OPTN - Earnings call transcript Q1 2022

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Operator

Good day, and thank you for standing by. Welcome to the OptiNose First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. Instructions]. [Operator like Investor conference Relations. now host, to hand Neely, Jonathan to would over the your I Please ahead. go

Jonathan Neely

viewed Good morning, and and joined and as the we thank of today you for OptiNose's remainder Peter quarter joining optinose.com, by first Officer, Operating CFO, Chief on our XXXX Goldan. the slides Miller; year. performance the The our call, Keith be this Vic presented website, our Officer, Chief CEO, for review Commercial Mahmoud; on plans can I'm us section. Investors be that in Ramy our Clavelli; President our we’ll today and

Before identified conference remind call to forward-looking as we historical statements you this forward-looking include discussions not statements. statements. All during would start, will I that hereby that are like are our facts

that subject actual by such Forward-looking to cause differ from uncertainties and risks those could materially are statements. indicated to results statements

release on Form as Factors with cautionary elsewhere available Additional Form section of information our on under discussed OptiNose's section regarding the sec.gov website, earnings we is website that SEC these optinose.com. XX-Q at at is and the factors forward-looking recent and the most Risk statements statements in as and under forward-looking that issued note XX-K and and filed the their well today

not cautioned place are to forward-looking on You undue statements. reliance

update earlier statements. to call indicated obligation in only Forward-looking statements date and any as undertake call this no during date or any of speak such revise conference of the of this original we or statement, these

call Peter Peter? will that, will question-and-answer With now make I to move then prepared Miller. the to turn will remarks, a we We and now session. over

Peter Miller

appreciate you Thanks, Jonathan. And morning, good joining us today. We everybody.

I'd in our the readout detail believe our has go by for on very and business. for our be more key a X, But are Starting the label to of excited presentation. to we takeaways upcoming highlight from about pivotal like progress four to a into potential transformative that moment. sinusitis, chronic today's continue be Slide trial expansion encouraged data second we'll We

the in quarter, growth quarterly First, in we revenue. XX% year-over-year first with financial reported performance strong

important Co-Pay growth favorable In An our resulting of changes growth. start modest of Program in mix year. the shift addition from at our to of been demand Assistance has business this in a the driver the revenue

in Specifically, large greater our smaller profitable, while we've percentage with our segment Co-Pay smaller these also volume are a to of profitability. of having profitable desirable a After our a of negative continued fills in prescription segment business, prescription reduction in seeing volume to year-over-year first changes XQ quarter the But our Program, growth total strong Assistance business in see prescriptions. percentage average making of has and volume is which to change prescription. reflected in new we have enduring benefit both and this term near revenue to unprofitable. net apparent business per the This expect prescriptions the XX% already dynamic dampened for has growth a growth

As additional a shift I beyond. in noted, provide details and mix benefits will this later the business we'll Keith year we continuing believe yield is that desirable some throughout call. in this

with aligned our year first full XXXX was quarter guidance. our growth XXXX Second, revenue

Our guidance least growth implies $XX of at year-over-year at million of least XX%.

the driving As which two will QX to growth enhanced XX% I completing good start core off strong sinusitis continued mentioned, success chronic focus pivotal on with year-over-year and growth business enable we're successfully and a in our objectives revenue trials.

combined sinuses. proven pleased of patients is we're Briefly, population nasal X ReOpenX and ReOpenX the we study sinus positive a from in inside results with States an a United and who disease and results. this relative a development of sinus common improvement with first chronic ReOpenX view inside as a top-line in Phase reported suffer that on disease We we baseline, of the promised, chronic we're to believe million first landmark sinuses. of found a XHANCE produced improvement significant sinusitis, trial both in CT statistically in had scan all on the important score from at the EDS for show the symptom disease. the the symptoms this disease treatment is amount the for a measure treatment quarter adults XX cavities as placebo to inside approximately Third, the

is by Forth, ex-U.S. necessary diligently the disease with and final nice, to top-line with current database before The producing expect enthusiastic indication, achieved we of top-line about potential could has are XHANCE incremental working patient enable enhance increase from growth for prescribing chronic new in improve lock data these study ReOpenX trials clinical opportunities trial their continue. sinusitis we visits. expect patients end of Nasal results. important We this we're create. opportunities serious environment continue which on value. enterprise care cleaning to significant that completed drive for we the symptoms, improve And Nevertheless, audits for and to to has the growth recently believe to successful incremental quarter. standard partnerships, last and results product production an the the helping for in revenue data very our and XHANCE, this Polyp of differentiation, team place the

