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.

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

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210514005075/en/

Odonate Therapeutics, Inc. Michael Hearne Chief Financial Officer [phone] [e-mail]