ReShape Lifesciences (NASDAQ: RSLS) stock surged during intraday trading Wednesday following the approval of its patent application.
ReShape Lifesciences recently announced it has received approval from the United States Patent and Trademark Office for its application entitled “Intragastric Device (For Treating Obesity).” The patented technology features a swallowable implant designed to assist with weight loss by creating a sensation of fullness.
According to the patent filings, the device operates by inflating a balloon within the stomach, which induces a feeling of fullness and consequently limits food intake. After a specified period, the balloon deflates, allowing the device to pass through the digestive system naturally. Additionally, the product comes with visualization and tracking components that monitor its position and functionality.
The news of the patent approval led to a surge in trading volume and increased social media activity around RSLS stock, reflecting heightened investor interest.
Earlier in May, ReShape Lifesciences released its financial results for the first quarter of 2024. The company reported a GAAP EPS of $(0.09), which surpassed the analyst consensus estimate of $(0.16). However, sales figures fell short of expectations, coming in at $1.944 million against the estimated $2.104 million.
Looking ahead, ReShape Lifesciences reiterated its commitment to achieving profitability. The company announced plans to cut operating expenses by 55.4% in 2024 compared to the previous year.
ReShape Lifesciences (NASDAQ: RSLS) Stock Reaction
On Wednesday, RSLS stock soared 34.74%, closing at $0.28, marking a 51.19% increase for the week. The trading volume was 211,240,577 shares, significantly higher than the average daily volume of 5.04 million.
