SANTA MONICA, Calif., Dec. 04, 2017 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ:OPNT), a specialty pharmaceutical company developing pharmacological treatments for addictions, today reported financial results for the fiscal first quarter ended October 31, 2017.
“We are well-positioned to develop novel therapeutics that transform the lives of patients with addictions,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “During the first quarter, we continued to enroll patients into the OPNT001 Phase II study for Bulimia Nervosa, advanced the development of OPNT002 for Alcohol Use Disorder and continued pre-clinical development of our heroin vaccine candidate, which we licensed from the Walter Reed Army Institute and the National Institute on Drug Abuse in the first quarter of 2016.”
Financial Results
Quarter ended October 31, 2017, compared to October 31, 2016
For the quarter ended October 31, 2017, Opiant generated revenue of approximately $22,000, compared to approximately $1.1 million in the quarter ended October 31, 2016. The decrease was primarily due to $1.1 million of revenue derived from the Company’s agreement with Adapt Pharmaceuticals during the three months ended October 31, 2016.
General and administrative expenses were approximately $4.0 million in the quarter ended October 31, 2017, compared to approximately $1.2 million in the quarter ended October 31, 2016. The increase was primarily due to higher severance payments, stock-based compensation, consulting expenses, and expenses related to increased headcount.
Research and development expenses were approximately $1.6 million for the quarter ended October 31, 2017, compared to approximately $0.4 million during the three months ended October 31, 2016. The increase was primarily due to research and development program-related expenses and stock-based compensation associated with R&D employees.
Opiant did not record any selling expenses in the quarter ended October 31, 2017, compared to approximately $42,000 for the quarter ended October 31, 2016.
Opiant’s cash and cash equivalents was approximately $5.9 million as of October 31, 2017.
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 October 31, | As of July 31, | |||||||||
| 2017 | 2017 | |||||||||
| Assets | (unaudited) | |||||||||
| Current Assets | ||||||||||
| Cash & Cash Equivalents | $ | 5,903 | $ | 6,873 | ||||||
| Accounts Receivable | - | 3,750 | ||||||||
| Deferred financing costs | 146 | - | ||||||||
| Prepaid expenses and other current assets | 729 | 164 | ||||||||
| Total Current Assets | 6,778 | 10,787 | ||||||||
| Long-term Assets | ||||||||||
| Computer equipment, net | 2 | 3 | ||||||||
| Patents and patent applications, net | 17 | 18 | ||||||||
| Total Assets | $ | 6,797 | $ | 10,808 | ||||||
| Liabilities and stockholders' equity | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable and accrued liabilities | $ | 1,265 | $ | 580 | ||||||
| Accrued Liabilities | 2,094 | 1,432 | ||||||||
| Accrued Compensation and other current liabilities | 653 | 1,701 | ||||||||
| Deferred revenue | 337 | 254 | ||||||||
| Total Current Liabilities | 4,349 | 3,967 | ||||||||
| Long-Term Liabilities | ||||||||||
| Other long-term liabilities | 200 | 200 | ||||||||
| Deferred revenue | 2,202 | 2,307 | ||||||||
| Total Long-Term Liabilities | 2,402 | 2,507 | ||||||||
| Total Liabilites | 6,751 | 6,474 | ||||||||
| Stockholders' equity | ||||||||||
| Common stock, $0.001 par value, 200,000,000 shares | ||||||||||
| authorized, 2,037,888 and 2,026,608 shares issued and | ||||||||||
| outstanding at October 31, 2017 and | ||||||||||
| July 31, 2017, respectively | 2 | 2 | ||||||||
| Additional paid-in-capital | 60,282 | 58,937 | ||||||||
| Accumulated deficit | (60,238 | ) | (54,605 | ) | ||||||
| Total stockholders' equity | 46 | 4,334 | ||||||||
| Total liabilities and stockholders' equity | $ | 6,797 | $ | 10,808 | ||||||
| Opiant Pharmaceuticals Inc. | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (in thousands, except shares and per share amounts) | |||||||||
| (unaudited) | |||||||||
| Three months ended | |||||||||
| October 31, | |||||||||
| 2017 | 2016 | ||||||||
| Revenues | |||||||||
| Royalty & licensing revenue | $ | - | $ | 1,121 | |||||
| Treatment investment income | 22 | - | |||||||
| Total Revenue | 22 | 1,121 | |||||||
| Operating Expenses | |||||||||
| General and Administrative | 4,020 | 1,216 | |||||||
| Research and Development | 1,608 | 442 | |||||||
| Sales and Marketing | - | 42 | |||||||
| Total expenses | 5,628 | 1,700 | |||||||
| Operating loss | (5,606 | ) | (579 | ) | |||||
| Interest and other income (expense) | |||||||||
| Interest income (expense), net | 7 | (2 | ) | ||||||
| Loss on settlement of accrued liability | (33 | ) | - | ||||||
| Income (loss) on foreign exchange | (1 | ) | (20 | ) | |||||
| Total other expense | (27 | ) | (22 | ) | |||||
| Net loss | $ | (5,633 | ) | $ | (601 | ) | |||
| Net loss per common share | |||||||||
| Basic & diluted net loss per common share | $ | (2.77 | ) | $ | (0.30 | ) | |||
| Weighted-average common shares outstanding: | |||||||||
| Basic & Diluted | 2,032,433 | 1,992,433 | |||||||