Pretax Income
Net Earnings -$99.79M -$25.00M -$110.1M
YoY Change -9.33% -5.23% 3.18%
Net Earnings / Revenue -203.16% -225.63% -317.79%
Basic Earnings Per Share -$2.07
Diluted Earnings Per Share -$2.07 -$574.8K -$2.628M
COMMON SHARES
Basic Shares Outstanding 48.28M shares 41.58M shares
Diluted Shares Outstanding 48.28M shares

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.2M $147.1M $147.1M
YoY Change -1.97% -26.82% -26.82%
Cash & Equivalents $144.2M $147.2M $147.1M
Short-Term Investments
Other Short-Term Assets $4.000M $3.789M $3.600M
YoY Change 11.11% 73.57% 63.64%
Inventory $9.000M $3.484M $3.500M
Prepaid Expenses
Receivables $23.40M $13.64M $13.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $180.7M $168.1M $168.1M
YoY Change 7.5% -21.05% -21.04%
LONG-TERM ASSETS
Property, Plant & Equipment $8.000M $3.052M $4.400M
YoY Change 81.82% -21.42% 12.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $1.538M $200.0K
YoY Change 0.0% 520.16% 0.0%
Total Long-Term Assets $8.100M $4.590M $4.600M
YoY Change 76.09% 11.08% 12.2%
TOTAL ASSETS
Total Short-Term Assets $180.7M $168.1M $168.1M
Total Long-Term Assets $8.100M $4.590M $4.600M
Total Assets $188.8M $172.7M $172.7M
YoY Change 9.32% -20.43% -20.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.500M $3.625M $3.600M
YoY Change 52.78% -49.06% -49.3%
Accrued Expenses $46.70M $31.38M $32.50M
YoY Change 43.69% 70.34% 76.63%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.20M $36.14M $36.10M
YoY Change 44.6% 40.64% 40.47%
LONG-TERM LIABILITIES
Long-Term Debt $125.2M $74.53M $74.50M
YoY Change 68.05% 2.8% 2.76%
Other Long-Term Liabilities $4.700M $400.0K $400.0K
YoY Change 1075.0% 100.0% 100.0%
Total Long-Term Liabilities $129.9M $74.53M $74.90M
YoY Change 73.43% 2.8% 3.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.20M $36.14M $36.10M
Total Long-Term Liabilities $129.9M $74.53M $74.90M
Total Liabilities $182.0M $111.1M $111.1M
YoY Change 63.82% 12.9% 12.91%
SHAREHOLDERS EQUITY
Retained Earnings -$428.0M
YoY Change 34.62%
Common Stock $489.6M
YoY Change 12.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.800M $61.58M $61.60M
YoY Change
Total Liabilities & Shareholders Equity $188.8M $172.7M $172.7M
YoY Change 9.32% -20.43% -20.41%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$99.79M -$25.00M -$110.1M
YoY Change -9.33% -5.23% 3.18%
Depreciation, Depletion And Amortization $1.456M $230.0K $1.108M
YoY Change 31.41% 9.52% 105.57%
Cash From Operating Activities -$86.21M -$18.11M -$90.82M
YoY Change -5.08% -10.35% -1.09%
INVESTING ACTIVITIES
Capital Expenditures $546.0K -$70.00K $557.0K
YoY Change -1.97% -70.83% -67.04%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$546.0K -$70.00K -$557.0K
YoY Change -1.97% -70.83% -67.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $33.60M $77.60M
YoY Change -56.7%
Debt Paid & Issued, Net $4.447M $80.18M
YoY Change -94.45%
Cash From Financing Activities $83.81M 39.83M $37.53M
YoY Change 123.32% -49887.5% -37.01%
NET CHANGE
Cash From Operating Activities -$86.21M -18.11M -$90.82M
Cash From Investing Activities -$546.0K -70.00K -$557.0K
Cash From Financing Activities $83.81M 39.83M $37.53M
Net Change In Cash -$2.986M 21.65M -$53.85M
YoY Change -94.45% -205.51% 59.01%
FREE CASH FLOW
Cash From Operating Activities -$86.21M -$18.11M -$90.82M
Capital Expenditures $546.0K -$70.00K $557.0K
Free Cash Flow -$86.75M -$18.04M -$91.37M
YoY Change -5.06% -9.62% -2.28%

