OptiNose is a specialty pharmaceutical company with a single commercial product, XHANCE (fluticasone propionate) nasal spray, used to treat chronic rhinosinusitis (CRS). XHANCE is delivered via OptiNose's proprietary Exhalation Delivery System (EDS), which uses a patient's exhaled breath to propel drug high and deep into the nasal passages — areas conventional nasal sprays cannot reliably reach. XHANCE is FDA-approved for both forms of CRS: with nasal polyps and without nasal polyps (CRSsNP), and is notably the first and only drug approved for CRSsNP. OptiNose sells XHANCE primarily to ENT and allergy specialists through a field sales force of roughly 75 territory managers. Prescriptions are fulfilled through a central hub pharmacy model and wholesale distributors. Revenue is driven by prescription volume and net revenue per prescription, which runs well below the list price after rebates to insurers and co-pay assistance to patients. XHANCE carries approximately 90% gross margins, so profitability is highly sensitive to the mix of profitable versus unprofitable prescriptions. OptiNose's cost structure is dominated by its commercial sales force, and is largely fixed, creating operating leverage as volumes grow. OptiNose's growth strategy focuses first on building XHANCE adoption in the specialty segment, then expanding into primary care via a co-promotion partnership, and potentially via direct-to-consumer advertising. A pending merger with Paratek Pharmaceuticals, announced in March 2025, would acquire OptiNose for $9.00/share in cash plus contingent value rights tied to XHANCE sales milestones.