Odonate Therapeutics Announces Financial Results for the Three and Six Months Ended June 30, 2021
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 $2.07 per share, respectively, for the same periods in 2020.
About Odonate Therapeutics, Inc.
Odonate Therapeutics, Inc. is a pharmaceutical company formerly focused on the development of tesetaxel, an investigational, orally administered chemotherapy agent that belongs to a class of drugs known as taxanes, which are widely used in the treatment of cancer. In March 2021, Odonate announced the discontinuation of development of tesetaxel and its intent to wind down tesetaxel-related operations.
ODONATE THERAPEUTICS, INC.
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June 30, |
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December 31, |
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2021 |
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2020 |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash |
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$ |
110,127 |
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$ |
157,265 |
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Prepaid expenses and other current assets |
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1,943 |
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2,607 |
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Total current assets |
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112,070 |
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159,872 |
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Property and equipment, net |
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2,001 |
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2,286 |
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Right-of-use lease assets |
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3,734 |
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4,017 |
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Restricted cash |
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714 |
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714 |
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Other |
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54 |
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997 |
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Total assets |
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$ |
118,573 |
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$ |
167,886 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
13,121 |
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$ |
14,168 |
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Accrued expenses |
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15,800 |
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12,247 |
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Lease liabilities, current portion |
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729 |
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|
658 |
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Total current liabilities |
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29,650 |
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27,073 |
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Lease liabilities, less current portion |
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4,298 |
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4,668 |
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Total liabilities |
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33,948 |
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31,741 |
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Commitments and contingencies |
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Stockholders' equity: |
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Common stock, $0.01 par value—100,000,000 shares authorized; 38,499,534 and 38,562,281 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
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368 |
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367 |
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Additional paid-in capital |
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506,467 |
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502,205 |
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Accumulated deficit |
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(422,210 |
) |
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(366,427 |
) |
Total stockholders' equity |
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84,625 |
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136,145 |
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Total liabilities and stockholders' equity |
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$ |
118,573 |
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$ |
167,886 |
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ODONATE THERAPEUTICS, INC.
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Operating expenses: |
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Research and development |
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$ |
18,625 |
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$ |
30,777 |
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$ |
49,553 |
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$ |
58,724 |
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General and administrative |
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3,429 |
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2,751 |
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6,319 |
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5,625 |
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Total operating expenses |
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22,054 |
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33,528 |
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55,872 |
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64,349 |
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Loss from operations |
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(22,054 |
) |
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(33,528 |
) |
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(55,872 |
) |
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(64,349 |
) |
Other income, net |
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39 |
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104 |
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89 |
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|
762 |
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Net loss |
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$ |
(22,015 |
) |
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$ |
(33,424 |
) |
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$ |
(55,783 |
) |
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$ |
(63,587 |
) |
Net loss per share: |
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Basic and diluted |
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$ |
(0.58 |
) |
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$ |
(1.09 |
) |
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$ |
(1.48 |
) |
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$ |
(2.07 |
) |
Weighted-average shares outstanding: |
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Basic and diluted |
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37,922,594 |
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30,681,604 |
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37,662,924 |
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30,646,150 |
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ODONATE THERAPEUTICS, INC.
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Six Months Ended |
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June 30, |
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2021 |
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2020 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(55,783 |
) |
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$ |
(63,587 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Equity-based compensation expense |
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3,438 |
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5,181 |
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Depreciation and amortization |
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248 |
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147 |
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Non-cash lease expense |
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283 |
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- |
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Loss on disposal of property and equipment |
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63 |
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|
83 |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
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1,607 |
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1,024 |
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Accounts payable |
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(1,047 |
) |
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(606 |
) |
Accrued expenses |
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3,553 |
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1,280 |
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Lease liabilities |
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(299 |
) |
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- |
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Net cash used in operating activities |
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(47,937 |
) |
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(56,478 |
) |
Cash flows from investing activities: |
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Purchases of property and equipment |
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(26 |
) |
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(219 |
) |
Net cash used in investing activities |
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(26 |
) |
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(219 |
) |
Cash flows from financing activities: |
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Proceeds from issuance of common stock under employee stock plans |
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825 |
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1,654 |
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Net cash provided by financing activities |
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825 |
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1,654 |
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Net decrease in cash and restricted cash |
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(47,138 |
) |
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(55,043 |
) |
Cash and restricted cash, beginning of period |
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157,979 |
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|
181,174 |
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Cash and restricted cash, end of period |
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$ |
110,841 |
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$ |
126,131 |
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Supplemental disclosure of cash flow information: |
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Property and equipment purchases included in accounts payable |
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$ |
- |
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$ |
133 |
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