ODT Odonate Therapeutics Inc

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

 

 

View source 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