OptiNose, Inc. (OPTN) stock plummeted 22.59% in the pre-market trading session at the price of $1.80 after it published public offering of common stock and financial results for the third quarter of 2021. OPTN is a specialty pharmaceutical firm dedicated to serving the patients cared for ear, nose, and throat (ENT) and allergy experts.
OPTN Public Offering of Common Stock
On 15th November 2021, OPTN published to offer its shares of common stock in a proposed public offering. The company will grant the underwriters an option of 30 days to purchase an additional 15% of the total shares. OptiNose has not yet finalized the public offering price. The public offering is subject to all market conditions, and there is no information related to the closure of the offering.
OPTN will utilize the net proceeds of the public offering for its general corporate and working capital purposes, including the commercialization and clinical development of XHANCE. The company offers securities under the Form S-3 (No. 333-258707). This Form has earlier filed with the Securities and Exchange Commission on 11th August 2021 and became effective from 31st August 2021.
OPTN Third Quarter 2021 Financial Results
On 15th November 2021, OPTN announced its financial results for the third quarter ended on 30th September 2021, and presented operational updates.
Financial Highlights
OPTN reported $21.8 million in revenue from sales of XHANCE during the three months ended 30th September 2021. Revenue from sales of XHANCE totaled $51.1 million for the nine months ended on 30th September 2021. The net loss was $(17.1) million, or per basic and diluted share of $0.32, for the third quarter of 2021. For nine months ended 30th September 2021, net loss was $66.7 million, or per basic and diluted share of $1.25.
OPTN reported research and development expenses of $6.7 million for the third quarter of 2021. For the nine months ended on 30th September 2021, R&D expenses were $20.1 million. Selling, general, and administrative costs were approximately $25.8 million for the third quarter of 2021. SG&A expenses were $80.3 million for the nine months ended on 30th September 2021. Cash and cash equivalents totaled $84.2 million as of 30th September 2021.
