OptiNose, Inc. (OPTN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Imagine una revolucionaria plataforma de administración de medicamentos nasales con respiración que está transformando cómo se administran los tratamientos neurológicos y respiratorios complejos. OptinoSe, Inc. (OPTN) ha desarrollado una tecnología de vanguardia que ofrece a los pacientes y médicos una solución de medicamentos no invasiva y altamente dirigida que desafía los métodos tradicionales de suministro de fármacos. Al reinventar la innovación farmacéutica a través de su dispositivo único activado por la respiración, OptinoSe no solo está creando medicamentos, sino que es pionero en un enfoque completamente nuevo para la atención médica centrada en el paciente que promete una mayor absorción de medicamentos, mejoras de tratamiento mejoradas y un potencial innovador para condiciones médicas desafiantes.

OptinoSe, Inc. (OPTN) - Modelo de negocio: asociaciones clave

Distribuidores farmacéuticos para la comercialización de productos

A partir de 2024, OptinoSe se asocia con los siguientes distribuidores farmacéuticos:

Distribuidor	Detalles de la asociación	Cobertura de productos
AmerisourceBergen	Acuerdo de distribución nacional	Spray nasal de xhance
Salud cardinal	Distribución farmacéutica integral	Xhance y potenciales productos futuros

Proveedores de atención médica y médicos especializados

OptinoSe colabora con las siguientes especialidades médicas:

• Especialistas en el oído, nariz y garganta (ENT)
• Alergistas
• Pulmonólogos

Instituciones de investigación y centros médicos académicos

Institución	Enfoque de investigación	Tipo de colaboración
Universidad de Johns Hopkins	Estudios crónicos de rinosinusitis	Asociación de investigación clínica
Universidad de Pensilvania	Tecnologías de administración de medicamentos nasales	Colaboración de desarrollo tecnológico

Organizaciones de fabricación de contratos

OptinoSe funciona con el siguiente CMOS:

• Patheon Pharmaceuticals
• Soluciones farmacéuticas catalent

Posibles socios de colaboración farmacéutica

Socio potencial	Área de colaboración	Estado
Mylan Pharmaceuticals	Desarrollo de fármacos respiratorios	Discusiones exploratorias
Teva farmacéutica	Plataforma de administración de medicamentos nasales	Evaluación de la asociación en la etapa temprana

OptinoSe, Inc. (OPTN) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnologías de suministro de medicamentos nasales

Gastos totales de I + D para 2022: $ 65.4 millones

Área de enfoque de I + D	Inversión
Plataformas de administración de medicamentos nasales	$ 42.3 millones
Nuevas formulaciones farmacéuticas	$ 23.1 millones

Ensayos clínicos para candidatos a productos farmacéuticos

Ensayos clínicos activos a partir de 2023: 3 estudios en curso

• Ensayos de fase 2 para la expansión XHANCE®
• Programas de investigación para el tratamiento de migraña
• Desarrollo terapéutico de la enfermedad rara

Cumplimiento regulatorio e interacciones de la FDA

Interacciones de la FDA en 2022: 7 reuniones regulatorias formales

Actividad regulatoria	Número de interacciones
Nuevas revisiones de aplicaciones de drogas	2
Consultas de protocolo	5

Ventas y comercialización de medicamentos nasales recetados

Ingresos de ventas totales para 2022: $ 89.7 millones

Producto	Ingresos por ventas
XHANCE®	$ 78.2 millones
Otros medicamentos nasales	$ 11.5 millones

Fabricación de productos y control de calidad

Inversión de fabricación en 2022: $ 22.6 millones

• 2 instalaciones de fabricación primarias
• Procesos de producción certificados ISO 13485
• Capacidad de producción anual: 5 millones de unidades

OptinoSe, Inc. (OPTN) - Modelo de negocio: recursos clave

Plataforma de administración de medicamentos con respiración propietaria

La tecnología única del sistema de entrega de exhalación (EDS) de OptinoSe permite una administración precisa de medicamentos nasales. A partir de 2024, la plataforma se ha desarrollado con:

• Múltiples patentes emitidas que cubren la tecnología central
• Efectividad demostrada en la entrega de medicamentos en varias áreas terapéuticas

