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OBLN

Obalon Therapeutics, Inc. Common Stock NASDAQ Global Market
$2.25
Open: $2.461 High: $2.461 Low: $1.95 Close: $2.25
Range: 2021-05-06 - 2021-05-07
Volume: 395,571
Market: Closed
Powered by Finage Stock APIDelayed data
OBLN
Obalon Therapeutics, Inc. Common Stock 5421 Avenida Encinas Carlsbad CA, 92008 http://www.obalon.com
Obalon Therapeutics Inc is a commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss.
  • CEO: Andrew P. Rasdal
  • Employees: 137
  • Sector: Healthcare
  • Industry: Medical Devices
OBLN News
Latest news about the OBLN
  • SHAREHOLDER ALERT: WeissLaw LLP Reminds BFTL, OBLN, FI, and BMTC Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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  • SHAREHOLDER ALERT: WeissLaw LLP Reminds NTWN, OBLN, FI, and BMTC Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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  • SHAREHOLDER ALERT: WeissLaw LLP Reminds FLIR, NTWN, OBLN, and GLUU Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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  • SHAREHOLDER ALERT: WeissLaw LLP Reminds TLRY, CBLI, AKER and OBLN Shareholders About Its Ongoing Investigations

    Tilray, Inc. (NASDAQ: TLRY)

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  • Obalon Announces Fourth Quarter and Full Year 2020 Financial Results

