Opiant Pharmaceuticals, Inc. Reports Financial Results for August 1, 2017, Through December 31, 2017, and Provides Corporate Update
SANTA MONICA, Calif., March 07, 2018 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ:OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions, following the recent approval by its Board of Directors of a resolution changing the Company’s fiscal year-end from July 31 to December 31, today reported financial results for the transition period of August 1, 2017, through December 31, 2017, and provided a corporate update.
“After successfully paying back SWK its original investment in 2017, thereby reverting back to a right to receive 90% of royalty and milestone payments related to NARCAN® Nasal Spray and a robust clinical development pipeline advancing as planned, we entered 2018 in a much stronger operating position,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “NARCAN® continues to gain commercial traction, which resulted in Opiant recording a total of approximately $11.7 million in royalty and milestone revenue for the five-month period from August 1 through December 31, 2017. In addition, our promising pipeline was further strengthened following the recent positive data from our Phase I clinical study of OPNT003 (intranasal nalmefene) for the treatment of opioid overdose. Based on feedback from the U.S. Food and Drug Administration (FDA), we intend to pursue a 505(b)(2) development path for OPNT003, with the potential to submit a New Drug Application (NDA) for this product candidate in 2020."
Recent Corporate Highlights
- Pre-clinical data supporting the continued development of OPNT005 as a heroin vaccine were published online in the Journal of Medicinal Chemistry.
- Received approximately $5.3 million in cash as a result of the exercise of warrants by two individual investors.
- Rang the Nasdaq Opening Bell to celebrate the Company’s uplisting to the Nasdaq Stock Market.
Financial Results for the Five-Month Period Ended December 31, 2017
For the five-month period ended December 31, 2017, Opiant generated revenue of approximately $11.8 million, compared to approximately $14.8 million in the five-month period ended December 31, 2016. The decrease was due primarily to the $13.8 million received under the Purchase Agreement with SWK in the five-month period ended December 31, 2016 compared to the recognition of net revenue of $11.7 million arising from the royalties and milestones payments from the sale, by Adapt Pharma Operations Limited, of NARCAN during the five-month period ended December 31, 2017.
General and administrative expenses for the five-month period ended December 31, 2017, were approximately $5.9 million, compared to approximately $1.9 million in the five-month period ended December 31, 2016. The increase was primarily attributable to a $1.1 million increase in stock-based compensation, a $1.0 million increase in severance payments, a $1.0 million increase associated with professional fees and services, and a $0.8 million increase associated with employee salaries and compensation largely due to increased headcount during the five-month period ended December 31, 2017, as compared to the five-month period ended December 31, 2016.
Research and development expenses for the five-month period ended December 31, 2017, were approximately $2.5 million, compared to approximately $0.7 million in the five-month period ended December 31, 2016. The increase was primarily attributable to a $1.2 million increase in payments to third parties associated with Opiant’s research and development program.
Selling expenses were $0.4 million for the five-month period ended December 31, 2017, compared to $0.7 million in the corresponding period of 2016.
For the five-month period ended December 31, 2017, the Company reported net income of $1.4 million, or $0.66 per basic and $0.31 per diluted share, compared to net income of $11.5 million, or $5.76 per basic and $5.21 per diluted share for the five-month period ended December 31, 2016.
At December 31, 2017, the Company had cash and cash equivalents of approximately $8.1 million.
About Opiant Pharmaceuticals, Inc.
Opiant Pharmaceuticals, Inc. is a specialty pharmaceutical company developing pharmacological treatments for addictions. NIDA, a division of the NIH, describes these disorders as chronic relapsing brain diseases which burden society at both the individual and community levels. With its innovative opioid antagonist nasal delivery technology, Opiant is positioned to become a leader in these treatment markets. Its first product, NARCAN® Nasal Spray, is approved for marketing in the U.S. and Canada by the company’s partner, Adapt Pharma Operations Limited. For more information please 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. 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 comparable 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. 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.