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CY2020 us-gaap Stock Issued1
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250000 USD
CY2019 us-gaap Stock Issued1
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CY2020 optn Deferred Offering Costs W Ithin Accounts Payableand Accrued Expenses
DeferredOfferingCostsWIthinAccountsPayableandAccruedExpenses
65000 USD
CY2019 optn Deferred Offering Costs W Ithin Accounts Payableand Accrued Expenses
DeferredOfferingCostsWIthinAccountsPayableandAccruedExpenses
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CY2020 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
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CY2019 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2020 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2019 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2020 us-gaap Nature Of Operations
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Organization and Description of Business<div style="margin-bottom:8pt;margin-top:8pt"><span style="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, and Oslo, Norway. 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="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><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (fluticasone propionate) nasal spray, 93 microgram (mcg), is a therapeutic utilizing the Company's proprietary Exhalation Delivery System (EDS) that delivers a topically-acting corticosteroid for the treatment of chronic rhinosinusitis with nasal polyps and, if approved, chronic rhinosinusitis without nasal polyps (also known 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>
CY2020 us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="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-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the 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 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 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 consolidated financial statements in the period they are determined to be necessary.</span></div>
CY2020 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="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-bottom:8pt;margin-top:8pt"><span style="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>
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0 USD
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CY2020Q4 us-gaap Property Plant And Equipment Net
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2028000 USD
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CY2020 us-gaap Depreciation
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P2Y11M26D
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0.0582
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2408000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2224000 USD
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1774000 USD
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
557000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6269000 USD
CY2020 optn Operating Lease Cost For Extension
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0 USD
CY2020 us-gaap Lease Cost
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2770000 USD
CY2019 us-gaap Lease Cost
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2154000 USD
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CY2019 us-gaap Operating Lease Payments
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CY2020Q4 optn Accrued Researchand Development Current
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5202000 USD
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CY2019Q4 us-gaap Accrued Liabilities Current
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CY2019Q4 us-gaap Other Liabilities Current
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46683000 USD
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CY2020 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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1
CY2020 us-gaap Defined Contribution Plan Cost Recognized
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1466000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
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1238000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
281000 USD
CY2020Q4 us-gaap Purchase Obligation
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0 USD
CY2020Q4 optn Vote Per Share
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1 vote
CY2020 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2020 us-gaap Allocated Share Based Compensation Expense
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10349000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9860000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.001
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-93849000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-103109000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-5936000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-6944000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-99785000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-110053000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.003
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.008
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0
CY2020 optn Effective Income Tax Rate Reconciliation Foreign Operations Impact Percent
EffectiveIncomeTaxRateReconciliationForeignOperationsImpactPercent
0
CY2019 optn Effective Income Tax Rate Reconciliation Foreign Operations Impact Percent
EffectiveIncomeTaxRateReconciliationForeignOperationsImpactPercent
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.047
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.030
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
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CY2020 optn Effective Income Tax Rate Reconciliation Foreign Exchange Other Percent
EffectiveIncomeTaxRateReconciliationForeignExchangeOtherPercent
-0.002
CY2019 optn Effective Income Tax Rate Reconciliation Foreign Exchange Other Percent
EffectiveIncomeTaxRateReconciliationForeignExchangeOtherPercent
0.007
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.260
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.239
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
5062000 USD
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
3979000 USD
CY2020Q4 optn Deferred Tax Assets Prepaid License Arrangement
DeferredTaxAssetsPrepaidLicenseArrangement
10251000 USD
CY2019Q4 optn Deferred Tax Assets Prepaid License Arrangement
DeferredTaxAssetsPrepaidLicenseArrangement
11154000 USD
CY2020Q4 optn Deferred Tax Assets Interest Expense
DeferredTaxAssetsInterestExpense
7141000 USD
CY2019Q4 optn Deferred Tax Assets Interest Expense
DeferredTaxAssetsInterestExpense
4469000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
6819000 USD
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
5468000 USD
CY2020Q4 optn Deferred Tax Assets Leasing Arrangement
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1551000 USD
CY2019Q4 optn Deferred Tax Assets Leasing Arrangement
DeferredTaxAssetsLeasingArrangement
370000 USD
CY2020Q4 us-gaap Deferred Tax Assets In Process Research And Development
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2485000 USD
CY2019Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
2485000 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
73278000 USD
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DeferredTaxAssetsOperatingLossCarryforwards
51644000 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
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106587000 USD
CY2019Q4 us-gaap Deferred Tax Assets Gross
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79569000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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220000 USD
CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
330000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
1479000 USD
CY2019Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
300000 USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities
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1699000 USD
CY2019Q4 us-gaap Deferred Income Tax Liabilities
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630000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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104888000 USD
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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78939000 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
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0 USD
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
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0 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
2517000 USD
CY2020 optn Deferred Tax Assets Tax Credit Carryforwards Research Term
DeferredTaxAssetsTaxCreditCarryforwardsResearchTerm
P15Y
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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25949000 USD
CY2020 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
263000 USD

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