    SAN DIEGO, March 12, 2021 (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 fourth quarter and full year ended December 31, 2020. On November 10, 2020, the Company signed a non-binding term sheet for merger with ReShape Lifesciences Inc. and, on January 20, 2021, announced that a definitive agreement had been signed on January 19, 2020 for a merger with ReShape Lifesciences Inc. Financial results for the fourth quarter of 2020Revenue for the fourth quarter of 2020 was $0.1 million, compared to $0.8 million for the fourth quarter of 2019, with the decrease primarily due to the suspension of operations in the second quarter of 2020. Net loss for the fourth quarter of 2020 was $1.3 million, compared to $4.9 million for the fourth quarter of 2019. Net loss per share for the fourth quarter of 2020 was $0.17, compared to $0.64 for the fourth quarter of 2019. Cost of revenue was $0 for the fourth quarter of 2020, down from $0.6 million for the fourth quarter of 2019. Gross profit for the fourth quarter of 2020 was $0.1 million compared to $0.2 million for the fourth quarter of 2019. Research and Development expense for the fourth quarter of 2020 totaled $0.2 million, down from $1.5 million for the fourth quarter of 2019. Selling, General and Administrative expense decreased to $1.2 million for the fourth quarter of 2020, compared to $3.6 million for the fourth quarter of 2019. Operating loss for the fourth quarter of 2020 was $1.4 million, down from a loss of $5.0 million for the fourth quarter of 2019. As of December 31, 2020, the Company had cash and cash equivalents of $3.9 million and $0.4 million of debt related to its Payroll Protection Program loan. Financial results for the full year of 2020Revenue for the full year of 2020 was $1.6 million, compared to $3.3 million for the full year of 2019, with the decrease primarily due to the suspension of operations in the second quarter of 2020. Net loss for the full year of 2020 was $12.3 million, compared to $23.7 million for the full year of 2019. Net loss per share for the full year of 2020 was $1.59, compared to $5.03 for the full year of 2019. Cost of revenue was $1.0 million for the full year of 2020, down from $3.0 million for the full year of 2019. Gross profit for the full year of 2020 was $0.6 million compared to $0.3 million for the full year of 2019. Research and Development expense for the full year of 2020 totaled $2.5 million, down from $6.9 million for the full year of 2019. Selling, General and Administrative expense decreased to $8.8 million for the full year of 2020, compared to $16.7 million for the full year of 2019. Operating loss for the full year of 2020 was $12.0 million, down from a loss of $23.2 million for the full year of 2019. Subsequent Events From January 1, 2021 through March 2, 2021, the Company’s warrant holders covering 2.3 million shares exercised the warrants and common stock was issued in exchange for proceeds of $9.5 million. 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 the potential merger with ReShape Lifesciences Inc. 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, 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 December 31, Twelve Months Ended December 31, 2020 2019 2020 2019Revenue$61 $787 $1,588 $3,281 Cost of revenue (1) 627 1,004 2,950 Gross profit (deficit) 62 (160) 584 331 Operating expenses: Research and development 157 1,492 2,450 6,893 Selling, general and administrative 1,230 3,643 8,776 16,668 Asset impairment and other charges — — 1,310 — Total operating expenses 1,387 5,135 12,536 23,561 Loss from operations (1,326) (4,975) (11,952) (23,230)Interest (expense) income, net — 63 29 (385)Other expense, net — (1) (411) (61)Net loss and comprehensive loss$(1,326) $(4,913) $(12,334) $(23,676)Net loss per share, basic and diluted$(0.17) $(0.64) $(1.59) $(5.03)Weighted-average common shares outstanding, basic and diluted 7,770,698 7,692,673 7,738,355 4,706,775 OBALON THERAPEUTICS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except shares and par value data) December 31, 2020 2019Assets Current assets: Cash and cash equivalents$3,905 $14,055 Accounts receivable, net — 285 Inventory — 1,936 Other current assets 3,930 1,959 Total current assets 7,835 18,235 Lease right-of-use assets 521 1,077 Property and equipment, net 957 1,081 Other long-term assets 1,304 — Total assets$10,617 $20,393 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable$615 $648 Accrued compensation 65 820 Deferred revenue — 424 Other current liabilities 3,802 1,524 Current portion of lease liabilities 564 561 Total current liabilities 5,046 3,977 Lease liabilities, long-term 438 567 Long-term debt 430 — Other long-term liabilities 38 — Total liabilities 5,952 4,544 Commitments and contingencies Stockholders’ equity: Common stock, $0.001 par value; 100,000,000 shares authorized as of December 31, 2020 and December 31, 2019; 7,770,698 and 7,724,100 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively 8 8 Additional paid-in capital 189,421 188,271 Accumulated deficit (184,764) (172,430)Total stockholders’ equity 4,665 15,849 Total liabilities and stockholders’ equity$10,617 $20,393 OBALON THERAPEUTICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)(in thousands) Year ended December 31, 2020 2019Operating activities: Net loss$(12,334) $(23,676)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 340 479 Stock-based compensation 1,089 2,983 Fair value of cash-settled options 38 — Issuance of warrants for the purchase of common stock 45 — Amortization of right-of-use assets 503 415 Loss on disposal of fixed asset — 128 Accretion of investment discount, net — (2)Amortization of debt discount — 70 Impairment of long-lived assets and other charges 1,257 — Impairment of inventory 53 — Change in operating assets and liabilities: Accounts receivable, net 285 585 Inventory (525) 12 Other current assets (1,804) 411 Accounts payable (33) (543)Accrued compensation (740) (2,985)Deferred revenue (424) 72 Lease liabilities, net (427) (364)Other current and long-term liabilities 2,268 (451)Net cash used in operating activities (10,409) (22,866)Investing activities: Maturities of short-term investments — 2,550 Purchases of property and equipment (171) (194)Net cash (used in) provided by investing activities (171) 2,356 Financing activities: Proceeds from issuance of common stock and warrants, net of issuance costs — 23,377 Proceeds from long-term loan, net of issuance costs 430 10,000 Repayments of long-term loans — (20,000)Proceeds from sale of common stock upon exercise of stock options — 1 Net cash provided by financing activities 430 13,378 Net (decrease) increase in cash and cash equivalents (10,150) (7,132)Cash and cash equivalents at beginning of period 14,055 21,187 Cash and cash equivalents at end of period$3,905 $14,055 Supplemental cash flow information: Interest paid$— $719 Income taxes paid$— $— Property and equipment in accounts payable$— $32 CONTACT: 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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  • SHAREHOLDER ALERT: WeissLaw LLP Reminds PROS, IPHI and OBLN Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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  • SHAREHOLDER ALERT: WeissLaw LLP Reminds IPHI, OBLN, IACA, and TPGY Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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  • Lifshitz Law Firm, P.C. Announces Investigation of CHNG, MGLN, OBLN, and OXFD

