Odonate Therapeutics Announces Financial Results for the Three and Six Months Ended June 30, 2021

Odonate Therapeutics, Inc. (NASDAQ: ODT) today announced financial results for the three and six months ended June 30, 2021.

In March 2021, Odonate announced the discontinuation of development of tesetaxel and its intent to wind down tesetaxel-related operations. As of June 30, 2021, Odonate has transitioned all patients in tesetaxel studies to appropriate alternative therapies or facilitated continuation of treatment with tesetaxel under compassionate use programs where appropriate.

As of June 30, 2021, Odonate had $110.1 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 six months ended June 30, 2021 of $47.9 million. Odonate’s net loss for the three and six months ended June 30, 2021 was $22.0 million and $55.8 million, or $0.58 and $1.48 per share, respectively, compared to $33.4 million and $63.6 million, or $1.09 and $2.07 per share, respectively, for the same periods in 2020.

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. In March 2021, Odonate 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)

June 30,

December 31,

2021

2020

(Unaudited)

Assets

Current assets:

Cash

$

110,127

$

157,265

Prepaid expenses and other current assets

1,943

2,607

Total current assets

112,070

159,872

Property and equipment, net

2,001

2,286

Right-of-use lease assets

3,734

4,017

Restricted cash

714

714

Other

54

997

Total assets

$

118,573

$

167,886

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

13,121

$

14,168

Accrued expenses

15,800

12,247

Lease liabilities, current portion

729

658

Total current liabilities

29,650

27,073

Lease liabilities, less current portion

4,298

4,668

Total liabilities

33,948

31,741

Commitments and contingencies

Stockholders' equity:

Common stock, $0.01 par value—100,000,000 shares authorized; 38,499,534 and 38,562,281 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

368

367

Additional paid-in capital

506,467

502,205

Accumulated deficit

(422,210

)

(366,427

)

Total stockholders' equity

84,625

136,145

Total liabilities and stockholders' equity

$

118,573

$

167,886

ODONATE THERAPEUTICS, INC.
Condensed Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Operating expenses:

Research and development

$

18,625

$

30,777

$

49,553

$

58,724

General and administrative

3,429

2,751

6,319

5,625

Total operating expenses

22,054

33,528

55,872

64,349

Loss from operations

(22,054

)

(33,528

)

(55,872

)

(64,349

)

Other income, net

39

104

89

762

Net loss

$

(22,015

)

$

(33,424

)

$

(55,783

)

$

(63,587

)

Net loss per share:

Basic and diluted

$

(0.58

)

$

(1.09

)

$

(1.48

)

$

(2.07

)

Weighted-average shares outstanding:

Basic and diluted

37,922,594

30,681,604

37,662,924

30,646,150

ODONATE THERAPEUTICS, INC.
Condensed Statements of Cash Flows
(Unaudited)
(in thousands)

Six Months Ended

June 30,

2021

2020

Cash flows from operating activities:

Net loss

$

(55,783

)

$

(63,587

)

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

Equity-based compensation expense

3,438

5,181

Depreciation and amortization

248

147

Non-cash lease expense

283

-

Loss on disposal of property and equipment

63

83

Changes in operating assets and liabilities:

Prepaid expenses and other assets

1,607

1,024

Accounts payable

(1,047

)

(606

)

Accrued expenses

3,553

1,280

Lease liabilities

(299

)

-

Net cash used in operating activities

(47,937

)

(56,478

)

Cash flows from investing activities:

Purchases of property and equipment

(26

)

(219

)

Net cash used in investing activities

(26

)

(219

)

Cash flows from financing activities:

Proceeds from issuance of common stock under employee stock plans

825

1,654

Net cash provided by financing activities

825

1,654

Net decrease in cash and restricted cash

(47,138

)

(55,043

)

Cash and restricted cash, beginning of period

157,979

181,174

Cash and restricted cash, end of period

$

110,841

$

126,131

Supplemental disclosure of cash flow information:

Property and equipment purchases included in accounts payable

$

-

$

133

Contacts:

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

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.