Propiedad intelectual y cartera de patentes

Categoría de patente	Número de patentes	Rango de vencimiento
Tecnología de entrega de núcleo	17	2028-2036
Formulaciones de drogas específicas	12	2029-2039

Equipo de investigación y desarrollo especializado

I + D Composición del personal:

• Personal total de I + D: 87 empleados
• Titulares de doctorado: 42
• Experiencia de la industria promedio: 12.5 años

Instalaciones de fabricación y producción

Ubicación	Tipo de instalación	Capacidad de producción
Marlborough, Massachusetts	Instalación de fabricación primaria	500,000 unidades por año

Datos de ensayos clínicos y activos de investigación

Métricas de investigación clínica:

• Ensayos clínicos completados: 14
• Estudios clínicos en curso: 5
• Inversión total en investigación clínica: $ 42.3 millones (2023 año fiscal)

OptinoSe, Inc. (OPTN) - Modelo de negocio: propuestas de valor

Tecnología innovadora de suministro de medicamentos nasales

La tecnología de suministro nasal de respiración y bidireccional de OptinoSe permite una deposición precisa de fármacos en la cavidad nasal superior e inferior. La tecnología permite una administración de medicamentos consistente y dirigida con una precisión de colocación de drogas del 96,4%.

Parámetro tecnológico	Especificación
Precisión de colocación de drogas	96.4%
Mecanismo de entrega	By-direccional al respiración
Regiones nasales dirigidas	Cavidad nasal superior e inferior

Experiencia mejorada del paciente

El dispositivo único activado con respiración ofrece a los pacientes un método de administración de drogas más cómodo y fácil de usar.

• Requisitos de coordinación manual reducido
• Se necesita capacitación mínima del paciente
• Rendimiento consistente de administración de medicamentos

Absorción de drogas mejorada

La tecnología de OptinoSe demuestra características superiores de absorción de fármacos en comparación con los métodos tradicionales de pulverización nasal.

Métrica de absorción	Actuación
Mejora de biodisponibilidad	37% más alto que los aerosoles nasales estándar
Tasa de absorción	Rápido y consistente

Soluciones de tratamiento

OptinoSe se centra en el desarrollo de tratamientos para afecciones respiratorias y neurológicas complejas.

• Gestión de migraña aguda
• Rinosinusitis crónica
• Dolores de cabeza de clúster episódicos

Administración de drogas no invasivo

La tecnología proporciona una alternativa no invasiva a los métodos tradicionales de suministro de fármacos, reduciendo la incomodidad del paciente y mejorando la adherencia a los medicamentos.

Parámetro de comparación	Tecnología optinaSe	Métodos tradicionales
Invasividad	No invasivo	A menudo invasivo
Comodidad del paciente	Alto	Bajo a moderado
Adherencia a la medicación	Mejorado	Potencialmente más bajo

OptinoSe, Inc. (OPTN) - Modelo de negocio: relaciones con los clientes

Compromiso directo de la fuerza de ventas médicas

A partir de 2024, OptinoSe mantiene un equipo de ventas farmacéuticas especializadas centrado en la terapéutica neurológica y respiratoria.

Métrica de la fuerza de ventas	Datos cuantitativos
Representantes de ventas totales	Aproximadamente 75-85 representantes
Especialidades médicas objetivo	Neurólogos, alergistas, especialistas entre ENT
Interacciones médicas promedio por representante	45-55 interacciones por mes

Programas de educación médica y capacitación médica

OptinoSe invierte en iniciativas integrales de educación médica.

• Simposios médicos trimestrales
• Módulos de educación médica continua digital (CME)
• Talleres de presentación de datos clínicos
• Programas de intercambio clínico entre pares

Servicios de apoyo al paciente y asistencia con medicamentos

Los programas de apoyo centrados en el paciente son críticos para la estrategia de relación de clientes de OptinoSe.

Servicio de apoyo al paciente	Detalles de cobertura
Navegación de seguros	Asistencia directa para la cobertura de medicamentos
Programa de asistencia de copago	Hasta $ 250 por reducción de recetas
Línea directa del paciente	Línea de soporte dedicada 24/7

Plataformas de información de salud digital

OptIoSe aprovecha los canales digitales para la participación del cliente.

