Evelo Biosciences, Inc.

2022 Q4 Form 10-Q Financial Statement

#000169466522000142 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.94M $69.05M
YoY Change -29.95% -28.02%
Cash & Equivalents $47.94M $69.05M
Short-Term Investments
Other Short-Term Assets $3.633M $3.274M
YoY Change 40.54% 65.6%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $51.57M $72.33M
YoY Change -27.39% -26.13%
LONG-TERM ASSETS
Property, Plant & Equipment $4.842M $5.455M
YoY Change -26.88% -29.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.158M $1.156M
YoY Change -11.81% -16.95%
Total Long-Term Assets $12.87M $14.01M
YoY Change -23.61% -24.45%
TOTAL ASSETS
Total Short-Term Assets $51.57M $72.33M
Total Long-Term Assets $12.87M $14.01M
Total Assets $64.44M $86.34M
YoY Change -26.66% -25.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.764M $1.550M
YoY Change 10.18% -38.42%
Accrued Expenses $7.945M $12.48M
YoY Change -39.2% -20.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $10.10M
YoY Change
Total Short-Term Liabilities $12.40M $26.92M
YoY Change -28.61% 29.86%
LONG-TERM LIABILITIES
Long-Term Debt $43.61M $36.65M
YoY Change -6.32% -21.22%
Other Long-Term Liabilities $659.0K $13.44M
YoY Change 5008.37%
Total Long-Term Liabilities $44.27M $36.65M
YoY Change -4.91% -21.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.40M $26.92M
Total Long-Term Liabilities $44.27M $36.65M
Total Liabilities $69.43M $77.00M
YoY Change -12.34% -7.65%
SHAREHOLDERS EQUITY
Retained Earnings -$529.2M -$505.7M
YoY Change 27.61% 31.01%
Common Stock $524.2M $515.0M
YoY Change 23.83% 22.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.992M $9.334M
YoY Change
Total Liabilities & Shareholders Equity $64.44M $86.34M
YoY Change -26.66% -25.87%

Cashflow Statement

Concept 2022 Q4 2022 Q3

Facts In Submission

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0001694665
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dei Document Period End Date
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2022-09-30
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dei Entity File Number
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dei Entity Registrant Name
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Evelo Biosciences, Inc.
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DE
dei Entity Tax Identification Number
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620 Memorial Drive
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
234000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
927000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
14778000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
79916000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
97666000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1022000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
455000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26831000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69754000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70420000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70209000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97251000 usd
us-gaap Interest Paid Net
InterestPaidNet
2963000 usd
us-gaap Interest Paid Net
InterestPaidNet
2383000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
592000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
9000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
128000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
198000 usd
evlo Noncash Investing And Financing Activities Issuance Of Common Stock Warrants
NoncashInvestingAndFinancingActivitiesIssuanceOfCommonStockWarrants
0 usd
evlo Noncash Investing And Financing Activities Issuance Of Common Stock Warrants
NoncashInvestingAndFinancingActivitiesIssuanceOfCommonStockWarrants
1750000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
69100000 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-505700000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to the application of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers (Topic 606)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> ("ASC 606") to our collaboration agreement with Meddist Company Limited ("ALJ"), the accrual of research and development expenses, the expected future lives of property and equipment and the valuation of stock-based awards. We base our estimates on historical experience and market-specific or other relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk and Off-Balance Sheet Risk </span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially expose us to concentrations of credit risk primarily consist of cash and cash equivalents. We place our operating cash in demand deposit accounts at a single financial institution which have exceeded and are expected to continue to exceed federally insured limits. Our money market funds are held in an investment account at an affiliate institution. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2022 and December 31, 2021, we had no off-balance sheet risk such as foreign exchange contracts, option contracts, derivatives or foreign currency hedging arrangements.</span></div>
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1200000 usd
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1300000 usd
CY2022Q3 us-gaap Cash
Cash
10363000 usd
CY2021Q3 us-gaap Cash
Cash
3359000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
58690000 usd
CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
92579000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
69053000 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95938000 usd
CY2018Q1 us-gaap Area Of Land
AreaOfLand
40765 sqft
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
1156000 usd
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
1313000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70209000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97251000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
700000 usd
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
700000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2200000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2200000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7398000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8910000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2177000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1951000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5935000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7785000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8112000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9736000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
58690000 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
66989000 usd
CY2022Q3 evlo Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
5637000 usd
CY2021Q4 evlo Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
4895000 usd
CY2022Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
5615000 usd
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
6412000 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
732000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1013000 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
494000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
748000 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12478000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13068000 usd
CY2021Q2 evlo Debt Instrument Final Payment Percent Of Original Principal Amount
DebtInstrumentFinalPaymentPercentOfOriginalPrincipalAmount
0.048
CY2019Q2 evlo Sale Of Stock Consideration Received Term
SaleOfStockConsiderationReceivedTerm
P3Y
CY2019Q2 evlo Sale Of Stock Consideration Received Term
SaleOfStockConsiderationReceivedTerm
P3Y
CY2021Q3 evlo Sale Of Stock Consideration Received Term
SaleOfStockConsiderationReceivedTerm
P3Y
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3463000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4441000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11737000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11477000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-30564000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-33730000 usd
us-gaap Net Income Loss
NetIncomeLoss
-90986000 usd
us-gaap Net Income Loss
NetIncomeLoss
-93524000 usd
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108051851 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
108051851 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53430333 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53430333 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79528761 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79528761 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52704470 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52704470 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.77
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.77
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12289328 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10263533 shares
CY2022Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
100000 usd
CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
100000 usd
CY2022Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
54246358 shares
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.46

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