Odonate Therapeutics Announces Financial Results for the Three Months Ended March 31, 2020
April 28, 2020SAN 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 $1.16 per share, for the same period in 2019.
“We continue to expect to report top-line results from CONTESSA, Odonate’s Phase 3 study investigating tesetaxel, an investigational, orally administered chemotherapy, as a potential treatment for patients with metastatic breast cancer, in the third quarter of 2020,” said Kevin Tang, Chief Executive Officer of Odonate.
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ODONATE THERAPEUTICS, INC. Condensed Balance Sheets (in thousands, except par value and share amounts) |
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March 31, |
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December 31, |
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2020 |
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2019 |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash |
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$ |
153,117 |
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$ |
180,460 |
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Prepaid expenses and other current assets |
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4,050 |
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3,468 |
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Total current assets |
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157,167 |
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183,928 |
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Property and equipment, net |
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1,594 |
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1,663 |
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Right-of-use lease assets |
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1,526 |
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1,581 |
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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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983 |
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941 |
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Total assets |
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$ |
161,984 |
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$ |
188,827 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
14,894 |
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$ |
15,583 |
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Accrued expenses |
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9,871 |
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8,881 |
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Lease liabilities, current portion |
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279 |
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315 |
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Total current liabilities |
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25,044 |
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24,779 |
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Lease liabilities, less current portion |
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1,696 |
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1,748 |
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Total liabilities |
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26,740 |
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26,527 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, $0.01 par value—100,000,000 shares authorized; 32,076,095 and 32,050,906 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively |
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301 |
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300 |
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Additional paid-in capital |
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405,183 |
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402,077 |
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Accumulated deficit |
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(270,240 |
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(240,077 |
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Total stockholders’ equity |
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135,244 |
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162,300 |
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Total liabilities and stockholders’ equity |
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$ |
161,984 |
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$ |
188,827 |
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ODONATE THERAPEUTICS, INC. Condensed Statements of Operations (Unaudited) (in thousands, except share and per share amounts) |
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Three Months Ended |
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March 31, |
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2020 |
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2019 |
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Operating expenses: |
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Research and development |
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$ |
27,947 |
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$ |
26,631 |
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General and administrative |
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2,874 |
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2,591 |
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Total operating expenses |
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30,821 |
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29,222 |
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Loss from operations |
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(30,821 |
) |
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(29,222 |
) |
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Interest income |
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658 |
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577 |
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Net loss |
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$ |
(30,163 |
) |
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$ |
(28,645 |
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Net loss per share: |
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Basic and diluted |
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$ |
(0.99 |
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$ |
(1.16 |
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Weighted-average shares outstanding: |
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Basic and diluted |
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30,610,696 |
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24,682,410 |
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ODONATE THERAPEUTICS, INC. Condensed Statements of Cash Flows (Unaudited) (in thousands) |
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Three Months Ended |
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March 31, |
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2020 |
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2019 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(30,163 |
) |
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$ |
(28,645 |
) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Equity-based compensation expense |
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2,586 |
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2,925 |
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Depreciation and amortization |
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62 |
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90 |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
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(624 |
) |
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(2,744 |
) |
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Accounts payable |
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(696 |
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(3,023 |
) |
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Accrued expenses |
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990 |
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4,289 |
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Net cash used in operating activities |
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(27,845 |
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(27,108 |
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Cash flows from investing activities: |
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Purchases of property and equipment |
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(19 |
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(41 |
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Net cash used in investing activities |
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(19 |
) |
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(41 |
) |
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Cash flows from financing activities: |
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Proceeds from issuance of common stock under employee stock plans |
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521 |
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159 |
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Net cash provided by financing activities |
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521 |
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159 |
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Net decrease in cash and restricted cash |
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(27,343 |
) |
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(26,990 |
) |
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Cash and restricted cash, beginning of period |
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181,174 |
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139,301 |
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Cash and restricted cash, end of period |
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$ |
153,831 |
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$ |
112,311 |
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Supplemental disclosure of cash flow information: |
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Property and equipment purchases included in accounts payable and accrued expenses |
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$ |
7 |
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$ |
47 |
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Initial recognition of right-of-use lease assets |
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$ |
– |
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$ |
2,215 |
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