Shares of the Oyster Point Pharma, Inc. (OYST) stock rallied today following the announcement of FDA approval of TYRVAYA™ Nasal Spray. OYST stock price saw a push of 13.75% to reach $15.47 a share at the time of this writing. The stock was also performing well in the previous trade and went up by 0.74% at closing. Let’s dig in to explore more of it.
OYST stock today announced the approval of TYRVAYA™ (varenicline solution) Nasal Spray 0.03 mg by the U.S Food and Drug Administration. TYRVAYA™ is used to treat signs and symptoms of dry eye disease. It is the first and only nasal spray which FDA approved to treat dry eye disease. TYRVAYA Nasal Spray bind to cholinergic receptors for the activation of trigeminal parasympathetic pathway. This results in more production of the basal tear film as a treatment for dry eye disease.
OSYT stock will ensure the availability of TYRVAYA Nasal Spray with a prescription in November 2021 in cartons that will contain two multidose nasal spray bottles. Each nasal spray bottle is intended to treat the patient for a half month if administered twice daily into each nostril. Samples are provided to eye care providers.
Inducement Grants by OYST stock:
At the beginning of September 2021, OYST stock announced the Inducements Grants Under Nasdaq Listing Rule 5635(c)(4) to its 110 new employees. The compensation committee of Oyster’s board members granted inducement non-qualified stock options to purchase an aggregate of 177,000 shares of common stock to 110 new employees under Oyster Point Pharma, Inc., 2021 Inducement Incentive Plan. The purchase price of each stock option is $13.44 per share and will vest over four years.
Financial View of OYST stock:
According to second-quarter 2021 financial results, Oyster stock suffered a net loss of $22.0 million, or $(0.85) per share in the reported quarter. The net loss increased as compared to 15.5 million, or $(0.66) per share in the same quarter of the previous year. The research and development expenses of the OYST stock decreased by $1.8 million in the second quarter of 2021 compared to the same prior-year period. Selling, general and administrative expenses represent an increase of $8.4 million from the same tenure of the previous year. By the end of the second quarter, OYST stock had $154.8 million in cash and cash equivalents.
About Oyster Point Pharma, Inc:
Oyster Point Pharma, Inc., is a clinical-stage biopharmaceutical stock that discovers, develops, and commercializes pharmaceutical therapies for the treatment of ocular surface diseases in the U.S. Its lead product candidate is OC-01 intended to treat signs and symptoms of dry eye disease. The company was founded in 2015 and is based in Princeton, New Jersey.