Odonate Therapeutics, Inc. (NASDAQ:ODT) today announced financial results for the three and nine months ended September 30, 2021.

As of September 30, 2021, Odonate had $95.0 million in cash compared to $157.3 million as of December 31, 2020. Odonate's cash used in operating activities for the three and nine months ended September 30, 2021 was $15.1 million and $63.0 million, respectively.

Odonate's net loss for the three and nine months ended September 30, 2021 was $14.0 million and $69.8 million, or $0.37 and $1.85 per share, respectively, compared to $30.5 million and $94.1 million, or $0.93 and $3.00 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 has transitioned all patients in tesetaxel studies to appropriate alternative therapies or facilitated continuation of treatment with tesetaxel under compassionate use programs where appropriate.

ODONATE THERAPEUTICS, INC.
Condensed Balance Sheets
(in thousands, except par value and share amounts)

	September 30,			December 31,
	2021			2020
	(Unaudited)
Assets
Current assets:
Cash	$	95,028		$	157,265
Prepaid expenses and other current assets		4,554			2,607
Total current assets		99,582			159,872
Property and equipment, net		1,833			2,286
Right-of-use lease assets		3,590			4,017
Restricted cash		714			714
Other		54			997
Total assets	$	105,773		$	167,886
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	11,661		$	14,168
Accrued expenses		17,892			12,247
Lease liabilities, current portion		744			658
Total current liabilities		30,297			27,073
Lease liabilities, less current portion		4,105			4,668
Total liabilities		34,402			31,741
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value—100,000,000 shares authorized; 38,490,336 and 38,562,281 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		368			367
Additional paid-in capital		507,210			502,205
Accumulated deficit		(436,207	)		(366,427	)
Total stockholders' equity		71,371			136,145
Total liabilities and stockholders' equity	$	105,773		$	167,886

ODONATE THERAPEUTICS, INC.
Condensed Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Operating expenses:
Research and development	$	2,869		$	28,242		$	52,422		$	86,966
General and administrative		11,148			2,408			17,467			8,033
Total operating expenses		14,017			30,650			69,889			94,999
Loss from operations		(14,017	)		(30,650	)		(69,889	)		(94,999	)
Other income, net		20			173			109			935
Net loss	$	(13,997	)	$	(30,477	)	$	(69,780	)	$	(94,064	)
Net loss per share:
Basic and diluted	$	(0.37	)	$	(0.93	)	$	(1.85	)	$	(3.00	)
Weighted-average shares outstanding:
Basic and diluted		37,922,594			32,821,835			37,750,432			31,376,672

ODONATE THERAPEUTICS, INC.
Condensed Statements of Cash Flows
(Unaudited)
(in thousands)

	Nine Months Ended
	September 30,
	2021			2020
Cash flows from operating activities:
Net loss	$	(69,780	)	$	(94,064	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation expense		4,181			7,522
Depreciation and amortization		368			318
Non-cash lease expense		427			282
Loss on disposal of property and equipment		111			83
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(1,004	)		904
Accounts payable		(2,507	)		(1,559	)
Accrued expenses		5,645			5,110
Lease liabilities		(477	)		(225	)
Net cash used in operating activities		(63,036	)		(81,629	)
Cash flows from investing activities:
Purchases of property and equipment		(26	)		(416	)
Net cash used in investing activities		(26	)		(416	)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock plans		825			2,459
Proceeds from issuance of common stock, net of issuance costs		-			87,384
Net cash provided by financing activities		825			89,843
Net decrease in cash and restricted cash		(62,237	)		7,798
Cash and restricted cash, beginning of period		157,979			181,174
Cash and restricted cash, end of period	$	95,742		$	188,972
Supplemental disclosure of cash flow information:
Initial recognition of right-of-use lease assets	$	-		$	2,861
Tenant improvement allowance	$	-		$	719

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Odonate Therapeutics Announces Financial Results for the Three and Nine Months Ended September 30, 2021