Obalon Therapeutics Inc. (NASDAQ: OBLN) stock gained by 22.03% at the last close whereas the OBLN stock price falls by 2.08% in the pre-market session. Obalon Therapeutics Inc. based in San Diego-based is a company that focuses on making and commercializing novel technologies for weight loss.
OBLN announced that the special shareholders meeting for Obalon Stockholders scheduled for May 13, 2021, was called off due to a lack of quorum and was rescheduled for Tuesday, May 25, 2021, at 8:30 a.m. PT to give stockholders sufficient time to vote.
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Despite the number of shares they own, all shareholders are motivated to vote prior to the Special Meeting in order to get their views heard on this critical issue affecting their vested interests. A quorum for the Special Meeting must be present or reflected by proxy if a majority of the voting power of the shares of OBLN stock eligible to vote is present.
On May 12, 2021, Obalon Therapeutics announced its first quarter 2021 financial results. Given below is the summary.
- The first quarter of 2021 produced no revenue, compared to $0.8 million in the first quarter of 2020, owing to the termination of activities in the second quarter of 2020. The first quarter of 2021 saw a $4.2 million net loss, down from $5.3 million in the first quarter of 2020. The first quarter of 2021 saw a $0.44 net loss per share, relative to $0.68 in the first quarter of 2020.
- For the first quarter of 2021, OBLN saw no cost of sales, compared to $0.5 million in the first quarter of 2020. There was no operating profit in the first quarter of 2021, relative to $0.2 million in the first quarter of 2020.
- Research and Development cost for the first quarter of 2021 was $0.1 million, which is decline from $1.3 million for the first quarter of 2020.
- In the first quarter of 2021, selling, general, and administrative expenses jumped to $4.1 million, up from $3.9 million in the first quarter of 2020.
- The first quarter of 2021 saw an operating deficit of $4.2 million, down from $4.9 million in the first quarter of 2020.
- The Company had $9.0 million in cash and cash equivalents as of March 31, 2021, and $0.4 million in debt related to its Payroll Protection Program loan