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Jun 30, 2020
Optinose Q2 2020 Earnings Report
Reported XHANCE net revenue of $10.3 million and an 84% increase in XHANCE prescriptions compared to Q2 2019.
Key Takeaways
Optinose reported Q2 2020 financial results, with XHANCE net revenue reaching $10.3 million. XHANCE prescriptions increased by 84% compared to Q2 2019. The company also highlighted a co-promotion agreement with kaléo and the initiation of development for a new product candidate, OPN-019.
XHANCE prescription volume continued to grow despite disruptions to patient volumes.
XHANCE had strong market share growth, demonstrating resilience in the COVID-19 environment.
A co-promotion agreement with kaléo was announced to amplify XHANCE promotion efforts.
Development of OPN-019, a new product candidate, was initiated.
Optinose
Optinose
Forward Guidance
Optinose anticipates improvements in XHANCE average net revenue per prescription for the remainder of 2020. They expect total GAAP operating expenses for 2020 to be in the range of $131 - $136 million, including approximately $11 million in stock-based compensation. Top-line results from clinical trials evaluating XHANCE for Chronic Sinusitis are expected in the second half of 2021.
Positive Outlook
- XHANCE average net revenue per prescription expected to improve through the remainder of 2020.
- Co-promotion with kaleo is expected to increase promotional reach and frequency by Q4 2020.
- Initiation of development of OPN-019 with potential for rapid progression to clinical trials.
- Focus on supporting initial stages of OPN-019 development within the current operating expense plan.
- Top-line results from chronic sinusitis clinical trials expected in the second half of 2021.
Challenges Ahead
- Uncertainty caused by the COVID-19 pandemic.
- Risks relating to product development, clinical trials, and regulatory approval process.
- Intense competition for vaccines and other therapies for COVID-19.
- The company's ability to grow XHANCE prescriptions and net revenues.
- Risks and uncertainties relating to intellectual property.