$ELEV
Elevation Oncology, Inc.

2021 Q4 Form 10-K Financial Statement

#000155837022002715 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 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 $8.451M $453.0K
YoY Change 645.03% 369.5%
% of Gross Profit
Research & Development $6.249M $23.60M $8.430M
YoY Change -25.87% 52.46%
% of Gross Profit
Depreciation & Amortization $5.000K $18.00K $15.00K
YoY Change -66.67% 20.0%
% of Gross Profit
Operating Expenses $9.624M $32.05M $8.887M
YoY Change 8.29% 85.49%
Operating Profit -$32.05M
YoY Change 85.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.000K $7.000K -$3.000K
YoY Change -166.67% -36.36%
Pretax Income -$9.622M -$32.04M -$8.890M
YoY Change 8.23% 85.57%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.622M -$32.04M -$8.890M
YoY Change 8.23% 85.57%
Net Earnings / Revenue
Basic Earnings Per Share -$2.64
Diluted Earnings Per Share -$793.1K -$2.64 -$390.3K
COMMON SHARES
Basic Shares Outstanding 23.23M 12.13M
Diluted Shares Outstanding 12.13M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.3M $146.3M
YoY Change 84.24%
Cash & Equivalents $146.3M $146.3M $79.40M
Short-Term Investments
Other Short-Term Assets $3.140M $3.140M
YoY Change 126.55%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $149.4M $149.4M $80.79M
YoY Change 84.96% 84.96%
LONG-TERM ASSETS
Property, Plant & Equipment $38.00K $38.00K $56.00K
YoY Change -32.14% -32.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.00K $32.00K $65.00K
YoY Change -50.77% -50.77%
Total Long-Term Assets $70.00K $70.00K $121.0K
YoY Change -42.15% -42.15%
TOTAL ASSETS
Total Short-Term Assets $149.4M $149.4M $80.79M
Total Long-Term Assets $70.00K $70.00K $121.0K
Total Assets $149.5M $149.5M $80.91M
YoY Change 84.77% 84.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.648M $5.648M $5.679M
YoY Change -0.55% -0.55%
Accrued Expenses $3.141M $3.141M $1.106M
YoY Change 184.0% 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 $8.789M $6.785M
YoY Change 29.54% 29.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.000K $8.000K
YoY Change -46.67%
Total Long-Term Liabilities $8.000K $8.000K
YoY Change -46.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.789M $8.789M $6.785M
Total Long-Term Liabilities $8.000K $8.000K
Total Liabilities $8.797M $8.797M $6.800M
YoY Change 29.37% 29.37%
SHAREHOLDERS EQUITY
Retained Earnings -$55.19M -$23.15M
YoY Change 138.42%
Common Stock $2.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.7M $140.7M -$23.08M
YoY Change
Total Liabilities & Shareholders Equity $149.5M $149.5M $80.91M
YoY Change 84.77% 84.77%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$9.622M -$32.04M -$8.890M
YoY Change 8.23% 85.57%
Depreciation, Depletion And Amortization $5.000K $18.00K $15.00K
YoY Change -66.67% 20.0%
Cash From Operating Activities -$8.914M -$30.17M -$3.383M
YoY Change 163.49% 145.3%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$71.00K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$71.00K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $97.06M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 97.05M 64.83M
YoY Change -100.0% 7.8%
NET CHANGE
Cash From Operating Activities -8.914M -30.17M -3.383M
Cash From Investing Activities 0.000 0.000 -71.00K
Cash From Financing Activities 0.000 97.05M 64.83M
Net Change In Cash -8.914M 66.88M 61.37M
YoY Change -114.52% -13.88%
FREE CASH FLOW
Cash From Operating Activities -$8.914M -$30.17M -$3.383M
Capital Expenditures $0.00 $0.00 -$71.00K
Free Cash Flow -$8.914M -$30.17M -$3.312M
YoY Change 169.14% 143.89%

Facts In Submission

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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;margin:0pt;">Elevation Oncology, Inc. (the “Company” or “Elevation”), which was formerly known as 14ner, Inc., was incorporated under the laws of the State 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 (see Note 9). Seribantumab has been shown preclinically to inhibit 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 including prioritizing additional targeted therapy approaches in tumor types defined by genomic driver alterations.<span style="font-size:12pt;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:12pt 0pt 12pt 0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;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;margin:0pt 0pt 12pt 0pt;">The current COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting our employees, patients, communities and business operations, as well as contributing to significant volatility and negative pressure on the U.S. economy and in financial markets. The extent of the impact of COVID-19 on the Company’s operational and financial performance will continue to depend on certain developments, including the duration and spread of the outbreak, new variants, the vaccination and booster rate, impact on the Company’s clinical studies, employee or industry events, and effect on our suppliers and manufacturers, all of which are uncertain and cannot be predicted. 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;margin:0pt 0pt 12pt 0pt;">Liquidity </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">In July 2019 and November 2020, the Company received gross proceeds of $97.2 million from the issuance and sale of its Series A and Series B convertible preferred stock (see Note 6).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On June 17, 2021, the Company effected a 1.0 for <span style="-sec-ix-hidden:Hidden_z6l6dXmz8E6xGt27fFRfuQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">4.225582</span></span> reverse stock split of its issued and outstanding shares of common stock and proportional adjustment to the existing conversion ratios for each series of the Company’s convertible preferred stock (see Note 6). Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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 $91.1 million, after deducting underwriting discounts and commissions and expenses of $8.9 million. 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. On July 19, 2021, in connection with the Company’s IPO, the underwriters exercised the right to purchase 403,407 shares of the Company’s common stock at a price of $16.00 per share for net proceeds of $6.0 million, after deduction underwriting discounts of $0.5<span style="white-space:pre-wrap;"> million. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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 $32.0 million and $17.3 million for the years ended December 31, 2021 and 2020, respectively, and had an accumulated deficit of $55.2 million as of December 31, 2021. Through December 31, 2021, the Company has funded its operations with proceeds from the sale of convertible preferred stock and common stock. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the consolidated financial statements.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accruals for research and development expenses, the valuation of common stock and the assumptions used in the valuation of share-based compensation awards. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk and Significant Suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;margin:0pt 0pt 12pt 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. During the year ended December 31, 2021, the Company had two vendors that accounted for approximately 61% of its research and development expense. As of December 31, 2021, the Company had one vendor that accounted for approximately 74% of the total accounts payable. During the year ended December 31, 2020, the Company had one vendor that accounted for approximately 46% of its research and development expense. The <span style="-sec-ix-hidden:Hidden_oYUMpxFyBEukUJ69xj1Vgw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">same</span></span> vendor also accounted for approximately 95% of the total accounts payable as of December 31, 2020.</p>
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