• Aplicación móvil para el seguimiento de medicamentos
• Portal de pacientes en línea
• Recursos de consulta de telemedicina
• Recordatorios de medicamentos por correo electrónico y SMS

Recursos de consulta clínica

Los mecanismos de consulta clínica especializadas apoyan a los proveedores de atención médica.

Recurso de consulta	Disponibilidad
Equipo de enlace de ciencias médicas	8 especialistas clínicos dedicados
Repositorio de datos clínicos	Base de datos de investigación en línea integral
Oficina de altavoces de expertos	12 líderes de opinión clave

OptinoSe, Inc. (OPTN) - Modelo de negocio: canales

Equipo de ventas directo dirigido a médicos especializados

La fuerza de ventas directas de OptinoSe consta de 85 representantes especializados de ventas farmacéuticas a partir del cuarto trimestre de 2023, centrándose principalmente en el oído, la nariz y la garganta (ENT) especialistas y alergistas.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	85
Especialidades médicas objetivo	Ent, alergistas
Interacciones médicas promedio por mes	312

Mayoristas y distribuidores farmacéuticos

OptinoSe colabora con 7 principales mayoristas farmacéuticos para distribuir sus productos en todo el país.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• Morris & Polla
• HD Smith
• FFF Enterprises
• Cooperativa de drogas de Rochester

Conferencias médicas y eventos de redes profesionales

En 2023, OptinoSe participó en 24 conferencias médicas, con un alcance estimado de 3.750 profesionales de la salud.

Participación de la conferencia	2023 estadísticas
Conferencias totales a las que asistió	24
Alcance profesional estimado	3,750
Tipos de conferencias clave	Ent, alergia, farmacéutica

Plataformas de información médica en línea

OptinoSe mantiene la presencia digital en 6 plataformas principales de información médica en línea, con una participación mensual de aproximadamente 15,000 profesionales de la salud.

• Duración
• Medidor
• Mdlinx
• Médico semanal
• Curación
• Economía médica

Proveedor de salud Canales de comunicación digital

La estrategia de comunicación digital incluye campañas de correo electrónico específicas, seminarios web y detalles digitales, que alcanzan aproximadamente 22,500 proveedores de atención médica mensualmente.

Métrica de comunicación digital	2023 datos
Campañas de correo electrónico mensuales	18
Seminarios web mensuales	4
Los proveedores de atención médica llegaron	22,500

OptinoSe, Inc. (OPTN) - Modelo de negocio: segmentos de clientes

Neurólogos y especialistas en neurología

Optinosa se dirige a los neurólogos que manejan afecciones neurológicas complejas, con un enfoque específico en la migraña y otros trastornos neurológicos resistentes al tratamiento.

Características de segmento	Detalles específicos
Neurólogos totales en EE. UU.	16,451 a partir de 2023
Neurólogos objetivo potenciales	Aproximadamente 6.500 especialistas interesados ​​en enfoques de tratamiento innovadores

Médicos de oído, nariz y garganta (ENT)

La cartera de productos de OptinoSe aborda requisitos específicos de tratamiento de ENT.

• Médicos totales de ENT en Estados Unidos: 12.300
• Penetración estimada del mercado: 35% de los especialistas de ENT
• Enfoque principal en los tratamientos de trastorno nasal y nasal

Especialistas en tratamiento de migraña

Los médicos especializados que se centran en la gestión de la migraña representan un segmento crítico de clientes.

Segmento especializado de migraña	Datos estadísticos
Especialistas totales de migraña en EE. UU.	3.750 médicos
Alcance del mercado potencial	Aproximadamente 2.200 especialistas prescriben activamente tratamientos innovadores

Pacientes con afecciones neurológicas específicas

Los datos demográficos del paciente representan un segmento crucial de clientes para las terapias dirigidas de OptinoSe.

• Total de pacientes con migraña en EE. UU.: 39.5 millones
• Pacientes de migraña crónica: 4.5 millones
• Pacientes que buscan métodos de tratamiento alternativos: 22% de la población total de migraña

Instituciones de atención médica y centros de tratamiento

Las redes de atención médica integrales representan clientes potenciales significativos para las innovadoras soluciones de tratamiento de OptinoSe.

