$ELEV
Elevation Oncology, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022016122 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.035M $4.191M
YoY Change 19.56% 40.68%
% of Gross Profit
Research & Development $14.50M $34.34M
YoY Change 132.07% 269.33%
% of Gross Profit
Depreciation & Amortization $10.00K $8.000K
YoY Change 100.0% 166.67%
% of Gross Profit
Operating Expenses $18.54M $38.53M
YoY Change 92.61% 213.85%
Operating Profit -$38.53M
YoY Change 213.85%
Interest Expense -$900.0K -$600.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $420.0K -$306.0K
YoY Change 20900.0% -3160.0%
Pretax Income -$19.02M -$38.84M
YoY Change 97.64% 216.6%
Income Tax $25.00K $0.00
% Of Pretax Income
Net Earnings -$19.04M -$38.84M
YoY Change 97.9% 216.6%
Net Earnings / Revenue
Basic Earnings Per Share -$1.67
Diluted Earnings Per Share -$0.82 -$1.67
COMMON SHARES
Basic Shares Outstanding 23.30M 23.29M
Diluted Shares Outstanding 23.29M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.28M $107.9M
YoY Change -38.28% -30.5%
Cash & Equivalents $45.92M $52.59M
Short-Term Investments $44.36M $55.27M
Other Short-Term Assets $2.697M $2.215M
YoY Change -14.11% -31.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $92.98M $110.1M
YoY Change -37.78% -30.52%
LONG-TERM ASSETS
Property, Plant & Equipment $98.00K $108.0K
YoY Change 157.89% 151.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.086M $1.310M
YoY Change 3293.75% 3175.0%
Total Long-Term Assets $1.184M $1.418M
YoY Change 1591.43% 1608.43%
TOTAL ASSETS
Total Short-Term Assets $92.98M $110.1M
Total Long-Term Assets $1.184M $1.418M
Total Assets $94.16M $111.5M
YoY Change -37.01% -29.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.362M $5.665M
YoY Change 12.64% 4.23%
Accrued Expenses $9.330M $9.435M
YoY Change 197.04% 173.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.69M $15.10M
YoY Change 78.54% 70.05%
LONG-TERM LIABILITIES
Long-Term Debt $29.44M $29.27M
YoY Change
Other Long-Term Liabilities $2.000K $3.000K
YoY Change -75.0% -70.0%
Total Long-Term Liabilities $29.44M $29.27M
YoY Change 367837.5% 292580.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.69M $15.10M
Total Long-Term Liabilities $29.44M $29.27M
Total Liabilities $45.13M $44.37M
YoY Change 413.0% 399.11%
SHAREHOLDERS EQUITY
Retained Earnings -$150.3M -$131.2M
YoY Change 172.35% 187.95%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.03M $67.12M
YoY Change
Total Liabilities & Shareholders Equity $94.16M $111.5M
YoY Change -37.01% -29.67%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$19.04M -$38.84M
YoY Change 97.9% 216.6%
Depreciation, Depletion And Amortization $10.00K $8.000K
YoY Change 100.0% 166.67%
Cash From Operating Activities -$17.85M -$44.18M
YoY Change 100.24% 459.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$86.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $11.18M $13.45M
YoY Change
Cash From Investing Activities $11.18M $13.37M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000K 29.52M
YoY Change 480.61%
NET CHANGE
Cash From Operating Activities -17.85M -44.18M
Cash From Investing Activities 11.18M 13.37M
Cash From Financing Activities -4.000K 29.52M
Net Change In Cash -6.672M -1.293M
YoY Change -25.15% -54.13%
FREE CASH FLOW
Cash From Operating Activities -$17.85M -$44.18M
Capital Expenditures $0.00 -$86.00K
Free Cash Flow -$17.85M -$44.10M
YoY Change 100.24%

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;font-style:italic;font-weight:bold;text-align:justify;margin:12pt 0pt 12pt 0pt;"><span style="font-style:normal;font-weight:normal;">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 most advanced 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 11). Seribantumab 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. During the period ended June 30, 2022, the Company presented initial clinical proof-of-concept data from Cohort 1 of the CRESTONE trial at the American Society of Clinical Oncology (ASCO) 2022 Annual Meeting. Additionally, the Company obtained exclusive worldwide rights outside of the People’s Republic of China, Hong Kong, Macau and Taiwan to develop and commercialize EO-3021, a clinical stage antibody drug conjugate targeting Claudin18.2, pursuant to a license agreement executed with CSPC Megalith Biopharmaceutical Co., Ltd., a subsidiary of CSPC Pharmaceutical Group Limited, during the period ended September 30, 2022 (see Note 11). The Company continues to actively evaluate opportunities for pipeline expansion, including prioritizing additional targeted therapy approaches in tumor types defined by genomic driver alterations.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:12pt 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;">The ongoing 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;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;">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 <span style="-sec-ix-hidden:Hidden_-kklwti4nkiagL5_Fsc5aA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$38.8</span></span> million and <span style="-sec-ix-hidden:Hidden_FWs4y9P7ZEamoxTLPOCerw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$12.3</span></span> million for the three months ended September 30, 2022 and 2021, respectively, <span style="-sec-ix-hidden:Hidden_gYp09RSLKEOQMgb97IEG5g;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$76.0</span></span> million and <span style="-sec-ix-hidden:Hidden_dfVLcSryCkqVS4ZrxA1-LQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$22.4</span></span> million for the nine months ended September 30, 2022 and 2021, respectively, and had an accumulated deficit of $131.2 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">million as of September 30, 2022. Through September 30, 2022, the Company has funded its operations with proceeds from the sale of convertible preferred stock, proceeds from the initial public offering (“IPO”) completed in June 2021 and borrowings under loan agreements. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the condensed consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying condensed consolidated 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>
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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, cash equivalents and marketable securities. 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. During each of the three and nine months ended September 30, 2022, the Company had one and three vendors that accounted for approximately 80% and 81% of its research and development expense, respectively. 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. As of September 30, 2022, the Company had one vendor that accounted for approximately 85% of the total accounts payable. As of December 31, 2021, the Company had one vendor that accounted for approximately 74% of the total accounts payable. </p>
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