Odonate Therapeutics Announces Planned Return of Capital to Stockholders through Share Repurchase Plan

Rhea-AI Summary

Odonate Therapeutics, Inc. (NASDAQ: ODT) announced a share repurchase plan to buy back up to 20 million shares as part of its strategy to return capital to stockholders. This decision follows the company's choice to discontinue the development of tesetaxel. The repurchases will occur at the company’s discretion, without a set time limit, and can be halted at any moment. The latest financial report indicates total stockholders’ equity of $71.4 million, equating to $1.85 per share based on 38.5 million shares outstanding.

Positive

• Initiation of a share repurchase plan for up to 20 million shares to return capital to stockholders.
• Strong equity position with total stockholders' equity of $71.4 million.

Negative

• Discontinuation of tesetaxel development indicates potential revenue loss and strategic setback.

NEW YORK--(BUSINESS WIRE)-- Odonate Therapeutics, Inc. (NASDAQ: ODT) today announced that it will commence a share repurchase plan for up to 20 million shares in order to return capital to stockholders. This action is in connection with the Company’s previously announced decision to discontinue the development of tesetaxel. Repurchases may be made from time to time at the Company’s discretion. The plan has no time limit and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases.

As of September 30, 2021, as reported in its recently filed Form 10-Q, the Company had total stockholders’ equity of $71.4 million, or $1.85 per share, based on 38.5 million shares outstanding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005445/en/

Odonate Therapeutics, Inc.

Michael Hearne

Chief Financial Officer

(332) 208-7611

mhearne@odonate.com

Source: Odonate Therapeutics, Inc.

FAQ

What is the purpose of Odonate Therapeutics' share repurchase plan?

The purpose is to return capital to stockholders as part of the company's financial strategy.

How many shares does Odonate Therapeutics plan to repurchase?

Odonate Therapeutics plans to repurchase up to 20 million shares.

What is the current stockholder equity for Odonate Therapeutics?

As of September 30, 2021, Odonate Therapeutics reported total stockholders' equity of $71.4 million.

What was the reason for the share repurchase plan by Odonate Therapeutics?

The share repurchase plan follows the decision to discontinue the development of tesetaxel.