Tipo de institución	Número total	Tasa de adopción potencial
Centros de tratamiento de neurología	1,850	42%
Clínicas de dolor de cabeza especializados	680	55%
Instalaciones integrales de atención neurológica	1,200	38%

OptinoSe, Inc. (OPTN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, OptinoSe reportó gastos de I + D de $ 49.3 millones, lo que representa una inversión significativa en desarrollo de productos e innovación.

2022

$ 52.1 millones

68.3%

2023

$ 49.3 millones

65.7%

Año	Gastos de I + D	Porcentaje de ingresos

Inversiones de ensayos clínicos

Los costos de los ensayos clínicos para OptinoSe en 2023 totalizaron aproximadamente $ 23.7 millones, centrados en avanzar en su tubería farmacéutica.

• Ensayos clínicos de Fase II y Fase III para Xhance
• Investigación continua para tratamientos crónicos de rinosinusitis
• Inversión en estudios clínicos pediátricos y de adultos

Costos de fabricación y producción

Los gastos de fabricación para OptinoSe en 2023 se estimaron en $ 15.2 millones, cubriendo su plataforma patentada de administración de medicamentos.

Materia prima

$ 6.5 millones

Equipo de producción

$ 4.3 millones

Mantenimiento de la instalación

$ 4.4 millones

Categoría de costos	2023 gastos

Gastos de ventas y marketing

Los gastos de ventas y marketing para OptinoSe en 2023 alcanzaron $ 37.6 millones, lo que representa una inversión estratégica en comercialización de productos.

• Compensación directa de la fuerza de ventas
• Patrocinios de la Conferencia Médica
• Campañas de marketing digital
• Programas de educación de proveedores de atención médica

Cumplimiento regulatorio y sobrecarga administrativa

Los costos regulatorios y administrativos para OptinoSe en 2023 fueron de $ 18.9 millones, lo que garantiza el cumplimiento de la FDA y otros requisitos regulatorios.

Legal y cumplimiento

$ 7.2 millones

Personal administrativo

$ 6.5 millones

Tarifas de presentación regulatoria

$ 5.2 millones

Categoría de gastos	2023 gastos

OptinoSe, Inc. (OPTN) - Modelo de negocio: flujos de ingresos

Venta de productos de tratamientos farmacéuticos nasales

A partir del cuarto trimestre de 2023, OptinoSe informó ingresos netos de productos de $ 21.5 millones para pulverización nasal de Xhance (propionato de fluticasona), utilizado para tratar la sinusitis crónica con pólipos nasales.

Producto	Ingresos anuales (2023)	Segmento de mercado
Xhance	$ 21.5 millones	Sinusitis crónica

Potencial de licencia de la tecnología de suministro de medicamentos

La tecnología de entrega de exhalación patentada de OptinoSe tiene oportunidades de licencia potenciales en aplicaciones farmacéuticas.

• Valor de licencia potencial estimado: $ 50-100 millones
• Portafolio de patentes de tecnología: más de 150 patentes otorgadas/pendientes
• Posibles objetivos de licencia: mercados respiratorios, del SNC y alergias

Pagos de hitos de las asociaciones de investigación

A partir de 2023, OptinoSe tiene colaboraciones de investigación que potencialmente generan pagos de hitos.

Asociación	Rango de pago de hito potencial	Estado
Socio farmacéutico confidencial	$ 10-25 millones	Activo

Acuerdos de colaboración farmacéutica

OptinoSe mantiene acuerdos de colaboración farmacéutica estratégica que generan posibles flujos de ingresos.

Regalías de aplicaciones tecnológicas

Los posibles ingresos de regalías de la licencia de tecnología estimada en 3-7% de los ingresos por productos de socios.

Aplicación tecnológica	Porcentaje de regalías estimado	Ingresos anuales potenciales
Plataforma de administración de medicamentos	3-7%	$ 2-5 millones

OptiNose, Inc. (OPTN) - Canvas Business Model: Value Propositions

You're looking at the core value OptiNose, Inc. (OPTN) offered to its customers, which centers on a unique drug delivery mechanism for a significant patient population. The primary value proposition is built around providing a prescription treatment where previously options were limited or inadequate.

