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 and twelve months ended December 31, 2018.

As of December 31, 2018, Odonate had $139.1 million in cash, compared to $198.1 million as of December 31, 2017. This decrease in cash resulted primarily from net cash used in operating and investing activities of $67.1 million and $1.9 million, respectively, less net cash provided by financing activities of $10.2 million, which includes $9.8 million from the exercise of the underwriters' option to purchase additional shares of common stock in our initial public offering. Odonate's net loss for the three and twelve months ended December 31, 2018 was $28.8 million and $89.0 million, or $1.17 per share and $3.64 per share, respectively, compared to $15.7 million and $32.7 million, or $0.81 per share and $2.31 per share, for the same periods in 2017, respectively.

"We remain committed to developing novel therapies that improve the lives of patients with cancer," said Kevin Tang, Chief Executive Officer of Odonate. "Tesetaxel, our investigational, orally administered taxane, has been shown to have significant, single-agent antitumor activity in two multicenter, Phase 2 studies and may provide significant quality-of-life advantages over other chemotherapy options. We expect to complete enrollment in CONTESSA, our ongoing multinational, multicenter, randomized, Phase 3 study of tesetaxel in patients with metastatic breast cancer, in the second half of 2019 and report top-line results in 2020."

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