We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Opiant Pharmaceuticals Inc | NASDAQ:OPNT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.65 | 18.89 | 22.41 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
46-4744124
|
(State or other jurisdiction of incorporation or
organization)
|
(I.R.S. Employer Identification No.)
|
|
|
201 Santa Monica Blvd., Suite 500, Santa Monica, CA
|
90401
|
(Address of principal executive offices)
|
(Zip Code)
|
Large Accelerated Filer
|
¨
|
Accelerated Filer
|
¨
|
Non-Accelerated Filer
|
¨
|
Smaller Reporting Company
|
x
|
(Do not check if a smaller reporting company)
|
|
Emerging Growth Company
|
¨
|
|
||
|
|
|
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
Assets
|
(unaudited)
|
|
|
|
|||
Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
24,825
|
|
|
$
|
8,116
|
|
Accounts receivable
|
4,112
|
|
|
11,697
|
|
||
Deferred financing costs
|
—
|
|
|
209
|
|
||
Prepaid and other current assets
|
346
|
|
|
733
|
|
||
Total current assets
|
29,283
|
|
|
20,755
|
|
||
|
|
|
|
||||
Other assets
|
|
|
|
|
|
||
Computer equipment - net of accumulated depreciation
|
—
|
|
|
1
|
|
||
Patents and patent applications - net of accumulated amortization
|
16
|
|
|
17
|
|
||
|
|
|
|
||||
Total assets
|
$
|
29,299
|
|
|
$
|
20,773
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable and accrued expenses
|
$
|
1,318
|
|
|
$
|
3,157
|
|
Accrued salaries and wages
|
948
|
|
|
713
|
|
||
Royalty payable
|
800
|
|
|
1,408
|
|
||
Deferred revenue
|
660
|
|
|
379
|
|
||
Total current liabilities
|
3,726
|
|
|
5,657
|
|
||
|
|
|
|
||||
Long-term liabilities
|
|
|
|
||||
Deferred revenue
|
402
|
|
|
2,116
|
|
||
Total long-term liabilities
|
402
|
|
|
2,116
|
|
||
|
|
|
|
||||
Total liabilities
|
$
|
4,128
|
|
|
$
|
7,773
|
|
|
|
|
|
||||
Stockholders' equity
|
|
|
|
|
|
||
Common stock; par value $0.001; 200,000,000 shares authorized; 3,795,429 shares issued and outstanding at September 30, 2018 and 2,535,766 shares issued and outstanding at December 31, 2017
|
4
|
|
|
2
|
|
||
Additional paid-in capital
|
90,050
|
|
|
66,223
|
|
||
Accumulated deficit
|
(64,883
|
)
|
|
(53,225
|
)
|
||
Total stockholders' equity
|
25,171
|
|
|
13,000
|
|
||
|
|
|
|
||||
Total liabilities and stockholders' equity
|
$
|
29,299
|
|
|
$
|
20,773
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||
Royalty and licensing revenue
|
$
|
4,185
|
|
|
$
|
—
|
|
|
$
|
8,887
|
|
|
$
|
3,750
|
|
Treatment investment revenue
|
63
|
|
|
22
|
|
|
170
|
|
|
54
|
|
||||
Grant revenue
|
118
|
|
|
—
|
|
|
163
|
|
|
—
|
|
||||
Total revenue
|
4,366
|
|
|
22
|
|
|
9,220
|
|
|
3,804
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative
|
3,398
|
|
|
2,175
|
|
|
9,220
|
|
|
6,295
|
|
||||
Research and development
|
1,908
|
|
|
691
|
|
|
5,945
|
|
|
2,963
|
|
||||
License fees
|
—
|
|
|
—
|
|
|
5,625
|
|
|
—
|
|
||||
Total operating expenses
|
5,306
|
|
|
2,866
|
|
|
20,790
|
|
|
9,258
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss from operations
|
(940
|
)
|
|
(2,844
|
)
|
|
(11,570
|
)
|
|
(5,454
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||
Interest income, net
|
20
|
|
|
7
|
|
|
31
|
|
|
29
|
|
||||
Loss on settlement of liability
|
—
|
|
|
(33
|
)
|
|
(50
|
)
|
|
(33
|
)
|
||||
Gain (Loss) on foreign exchange
|
2
|
|
|
11
|
|
|
(36
|
)
|
|
41
|
|
||||
Total other income (expense)
|
22
|
|
|
(15
|
)
|
|
(55
|
)
|
|
37
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss before provision for income taxes
|
(918
|
)
|
|
(2,859
|
)
|
|
(11,625
|
)
|
|
(5,417
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
—
|
|
|
550
|
|
|
33
|
|
|
550
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(918
|
)
|
|
$
|
(3,409
|
)
|
|