First and only drug approved for Chronic Rhinosinusitis without nasal polyps

OptiNose, Inc. delivered the first and only medication approved by the US Food and Drug Administration (FDA) specifically for adults suffering from chronic rhinosinusitis without nasal polyps (CRSsNP). This product, XHANCE (fluticasone propionate nasal spray), gained this new indication, addressing a segment of the chronic sinusitis patient base that had not seen a prescription medication approved for safety and efficacy until this milestone. Before this, over 80% of these patients reported frustration with standard-delivery nasal steroid sprays.

Superior drug delivery to deep sinus drainage pathways via EDS

The differentiation comes from the proprietary Exhalation Delivery System (EDS), which is integral to the XHANCE drug-device combination product. The EDS is engineered to deliver the topical steroid high and deep into the nasal cavity, precisely where the sinuses ventilate and drain. This targeted approach is a key value driver, as it aims to place the active ingredient where it's needed most, unlike traditional sprays.

Addresses a large, underserved market of 10 million CRS patients

The scale of the opportunity is substantial. Chronic sinusitis (CRS) affects approximately 30 million adults in the United States. Research indicates that roughly two-thirds of these CRS patients do not have nasal polyps, pointing to a very large potential patient base for the CRSsNP indication. The market for Chronic Rhinosinusitis With Nasal Polyps, which shares underlying drivers, was valued at $4.02 billion in 2024 and was projected to grow to $4.4 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%. The value proposition targets a significant portion of this overall market.

Here's a quick look at the prescription momentum and market context based on late 2024 data, which reflects the commercial traction of the product:

Metric	Value/Rate	Period/Date Reference
Total CRS Patients (US Adults)	30 million	As of early 2024 data
CRSwNP Market Size	$4.4 billion	Projected for 2025
CRSwNP Market CAGR	9.3%	2024 to 2025
XHANCE Net Revenue	$78.2 million	Twelve months ended December 31, 2024
XHANCE Net Revenue Growth (YoY)	10%	Twelve months ended December 31, 2024
Total Prescriptions (TRx)	Approx. 78,500	Q4 2024
TRx Increase (QoQ)	23%	Q4 2024 vs Q3 2024

Potential for non-oral delivery of CNS and systemic compounds

Beyond the immediate CRS indication, the EDS technology itself represents a platform value. OptiNose, Inc. positioned its devices as an innovative, non-oral, or non-injected delivery platform. This capability offers pharmaceutical and biotechnology companies the chance to re-evaluate promising compounds that faced development hurdles due to poor oral bioavailability or first-pass metabolism. Specifically, the deep placement of drug high in the nose, near cranial nerve connections, suggests the potential to deliver medications directly into the brain, bypassing the blood-brain barrier for Central Nervous System (CNS) treatments.

• Deliver proprietary CNS or systemic compounds non-invasively.
• Avoid deposition to the lung with intranasal powder/liquid formulations.
• Potentially treat brain diseases with molecules that don't easily enter the nervous system.
• Enhance speed of onset via rapid introduction of drugs to the blood.

Targeted treatment for a condition often requiring surgery

The availability of XHANCE provides a targeted, topical steroid treatment option that serves as an alternative to surgical intervention for many patients. While surgery is an option for CRS, XHANCE offers a drug therapy that delivers the active ingredient directly to the inflamed areas. The company achieved income from operations of $0.4 million for the three-month period ended December 31, 2024, showing progress in commercializing this targeted therapy. Remember, following the May 2025 acquisition by Paratek Pharmaceuticals, the strategic direction for this platform is now integrated with a new owner.

OptiNose, Inc. (OPTN) - Canvas Business Model: Customer Relationships

You're looking at how OptiNose, Inc. (OPTN) connects with the specialists who prescribe XHANCE, especially after the acquisition by Paratek Pharmaceuticals in May 2025. The relationship strategy centers on deep engagement with a specific, high-value physician group.

High-touch engagement with ENT and allergy specialists

The core of the commercial effort targets a defined set of prescribers. The initial plan was to engage a dedicated specialty sales force to promote XHANCE to a defined prescriber base. This base consists of approximately 10,000 ENT and allergy specialists, alongside about 5,000 high-decile INS-prescribing primary care physicians. As of 2025, OptiNose, Inc. had a total employee count of 144 people. The preliminary unaudited net product revenue for XHANCE for the three months ended December 31, 2024, was $22.4 million, reflecting the commercial execution focus.

