$OPTN
OptiNose, Inc.

2021 Q1 Form 10-Q Financial Statement

#000149465021000055 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $11.96M $7.062M
YoY Change 69.36% 57.77%
Cost Of Revenue $1.740M $1.360M
YoY Change 27.94% 84.28%
Gross Profit $10.22M $5.710M
YoY Change 78.98% 52.76%
Gross Profit Margin 85.45% 80.86%
Selling, General & Admin $27.18M $27.06M
YoY Change 0.46% 2.73%
% of Gross Profit 265.99% 473.91%
Research & Development $5.225M $4.932M
YoY Change 5.94% 8.11%
% of Gross Profit 51.13% 86.37%
Depreciation & Amortization $165.0K $309.0K
YoY Change -46.6% 14.87%
% of Gross Profit 1.61% 5.41%
Operating Expenses $34.15M $33.35M
YoY Change 2.4% 5.4%
Operating Profit -$22.19M -$26.29M
YoY Change -15.59% -3.23%
Interest Expense $3.876M $2.863M
YoY Change 35.38% 19.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.05M -$28.86M
YoY Change -9.74% -0.03%
Income Tax
% Of Pretax Income
Net Earnings -$26.05M -$28.86M
YoY Change -9.71% -0.06%
Net Earnings / Revenue -217.83% -408.61%
Basic Earnings Per Share -$0.49
Diluted Earnings Per Share -$0.49 -$628.6K
COMMON SHARES
Basic Shares Outstanding 53.00M shares 45.91M shares
Diluted Shares Outstanding 53.00M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.0M $148.5M
YoY Change -21.89% -13.31%
Cash & Equivalents $116.0M $148.5M
Short-Term Investments
Other Short-Term Assets $3.700M $3.700M
YoY Change 0.0% -2.63%
Inventory $12.70M $5.709M
Prepaid Expenses
Receivables $17.96M $11.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $150.3M $169.7M
YoY Change -11.41% -9.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.885M $2.980M
YoY Change -36.74% -19.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.745M $1.513M
YoY Change 279.71% -39.36%
Total Long-Term Assets $7.630M $4.493M
YoY Change 69.82% -27.65%
TOTAL ASSETS
Total Short-Term Assets $150.3M $169.7M
Total Long-Term Assets $7.630M $4.493M
Total Assets $157.9M $174.2M
YoY Change -9.32% -9.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.973M $5.403M
YoY Change 47.57% -29.61%
Accrued Expenses $34.68M $27.48M
YoY Change 26.21% 55.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.78M $34.23M
YoY Change 30.84% 27.38%
LONG-TERM LIABILITIES
Long-Term Debt $125.6M $104.7M
YoY Change 19.96% 44.02%
Other Long-Term Liabilities $4.200M $200.0K
YoY Change 2000.0% -81.82%
Total Long-Term Liabilities $129.8M $104.9M
YoY Change 23.74% 42.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.78M $34.23M
Total Long-Term Liabilities $129.8M $104.9M
Total Liabilities $174.6M $139.0M
YoY Change 25.59% 38.16%
SHAREHOLDERS EQUITY
Retained Earnings -$553.8M -$456.8M
YoY Change 21.23% 31.73%
Common Stock $537.2M $492.0M
YoY Change 9.19% 12.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.67M $35.13M
YoY Change
Total Liabilities & Shareholders Equity $157.9M $174.2M
YoY Change -9.32% -9.75%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$26.05M -$28.86M
YoY Change -9.71% -0.06%
Depreciation, Depletion And Amortization $165.0K $309.0K
YoY Change -46.6% 14.87%
Cash From Operating Activities -$28.02M -$27.97M
YoY Change 0.2% -5.81%
INVESTING ACTIVITIES
Capital Expenditures $91.00K $70.00K
YoY Change 30.0% -58.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$91.00K -$70.00K
YoY Change 30.0% -58.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$71.00K $29.38M
YoY Change -100.24% 15526.6%
NET CHANGE
Cash From Operating Activities -$28.02M -$27.97M
Cash From Investing Activities -$91.00K -$70.00K
Cash From Financing Activities -$71.00K $29.38M
Net Change In Cash -$28.19M $1.335M
YoY Change -2211.31% -104.5%
FREE CASH FLOW
Cash From Operating Activities -$28.02M -$27.97M
Capital Expenditures $91.00K $70.00K
Free Cash Flow -$28.12M -$28.04M
YoY Change 0.27% -6.11%

Facts In Submission

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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 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 and was made widely available through commercial channels in April 2018.</span></div>
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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 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>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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><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%">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, including patients
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11503516 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12382114 shares
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
3643000 USD
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2669000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
3216000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2676000 USD
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5844000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3697000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
12703000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
9042000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5875000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5814000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3990000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3786000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1885000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2028000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
204000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
308000 USD
CY2021Q1 optn Accrued Selling Generaland Administrative Current
AccruedSellingGeneralandAdministrativeCurrent
7659000 USD
CY2020Q4 optn Accrued Selling Generaland Administrative Current
AccruedSellingGeneralandAdministrativeCurrent
7385000 USD
CY2021Q1 optn Accrued Researchand Development Current
AccruedResearchandDevelopmentCurrent
3448000 USD
CY2020Q4 optn Accrued Researchand Development Current
AccruedResearchandDevelopmentCurrent
5202000 USD
CY2021Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4079000 USD
CY2020Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
9063000 USD
CY2021Q1 optn Accrued Product Allowances Current
AccruedProductAllowancesCurrent
16167000 USD
CY2020Q4 optn Accrued Product Allowances Current
AccruedProductAllowancesCurrent
20917000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3324000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2008000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
34677000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
44575000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2131000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2108000 USD
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2131000 USD
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2108000 USD
CY2021Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
36808000 USD
CY2020Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
46683000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1300000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
81000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2610000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2460000 USD
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y

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