X we roughly whom in patients ENT currently are the target from diagnosed environment impact will promotional million earnings As to promote Nasal we the insurance fourth sinusitis Polyp million March, the patients for also allergy approximately diagnosed universe and highlighted specialty could an indication for number XHANCE. call our consider to in can triple and important patients. on X how chronic XHANCE quarter called approval of It's

with in is plan lives XHANCE. covers coverage insurance commercial that have a for approximately we XHANCE As previously good a very of XX% described,

to lives indication, of the attest requiring polyps. physicians who Each has physicians physicians by often that X for would because a by of sinusitis be these are found are value average that treat half is approximately of the additional an indication to constrains partnering many of potential also diagnose polyps. those primary -- chronic enhance reach prescribing care who plan a Approval requiring This roughly to XHANCE patients. not for approximately which in nasal With nasal that opportunities million $X,XXX substantial. currently of year. to However, prescribing diagnosis is patient per they potential the we routinely important out make the per do additional approved opportunity

of to XX,XXX on Turning In XHANCE quarter X, were performance first first the we had touch a strong next. And Slide slide in XXXX. prescriptions, year-over-year briefly the highlights will and there for the I XXXX, approximately new of growth compared quarter on this market X% environment was represents first which over same approximately quarter period. X% in that number of of first XXXX first The XX% XXXX total the quarter a increase increased prescriptions XX,XXX over the to quarter the XXXX. in enhanced growth

the made long-term of of noted potential. reducing the and of I ago, total As By moment overall loss already term generating growth growth new profitability prescriptions these and prescriptions, we year. increasing and Program the at a term changes that revenue volume Co-Pay Assistance are segment our changes near to start and dampen intentional short

market I in with did of potential to Regarding to the work pre-COVID. has ability note our continue seen improve. And also as our improvement this as an that physicians in with broad to managers territory through and to the as environment audience person continue frequently a like they we environment, would believe meet regard, to we've challenges to

for territory are with consistent Importantly, adoption objectives on managers currently that our driving and is of trial as reflected results, quarter financial in state our XXXX. our first

XX,XXX Slide increased in our of first of to of X.X% Turning worth that quarter definition XXXX. first market XXXX audience the XHANCE X, in target physicians, the in is share which against progress X% in to former we updated noting partner. quarter to track It from we physician by physicians universe including to detailed share track promote. of Previously audience person approximately our we co-promotion an

XX,XXX ENT as remain well. and XHANCE future that patients of and/or to is growth past allergy and as prescribing targets XXXX Moving forward, physicians promotion. the of for excited about have with medicine. sit into practice with headroom person and under digital specialists measured our this quarter the of performance first we're consistent prescriptions we by quarter increased total is new first in primarily including more who exams Share for definition and filling physicians number Breadth physician XXXX incorporate depth from their physicians,

Regarding physicians first XHANCE, XXXX. XXXX approximately to XX% quarter an increase of Breath, patient compared prescription a one least at had for fill X,XXX first quarter

Regarding I'll deaths, XHANCE more who over but that quarter segment. XX faster, slightly a some XX% remarks, who's the CFO, increasing call prescriptions to quarter for number a quarter in and had Keith X,XXX the moments corporate from regarding first first than of with XXXX by the with guidance. in patients Goldan Keith? first closing to filled now physicians our nearly quarter by number physicians their regarding perspectives XXXX first turn XXXX I'll few results comments provide In our

Keith Goldan

morning. this us joining for everyone thanks, And Peter. Thanks,

X. Slide to Turning

to As of million purchased of compared directly also revenue we parties, we an first from quarter, reported, on data OptiNose for and recognized expense prescription the first net pharmacy XHANCE increase of Based our data XXXX. $XX.X of XX% increase third first compared $XXX, quarter the of this on available XX% revenue of net in first average per XXXX. prescription revenue $XXX from prescription an to per the receive network, preferred XXXX quarter was quarter of

