Obalon Announces First Quarter 2021 Financial Results
12 Mayo 2021 - 7:40AM
Obalon Therapeutics, Inc. (NASDAQ:OBLN), a vertically
integrated medical technology company with the first and only
FDA-approved swallowable, gas-filled intragastric balloon system
for the treatment of obesity, today announced its financial
results for the first quarter ended March 31, 2021. On
January 19, 2020 the Company signed a definitive agreement for
a merger with ReShape Lifesciences Inc.
Financial results for the first quarter of
2021
Revenue for the first quarter of 2021 was none, compared to $0.8
million for the first quarter of 2020, with the decrease primarily
due to the suspension of operations in the second quarter of 2020.
Net loss for the first quarter of 2021 was $4.2 million, compared
to $5.3 million for the first quarter of 2020. Net loss per share
for the first quarter of 2021 was $0.44, compared to $0.68 for the
first quarter of 2020.
Cost of revenue was none for the first quarter of 2021, down
from $0.5 million for the first quarter of 2020. Gross profit for
the first quarter of 2021 was none compared to a gross profit of
$0.2 million for the first quarter of 2020.
Research and Development expense for the first quarter of 2021
totaled $0.1 million, down from $1.3 million for the first quarter
of 2020. Selling, General and Administrative expense increased to
$4.1 million for the first quarter of 2021, compared to $3.9
million for the first quarter of 2020.
Operating loss for the first quarter of 2021 was $4.2 million,
down from a loss of $4.9 million for the first quarter of 2020.
As of March 31, 2021, the Company had cash and cash
equivalents of $9.0 million and $0.4 million of debt related to its
Payroll Protection Program loan.
About Obalon Therapeutics, Inc.
Obalon Therapeutics, Inc. (NASDAQ:OBLN) is a San
Diego-based company focused on developing and commercializing novel
technologies for weight loss.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains forward-looking statements that are
not purely historical regarding Obalon’s or its management’s
intentions, beliefs, expectations and strategies for the future,
including those related to new products and their potential
benefits. All forward-looking statements and reasons why results
might differ included in this press release are made as of the date
of this release, based on information currently available to
Obalon, deal with future events, are subject to various risks and
uncertainties, and actual results could differ materially from
those anticipated in those forward looking statements. The risks
and uncertainties that may cause actual results to differ
materially from Obalon’s current expectations are more fully
described in Obalon’s annual report on Form 10-K for the
fiscal year ended December 31, 2020 and its quarterly report
on Form 10-Q for the fiscal quarter ended March 31, 2021, and its
other reports, each as filed with the Securities and Exchange
Commission. Except as required by law, Obalon assumes no obligation
to update any such forward-looking statement after the date of this
report or to conform these forward-looking statements to actual
results.
OBALON
THERAPEUTICS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS(unaudited)(in thousands, except
shares and per share data)
|
Three Months ended March 31, |
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
Revenue |
$ |
— |
|
|
$ |
780 |
|
Cost of revenue |
|
— |
|
|
|
541 |
|
Gross profit |
|
— |
|
|
|
239 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
112 |
|
|
|
1,257 |
|
Selling, general and administrative |
|
4,056 |
|
|
|
3,893 |
|
Total operating expenses |
|
4,168 |
|
|
|
5,150 |
|
Loss from operations |
|
(4,168 |
) |
|