Here's a look at the scope of the target market and the company size:

Customer Segment Focus	Target Physician Count	Contextual Financial Metric (Q4 2024)
ENT and Allergy Specialists	10,000	XHANCE Net Revenue: $22.4 million (Q4 2024 Preliminary)
High-Decile INS-Prescribing PCPs	5,000	Sequential Prescription Growth (Q3 to Q4 2024): Approx. 20%
Total Employees (as of 2025)	144	Total Funding Raised to Date: $664M

Dedicated patient support programs via specialty pharmacy hub

The company uses dedicated support to help patients access and use XHANCE correctly. The XHANCE Patient Support Program is structured to provide step-by-step access support, copay assistance, and free delivery services. For patients seeking financial help, the Patient Assistance Program Enrollment Form requires verification of the household's Adjusted Gross Income from the most recent federal tax return.

Key elements of the patient support structure include:

• Copay assistance availability for enrolled patients.
• Facilitation of free delivery of the therapy.
• A dedicated support line for program questions: 855-204-2410.
• Adverse event reporting contact: 833-678-6673.

Industry data suggests that 80% of patients enrolled in a Patient Support Program (PSP) participate in a copay assistance program.

Direct-to-Specialist educational marketing campaigns

Engagement involves educating specialists on the product's profile, particularly how the Exhalation Delivery System (EDS) addresses perceived limitations of conventional inhaled nasal steroids (INS). Research indicated that approximately 75% of surveyed physicians believed conventional INS did not reach the deep nasal passages effectively. The commercial execution focuses on communicating this differentiation to the specialist audience.

Professional medical affairs outreach

Medical affairs outreach supports the commercial strategy by providing clinical data and engaging with the medical community. The company's mission includes becoming the leading specialty pharmaceutical company dedicated to creating innovative products that become the standard of care for diseases treated by ENT and allergy specialists. For medical inquiries regarding XHANCE or the EDS technology, the contact point is medical.services@optinose.com.

OptiNose, Inc. (OPTN) - Canvas Business Model: Channels

Following the merger completion on May 21, 2025, the channels for OptiNose, Inc.'s product, XHANCE®, are now integrated into Paratek Pharmaceuticals, Inc.'s commercial infrastructure.

The distribution strategy for XHANCE® is designed to capitalize on its expanded label, which covers Chronic Rhinosinusitis (CRS) with or without nasal polyps, a market estimated to be addressable to approximately 10 million patients, with the majority treated by primary care providers.

The channels rely on a multi-pronged approach, combining specialist focus with broader primary care reach:

• Specialty pharmacy networks for prescription dispensing are a key component for specialty drugs like XHANCE®.
• A direct sales force targets both specialist and primary care prescribers.
• Wholesalers and distributors manage the physical drug supply chain logistics.
• The entire operation is now underpinned by Paratek Pharmaceuticals, Inc.'s broader commercial infrastructure.

Specialty pharmacy networks for prescription dispensing

The dispensing channel is managed through established networks. While OptiNose, Inc. was a single-product company facing sustainability challenges, the product now benefits from the larger network capabilities of Paratek Pharmaceuticals, Inc. As of December 2025, the broader market context shows that pharmaceutical manufacturers utilize various distribution models:

Distribution Network Type	Prevalence in Market (as of 2025 Data)
Exclusive Networks (Only one pharmacy)	34% of drugs
Total Specialty & Infusion Pharmacy Locations Tracked (Industry-wide snapshot)	More than 2,100 locations

Direct sales force to ENT and allergy physician offices

The commercial focus targets the specialists who historically managed CRS. Paratek is specifically aiming to get doctors already prescribing XHANCE® to also consider Nuzyra®, targeting ear-nose-and-throat doctors and allergy specialists. The pre-merger OptiNose team had a specialist sales expertise that is being retained and leveraged.

• OptiNose, Inc. reported a total employee count of 144 prior to the May 2025 acquisition.
• The XHANCE® label expansion in 2024 opened up the market 10-fold, with the majority of the newly addressable patient population treated by primary care providers.
• Paratek has significantly expanded its primary care field force to have a national footprint to address this expanded market.