Co-Pay want earlier, change XHANCE. an over business affordable a treatment Peter our balances for a patients Program will made with to needs As business who Assistance of we option that retain described the

comparable per what end patients are of out that of forward, an $XX by insurance intended costing ongoing important cost the are to dollars going group reducing average deductible, filled first This of for insured Specifically, of of where in the for sustaining nasal to prescriptions earn in growth rate high Program Co-Pay covered for was up XHANCE. plans, as covered which us plans out-of-pocket net pocket. increase in rate more the Patients Assistance the counter while prescription high providing deductible we a subset the steroids prescriptions have of prescription, revenue it receive plans by zero of previous a deductible profitable. and is the patients instead can revenue as change plan than growth who have high is copay over a in the commercially now

changes fills. this As intended, unprofitable already reducing

average benefits to the forward. revenue expect per moving to continue prescription We net

Turning XXXX of guidance. remainder for was and XXXX X, in-line year to performance with the our is our a prior first Slide quarter full as unchanged. our result, financial guidance And

First, revenue expect full exceed to we the $XX year net for XXXX. million XHANCE

per of revenue the over compared expect respect increase prescription, prior XXXX. to three to and to net Second, expectation exceed the average per full to That's XHANCE revenue XXXX $XXX remaining for improvement see quarters to exceed $XXX. net our we of an prescription for with year

range the of XXXX, stock-based compensation. to is we full Total million, $XXX from be therefore range are to expect Finally, from of stock-based the to operating million expenses $XX continue to operating $XXX the expected million compensation to in $XXX in for expenses be million. approximately million year $XXX total which excluding

to Slide XX. Turning

our Peter discussed trials, Regarding positive results earlier, as we in top-line March. announced CS ReOpenX from

is With we review in-depth available for in similar top-line those website our on our to from investor announcing conference in followed our ReOpenX call we to ReOpenX, how the more for respect expect in the a of announcement those still by a be plan And results, For results press and June. the available on results section. webcasts announced release presentation.

over call Peter Now Peter? back closing to I’ll remarks. turn for the

Peter Miller

very much, Keith. Thanks

Before moment XXXX that take our to to believe moving to potential Q&A, the for I'll has a business. be we transformative reiterate

you. like objectives, our providing call and Thank I successfully We and complete Q&A. updates sinusitis. revenue drive XHANCE, on have very to throughout I'd for up chronic clear And the two for our open forward trials XXXX. to progress look now pivotal growth

Operator

the [Operator Instructions] Stacey Cowen. Ku line comes from question of first Our

Your line is open.

Stacey Ku

good our taking questions. morning. for Thanks Hi,

We have a few.

pandemic seeing reopen, first you're as about just lows. can coming broad talk the the The we're at offices market you is

is chronic relation is and that broad have follow in a And writing that. how the to Just few science doing ups. we XHANCE

Peter Miller

seeing take I'll think can there's comments. add Chief from factors perspective, patient Vic look additional Commercial I we're a our But, is Clavelli, obviously at. And two Officer any that. what we

And to pretty returning return The pre-COVID. first our on is seeing much a that patients offices. we're it's think say I to dimension, fair to

busy. territory doctors managers what fair I our offices it's hear are to, to say is, talking we the think we're from

So we're to reasonable normal. return that dimension, a on I seeing think

you the pretty look offices. prescribing describe work thing sure And you been offices. dimension that that of more in in than we a office second still managed the we can little just best bit comment in And originally know, does there's is the is staff impact that third expected add. we're But, reps our anything don’t creates is processes a a seeing way accessibility significant for territory more little a And probably making able know, that to if promote the managers The to bit turnover in to Vic, our reopening actually than on to physician Vic at is of have us it. back-end slower more I offices. be on dimension,

Vic Clavelli

good a That’s summary. No.

