Optinose Inc. (NASDAQ: OPTN) stock declined by 5.96% at last whereas the OPTN stock price rises by 5% in the after-hours session. There is no current update available however, Optinose has recently released its financial results in this month which could might be the driving tool behind the up and down in OPTN share price. Optinose is a pharmacy business that caters to the requirements of patients who are treated by ENT and allergy professionals. Optinose is located in the United States and Norway.
On May 5, 2021, Optinose released its first-quarter 2021 financial results. The financial highlights are being discussed below:
- Optinose has managed to report its gross product revenue as $11.0 million from the sales of its most known item XHANCE, in the three months ended March 2021. Also OPTN calculated its licensing revenue as $1.0 million that too for the first three months of this year ended on March 2021. Therefore the total revenue calculated for first quarter 2021 was $12.0 million.
- Research and development costs were $5.2 million for the first quarter 2021. While marketing, general, and administrative costs were calculated as $27.2 million.
- For the first quarter 2021, the net loss was $26.1 million, or $0.49 per share.
- As of March 31, 2021, Optinose had $116.0 million in cash and cash equivalents.
CEO of OPTN, Peter Miller commented:
In the first quarter of 2021, XHANCE’s net sales rose by 55% from the same period in 2020 which definitely is a significant development, mainly due to the ongoing effect of the COVID-19 pandemic on the amount of patients coming to physician offices and also the constraints because to a pandemic that appear to limit OPTN’s territory managers’ in-person detailing of physician offices. OPTN assume that improving the market climate is only one aspect that will help XHANCE expand in the second half of 2021. The two most important goals for OPTN right now are XHANCE development and the finalization of the clinical trials testing it for the treatment of chronic sinusitis, and OPTN is working together to achieve them.