Opiant Pharmaceuticals Announces Third Quarter 2020 Financial Results and Corporate Update
Opiant Pharmaceuticals (NASDAQ: OPNT) reported Q3 2020 revenues of $9.1 million, down from $20.6 million in Q3 2019, primarily due to a significant milestone payment received in the prior year. The company recognized approximately $8.6 million in royalties from NARCAN® Nasal Spray, which saw sales of $88.8 million. Projected full-year royalties have been raised to $28 million. The company plans to file a New Drug Application for OPNT003 by the end of 2021. As of September 30, 2020, cash and cash equivalents totaled $31.1 million, stable compared to last year.
- Increased projection of full-year royalties from NARCAN® Nasal Spray to approximately $28 million.
- Stable cash and cash equivalents of $31.1 million as of September 30, 2020.
- Q3 2020 revenue declined to $9.1 million from $20.6 million in Q3 2019.
- Net loss of approximately $1.2 million for the nine months ended September 30, 2020, compared to net income of $10.6 million in the same period of 2019.
SANTA MONICA, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a specialty pharmaceutical company developing medicines to treat addictions and drug overdose, today reported financial results for the three months ended September 30, 2020, and provided a corporate update. Recent highlights include:
- OPNT003 nasal nalmefene for opioid overdose
- Opiant to use Aptar Pharma’s Unit Dose System
- Upcoming FDA meeting in December to review Pharmacodynamic study in healthy volunteers and 505(b)(2) submission strategy
- Opiant continues to expect to file a New Drug Application by end of 2021
- The Centers for Disease Control and Prevention reports an increase in fatal drug overdoses in the first three months of 2020 putting the U.S. on pace for record year of drug overdose deaths during coronavirus pandemic
- Q3 revenues of
$9.1 million driven by NARCAN® Nasal Spray (“NARCAN®”) royalties
- Recognized approximately$8.6 million in royalty revenue for Q3 2020 from approximately$88.8 million in net sales of NARCAN® Nasal Spray
- Projected royalties for the full-year 2020 raised from$26.2 million to approximately$28 million , based on Emergent Biosolutions (“EBS”) updated revenue guidance for NARCAN® sales of between$295 million and$315 million
$31.1 million in cash and cash equivalents
Commenting on the quarter, Roger Crystal, M.D., President and Chief Executive Officer of Opiant, said:
“Deaths from overdoses on opioids remain a crisis for communities across the United States, exacerbated by the COVID-19 pandemic. The determined deployment of opioid overdose rescue medication is essential to save lives. The trajectory of America’s opioid crisis, fueled by the availability of fentanyl and related synthetic opioids, underscores the need for stronger, longer-acting formulations of opioid antagonists. To this end, we made good progress this quarter with OPNT003 nasal nalmefene, our investigational treatment for opioid overdose. I am pleased we can now use Aptar Pharma’s Unit Dose System for OPNT003, which has been approved by the FDA with many other drug products, including NARCAN® Nasal Spray. Adding to the momentum, we will meet with the FDA in December to review the design of our pharmacodynamic study in healthy volunteers and our New Drug Application plan, which is on track to be submitted by the end of next year.”
David O’Toole, Chief Financial Officer of Opiant, said:
“Royalties from net sales of NARCAN® Nasal Spray continue to fortify our already strong balance sheet. EBS reported higher sales than expected this quarter and raised their NARCAN® revenue guidance for the year to a range of
Third Quarter 2020 Results
For the three months ended September 30, 2020, Opiant recorded approximately
General and administrative expenses for the quarter were approximately
Research and development expenses were approximately
Sales and marketing expenses were approximately
Royalty expense for the second quarter was approximately
Net income for the third quarter was approximately
Financial Results for the Nine Months Ended September 30, 2020
For the nine months ended September 30, 2020, Opiant recorded approximately
General and administrative expenses for the nine months ended September 30, 2020, were approximately
Research and development expenses for the nine months ended September 30, 2020, were approximately
Sales and marketing expenses for the nine months ended September 30, 2020, were approximately
Royalty expenses were
Net loss for the nine months ended September 30, 2020, was approximately
As of September 30, 2020, Opiant had cash and cash equivalents of
Conference Call Details: | ||
Thursday, November 12th at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time | ||
Toll Free: | 877-407-0792 | |
International: | 201-689-8263 | |
Conference ID: | 13712206 | |
Webcast: | http://ir.opiant.com/ |
About Opiant Pharmaceuticals, Inc.
Opiant Pharmaceuticals, Inc., the company that developed NARCAN® Nasal Spray, is building a leading franchise of new medicines to combat addictions and drug overdose.
For more information visit: www.opiant.com.