|
(4,911 |
) |
Interest income (expense),
net |
|
1 |
|
|
|
35 |
|
Other expense |
|
— |
|
|
|
(385 |
) |
Net loss |
|
(4,167 |
) |
|
|
(5,261 |
) |
Net loss and comprehensive
loss |
$ |
(4,167 |
) |
|
$ |
(5,261 |
) |
Net loss per share, basic and
diluted |
$ |
(0.44 |
) |
|
$ |
(0.68 |
) |
Weighted-average common shares
outstanding, basic and diluted |
|
9,444,241 |
|
|
|
7,725,205 |
|
OBALON
THERAPEUTICS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(in thousands, except shares and par value
data)
|
March 31, |
|
December 31, |
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
8,972 |
|
|
$ |
3,905 |
|
Other current assets |
|
3,822 |
|
|
|
3,930 |
|
Total current assets |
|
12,794 |
|
|
|
7,835 |
|
Lease right-of-use assets |
|
421 |
|
|
|
521 |
|
Property and equipment,
net |
|
891 |
|
|
|
957 |
|
Clinical-use assets |
|
1,304 |
|
|
|
1,304 |
|
Other long-term assets |
|
1,933 |
|
|
|
— |
|
Total assets |
$ |
17,343 |
|
|
$ |
10,617 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
582 |
|
|
$ |
615 |
|
Accrued compensation |
|
602 |
|
|
|
65 |
|
Debt |
|
430 |
|
|
|
— |
|
Other current liabilities |
|
4,699 |
|
|
|
3,802 |
|
Current portion of lease liabilities |
|
550 |
|
|
|
564 |
|
Total current liabilities |
|
6,863 |
|
|
|
5,046 |
|
Lease liabilities,
long-term |
|
344 |
|
|
|
438 |
|
Long-term debt |
|
— |
|
|
|
430 |
|
Other long-term
liabilities |
|
38 |
|
|
|
38 |
|
Total liabilities |
|
7,245 |
|
|
|
5,952 |
|
|
|
|
|
|
|
Commitments and
contingencies (See Note 10) |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized as of
March 31, 2021 and December 31, 2020, 10,021,568 and 7,770,698
shares issued and outstanding as of March 31, 2021 and December 31,
2020, respectively |
|
10 |
|
|
|
8 |
|
Additional paid-in capital |
|
199,019 |
|
|
|
189,421 |
|
Accumulated deficit |
|
(188,931 |
) |
|
|
(184,764 |
) |
Total stockholders’ equity |
|
10,098 |
|
|
|
4,665 |
|
Total liabilities and stockholders’ equity |
$ |
17,343 |
|
|
$ |
10,617 |
|
OBALON
THERAPEUTICS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(unaudited)(in
thousands)
|
Three months ended March 31, |
|
2021 |
|
|
2020 |
|
Operating
activities: |
|
|
|
|
|
Net loss |
$ |
(4,167 |
) |
|
$ |
(5,261 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
Depreciation |
|
66 |
|
|
|
103 |
|
Stock-based compensation |
|
91 |
|
|
|
470 |
|
Amortization of right-of-use assets |
|
100 |
|
|
|
122 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
— |
|
|
|
(176 |
) |
Inventory |
|
— |
|
|
|
(326 |
) |
Other current assets |
|
108 |
|
|
|
(2,828 |
) |
Other long-term assets |
|
(1,933 |
) |
|
|
— |
|
Accounts payable |
|
(33 |
) |
|
|
422 |
|
Accrued compensation |
|
537 |
|
|
|
(446 |
) |
Deferred revenue |
|
— |
|
|
|
38 |
|
Lease liabilities, net |
|
(108 |
) |
|
|
(14 |
) |
Other current and long-term liabilities |
|
897 |
|
|
|
3,082 |
|
Net cash used in operating activities |
|
(4,442 |
) |
|
|
(4,814 |
) |
Investing
activities: |
|
|
|
|
|
Purchases of property and
equipment |
|
— |
|
|
|
(326 |
) |
Net cash used in investing activities |
|
— |
|
|
|
(326 |
) |
Financing
activities: |
|
|
|
|
|
Proceeds from exercise of
warrants |
|
9,509 |
|
|
|
— |
|
Net cash provided by financing activities |
|
9,509 |
|
|
|
— |
|
Net increase (decrease) in cash and cash equivalents |
|
5,067 |
|
|
|
(5,140 |
) |
Cash and cash equivalents at
beginning of period |
|
3,905 |
|
|
|
14,055 |
|
Cash and cash equivalents at
end of period |
$ |
8,972 |
|
|
$ |
8,915 |
|
For Obalon Therapeutics, Inc.
Investor Contact:
Andrew Rasdal
President and Chief Executive Officer
Obalon Therapeutics, Inc.
Office: +1 844 362 2566
arasdal@obalon.com
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