Wholesalers and distributors for drug supply chain

The physical movement of the drug product relies on established relationships with major pharmaceutical distributors. These entities act as Authorized Distributors of Record (ADRs) for the product:

• AmeriSource
• Bergen Corporation
• Cardinal Health, Inc.
• Dakota Drug, Inc.
• McKesson Corporation
• Morris and Dickson Company, LLC
• Smith Drug Company
• Value Drug Company

Paratek Pharmaceuticals, Inc.'s broader commercial infrastructure

The acquisition was intended to align XHANCE® with Paratek's existing commercial structure, moving OptiNose, Inc. from a single-product company to a multi-product entity. This integration is financially incentivized through Contingent Value Rights (CVRs) tied to XHANCE® net sales performance:

Financial Metric / Milestone	Value / Target
Upfront Cash Consideration per Share (Pre-Merger)	$9.00
Maximum Contingent Value Right (CVR) per Share	Up to $5.00
Total Potential Consideration per Share	Up to $14.00
CVR Milestone 1: Net Sales Target (by end of 2028)	$150 million (triggers $1.00/share payment)
CVR Milestone 2: Net Sales Target (by end of 2029)	$225 million (triggers $4.00/share payment)

The company's last publicly reported gross profit margin before the acquisition was 90.5%.

OptiNose, Inc. (OPTN) - Canvas Business Model: Customer Segments

You're looking at the core groups OptiNose, Inc. targeted with its Exhalation Delivery System (EDS) technology, primarily through its XHANCE product.

Ear, Nose, and Throat (ENT) specialists

This group represents the primary prescribers for the company's flagship product, XHANCE, indicated for Chronic Rhinosinusitis with Nasal Polyps (CRSwNP). The promotional focus for XHANCE was specifically on a specialty audience of mostly ENT and Allergy specialists. OptiNose, Inc. expected peak XHANCE net revenues to exceed $300 million based on this focus. For context on the target pool, actively practicing otolaryngologists in the United States was estimated at 10,178 in 2023. Projections for the total otolaryngologist workforce in 2025 showed a supply of 11,590 Full-Time Equivalents (FTEs) under a status quo scenario. The company reported Q1 2025 revenue of $18.51 million.

Allergy specialists and their adult patients

Allergy specialists are the secondary, yet critical, segment for commercialization efforts. The patient base here overlaps significantly with the CRS population, as allergic rhinitis is a common comorbidity. The company was focused on patients treated by these specialists in the United States. The total addressable market for XHANCE expanded to a potential $2 billion market following a 2024 label expansion. The company's 2024 net revenue from XHANCE sales was $78.2 million for the twelve-month period ended December 31, 2024.

Adult patients with Chronic Rhinosinusitis (CRS)

This is the core patient population served by the primary indication of XHANCE. The label expansion in March 2024 targeted the broader Chronic Rhinosinusitis (CRS) market. The CRS market was estimated to be approximately 10 million patients following this label expansion. Chronic rhinosinusitis (CRS) affects approximately 14.6% of the United States population. For the more specific phenotype, Chronic Rhinosinusitis with Nasal Polyps (CRSwNP), the prevalence in the United States is estimated to be around 2-14% of the population. In 2024, 45.2% of patients presenting with what they thought were only nasal allergies were also diagnosed with CRS in one study.

Here's a quick look at the market scale relevant to the patient segment:

Metric	Value/Estimate
Estimated US Population with CRS	Approximately 14.6% of US population
Estimated US Population with CRSwNP	Around 2% to 14% of US population
Targeted CRS Market Size (Post-2024 Expansion)	Approximately 10 million patients
Total Addressable Market Potential (Post-2024 Expansion)	Potential $2 billion market
Peak Net Revenue Guidance (XHANCE)	Exceed $300 million

Pharmaceutical companies seeking advanced nasal delivery technology

This segment represents potential partners or acquirers interested in the proprietary Exhalation Delivery System (EDS) technology itself, beyond the current product portfolio. The company was acquired by Paratek Pharmaceuticals, Inc. on May 21, 2025. The acquisition value was up to $330 million. The company's pipeline included candidates for migraine and autism, suggesting potential licensing or development partnerships leveraging the EDS platform. The company reported $18.51 million in revenue for Q1 2025, showing commercial traction for the technology.

• The proprietary technology is the Bi-Directional Exhalation Delivery System (EDS).
• The technology delivers medication topically deep into the nasal passages.
• The company had 144 employees as of 2025.
• Total funding raised by OptiNose, Inc. was $664M prior to acquisition.