Forward-Looking Statements
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, and among other things, our ability to maintain cash balances and successfully commercialize or partner our product candidates currently under development. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue" or the negative of such terms and other same terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. Additional factors that could materially affect actual results can be found in our filed quarterly reports on Form 10-Q and our annual report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 4, 2020, including under the caption titled "Risk Factors." These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
Investor Relations Contacts:
Ben Atkins
VP of Corporate Communications and Investor Relations
Batkins@opiant.com
(310) 598-5410
Dan Ferry
Managing Director
LifeSci Advisors, LLC
Daniel@lifesciadvisors.com
(617) 430-7576
Opiant Pharmaceuticals, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except shares and per share amounts) | ||||||||
As of September 30, | As of December 31, | |||||||
2020 | 2019 | |||||||
Assets | (unaudited) | |||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 31,103 | $ | 30,981 | ||||
Accounts receivable | 8,613 | 7,218 | ||||||
Prepaid expenses and other current assets | 862 | 1,056 | ||||||
Total Current Assets | 40,578 | 39,255 | ||||||
Long-term Assets | ||||||||
Property and equipment, net of depreciation | 202 | 243 | ||||||
Right of use assets - operating leases | 397 | 769 | ||||||
Patents and patent applications, net of amortization | 13 | 14 | ||||||
Other non-current assets | 1,052 | - | ||||||
Total Assets | $ | 42,242 | $ | 40,281 | ||||
Liabilities and stockholders' equity | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 2,553 | $ | 1,317 | ||||
Accrued salaries & wages | 1,435 | 1,238 | ||||||
Royalty payable | 1,952 | 1,620 | ||||||
Deferred revenue | 360 | 918 | ||||||
Operating leases - current | 401 | 517 | ||||||
Total Current Liabilities | 6,701 | 5,610 | ||||||
Long-Term Liabilities | ||||||||
Operating leases - long term | - | 255 | ||||||
Total Long-Term Liabilities | - | 255 | ||||||
Total Liabilities | 6,701 | 5,865 | ||||||
Stockholders' equity | ||||||||
Common stock, | ||||||||
authorized, 4,258,105 and 4,186,438 shares | ||||||||
issued and outstanding at September 30, 2020 and | ||||||||
December 31, 2019, respectively | 4 | 4 | ||||||
Additional paid-in-capital | 99,655 | 97,239 | ||||||
Foreign Currency Translation Adjustment | (115 | ) | - | |||||
Accumulated deficit | (64,003 | ) | (62,827 | ) | ||||
Total stockholders' equity | 35,541 | 34,416 | ||||||
Total liabilities and stockholders' equity | $ | 42,242 | $ | 40,281 |
Opiant Pharmaceuticals Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except shares and per share amounts) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | ||||||||||||||||
Royalty & licensing revenue | $ | 8,601 | $ | 20,494 | $ | 19,057 | $ | 30,368 | ||||||||
Treatment investment revenue | - | - | - | 644 | ||||||||||||
Grant and contract revenue | 505 | 147 | 644 | 1,838 | ||||||||||||
Total Revenue | 9,106 | 20,641 | 19,701 | 32,850 | ||||||||||||
Operating expenses | ||||||||||||||||
General and administrative | 2,729 | 3,211 | 8,138 | 9,389 | ||||||||||||
Research and development | 2,784 | 1,843 | 4,763 | 7,044 | ||||||||||||
Sales and marketing | 914 | 141 | 3,738 | 141 | ||||||||||||
Royalty expense | 1,952 | 4,851 | 4,289 | 6,099 | ||||||||||||
Total operating expenses | 8,379 | 10,046 | 20,928 | 22,673 | ||||||||||||
Income (loss) from operations | 727 | 10,595 | (1,227 | ) | 10,177 | |||||||||||
Other income (expense) | ||||||||||||||||
Interest income | 4 | 112 | 92 | 356 | ||||||||||||
Gain (loss) on foreign exchange | (6 | ) | (24 | ) | (2 | ) | (65 | ) | ||||||||
Total other income | (2 | ) | 88 | 90 | 291 | |||||||||||
Income (loss) before income taxes | 725 | 10,683 | (1,137 | ) | 10,468 | |||||||||||
Income tax (expense) benefit | - | - | (39 | ) | 57 | |||||||||||
Net income (loss) | $ | 725 | $ | 10,683 | $ | (1,176 | ) | $ | 10,525 | |||||||
Other comprehensive loss | ||||||||||||||||
Foreign currency translation adjustment | 196 | - | (115 | ) | - | |||||||||||
Total other comprehensive loss | $ | 921 | $ | 10,683 | $ | (1,291 | ) | $ | 10,525 | |||||||
Net income (loss) per common share | ||||||||||||||||
Basic | $ | 0.17 | $ | 2.64 | $ | (0.28 | ) | $ | 2.64 | |||||||
Diluted | $ | 0.15 | $ | 1.97 | $ | (0.28 | ) | $ | 1.98 | |||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 4,258,105 | 4,048,635 | 4,247,045 | 3,985,112 | ||||||||||||
Diluted | 4,847,211 | 5,422,345 | 4,247,045 | 5,310,157 |
FAQ
What were Opiant Pharmaceuticals' Q3 2020 revenues?
How much did Opiant's royalties from NARCAN® increase?
What is the expected cash balance for Opiant at the end of 2020?
When does Opiant plan to submit its New Drug Application for OPNT003?