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
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version on businesswire.com: https://www.businesswire.com/news/home/20210727005343/en/
Odonate Therapeutics, Inc. Michael Hearne Chief Financial
Officer (332) 208-7611 mhearne@odonate.com
Odonate Therapeutics (NASDAQ:ODT)
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