Stacey Ku

Okay, great.

months few we that. so a to have And more all a few up

see As rating. XHANCE the prescribing. strong think about kind repeat We of

evolve we how So think might should course over with about year? it the guidance? of How the your

Peter Miller

going healthy it's to been. you growth depth. in and as been averaging breadth a very see mean, think I we've it's I remain -- both

mean So question. mean you I clear, answer to mean, clear of I cadence, I when Just want cadence? sure be do the you on make so of actually writing timing you can think the your what you or Stacy, can be I

Stacey Ku

Yes.

year, revenue obviously at think have we we sales. our guidance about that As for million $XX the QX of least

interactions think this repeat we thinking that more a face-to-face the second to we So we're inflection? of really half, about about especially see as that kind with Are about is be we going this think progress to increased might as to with, face these going prescribers. it how year,

Peter Miller

Our new scripts. for have on focus, really prescriptions roughly entirely per when that really Stacey year. And, generate four we per script, is get model, new we consistency patient a driving our pretty we

of years. of the sort couple last improvement that's So over

our is on entirely new focus generating prescriptions. So,

acceleration we As or of which see factors. even growth caused is by multiple continued that,

Stacey market The seeing, aren't to We're X% back just be which not think who market, favorability though I doctors upside, there writing there. a could doctors to much the But in described, more be so to the the both our more, that clear. counting we have be write. favorability in think guidance on as who could roughly the with environment, in being is terms be half there necessarily we're Share so first to that I of the what of of writing well year. write And, as already still are

which has see, which that can TRx. refills, new as So steadily total drive I you our is think very over growing is past prescriptions, what years, the business been couple driving

Keith Goldan

I This how And net in Stacey. comments, get if were posted revenue quarter, the XXX, that could average And add script get I maybe to Peter's just is think to just $XX growth we where first last we Goldan. how -- Keith an per over to want you this from them I we million. XX% of year. on in were And to add to digging

We expect growth in that figure.

years, to in similar. seen As prior cadence we've we expect the be

which We to expect the right. guidance revenue net continued as previously said our to expect raise script, us as growth per see $XXX, we that today net to expected the so average we to use average expectation. floor we in setting proxy per an that's that revenue script which So least a for caused profitability at of raise XHANCE we're now XXX that publicly be

--- So

Peter Miller

able actually have to track dynamic said have to writing, to prescriptions, add Stacey, fill day also prescriptions our patients changes segment. call just And on reiterate some in not something still I'm Co-Pay going And to track are then dampening good effective I we the to a that patients about the prescriptions. on that. mean, deductible but we've And to Program that here able the gone have the we in we choosing we is filled. are high we're choosing written

to ability we prescription $XX about I, at revenue. least feel about achievement in growth. We feel continue our very good the new So drive million very good of to

Stacey Ku

very that's much. helpful. very you Okay, Thank

Operator

Thank you.

comes Sandler. question next Piper Sandler., Our of from Piper Amsellem Dave

Your open. line is

Dave Amsellem

Thanks.

have I So just a couple.

one. then about TRxs of it of if metric a pair And year, have That's -- script other of that? if will, is sense two, Do with words, helpful. is? of rate the prescriptions? with per the you that talk you number regarding number event portion landscaping, can First, four that's abandonment, what regarding the In you

that, Just attrition extent wondering, off is, that got sort you patients is of rate just you've have if though, of what or the Thanks. sense the falling are to a overtime? which what

Peter Miller

question. my were of And bit you little that of there's in your portion clarify just broke you asking on patients. which think the Can a scripts about in David, question? a up I first abandonment honestly I backup

Dave Amsellem

Yes. scripts The go that. correct. unfilled. about portion of sorry That's abandonment Yeah, that

Peter Miller

Yeah.

So first did in what see high is that deductible among our business. profitable change in the portion script quarter the a in no David, we we're Co-Pay. was not is more segment abandonment of yet seeing, abandonment What met

call these plans. in because referenced we the As fund the Program, the did scripts in for costly are through through us, scripts in insurance essence Co-Pay we, Assistance essence those

abandonment in see is Program. level that we we've significantly higher that of seen did purposely a historically, So Co-Pay made where driven we the the by that changes

we hopefully, on were So clear that.

very David. per TRxs been that's consistent, for Regarding year,

the going are us. in fills which high not I unprofitable on good. consistent say But deductible as it's at fills Because data, get our couple changes relative the is data, very the Now, the across many deductible granular of years. we're profitable past for scripts which our high will plan, to looking we have business, patients, those segment very to in been the

Dave Amsellem

of Or range have attrition? And a rate? is ballpark terms terms in attrition -- of you there do a an of then sort in

Peter Miller

the I a number with don't will product fill I who product. mean, scripts sticky. last Patients other says significantly of the true the we're by look this they lot And as high once we will David sort for four symptomatic. But come get you David, based It if the sticky. been the time. little the from on year. they based get from you we about say, years, on per we're the we XX have patient we work obviously more you've think have, we very the this of will, out, patients. in calculate products and in But abandonment us, that works thing of product data beginning mean reiterate product, from we doesn't into better to really they're the David, data I'll don't -- symptom, It at bit But it's evidenced -- a that area. than works. and when know the their better But, and us know they covering use feedback hard that. highly a patients

significant a it's So not sticky abandonment. product with

Dave Amsellem

Okay, Peter. thanks,

Peter Miller

David. Thank you,

Operator

Thank you.

