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Opiant Pharmaceuticals, Inc. Reports Fiscal First Quarter 2018 Financial Results

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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  

 

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