Odonate Therapeutics Announces Financial Results for the Three and Nine Months Ended September 30, 2021

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

As of September 30, 2021, Odonate had $95.0 million in cash compared to $157.3 million as of December 31, 2020. Odonate’s cash used in operating activities for the three and nine months ended September 30, 2021 was $15.1 million and $63.0 million, respectively.

Odonate’s net loss for the three and nine months ended September 30, 2021 was $14.0 million and $69.8 million, or $0.37 and $1.85 per share, respectively, compared to $30.5 million and $94.1 million, or $0.93 and $3.00 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 has transitioned all patients in tesetaxel studies to appropriate alternative therapies or facilitated continuation of treatment with tesetaxel under compassionate use programs where appropriate.

ODONATE THERAPEUTICS, INC.

Condensed Balance Sheets

(in thousands, except par value and share amounts)

September 30,

December 31,

2021

2020

(Unaudited)

Assets

Current assets:

Cash

$

95,028

$

157,265

Prepaid expenses and other current assets

4,554

2,607

Total current assets

99,582

159,872

Property and equipment, net

1,833

2,286

Right-of-use lease assets

3,590

4,017

Restricted cash

714

714

Other

54

997

Total assets

$

105,773

$

167,886

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

11,661

$

14,168

Accrued expenses

17,892

12,247

Lease liabilities, current portion

744

658

Total current liabilities

30,297

27,073

Lease liabilities, less current portion

4,105

4,668

Total liabilities

34,402

31,741

Commitments and contingencies

Stockholders' equity:

Common stock, $0.01 par value—100,000,000 shares authorized; 38,490,336 and 38,562,281 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

368

367

Additional paid-in capital

507,210

502,205

Accumulated deficit

(436,207

)

(366,427

)

Total stockholders' equity

71,371

136,145

Total liabilities and stockholders' equity

$

105,773

$

167,886

ODONATE THERAPEUTICS, INC.

Condensed Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Operating expenses:

Research and development

$

2,869

$

28,242

$

52,422

$

86,966

General and administrative

11,148

2,408

17,467

8,033

Total operating expenses

14,017

30,650

69,889

94,999

Loss from operations

(14,017

)

(30,650

)

(69,889

)

(94,999

)

Other income, net

20

173

109

935

Net loss

$

(13,997

)

$

(30,477

)

$

(69,780

)

$

(94,064

)

Net loss per share:

Basic and diluted

$

(0.37

)

$

(0.93

)

$

(1.85

)

$

(3.00

)

Weighted-average shares outstanding:

Basic and diluted

37,922,594

32,821,835

37,750,432

31,376,672

ODONATE THERAPEUTICS, INC.

Condensed Statements of Cash Flows

(Unaudited)

(in thousands)

Nine Months Ended

September 30,

2021

2020

Cash flows from operating activities:

Net loss

$

(69,780

)

$

(94,064

)

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

Equity-based compensation expense

4,181

7,522

Depreciation and amortization

368

318

Non-cash lease expense

427

282

Loss on disposal of property and equipment

111

83

Changes in operating assets and liabilities:

Prepaid expenses and other assets

(1,004

)

904

Accounts payable

(2,507

)

(1,559

)

Accrued expenses

5,645

5,110

Lease liabilities

(477

)

(225

)

Net cash used in operating activities

(63,036

)

(81,629

)

Cash flows from investing activities:

Purchases of property and equipment

(26

)

(416

)

Net cash used in investing activities

(26

)

(416

)

Cash flows from financing activities:

Proceeds from issuance of common stock under employee stock plans

825

2,459

Proceeds from issuance of common stock, net of issuance costs

-

87,384

Net cash provided by financing activities

825

89,843

Net decrease in cash and restricted cash

(62,237

)

7,798

Cash and restricted cash, beginning of period

157,979

181,174

Cash and restricted cash, end of period

$

95,742

$

188,972

Supplemental disclosure of cash flow information:

Initial recognition of right-of-use lease assets

$

-

$

2,861

Tenant improvement allowance

$

-

$

719

Contacts:

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

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