Our BMO Nachman comes Markets. of Gary next from Capital question

open. is line Your

Gary Nachman

Hey, guys. good morning,

with see points that the from there CFS are on in consideration. And analysis ReOpenX maybe or of with ReOpenX as a that or share such modifying. based incremental subgroup utilization between anything I doing plan analysis on ReOpenX analysis data more you're the changes we any to also expect physicians differently patients can the with CFS further patients whether data think following nasal polyps. ReOpenX, differently using in any accents since you of without then, anything nasal to ReOpenX was When data you any without hearing Are So can study? data? And And you polyps?

Peter Miller

some comments Why take I add probably then Xsail the Vic? don’t on you And answer [ph]. couple, first can

Vic Clavelli

Sure. for Happy the to. Gary, questions. thanks

First, of done range exploratory with we have try ReOpenX. additional a results to regard better to new understand to wide of the analysis, analyses

have I advisors. desirable results which released, release when our analysis, result have from in of that trial be our expect to scientific scientific and normal was incremental a number the think change of steering for we we committee, ReOpenX with And will data with determined overtime not settings. of, sort the data was we shared your planned that, about a to With anything questions also. As to it one regard of

of latter and view year. this what a I'll the So at to start saying that With that and They're ReOpenX. that very we the have changes much to publication with. in of the that very we the the part and is the results regard to review by course in peer results scientific got see groups ReOpenX shared of positive utilization, excited of of in to congresses, results looking gotten just we've that answer consultants scientific the over feedback from forward advisors nature the we

Peter Miller

you And not to shared incremental, that and say. Gary. going you we've I'll the information feel can trial, I'm broadly could add on Vic that But anything to what that, be add

have data most year. is -- data well that we things prescribing potentially of physicians broader as the But not information or community. it's it's because they So this the we've of the may plan not seen. probably the releases But broadly to published are not aware understood press by

Gary Nachman

healing. of kind Yeah,

Peter Miller

have into their the of in order really data until I saying expand competence and point Ramy physicians of incorporate They're already a there really with important data to that most and most made their They there's lot going the will review that Yeah, wait of presentation and are waiting some of experience frankly and in XHANCE. for, think it to data, FDA scientific use. availabilities in practice. formal also process that

Gary Nachman

Okay, then, the Co-Pay in those the great. in past. that And you've forth Program, back on and changes gone with

And curious, now too deductible it more in So was of And are a is high Is time do now? why your just there volume it? do it think Rx’s won't the plans bigger to the you right confidence, than that couple ago? portion patients I'm overall dampen of years much? a maybe

Ramy Mahmoud

Look, change don’t gone around that know since sort has ago years and initial would an evolutionary, I everything the I you then very product. made say if back we would the launch of been modest, right will. And of I forth, of bunch we've very I a say, mean, honestly.

change expensive very want an consequence about expense, is, to what out an the cost a any as dampening no have we that’s pocket remarks, still a your pocket physician very, is sort hey, balancing, of too So, of changes that's that, And, talked is $XX very still to prescribing, OTC unintended [ph]. is out from a because standpoint. don't of from in we're product doctors start said reasonable you furnace reasonable price. of of It hear why his $XX to know, we And, really obviously, Keith this modest Gary cost. being

does think think mean, clear, really in Relative deductible or been the say Now, not it's fill going segment thing. it's like good past percentage of down. dramatically pretty we of not patients it's stable which a patients I it number segment, is, though, years a done, decide I be the to what up in fair high to to the cause deductible is that that. couple high of that to to for

really this going not paper, do if will. to we believe you pen decision we're to Our was to influence

So in interest it. physicians writing

We thing the to lose that's ultimately the prescriptions, going will business. filling but segment, for on because people a money be reduce some deductible high in we those good