    NEW YORK, NY / ACCESSWIRE / February 14, 2021 / Lifshitz Law Firm, P. (NASDAQ:CHNG)Lifshitz Law Firm, P.

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  • INVESTIGATION ALERT: Halper Sadeh LLP Investigates CUB, CRHM, GLUU, OXFD, OBLN; Shareholders Are Encouraged to Contact the Firm

    Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies:

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  • Lifshitz Law Firm, P.C. Announces Investigation of CHNG, CPAH, HMSY, INFO, MGLN, NAV, OBLN, OXFD, and WTRE

    Change Healthcare Inc. (NASDAQ: CHNG)

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  • INVESTIGATION ALERT: Halper Sadeh LLP Investigates VIE, SMTX, NK, OBLN; Shareholders Are Encouraged to Contact the Firm

    NEW YORK, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Halper Sadeh LLP, a global investor rights law firm, continues to investigate the following companies: Viela Bio, Inc. (NASDAQ: VIE) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to Horizon Therapeutics plc for $53.00 per share in cash. If you are a Viela Bio shareholder, click here to learn more about your rights and options. SMTC Corporation (NASDAQ: SMTX) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to an affiliate of H.I.G. Capital for $6.044 per share in cash. If you are a SMTC shareholder, click here to learn more about your rights and options. NantKwest, Inc. (NASDAQ: NK) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its merger with ImmunityBio. Under the terms of the agreement, ImmunityBio shareholders will receive a fixed exchange ratio of 0.8190 shares of NantKwest for each share of ImmunityBio owned. If you are a NantKwest shareholder, click here to learn more about your rights and options. Obalon Therapeutics, Inc. (NASDAQ: OBLN) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its merger with ReShape Lifesciences Inc. If you are an Obalon shareholder, click here to learn more about your rights and options. Halper Sadeh LLP may seek increased consideration, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com. Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information:Halper Sadeh LLPDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.comhttps://www.halpersadeh.com

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  • SHAREHOLDER ALERT: WeissLaw LLP Reminds OBLN, HEC, CNIG and CHNG Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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  • SHAREHOLDER ALERT: Halper Sadeh LLP Investigates OBLN, CIT, ZAGG, HLIX; Shareholders Are Encouraged to Contact the Firm

    NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Halper Sadeh LLP, a global investor rights law firm, continues to investigate the following companies: Obalon Therapeutics, Inc. (NASDAQ: OBLN) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its merger with ReShape Lifesciences Inc. If you are an Obalon shareholder, click here to learn more about your rights and options. CIT Group Inc. (NYSE: CIT) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to First Citizens BancShares, Inc. Under the terms of the merger agreement, CIT shareholders will receive 0.0620 shares of First Citizens class A common stock for each share of CIT common stock they own. If you are a CIT Group shareholder, click here to learn more about your rights and options. ZAGG Inc (NASDAQ: ZAGG) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to a buyer group led by Evercel, Inc. Under the terms of the merger, ZAGG shareholders will receive $4.20 per share in cash, and an additional contingent amount of up to $0.25 per share to be paid if ZAGG’s Paycheck Protection Program Loan is forgiven and any audit related thereto is satisfactorily completed. If you are a ZAGG shareholder, click here to learn more about your rights and options. Helix Technologies, Inc. (OTC: HLIX) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its merger with Medical Outcomes Research Analytics, LLC. Under the merger, Helix shareholders will receive 0.05 shares of a newly formed company, Forian Inc., for each share of Helix common stock. If you are a Helix shareholder, click here to learn more about your rights and options. Halper Sadeh LLP may seek increased consideration, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com. Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information:Halper Sadeh LLPDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com

