OptiNose, Inc., a specialty pharmaceutical company focused on ear, nose, and throat (ENT) and allergy treatments, reported a net loss of $21.5 million for the year ended December 31, 2024, compared to a net loss of $35.5 million in 2023. Net product revenues from its flagship product, XHANCE, increased to $78.2 million in 2024 from $71.0 million in 2023. This increase is attributed to the March 2024 FDA approval of XHANCE for chronic rhinosinusitis without nasal polyps and adjustments to the company's co-pay assistance program. The average net product revenue per XHANCE prescription rose 36% year-over-year, reaching $285 in 2024.
Significant changes in operational metrics were also observed. Estimated XHANCE prescriptions decreased by 19% year-over-year to 274,000, primarily due to adjustments to the co-pay assistance program designed to increase average net revenue per prescription. However, the number of physicians prescribing XHANCE increased by 5% to 8,912 in the fourth quarter of 2024, indicating broader adoption. The company also transitioned a significant portion of its XHANCE business from a preferred pharmacy network to a central intake pharmacy model (HUB) during the second quarter of 2024, aiming for improved efficiency and patient support.
Strategic developments included the relaunch of XHANCE to target the larger chronic rhinosinusitis without nasal polyps market. OptiNose plans to maintain its focus on ENT and allergy specialists while exploring partnerships to expand into the primary care segment and potentially implement direct-to-consumer advertising. The company also highlighted its ongoing FDA-mandated adolescent studies for XHANCE, with the expectation to commence the study for chronic rhinosinusitis without nasal polyps in 2025. As of February 24, 2025, OptiNose employed 127 full-time and one part-time employee.
The company's financial position remains a concern. As of December 31, 2024, OptiNose had $84.5 million in cash and cash equivalents but also an accumulated deficit of $741.9 million and $130 million in outstanding debt. The company acknowledged that substantial doubt exists about its ability to continue as a going concern, contingent upon maintaining compliance with debt covenants, generating sufficient cash flow, and/or securing additional capital. The company's outlook includes plans to mitigate these risks through improved commercial performance, partnerships, and potential covenant modifications or debt refinancing.
On March 19, 2025, OptiNose entered into a merger agreement with Paratek Pharmaceuticals, Inc., under which each share of OptiNose common stock will be converted into $9.00 in cash and a contingent value right (CVR) with potential additional payments based on future XHANCE sales. The merger is expected to close in the second or third quarter of 2025, subject to customary closing conditions.
About OptiNose, Inc.
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