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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Odonate Therapeutics Inc | NASDAQ:ODT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.12 | 1.11 | 1.16 | 0 | 00:00:00 |
From Dec 2019 to Dec 2024
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110005549/en/
Odonate Therapeutics, Inc. Michael Hearne Chief Financial Officer (332) 208-7611 mhearne@odonate.com
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