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  • SHAREHOLDER ALERT: Rigrodsky Law, P.A. Announces Investigation of Obalon Therapeutics, Inc. Merger

    WILMINGTON, Del., Jan. 25, 2021 (GLOBE NEWSWIRE) -- Rigrodsky Law, P.A. announces that it is investigating Obalon Therapeutics, Inc. (“Obalon”) (NASDAQ GS: OBLN) regarding possible breaches of fiduciary duties and other violations of law related to Obalon’s agreement to merge with ReShape Lifesciences, Inc. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-obalon-therapeutics-inc. You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or info@rl-legal.com. Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide. Attorney advertising. Prior results do not guarantee a similar outcome. CONTACT: Rigrodsky Law, P.A.Seth D. RigrodskyGina M. Serra(888) 969-4242 (Toll Free)(302) 295-5310Fax: (302) 654-7530info@rl-legal.com https://rl-legal.com

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  • Lifshitz Law Firm, P.C. Announces Investigation of CHNG, COHR, LITE, CPAH, MGLN, NAV, OBLN, OXFD and WTRE

    Change Healthcare Inc. (NASDAQ: CHNG)

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  • SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Obalon Therapeutics, Inc. - OBLN

    Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm rated Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating Obalon Therapeutics, Inc. ("OBLN" or the "Company") (OBLN) relating to its proposed merger with ReShape Lifesciences, Inc. Under the terms of the agreement, OBLN will merge with and into ReShape, with ReShape emerging as a publicly traded company.

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  • OBALON ALERT: Bragar Eagel & Squire, P.C. Investigates Sale of OBLN and Encourages Investors to Contact the Firm

    NEW YORK, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Obalon Therapeutics, Inc. (NASDAQ: OBLN) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by ReShape Lifesciences Inc. (Other OTC: RSLS). Click here to learn more and participate in the action. On January 20, 2021, Obalon announced that it had signed an agreement to be acquired by ReShape in an all-stock merger. Pursuant to the merger agreement, at the close of the merger, current Obalon stockholders will own 49% while current ReShape stockholders will own 51% of the combined company. Bragar Eagel & Squire is concerned that Obalon’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Obalon’s stockholders. If you own shares of Obalon and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at investigations@bespc.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.investigations@bespc.comwww.bespc.com

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  • ALERT: Halper Sadeh LLP Investigates the Following Companies on Behalf of Shareholders - CHNG, OXFD, SMTX, OBLN, ALXN, BYFC, CIT

    Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies:

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  • OBALON INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Merger of Obalon Therapeutics, Inc. - OBLN

    Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed merger of Obalon Therapeutics, Inc. (NasdaqGS: OBLN) with ReShape Lifesciences Inc. (OTCQB: RSLS) pursuant to which Obalon shareholders will end up owning only approximately 49% of the combined company.

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  • SHAREHOLDER ALERT: WeissLaw LLP Investigates Obalon Therapeutics, Inc.

    WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Obalon Therapeutics, Inc. ("Obalon" or the "Company") (NASDAQ: OBLN) in connection with the proposed merger of the Company with ReShape Lifesciences Inc. ("ReShape") (OTCQB: RSLS). Under the terms of the merger agreement, ReShape will acquire Obalon in an all-stock transaction, pursuant to which Obalon will be renamed ReShape Lifesciences Inc. and will trade under the NASDAQ ticker symbol "RSLS." Upon completion of the merger, ReShape stockholders will own approximately 51% of the combined company's outstanding common stock and Obalon stockholders will own approximately 49%.

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