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Obalon Therapeutics (Nasdaq: OBLN) reported a Q1 2020 revenue of $0.8 million, down from $1.8 million in Q1 2019, with a net loss of $5.3 million, improved from $8.3 million a year prior. The operating loss was $4.9 million, reduced from $8.1 million in Q1 2019. As of March 31, 2020, cash reserves were $8.9 million, but funding is only projected through 2020 without additional capital. The company is also facing significant challenges due to COVID-19, affecting sales and operations.
Obalon Therapeutics (NASDAQ: OBLN) has announced significant impacts on its operations due to the Covid-19 crisis, halting sales and manufacturing activities. The company, which specializes in a FDA-approved swallowable balloon system for obesity treatment, reported no expected revenue for the remainder of 2020. Plans to reopen retail centers have been canceled, and executive salaries will be reduced significantly to extend cash reserves. The company is exploring strategic alternatives with its financial advisor, Canaccord Genuity, but has yet to identify a viable transaction.
Obalon Therapeutics (NASDAQ:OBLN) announced the resignation of its President and CEO, William Plovanic, to take another position. Andy Rasdal, the Executive Chairman and former CEO, will step in as CEO after Plovanic's departure. Plovanic will remain in his role until the completion of the Form 10-Q for the first quarter of 2020, which has been delayed due to COVID-19-related disruptions affecting normal business operations. The company plans to file this report by June 29, 2020, leveraging regulatory relief from the SEC regarding reporting deadlines.