Gary Nachman

want I Okay, fair. think add. you don’t that's fair enough. to Yeah, that’s

Peter Miller

that only into thing research add I'll The amount get to is do before fair these we Yeah. a of of the market. implemented tweaks any

we the it's So a -- be. physicians on And just pretty patients decrease what have of good sense impact function of will a largely, high and spills from that

Keith Goldan

Gary, was net the you'll did we we tweak year. to to across we prescribe. last of tweak nice really intent influence recall, we physician our want had really that as prescription as can in far produced significantly And not tell, also year. it favorability revenue And -- average course the

Gary Nachman

impact I it's the to that? specialty what then pharmacy changes, just growth? with is helping lastly, some Okay. at expanding guess it? you're does Is network like, about of but that drive you much with And and pharmacy does thinking volume specialty related How network? that, And How into Rx still all? are it play how that the these going through

Peter Miller

we you will, and think a of new questions, Gary's sort we But of example, talk that component, Yeah. I’ll you portion Well, let for go specialty especially really is answer to market. of a how strong if pharmacy

Keith Goldan

stable of prescription be our since go the for it. advantage really continues competitive a job, to behind volume we've They vast been clearly majority a seen it preferred It’s part great of have the to XHANCE. do And pharmacy operating launch network the business frankly, mix our through a Yeah.

Peter Miller

more follow pharmacies Gary's, with These patients. One patients are really there. job refills get the to get good tend and do benefits a things, for we up because is through the two we network,

involved, can as PAs The office side, help instead the second sure of there on is, actually it's are that staff possible prescribing making the pharmacies as the if and easy

Ramy Mahmoud

good. get XX% but went quarter through Keith, of a gross sales a PPN. in just granular, just more little our the first And to Just over

Keith Goldan

have national very players, a the of we're couple that as network it's more which you us. evaluating gotten we on the performance a as players, for actually based we pharmacies, regional of area, pharmacies the constantly we've point network have And frankly, profitable to are know, stable well

managing job I think network. So really it's nice a -- of that does the team

Gary Nachman

that's Okay, helpful. you. Thank

Operator

Thank you.

Our of next from Brandon question Fitzgerald. comes Cantor Folkes

Your question, please.

Brandon Folkes

questions. taking thanks Hi, for my

Just me. two from

get question. following know polyps we But catching in you’re the going business? Or the that that guidance gaps other? into Have way past reopen change since Thank we to its the then ReOpenX data Just about I are reduction one prescribing secondly, any from reduction spin other bottom you. seen on R&D. And in your without you back you to times nasal or year. to for line? expecting up forward, think and the dropping route should as

Peter Miller

ReOpenX I'll take understood we -- the is market. too earlier, you. second I’ll said data to on and the It's not Keith, pass that first the early Brandon, as broadly the in

one, qualification. So let you I'll we've not take really And niche second of seen the Dan, any material change outside in Keith, writing

Keith Goldan

you But it, got the to question. think Yeah. bit. your I I don't answer please If gist little just follow up. of a broke up And I all

said drastically conclude next So year, on forward, as the sinusitis back our R&D expense, we on XQ with we expect i.e. call expense declined. to OpEx in March, chronic R&D we to respect program, going like the do the

of commented to but we total think I were our $XX that the year, specifically last R&D costs related chronic program. million sinusitis

just So have -- you remind do behind that. that program a not R&D program we

drop the If lost, So those right to savings think of expect now, bottom line. would as to Brandon. you we

Keith Goldan

Brandan. we lost I Yeah, think

Brandon Folkes

Sorry, I just between calls. two am here jumping

Keith Goldan

that’s exciting. that question. answered your Hopefully Hopefully

Brandon Folkes

And did. very thank much. It you

Keith Goldan

Sure, Brandon.

Operator

over call I'd to time, Miller this closing for turn remarks. back Peter the like at to And you. Thank

Peter Miller

everyone Well, I the just call tuned. this for want thank joining again to morning. And stay

relative trial. our news to the We ReOpenX on have some horizon exciting

forward look very to much. up Thanks when is available. we following So date that

Operator

call. conference today's This concludes Thank for you participating.

disconnect. You may now

OptiNose (OPTN) 12 May 222022 Q1 Earnings call transcript