$ELEV
Elevation Oncology, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021015649 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.375M $2.979M $453.0K
YoY Change 645.03% 544.81%
% of Gross Profit
Research & Development $6.249M $9.298M $8.430M
YoY Change -25.87% 264.63%
% of Gross Profit
Depreciation & Amortization $5.000K $3.000K $15.00K
YoY Change -66.67%
% of Gross Profit
Operating Expenses $9.624M $12.28M $8.887M
YoY Change 8.29% 307.6%
Operating Profit -$12.28M
YoY Change 307.6%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.000K $10.00K -$3.000K
YoY Change -166.67% 900.0%
Pretax Income -$9.622M -$12.27M -$8.890M
YoY Change 8.23% 307.41%
Income Tax
% Of Pretax Income
Net Earnings -$9.622M -$12.27M -$8.890M
YoY Change 8.23% 307.41%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53
Diluted Earnings Per Share -$793.1K -$0.53 -$390.3K
COMMON SHARES
Basic Shares Outstanding 23.23M 23.11M
Diluted Shares Outstanding 23.11M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.3M $155.2M
YoY Change
Cash & Equivalents $146.3M $155.2M $79.40M
Short-Term Investments
Other Short-Term Assets $3.140M $3.237M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $149.4M $158.4M $80.79M
YoY Change 84.96%
LONG-TERM ASSETS
Property, Plant & Equipment $38.00K $43.00K $56.00K
YoY Change -32.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.00K $40.00K $65.00K
YoY Change -50.77%
Total Long-Term Assets $70.00K $83.00K $121.0K
YoY Change -42.15%
TOTAL ASSETS
Total Short-Term Assets $149.4M $158.4M $80.79M
Total Long-Term Assets $70.00K $83.00K $121.0K
Total Assets $149.5M $158.5M $80.91M
YoY Change 84.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.648M $5.435M $5.679M
YoY Change -0.55%
Accrued Expenses $3.141M $3.445M $1.106M
YoY Change 184.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.789M $8.880M $6.785M
YoY Change 29.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.000K $10.00K
YoY Change
Total Long-Term Liabilities $8.000K $10.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.789M $8.880M $6.785M
Total Long-Term Liabilities $8.000K $10.00K
Total Liabilities $8.797M $8.890M $6.800M
YoY Change 29.37%
SHAREHOLDERS EQUITY
Retained Earnings -$55.19M -$45.56M -$23.15M
YoY Change 138.42%
Common Stock $2.000K $2.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.7M $149.6M -$23.08M
YoY Change
Total Liabilities & Shareholders Equity $149.5M $158.5M $80.91M
YoY Change 84.77%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$9.622M -$12.27M -$8.890M
YoY Change 8.23% 307.41%
Depreciation, Depletion And Amortization $5.000K $3.000K $15.00K
YoY Change -66.67%
Cash From Operating Activities -$8.914M -$7.904M -$3.383M
YoY Change 163.49% 67.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$71.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$71.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 5.085M 64.83M
YoY Change -100.0% 25325.0%
NET CHANGE
Cash From Operating Activities -8.914M -7.904M -3.383M
Cash From Investing Activities 0.000 -71.00K
Cash From Financing Activities 0.000 5.085M 64.83M
Net Change In Cash -8.914M -2.819M 61.37M
YoY Change -114.52% -40.11%
FREE CASH FLOW
Cash From Operating Activities -$8.914M -$7.904M -$3.383M
Capital Expenditures $0.00 -$71.00K
Free Cash Flow -$8.914M -$3.312M
YoY Change 169.14%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Elevation Oncology, Inc. (the “Company” or “Elevation”), which was formerly known as 14ner, Inc., was incorporated under the laws of Delaware on April 29, 2019 (“Inception”). The Company is a clinical-stage biopharmaceutical company focused on the development of precision medicines for patients with genomically-defined cancers. The Company acquired its lead product candidate, seribantumab, pursuant to an asset purchase agreement executed with Merrimack Pharmaceuticals, Inc. (the “previous sponsor”) during the period ended December 31, 2019. Seribantumab inhibits tumor growth driven by NRG1 fusions and is currently being tested in the Company’s Phase 2 CRESTONE clinical trial for patients with tumors of any origin that have an NRG1 fusion. The Company is actively evaluating opportunities for pipeline expansion, prioritizing targeted therapy approaches in tumor types defined by genomic driver alterations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Risks and uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">There can be no assurance that the Company’s research and development of its product candidates will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On March 10, 2020, the World Health Organization characterized the novel COVID-19 virus as a global pandemic. There is significant uncertainty as to the likely effects of this disease which may, among other things, materially impact the Company’s ongoing clinical trial, and planned future clinical trials. This pandemic or outbreak could result in difficulty securing clinical trial site locations, contract research organizations, and/or trial monitors and other critical vendors and consultants supporting the trial. These situations, or others associated with COVID-19, could cause delays in the Company’s clinical trial plans, could increase expected costs, and impact the ability to raise additional capital, all of which could have a material adverse effect on the Company’s business and its financial condition. COVID-19 has not had a significant impact on the operations or financial results of the Company to date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Initial Public Offering</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On June 29, 2021, the Company closed its initial public offering, (“IPO”) and issued 6,250,000 shares of its common stock at a price of $16.00 per share for net proceeds of $91,059, after deducting underwriting discounts, commissions, and other expenses of $8,941. In connection with the IPO, all shares of Series A and Series B convertible preferred stock converted into 15,736,053 shares of common stock. Additional issuance cost of $11 was paid for convertible preferred stock in 2021. On July 19, 2021, in connection with the Company’s IPO, the underwriters exercised the right to purchase an additional 403,407 shares of the Company’s common stock at a price of $16.00 per share for net proceeds of $6,003, after deducting underwriting discounts of $452. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Liquidity </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has historical losses from operations and anticipates that it will continue to incur losses for the foreseeable future as it continues the research and development of its product candidates. The Company incurred net losses of $12,267 and $3,011 for the three months ended September 30, 2021 and 2020, respectively, and $22,417 and $8,375 for the nine months ended September 30, 2021 and 2020, respectively, and had an accumulated deficit of $45,564 as of September 30, 2021. The Company has funded its operations primarily through proceeds from its IPO and the sale of convertible preferred stock. The future success of the Company is dependent on its ability to successfully obtain additional working capital, obtain regulatory approval for and successfully launch and commercialize its product candidates and to ultimately attain profitable operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company believes that the $155.2 million of cash and cash equivalents on hand as of September 30, 2021 will be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Concentrations of credit risk and significant suppliers</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. As of December 31, 2020, the Company had one vendor that accounted for approximately 95% of the total accounts payable. As of September 30, 2021, the Company had two vendors that accounted for approximately 86% of the total accounts payable. During the three months ended September 30, 2021, the Company had three vendors that accounted for approximately 74% its research and development expense. During the nine months ended September 30, 2021, the Company had two vendors that accounted for approximately 58% its research and development expense.</p>
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