$
|
(11,658
|
)
|
|
$
|
(5,967
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share of common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Basic and Diluted
|
$
|
(0.32
|
)
|
|
$
|
(1.68
|
)
|
|
$
|
(4.32
|
)
|
|
$
|
(2.96
|
)
|
Weighted average shares outstanding used to compute net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and Diluted
|
2,871,042
|
|
|
2,026,477
|
|
|
2,698,532
|
|
|
2,018,986
|
|
|
|
For the Nine Months Ended
|
||||||
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
||
Net loss
|
|
$
|
(11,658
|
)
|
|
$
|
(5,967
|
)
|
Adjustments to reconcile net loss to net cash from operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
2
|
|
|
5
|
|
||
Stock based compensation from issuance of options
|
|
4,642
|
|
|
1,189
|
|
||
Stock based compensation from issuance of warrants
|
|
—
|
|
|
229
|
|
||
Issuance of common stock for services
|
|
782
|
|
|
98
|
|
||
Loss on settlement of liability
|
|
50
|
|
|
33
|
|
||
Change in assets and liabilities:
|
|
|
|
|
|
|||
Accounts receivable
|
|
7,585
|
|
|
—
|
|
||
Prepaid and other current assets
|
|
387
|
|
|
(425
|
)
|
||
Accounts payable and accrued liabilities
|
|
(2,497
|
)
|
|
1,198
|
|
||
Accrued salaries and wages
|
|
235
|
|
|
(2,752
|
)
|
||
Deferred revenue
|
|
167
|
|
|
(54
|
)
|
||
Net cash used in operating activities
|
|
(305
|
)
|
|
(6,446
|
)
|
||
|
|
|
|
|
||||
Cash flows provided by financing activities
|
|
|
|
|
|
|
||
Proceeds from issuance of warrants
|
|
34
|
|
|
—
|
|
||
Proceeds from issuance of common shares
|
|
17,153
|
|
|
—
|
|
||
Finance costs
|
|
(173
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
|
17,014
|
|
|
—
|
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
|
16,709
|
|
|
(6,446
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
8,116
|
|
|
13,200
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
24,825
|
|
|
$
|
6,754
|
|
|
|
|
|
|
||||
Non-Cash Transactions
|
|
|
|
|
||||
Issuance of Common Shares to Net Profit Partner
|
|
$
|
1,600
|
|
|
$
|
—
|
|
Offset of deferred financing costs against APIC
|
|
$
|
209
|
|
|
$
|
—
|
|
Issuance of common stock as settlement of accrued liability
|
|
$
|
—
|
|
|
$
|
100
|
|
Forgiveness of related party debt
|
|
$
|
—
|
|
|
$
|
762
|
|
(in thousands)
|
BED
|
Other
Opioid Treatments |
|
Grants
|
|
Total
|
||||||||||
Balance as of December 31, 2017
|
|
$
|
895
|
|
|
$
|
1,600
|
|
|
$
|
—
|
|
|
$
|
2,495
|
|
Converted to Equity
|
|
—
|
|
|
(1,600
|
)
|
|
—
|
|
|
(1,600
|
)
|
||||
Increase to deferred revenue
|
|
—
|
|
|
—
|
|
|
500
|
|
|
500
|
|
||||
Recognized as revenue
|
|
(170
|
)
|
|
—
|
|
|
(163
|
)
|
|
(333
|
)
|
||||
Balance as of September 30, 2018
|
|
$
|
725
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
1,062
|
|
(in thousands)
|
BED
|
Other
Opioid Treatments |
|
Grants
|
|
Total
|
||||||||||
Current portion
|
|
$
|
323
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
660
|
|
Long-term portion
|
|
402
|
|
|
—
|
|
|
—
|
|
|
402
|
|
||||
Total
|
|
$
|
725
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
1,062
|
|
|
Number of Options
|
|
Weighted Average Grant Date Fair Value
|
|||
Non-vested at December 31, 2017
|
288,902
|
|
|
$
|
7.87
|
|
Vested
|
(126,801
|
)
|
|
$
|
7.93
|
|
Non-vested at September 30, 2018
|
162,101
|
|
|
$
|
7.82
|
|
|
For the Nine Months Ended September 30, 2018
|
|
Market value of stock on measurement date
|
$14.31 to $24.84
|
|
Risk-free interest rate
|
2.47% to 2.89%
|
|
Dividend yield
|
—
|
|
Volatility factor
|
121% to 324%
|
|
Term
|
5.5 - 10 Years
|
|
|
Number of Shares Available
|
|
Number of Options Outstanding
|
|
Weighted-average Exercise Price
|
|
Weighted-average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value (in Thousands)
