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 (332) 208-7611 mhearne@odonate.com
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