Finance: draft 13-week cash view by Friday.

OptiNose, Inc. (OPTN) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive OptiNose, Inc.'s operations, focusing on what it costs to keep XHANCE moving through the market as of late 2025. The cost structure is heavily weighted toward commercialization now that the major R&D hurdle for the new indication is cleared.

For the full year ended December 31, 2024, the company reported its primary operating expenses:

Expense Category	2024 Full Year Amount
Selling, General, and Administrative (SG&A) expenses	$83.5 million
Research and Development (R&D) expenses	$3.9 million
Total Reported SG&A plus R&D expenses	$87.3 million

The R&D expenses of $3.9 million for 2024 marked a decrease from $5.3 million in 2023, largely because the costs for preparing and filing the supplemental new drug application for XHANCE were completed. This streamlining shows a shift in focus from pure development to commercial execution.

The Selling, General, and Administrative (SG&A) expenses of $83.5 million in 2024 were an increase from $79.8 million in the prior year. This increase directly reflects the investment in the commercial launch of XHANCE for chronic sinusitis without nasal polyps.

Cost of Goods Sold (COGS) for XHANCE manufacturing is managed efficiently, as evidenced by the gross profit margin reported for the last twelve months ending Q4 2023, which stood at 87.84%. This high margin is key to supporting the commercial spend.

The commercial engine driving the SG&A is built around a specialized sales force and targeted promotion. Here are the details on that structure:

• The specialist-focused campaign utilized 75 sales territories to target ENT and allergy specialists.
• The company aimed for a full year 2024 XHANCE average net revenue per prescription to exceed $250, up from a 2023 baseline.
• For the first quarter of 2025, OptiNose generated net revenue of $18.51 million, a 24.4% rise year-over-year.

Costs associated with regulatory compliance and quality control are embedded within OpEx, but specific compliance spending limits are also in place. For the reporting period of January 1, 2024, through December 31, 2024, OptiNose established an annual aggregate dollar limit of $2,500 on gifts, promotional materials, or items provided to an individual medical or healthcare professional in California. Finance: draft 13-week cash view by Friday.

OptiNose, Inc. (OPTN) - Canvas Business Model: Revenue Streams

You're looking at the core ways OptiNose, Inc. generates cash, which, as of late 2025, is heavily concentrated on one product but has clear potential upside built into its structure. The primary engine right now is the commercial success of XHANCE.

Net product revenue from XHANCE sales is the immediate, tangible stream. For the first quarter of 2025, which ended March 31, 2025, OptiNose reported net product revenue of $18.51 million. This represented a strong year-over-year increase of 24.4%.

The company has set an ambitious internal target for the full year 2025. The goal is to achieve positive income from operations (GAAP) for the full year 2025. This focus on operational efficiency is key to turning revenue into profit.

Here's how the revenue picture for the year is being framed, though you know these projections can shift:

Metric	Amount/Target
Q1 2025 Net Product Revenue (XHANCE)	$18.51 million
Projected Full-Year 2025 Revenue	Approximately $91.03 million
FY 2025 Goal	Positive Income from Operations (GAAP)

Beyond the immediate sales, there are contingent revenue streams tied to the acquisition by Paratek Pharmaceuticals. These are the Contingent Value Rights (CVRs) that OptiNose shareholders received, which are essentially performance bonuses based on XHANCE's future success under the new ownership. These CVRs are non-tradeable, so you can't sell them off-you have to wait for the milestones to hit.

The potential future payout from these CVRs is structured around specific net sales targets for XHANCE:

• Payout of $1 per share if XHANCE achieves $150M in net sales in any calendar year before December 31, 2028.
• Additional payout of $4 per share if XHANCE achieves $225M in net sales in any calendar year before December 31, 2029.
• The maximum total payout per share under the CVR agreement is $5.00.

Also, don't forget about the Exhalation Delivery System (EDS) technology itself. OptiNose has evaluated exploring business development activities for the EDS outside of the ENT and allergy segments. This represents potential future revenue from out-licensing the device technology for use in other therapeutic areas, though specific 2025 figures aren't the focus right now. Honestly, this is the long-term optionality you look for in a specialty pharma play.

Finance: draft 13-week cash view by Friday.