|
||||||
Outstanding at July 31, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Total shares authorized
|
400,000
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Granted
|
(214,000
|
)
|
|
214,000
|
|
|
$
|
37.62
|
|
|
9.71
|
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Forfeited
|
40,000
|
|
|
(40,000
|
)
|
|
$
|
49.93
|
|
|
|
|
|
||
Balance at December 31, 2017
|
226,000
|
|
|
174,000
|
|
|
$
|
34.78
|
|
|
9.71
|
|
|
||
Annual additional options authorized
|
101,431
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Granted
|
(188,550
|
)
|
|
188,550
|
|
|
$
|
23.49
|
|
|
|
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Forfeited
|
27,000
|
|
|
(27,000
|
)
|
|
$
|
24.84
|
|
|
|
|
|
||
Balance at September 30, 2018
|
165,881
|
|
|
335,550
|
|
|
$
|
29.24
|
|
|
9.18
|
|
$
|
50
|
|
|
Number of Shares
|
|
Weighted Average Grant Date Fair Value Per Share
|
|||
Non-vested at December 31, 2017
|
174,000
|
|
|
$
|
34.78
|
|
Granted
|
188,550
|
|
|
$
|
23.19
|
|
Forfeited
|
(27,000
|
)
|
|
$
|
24.84
|
|
Balance at September 30, 2018
|
335,550
|
|
|
$
|
29.07
|
|
Vested
|
(42,500
|
)
|
|
35.01
|
|
|
Non-vested at September 30, 2018
|
293,050
|
|
|
$
|
28.21
|
|
|
Number of Shares
|
|
Weighted- average Exercise Price
|
|
Weighted- average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value (in Thousands)
|
|||||
Outstanding at December 31, 2017
|
357,010
|
|
|
$
|
9.78
|
|
|
5.57
|
|
$
|
4,708
|
|
Exercised
|
(3,400
|
)
|
|
$
|
10.00
|
|
|
|
|
|
|
|
Outstanding at September 30, 2018
|
353,610
|
|
|
$
|
9.78
|
|
|
4.85
|
|
$
|
2,857
|
|
Exercisable at September 30, 2018
|
353,610
|
|
|
$
|
9.78
|
|
|
4.85
|
|
$
|
2,857
|
|
(in thousands)
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
|
|||||||||||||||
|
2018
|
2017
|
Change
|
2018
|
2017
|
Change
|
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Royalty and licensing revenue
|
$
|
4,185
|
|
$
|
—
|
|
$
|
4,185
|
|
$
|
8,887
|
|
$
|
3,750
|
|
$
|
5,137
|
|
|
Treatment investment revenue
|
|
63
|
|
|
22
|
|
|
41
|
|
|
170
|
|
|
54
|
|
|
116
|
|
|
Grant revenue
|
|
118
|
|
|
—
|
|
|
118
|
|
|
163
|
|
|
—
|
|
|
163
|
|
|
Total revenue
|
|
4,366
|
|
|
22
|
|
|
4,344
|
|
|
9,220
|
|
|
3,804
|
|
|
5,416
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
General and administrative
|
|
3,398
|
|
|
2,175
|
|
|
1,223
|
|
|
9,220
|
|
|
6,295
|
|
|
2,925
|
|
|
Research and development
|
|
1,908
|
|
|
691
|
|
|
1,217
|
|
|
5,945
|
|
|
2,963
|
|
|
2,982
|
|
|
License fees
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,625
|
|
|
—
|
|
|
5,625
|
|
|
Total operating expenses
|
|
5,306
|
|
|
2,866
|
|
|
2,440
|
|
|
20,790
|
|
|
9,258
|
|
|
11,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loss from operations
|
|
(940
|
)
|
|
(2,844
|
)
|
|
1,904
|
|
|
(11,570
|
)
|
|
(5,454
|
)
|
|
(6,116
|
)
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest income, net
|
|
20
|
|
|
7
|
|
|
13
|
|
|
31
|
|
|
29
|
|
|
2
|
|
|
Loss on settlement of liability
|
|
—
|
|
|
(33
|
)
|
|
33
|
|
|
(50
|
)
|
|
(33
|
)
|
|
(17
|
)
|
|
Gain (Loss) on foreign exchange
|
|
2
|
|
|
11
|
|
|
(9
|
)
|
|
(36
|
)
|
|
41
|
|
|
(77
|
)
|
|
Total other income (expense)
|
|
22
|
|
|
(15
|
)
|
|
37
|
|
|
(55
|
)
|
|
37
|
|
|
(92
|
)
|
|
Loss before provision for income taxes
|
|
(918
|
)
|
|
(2,859
|
)
|
|
1,941
|
|
|
(11,625
|
)
|
|
(5,417
|
)
|
|
(6,208
|
)
|
|
Provision for income taxes
|
|
—
|
|
|
550
|
|
|
(550
|
)
|
|
33
|
|
|
550
|
|
|
(517
|
)
|
|
Net loss
|
$
|
(918
|
)
|
$
|
(3,409
|
)
|
$
|
2,491
|
|
$
|
(11,658
|
)
|
$
|
(5,967
|
)
|
$
|
(5,691
|
)
|
|
|
Nine Months Ended September 30,
|
|||
(in thousands)
|
2018
|
2017
|
||
Net cash used in operating activities
|
$
|
(305)