CONTACTS:
Dan Ferry
Managing Director
LifeSci Advisors, LLC
Daniel@lifesciadvisors.com
(617) 535-7746
| Opiant Pharmaceuticals, Inc. | |||||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||||
| (in thousands, except shares and per share amounts) | |||||||||||||
| As of December 31, | As of July 31, | As of July 31, | |||||||||||
|
2017 |
2017 |
2016 |
|||||||||||
| Assets | |||||||||||||
| Current Assets | |||||||||||||
| Cash & cash Equivalents | $ | 8,116 | $ | 6,872 | $ | 1,481 | |||||||
| Accounts receivable | 11,697 | 3,750 | 313 | ||||||||||
| Deferred financing costs | 209 | - | - | ||||||||||
| Prepaid expenses and other current assets | 733 | 165 | 62 | ||||||||||
| Total Current Assets | 20,755 | 10,787 | 1,856 | ||||||||||
| Long-term Assets | |||||||||||||
| Computer equipment, net | 1 | 3 | 7 | ||||||||||
| Patents and patent applications, net | 17 | 18 | 19 | ||||||||||
| Total Assets | $ | 20,773 | $ | 10,808 | $ | 1,882 | |||||||
| Liabilities and stockholders' equity (deficit) | |||||||||||||
| Current Liabilities | |||||||||||||
| Accounts payable and accrued liabilities | $ | 3,157 | $ | 2,212 | $ | 141 | |||||||
| Accrued compensation and other current liabilities | 713 | 1,701 | 3,681 | ||||||||||
| Royalty payable | 1,408 | - | - | ||||||||||
| Note payable | - | - | 165 | ||||||||||
| Deferred revenue | 379 | 254 | 250 | ||||||||||
| Total Current Liabilities | 5,657 | 4,167 | 4,237 | ||||||||||
| Long-Term Liabilities | |||||||||||||
| Deferred revenue | 2,116 | 2,307 | 2,350 | ||||||||||
| Total Long-Term Liabilities | 2,116 | 2,307 | 2,350 | ||||||||||
| Total Liabilites | 7,773 | 6,474 | 6,587 | ||||||||||
| Stockholders' equity (deficit) | |||||||||||||
| Common stock, $0.001 par value, 200,000,000 shares | |||||||||||||
| authorized, 2,535,766, 2,026,608, and 1,992,433 shares | |||||||||||||
| issued and outstanding at December 31, 2017 and | |||||||||||||
| July 31, 2017 and 2016, respectively | 2 | 2 | 2 | ||||||||||
| Additional paid-in-capital | 66,223 | 58,937 | 56,478 | ||||||||||
| Accumulated deficit | (53,225 | ) | (54,605 | ) | (61,185 | ) | |||||||
| Total stockholders' equity (deficit) | 13,000 | 4,334 | (4,705 | ) | |||||||||
| Total liabilities and stockholders' equity (deficit) | $ | 20,773 | $ | 10,808 | $ | 1,882 | |||||||
| Opiant Pharmaceuticals Inc. | |||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except shares and per share amounts) | |||||||||||||||
|
Five months ended |
Five months ended |
Year ended | |||||||||||||
| December 31, | December 31, |
July 31, |
|||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| (unaudited) | |||||||||||||||
| Revenues | |||||||||||||||
| Royalty & licensing revenue | $ | 11,696 | $ | 14,831 | $ | 18,406 | $ | 5,098 | |||||||
| Treatment investment income | 66 | - | 40 | 4,800 | |||||||||||
| Total Revenue | 11,762 | 14,831 | 18,446 | 9,898 | |||||||||||
| Operating Expenses | |||||||||||||||
| General and administrative | 5,887 | 1,854 | 6,530 | 14,509 | |||||||||||
| Research and development | 2,486 | 709 | 3,172 | 2,809 | |||||||||||
| Royalty expense | 1,408 | - | - | 318 | |||||||||||
| Sales and marketing | 439 | 730 | 1,651 | - | |||||||||||
| Total expenses | 10,220 | 3,293 | 11,353 | 17,636 | |||||||||||
| Operating loss | 1,542 | 11,538 | 7,093 | (7,738 | ) | ||||||||||
| Interest and other income (expense) | |||||||||||||||
| Interest income (expense), net | 11 | (4 | ) | 20 | (12 | ) | |||||||||
| Loss on settlement of accrued liability | (14 | ) | - | - | - | ||||||||||
| Income (loss) on foreign exchange | 10 | (19 | ) | 18 | (64 | ) | |||||||||
| Total other expense | 7 | (23 | ) | 38 | (76 | ) | |||||||||
| Net income (loss) before provision for income taxes | 1,549 | 11,515 | 7,131 | (7,814 | ) | ||||||||||
| Provision for income taxes | $ | 169 | $ | - | $ | 550 | $ | - | |||||||
| Net income (loss) | $ | 1,380 | $ | 11,515 | $ | 6,581 | $ | (7,814 | ) | ||||||
| Net income (loss) per common share | |||||||||||||||
| Basic | $ | 0.66 | $ | 5.76 | $ | 3.27 | $ | (4.09 | ) | ||||||
| Diluted | $ | 0.31 | $ | 5.21 | $ | 2.94 | $ | (4.09 | ) | ||||||
| Weighted-average common shares outstanding: | |||||||||||||||
| Basic | 2,077,663 | 1,997,594 | 2,014,540 | 1,910,489 | |||||||||||
| Diluted | 4,393,138 | 2,209,277 | 2,235,851 | 1,910,489 | |||||||||||
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