Odonate Therapeutics Announces Financial Results for the Three Months Ended March 31, 2020

April 28, 2020 Off By BusinessWire

SAN DIEGO–(BUSINESS WIRE)–Odonate Therapeutics, Inc. (NASDAQ: ODT), a pharmaceutical company dedicated to the development of best-in-class therapeutics that improve and extend the lives of patients with cancer, today announced financial results for the three months ended March 31, 2020.

As of March 31, 2020, Odonate had $153.1 million in cash, compared to $180.5 million as of December 31, 2019. Net cash used in operating activities for the three months ended March 31, 2020 was $27.8 million, compared to $27.1 million for the same period in 2019. Odonate’s net loss for the three months ended March 31, 2020 was $30.2 million, or $0.99 per share, compared to $28.6 million, or $1.16 per share, for the same period in 2019.

“We continue to expect to report top-line results from CONTESSA, Odonate’s Phase 3 study investigating tesetaxel, an investigational, orally administered chemotherapy, as a potential treatment for patients with metastatic breast cancer, in the third quarter of 2020,” said Kevin Tang, Chief Executive Officer of Odonate.

ODONATE THERAPEUTICS, INC.

Condensed Balance Sheets

(in thousands, except par value and share amounts)

March 31,

December 31,

2020

2019

(Unaudited)

Assets

Current assets:

Cash

$

153,117

$

180,460

Prepaid expenses and other current assets

4,050

3,468

Total current assets

157,167

183,928

Property and equipment, net

1,594

1,663

Right-of-use lease assets

1,526

1,581

Restricted cash

714

714

Other

983

941

Total assets

$

161,984

$

188,827

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

14,894

$

15,583

Accrued expenses

9,871

8,881

Lease liabilities, current portion

279

315

Total current liabilities

25,044

24,779

Lease liabilities, less current portion

1,696

1,748

Total liabilities

26,740

26,527

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.01 par value—100,000,000 shares authorized; 32,076,095 and 32,050,906 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

301

300

Additional paid-in capital

405,183

402,077

Accumulated deficit

(270,240

)

(240,077

)

Total stockholders’ equity

135,244

162,300

Total liabilities and stockholders’ equity

$

161,984

$

188,827

ODONATE THERAPEUTICS, INC.

Condensed Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

March 31,

2020

2019

Operating expenses:

Research and development

$

27,947

$

26,631

General and administrative

2,874

2,591

Total operating expenses

30,821

29,222

Loss from operations

(30,821

)

(29,222

)

Interest income

658

577

Net loss

$

(30,163

)

$

(28,645

)

Net loss per share:

Basic and diluted

$

(0.99

)

$

(1.16

)

Weighted-average shares outstanding:

Basic and diluted

30,610,696

24,682,410

ODONATE THERAPEUTICS, INC.

Condensed Statements of Cash Flows

(Unaudited)

(in thousands)

Three Months Ended

March 31,

2020

2019

Cash flows from operating activities:

Net loss

$

(30,163

)

$

(28,645

)

Adjustments to reconcile net loss to net cash used in operating activities:

Equity-based compensation expense

2,586

2,925

Depreciation and amortization

62

90

Changes in operating assets and liabilities:

Prepaid expenses and other assets

(624

)

(2,744

)

Accounts payable

(696

)

(3,023

)

Accrued expenses

990

4,289

Net cash used in operating activities

(27,845

)

(27,108

)

Cash flows from investing activities:

Purchases of property and equipment

(19

)

(41

)

Net cash used in investing activities

(19

)

(41

)

Cash flows from financing activities:

Proceeds from issuance of common stock under employee stock plans

521

159

Net cash provided by financing activities

521

159

Net decrease in cash and restricted cash

(27,343

)

(26,990

)

Cash and restricted cash, beginning of period

181,174

139,301

Cash and restricted cash, end of period

$

153,831

$

112,311

Supplemental disclosure of cash flow information:

Property and equipment purchases included in accounts payable and accrued expenses

$

7

$

47

Initial recognition of right-of-use lease assets

$

$

2,215