|
$
|
(6,446)
|
Net cash provided by financing activities
|
$
|
17,014
|
$
|
—
|
•
|
having inadequate financial or other resources to complete the development of our product candidates;
|
•
|
competition in the market from new competitive drugs or generic drugs, including a generic drug that could be marketed by Teva, for which it recently received approval from the FDA;
|
•
|
the inability to manufacture our products in commercial quantities, at an adequate quality, at an acceptable cost or in collaboration with third parties;
|
•
|
experiencing delays or unplanned expenditures in product development, clinical testing or manufacturing;
|
•
|
the inability to establish adequate sales, marketing and distribution channels;
|
•
|
healthcare professionals and patients may not accept our treatments;
|
•
|
we may not be aware of possible complications from the continued use of our products since we have limited clinical experience with respect to the actual use of our products;
|
•
|
technological breakthroughs in reversing opioid overdoses and treating patients with BN, AUD, and OUD may reduce the demand for our products;
|
•
|
changes in the market for reversing opioid overdoses and treating patients with BN, AUD, and OUD, new alliances between existing market participants and the entrance of new market participants may interfere with our market penetration efforts;
|
•
|
third-party payors may not agree to reimburse patients for any or all of the purchase price of our products, which may adversely affect patients’ willingness to purchase our products;
|
•
|
uncertainty as to market demand may result in inefficient pricing of our products;
|
•
|
we may face third party claims of intellectual property infringement;
|
•
|
we may fail to obtain or maintain regulatory approvals for our products in our markets or may face adverse regulatory or legal actions relating to our products even if regulatory approval is obtained; and
|
•
|
we are dependent upon the results of clinical studies relating to our products and the products of our competitors. If data from a clinical trial is unfavorable, we would be reluctant to advance the specific product for the indication for which it was being developed.
|
|
|
Incorporation by Reference
|
|||
Exhibit Number
|
Description of Document
|
Form
|
File No.
|
Exhibit
|
Filing Date
|
10.84+
|
8-K
|
001-38193
|
10.84
|
9/10/18
|
|
10.85+
|
8-K
|
001-38193
|
10.85
|
9/10/18
|
|
10.86+
|
8-K
|
001-38193
|
10.86
|
9/20/18
|
|
10.87
|
8-K
|
001-38193
|
10.1
|
6/12/18
|
|
31.1*
|
|
|
|
|
|
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
|
|
|
|
|
|
32.2**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS*
|
XBRL Instance Document.
|
|
|
|
|
|
|
|
|
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
|
|
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
|
|
|
|
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
+
|
Confidential treatment has been requested with respect to certain portions of this exhibit. Omitted portions have been filed separately with the SEC.
|
|
|
*
|
Filed herewith
|
|
|
**
|
The certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Opiant Pharmaceuticals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.
|
|
OPIANT PHARMACEUTICALS, INC.
|
|
|
|
|
|
|
November 7, 2018
|
By:
|
/s/
Dr. Roger Crystal
|
|
|
|
Name: Dr. Roger Crystal
|
|
|
|
Title: Chief Executive Officer and Director
|
|
|
|
(Principal Executive Officer)
|
|
November 7, 2018
|
By:
|
/s/
David D. O'Toole
|
|
|
|
Name: David D. O'Toole
|
|
|
|
Title: Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
1 Year Opiant Pharmaceuticals Chart |
1 Month Opiant Pharmaceuticals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions