Odonate Therapeutics Announces Financial Results for the Three Months Ended March 31, 2021

Odonate Therapeutics, Inc. (NASDAQ: ODT) today announced financial results for the three months ended March 31, 2021.

NEW YORK--(BUSINESS WIRE)-- Odonate Therapeutics, Inc. (NASDAQ: ODT) today announced financial results for the three months ended March 31, 2021.

Odonate recently announced the discontinuation of development of tesetaxel and its intent to wind down tesetaxel-related operations. Odonate is working with clinical sites to transition patients in ongoing tesetaxel studies to appropriate alternative therapies or facilitate continuation of treatment with tesetaxel under compassionate use programs where appropriate.

As of March 31, 2021, Odonate had $133.2 million in cash compared to $157.3 million as of December 31, 2020. This decrease in cash resulted primarily from cash used in operating activities for the three months ended March 31, 2021 of $24.9 million. Odonate’s net loss for the three months ended March 31, 2021 and 2020 was $33.8 million and $30.2 million, or $0.90 and $0.99 per share, respectively.

About Odonate Therapeutics, Inc.

Odonate Therapeutics, Inc. is a pharmaceutical company formerly focused on the development of tesetaxel, an investigational, orally administered chemotherapy agent that belongs to a class of drugs known as taxanes, which are widely used in the treatment of cancer. Odonate recently announced the discontinuation of development of tesetaxel and its intent to wind down tesetaxel-related operations.

ODONATE THERAPEUTICS, INC.

Condensed Balance Sheets

(in thousands, except par value and share amounts)

March 31,

December 31,

2021

2020

(Unaudited)

Assets

Current assets:

Cash

$

133,160

$

157,265

Prepaid expenses and other current assets

2,943

2,607

Total current assets

136,103

159,872

Property and equipment, net

2,132

2,286

Right-of-use lease assets

3,876

4,017

Restricted cash

714

714

Other

54

997

Total assets

$

142,879

$

167,886

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

15,252

$

14,168

Accrued expenses

17,128

12,247

Lease liabilities, current portion

715

658

Total current liabilities

33,095

27,073

Lease liabilities, less current portion

4,483

4,668

Total liabilities

37,578

31,741

Stockholders’ equity:

Common stock, $0.01 par value—100,000,000 shares authorized; 38,507,109 and 38,562,281 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

368

367

Additional paid-in capital

505,128

502,205

Accumulated deficit

(400,195

)

(366,427

)

Total stockholders’ equity

105,301

136,145

Total liabilities and stockholders’ equity

$

142,879

$

167,886

ODONATE THERAPEUTICS, INC.

Condensed Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

March 31,

2021

2020

Operating expenses:

Research and development

$

30,928

$

27,947

General and administrative

2,890

2,874

Total operating expenses

33,818

30,821

Loss from operations

(33,818

)

(30,821

)

Other income, net

50

658

Net loss

$

(33,768

)

$

(30,163

)

Net loss per share:

Basic and diluted

$

(0.90

)

$

(0.99

)

Weighted-average shares outstanding:

Basic and diluted

37,400,369

30,610,696

ODONATE THERAPEUTICS, INC.

Condensed Statements of Cash Flows

(Unaudited)

(in thousands)

Three Months Ended

March 31,

2021

2020

Cash flows from operating activities:

Net loss

$

(33,768

)

$

(30,163

)

Adjustments to reconcile net loss to net cash used in operating activities:

Equity-based compensation expense

2,099

2,586

Depreciation and amortization

126

62

Non-cash lease expense

141

-

Loss on disposal of property and equipment

53

-

Changes in operating assets and liabilities:

Prepaid expenses and other assets

607

(624

)

Accounts payable

1,080

(696

)

Accrued expenses

4,881

990

Lease liabilities

(128

)

-

Net cash used in operating activities

(24,909

)

(27,845

)

Cash flows from investing activities:

Purchases of property and equipment

(21

)

(19

)

Net cash used in investing activities

(21

)

(19

)

Cash flows from financing activities:

Proceeds from issuance of common stock under employee stock plans

825

521

Net cash provided by financing activities

825

521

Net decrease in cash and restricted cash

(24,105

)

(27,343

)

Cash and restricted cash, beginning of period

157,979

181,174

Cash and restricted cash, end of period

$

133,874

$

153,831

Supplemental disclosure of cash flow information:

Property and equipment purchases included in accounts payable

$

4

$

7

Contacts

Odonate Therapeutics, Inc.
Michael Hearne
Chief Financial Officer
(332) 208-7611
mhearne@odonate.com

Source: Odonate Therapeutics, Inc.

MORE ON THIS TOPIC