OptiNose, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a year-over-year increase in net product revenues. For the third quarter of 2024, net product revenues reached $20.4 million, up from $19.8 million in the same period of 2023. For the nine months ended September 30, 2024, net product revenues totaled $55.8 million, compared to $51.1 million in 2023. The increase in revenue is attributed to revisions in the co-pay assistance program and an increase in average net product revenue per prescription, which rose to $320 in Q3 2024, a 36% increase from $236 in Q3 2023.

Despite the revenue growth, OptiNose reported a net income of $467,000 for the third quarter of 2024, a significant improvement from a net loss of $9.3 million in the same quarter of 2023. However, for the nine-month period, the company recorded a net loss of $21.2 million, an improvement from a loss of $25.5 million in the prior year. The total operating expenses for the third quarter of 2024 were $22.5 million, compared to $21.5 million in Q3 2023, reflecting increased costs associated with the launch of XHANCE for chronic sinusitis treatment.

The company’s cash and cash equivalents increased to $82.5 million as of September 30, 2024, up from $73.7 million at the end of 2023. However, OptiNose faces substantial doubt about its ability to continue as a going concern, primarily due to potential non-compliance with financial covenants under its debt agreements. The company has a principal balance of $130 million under the Pharmakon Senior Secured Notes, with principal repayments beginning in September 2025.

Strategically, OptiNose is focusing on enhancing the commercial performance of XHANCE, particularly following its recent FDA approval for chronic rhinosinusitis without nasal polyps. The company has realigned its sales territories and launched a new pharmacy model to support anticipated growth. However, the total estimated number of XHANCE prescriptions in Q3 2024 decreased by 24% compared to the previous year, attributed to changes in the co-pay saving program.

Looking ahead, OptiNose expects full-year 2024 net product revenues to be between $75 million and $79 million, revised down from earlier estimates. Operating expenses for the year are projected to be between $90 million and $93 million, reflecting increased costs related to the commercialization of XHANCE. The company plans to seek additional capital through equity or debt financings to meet its financial obligations and fund planned activities.