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Obalon Therapeutics, Inc. (OBLN)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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0.6797+0.0038 (+0.56%)
At close: 4:00PM EDT
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Previous Close0.6759
Bid0.6600 x 1800
Ask0.0000 x 1000
Day's Range0.6600 - 0.7100
52 Week Range0.6200 - 3.5000
Avg. Volume587,242
Market Cap5.255M
Beta (5Y Monthly)-1.14
PE Ratio (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
Press Releases
  • GlobeNewswire

    Obalon Announces Second Quarter 2020 Financial Results

    SAN DIEGO, July 30, 2020 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2020. Financial results for the second quarter of 2020Revenue for the second quarter of 2020 was $0.7 million, compared to $0.4 million for the second quarter of 2019, primarily due to reversals of revenue reserves as a result of suspending business operations at the company-branded retail treatment centers. Net loss for the second quarter of 2020 was $4.2 million, compared to $6.8 million for the second quarter of 2019. Net loss per share for the second quarter of 2020 was $0.54, compared to $2.52 for the second quarter of 2019.Cost of revenue was $0.4 million for the second quarter of 2020, down from $0.7 million for the second quarter of 2019. Gross profit for the second quarter of 2020 was $0.3 million, compared to a gross deficit of $0.3 million for the second quarter of 2019.Research and Development expense for the second quarter of 2020 totaled $0.8 million, down from $1.8 million for the second quarter of 2019. Selling, General and Administrative expense decreased to $2.4 million for the second quarter of 2020, compared to $4.3 million for the second quarter of 2019.The Company recognized $1.3 million impairment expense and other charges related to its inventory and long-lived assets during the second quarter of 2020, as a result in the Company's shift in business strategy away from the retail treatment centers to reimbursement.Operating loss for the second quarter of 2020 was $4.2 million, down from a loss of $6.4 million for the second quarter of 2019.As of June 30, 2020, the Company had cash and cash equivalents of $6.8 million and $0.4 million of debt related to its Payroll Protection Program loan. The Company intends to continue exploring the potential for third-party reimbursement for the Obalon Balloon System, as well as exploring and evaluating financial alternatives to help meet its capital needs and strategic alternatives that might enhance stockholder value.  There is no assurance that any financial or strategic alternative will be identified.  If the Company is not able to raise additional capital to meet its needs or to identify a strategic alternative in the best interest of stockholders, it will have to discontinue all operations and may be required to declare bankruptcy or dissolve.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 StatementsThis 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 period ended December 31, 2019, periodic reports on Form 10-Q for the period ended June 30, 2020 and March 31, 2020 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 June 30,  Six Months Ended June 30,   2020 2019  2020  2019                  Revenue$703  $386  $1,483  $2,161  Cost of revenue423  679  964  1,911  Gross profit (deficit)280  (293) 519  250  Operating expenses:        Research and development765  1,788  2,022  4,227  Selling, general and administrative2,362  4,332  6,255  10,536  Asset impairment and other charges1,310  —  1,310  —  Total operating expenses4,437  6,120  9,587  14,763  Loss from operations(4,157) (6,413) (9,068) (14,513) Interest (expense) income, net(5) (295) 30  (485) Other expense, net(26) (59) (411) (59) Net loss and comprehensive loss$(4,188) $(6,767) $(9,449) $(15,057) Net loss per share, basic and diluted$(0.54) $(2.52) $(1.22) $(6.02) Weighted-average common shares outstanding, basic and diluted7,728,624  2,687,829  7,726,915  2,500,619               OBALON THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares and par value data)   June 30, 2020 December 31, 2019 Assets(unaudited)   Current assets:    Cash and cash equivalents$6,804  $14,055  Accounts receivable, net—  285  Inventory—  1,936  Other current assets3,971  1,959  Total current assets10,775  18,235  Property and equipment, net1,055  1,081  Lease right-of-use assets748  1,077  Other long-term assets1,295  —  Total assets$13,873  $20,393  Liabilities and Stockholders’ Equity    Current liabilities:    Accounts payable$1,054  $648  Accrued compensation240  820  Deferred revenue123  424  Other current liabilities3,603  1,524  Current portion of lease liabilities579  561  Total current liabilities5,599  3,977  Lease liabilities long-term666  567  Long-term debt430  —  Total long-term liabilities1,096  567  Total liabilities6,695  4,544  Commitments and contingencies    Stockholders’ equity:    Common stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 7,731,633 and 7,724,100 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively8  8  Additional paid-in capital189,049  188,271  Accumulated deficit(181,879) (172,430) Total stockholders’ equity7,178  15,849  Total liabilities and stockholders’ equity$13,873  $20,393           OBALON THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)                Six Months Ended June 30,   2020   2019           Operating activities:        Net loss$(9,449) $(15,057) Adjustments to reconcile net loss to net cash used in operating activities:    Depreciation187  256  Stock-based compensation762  1,641  Loss on disposal of fixed assets—  95  Amortization of right-of-use assets239  186  Accretion of investment discount, net—  (2) Amortization of debt discount—  70  Impairment of long-lived assets and other charges1,257  —  Impairment of inventory53  —  Change in operating assets and liabilities:    Accounts receivable, net285  423  Inventory(524) (157) Other current assets(1,845) 1,760  Accounts payable405  (191) Accrued compensation(564) (2,712) Deferred revenue(302) (32) Lease liabilities, net(147) (136) Other current and long term liabilities2,079  (142)      Net cash used in operating activities(7,564) (13,998) Investing activities:    Maturities of short-term investments—  2,550  Purchase of property and equipment(117) (20)      Net cash (used in) provided by investing activities(117) 2,530  Financing activities:    Proceeds from long-term loan430  10,000  Payment on long-term loan—  (15,000) Proceeds from issuance of common stock, net of issuance costs—  8,793  Proceeds from sale of common stock upon exercise of stock options—  1       Net cash provided by financing activities430  3,794       Net decrease in cash and cash equivalents(7,251) (7,674) Cash and cash equivalents at beginning of period14,055  21,187  Cash and cash equivalents at end of period$6,804  $13,513  Supplemental cash flow information:    Interest paid$—  $563  Unpaid issuance costs$—  $377           CONTACT: For Obalon Therapeutics, Inc. Investor Contact:  Andrew Rasdal  President and Chief Executive Officer  Obalon Therapeutics, Inc.  Office: +1 844 362 2566

  • GlobeNewswire

    Obalon Announces First Quarter 2020 Financial Results and Business Update

    SAN DIEGO, June 19, 2020 -- Obalon Therapeutics, Inc. (Nasdaq: OBLN), a weight loss solutions company with the first and only FDA-approved swallowable, gas-filled intragastric.

  • GlobeNewswire

    Obalon Announces Further Impacts Related To Covid-19 Crisis and Current Business Environment

    Obalon Therapeutics, Inc. (“Obalon” or the “Company”) (NASDAQ:OBLN), a vertically integrated weight loss solutions company commercializing the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity, announces changes related to the impacts of the Covid-19 crisis and current business environment on its business, organization and strategic options. As previously announced, the overall uncertainty, the restriction on elective procedures and the specific directives issued by the Governor of California as a result of Covid-19 have had a significant impact on Obalon’s business. In March, the Company halted sales to new patients in its company-branded retail treatment centers and expansion plans for additional retail centers, which was particularly disappointing as it had generated an average of approximately 30 new patient sales per month at its San Diego center for the three months preceding the Covid-19 crisis.