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Sep 30, 2020
Optinose Q3 2020 Earnings Report
Reported third quarter 2020 financial results with XHANCE net revenue of $15.4 million.
Key Takeaways
Optinose reported positive third-quarter results, highlighted by XHANCE net revenues of $15.4 million and a 61% increase in XHANCE prescriptions compared to the same quarter last year. The company also saw a 23% increase in new prescriptions compared to the second quarter of 2020.
XHANCE net revenues were $15.4 million.
XHANCE prescriptions increased by 61% year-over-year.
New prescriptions for XHANCE increased by 23% from the second quarter of 2020.
The company initiated a co-promotion agreement with kaléo to expand sales reach.
Optinose
Optinose
Forward Guidance
Optinose expects total GAAP operating expenses for 2020 to be in the range of $127 - $132 million and expects to draw $20 million of cash from its debt facility by early 2021.
Positive Outlook
- The company expects to draw $20 million of cash from its debt facility by early 2021.
- The company expects top-line results from both of its clinical trials evaluating XHANCE as a potential treatment for Chronic Sinusitis in the second half of 2021.
- The company expects total GAAP operating expenses (selling, general & administrative expenses and research & development expenses) for 2020 to be in the range of $127 - $132 million.
- Components of the drug-device combination product candidate, including both the active drug and delivery device, are currently commercially available in the U.S., the Company anticipates streamlined and accelerated development.
- The company is focused on supporting the initial stages of development within its current operating expense guidance and intends to seek grants, partnerships, and/or other sources of capital to fund future development.
Challenges Ahead
- The extent and duration of the COVID-19 pandemic and its impact on the Company’s business, results of operations and financial condition
- Physician and patient acceptance of XHANCE
- The Company’s ability to maintain adequate third-party reimbursement for XHANCE (market access)
- Market opportunities for XHANCE may be smaller than expected
- The effectiveness of kaléo’s sales representatives in promoting XHANCE