$ELEV
Elevation Oncology, Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023003247 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.346M $4.035M $15.83M
YoY Change 14.58% 19.56% 87.34%
% of Gross Profit
Research & Development $7.292M $14.50M $78.72M
YoY Change -46.28% 132.07% 233.62%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $27.00K
YoY Change 150.0% 100.0% 50.0%
% of Gross Profit
Operating Expenses $16.75M $18.54M $94.55M
YoY Change -3.59% 92.61% 195.04%
Operating Profit -$16.75M -$94.55M
YoY Change -3.59% 195.04%
Interest Expense -$100.0K -$900.0K -$1.500M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$309.0K $420.0K -$506.0K
YoY Change -432.26% 20900.0% -7328.57%
Pretax Income -$17.05M -$19.02M -$95.06M
YoY Change -1.28% 97.64% 196.69%
Income Tax $5.000K $25.00K $25.00K
% Of Pretax Income
Net Earnings -$17.06M -$19.04M -$95.08M
YoY Change -1.25% 97.9% 196.76%
Net Earnings / Revenue
Basic Earnings Per Share -$0.72 -$4.09
Diluted Earnings Per Share -$0.72 -$0.82 -$4.09
COMMON SHARES
Basic Shares Outstanding 23.67M 23.30M 23.27M
Diluted Shares Outstanding 23.62M 23.27M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.93M $90.28M $90.28M
YoY Change -44.02% -38.28% -38.28%
Cash & Equivalents $55.90M $45.92M $45.92M
Short-Term Investments $18.03M $44.36M $44.36M
Other Short-Term Assets $1.906M $2.697M $2.697M
YoY Change -12.85% -14.11% -14.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $75.84M $92.98M $92.98M
YoY Change -43.51% -37.78% -37.78%
LONG-TERM ASSETS
Property, Plant & Equipment $88.00K $98.00K $98.00K
YoY Change 158.82% 157.89% 157.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $975.0K $1.086M $1.086M
YoY Change 3800.0% 3293.75% 3293.75%
Total Long-Term Assets $1.063M $1.184M $1.184M
YoY Change 1701.69% 1591.43% 1591.43%
TOTAL ASSETS
Total Short-Term Assets $75.84M $92.98M $92.98M
Total Long-Term Assets $1.063M $1.184M $1.184M
Total Assets $76.90M $94.16M $94.16M
YoY Change -42.75% -37.01% -37.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.043M $6.362M $6.362M
YoY Change 358.39% 12.64% 12.64%
Accrued Expenses $9.491M $9.330M $9.330M
YoY Change -0.65% 197.04% 197.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.53M $15.69M $15.69M
YoY Change 29.7% 78.54% 78.54%
LONG-TERM LIABILITIES
Long-Term Debt $29.60M $29.44M $29.44M
YoY Change
Other Long-Term Liabilities $0.00 $2.000K $2.000K
YoY Change -100.0% -75.0% -75.0%
Total Long-Term Liabilities $29.60M $29.44M $29.44M
YoY Change 422757.14% 367837.5% 367862.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.53M $15.69M $15.69M
Total Long-Term Liabilities $29.60M $29.44M $29.44M
Total Liabilities $43.13M $45.13M $45.13M
YoY Change 313.08% 413.0% 413.0%
SHAREHOLDERS EQUITY
Retained Earnings -$167.3M -$150.3M
YoY Change 130.76% 172.35%
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 $33.76M $49.03M $49.03M
YoY Change
Total Liabilities & Shareholders Equity $76.90M $94.16M $94.16M
YoY Change -42.75% -37.01% -37.01%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$17.06M -$19.04M -$95.08M
YoY Change -1.25% 97.9% 196.76%
Depreciation, Depletion And Amortization $10.00K $10.00K $27.00K
YoY Change 150.0% 100.0% 50.0%
Cash From Operating Activities -$16.83M -$17.85M -$85.48M
YoY Change 20.02% 100.24% 183.37%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $86.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $26.60M $11.18M -$44.31M
YoY Change -133.56%
Cash From Investing Activities $26.60M $11.18M -$44.40M
YoY Change -133.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $35.00K
YoY Change -99.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 216.0K -4.000K 29.51M
YoY Change 1036.84% -69.59%
NET CHANGE
Cash From Operating Activities -16.83M -17.85M -85.48M
Cash From Investing Activities 26.60M 11.18M -44.40M
Cash From Financing Activities 216.0K -4.000K 29.51M
Net Change In Cash 9.985M -6.672M -100.4M
YoY Change -110.7% -25.15% -250.06%
FREE CASH FLOW
Cash From Operating Activities -$16.83M -$17.85M -$85.48M
Capital Expenditures $0.00 $86.00K
Free Cash Flow -$17.85M -$85.57M
YoY Change 100.24% 183.65%

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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;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 an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The Company is rethinking drug development by seeking innovative, selective cancer therapies that can be matched to a patient’s unique tumor characteristics. The Company obtained exclusive worldwide rights outside Greater China (the People’s Republic of China, Hong Kong, Macau and Taiwan) to develop and commercialize EO-3021, a clinical stage antibody drug conjugate targeting Claudin 18.2, pursuant to a license agreement executed with CSPC Megalith Biopharmaceutical Co., Ltd., a subsidiary of CSPC Pharmaceutical Group Limited, during the year ended December 31, 2022 (see Note 12). </span><span style="font-style:normal;font-weight:normal;">In January 2023, the Company announced that it has paused further investment in the clinical development of seribantumab, an anti-HER3 monoclonal antibody for solid tumors driven by neuregulin-1, or NRG1 fusions, a type of genomic alteration and oncogenic driver in solid tumors. As a result, further enrollment in the Phase 2 CRESTONE study of seribantumab has been paused. Long-term follow-up of all patients who have been treated with seribantumab to date remains ongoing. The Company intends to pursue further clinical development of seribantumab only in collaboration with a partner. The Company is exploring opportunities through new or existing partnerships and business development opportunities to expand its novel oncology pipeline. </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 ongoing COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting the Company’s 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 the Company’s 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;">In July 2022, the Company entered into the Loan Agreement with K2HV, as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides up to $50.0 million </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">principal in the Term Loan consisting of a first tranche of $30.0 million funded at closing and a subsequent second tranche of up to $20.0 million upon the Company’s request, subject to review by the Lenders of certain information from us and discretionary approval by the Lenders. As of December 31, 2022, the Company had drawn down the first tranche and received net proceeds of $29.5<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 $95.1 million and $32.0 million for the years ended December 31, 2022 and 2021, respectively, and had an accumulated deficit of $150.3 million as of December 31, 2022. Through December 31, 2022, the Company has funded its operations with proceeds from the sale of convertible preferred stock, proceeds from its IPO, and borrowings under loan agreements. 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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Files In Submission

Name View Source Status
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elev-20221231_lab.xml Edgar Link unprocessable
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