$ELEV
Elevation Oncology, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023017311 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.255M $3.500M $4.191M
YoY Change -19.33% -16.49% 40.68%
% of Gross Profit
Research & Development $4.691M $7.422M $34.34M
YoY Change -67.65% -78.39% 269.33%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $8.000K
YoY Change 0.0% 25.0% 166.67%
% of Gross Profit
Operating Expenses $7.946M $10.92M $38.53M
YoY Change -57.13% -71.66% 213.85%
Operating Profit -$10.92M -$38.53M
YoY Change -71.66% 213.85%
Interest Expense -$1.100M -$1.100M -$600.0K
YoY Change 22.22% 83.33%
% of Operating Profit
Other Income/Expense, Net $1.156M $295.0K -$306.0K
YoY Change 175.24% -196.41% -3160.0%
Pretax Income -$7.890M -$10.63M -$38.84M
YoY Change -58.51% -72.64% 216.6%
Income Tax $9.000K $11.00K $0.00
% Of Pretax Income
Net Earnings -$7.899M -$10.64M -$38.84M
YoY Change -58.52% -72.61% 216.6%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 -$1.67
Diluted Earnings Per Share -$0.19 -$0.25 -$1.67
COMMON SHARES
Basic Shares Outstanding 42.41M 42.38M 23.29M
Diluted Shares Outstanding 42.40M 23.29M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.11M $94.80M $107.9M
YoY Change -7.95% -12.11% -30.5%
Cash & Equivalents $49.26M $54.88M $52.59M
Short-Term Investments $33.85M $39.90M $55.27M
Other Short-Term Assets $4.857M $4.000M $2.215M
YoY Change 80.09% 80.59% -31.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $87.96M $98.80M $110.1M
YoY Change -5.39% -10.24% -30.52%
LONG-TERM ASSETS
Property, Plant & Equipment $59.00K $68.00K $108.0K
YoY Change -39.8% -37.04% 151.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.068M $1.110M $1.310M
YoY Change -1.66% -15.27% 3175.0%
Total Long-Term Assets $1.127M $1.178M $1.418M
YoY Change -4.81% -16.93% 1608.43%
TOTAL ASSETS
Total Short-Term Assets $87.96M $98.80M $110.1M
Total Long-Term Assets $1.127M $1.178M $1.418M
Total Assets $89.09M $99.98M $111.5M
YoY Change -5.38% -10.33% -29.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $507.0K $3.640M $5.665M
YoY Change -92.03% -35.75% 4.23%
Accrued Expenses $3.638M $3.967M $9.435M
YoY Change -61.01% -57.95% 173.88%
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 $4.145M $7.607M $15.10M
YoY Change -73.59% -49.62% 70.05%
LONG-TERM LIABILITIES
Long-Term Debt $30.14M $29.95M $29.27M
YoY Change 2.38% 2.34%
Other Long-Term Liabilities $0.00 $0.00 $3.000K
YoY Change -100.0% -100.0% -70.0%
Total Long-Term Liabilities $30.14M $29.95M $29.27M
YoY Change 2.38% 2.34% 292580.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.145M $7.607M $15.10M
Total Long-Term Liabilities $30.14M $29.95M $29.27M
Total Liabilities $34.28M $37.56M $44.37M
YoY Change -24.04% -15.35% 399.11%
SHAREHOLDERS EQUITY
Retained Earnings -$196.0M -$188.1M -$131.2M
YoY Change 30.41% 43.37% 187.95%
Common Stock $4.000K $4.000K $2.000K
YoY Change 100.0% 100.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.81M $62.42M $67.12M
YoY Change
Total Liabilities & Shareholders Equity $89.09M $99.98M $111.5M
YoY Change -5.38% -10.33% -29.67%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$7.899M -$10.64M -$38.84M
YoY Change -58.52% -72.61% 216.6%
Depreciation, Depletion And Amortization $10.00K $10.00K $8.000K
YoY Change 0.0% 25.0% 166.67%
Cash From Operating Activities -$12.18M -$13.36M -$44.18M
YoY Change -31.76% -69.76% 459.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$86.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.560M -$38.12M $13.45M
YoY Change -41.33% -383.38%
Cash From Investing Activities $6.560M -$38.12M $13.37M
YoY Change -41.33% -385.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000K 30.00K 29.52M
YoY Change -50.0% -99.9% 480.61%
NET CHANGE
Cash From Operating Activities -12.18M -13.36M -44.18M
Cash From Investing Activities 6.560M -38.12M 13.37M
Cash From Financing Activities -2.000K 30.00K 29.52M
Net Change In Cash -5.623M -51.45M -1.293M
YoY Change -15.72% 3879.12% -54.13%
FREE CASH FLOW
Cash From Operating Activities -$12.18M -$13.36M -$44.18M
Capital Expenditures $0.00 -$86.00K
Free Cash Flow -$12.18M -$44.10M
YoY Change -31.76%

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 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 11). </span><span style="font-style:normal;font-weight:normal;">During the quarter ended March 31, 2023, the Company announced that it 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 was 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. </span><span style="font-style:normal;font-weight:normal;">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;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 Company continues to monitor the ongoing presence of COVID-19. 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 impact on the Company’s clinical trials, as well as on those of its licensors and partners, and the impact 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;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Liquidity</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:6pt 0pt 12pt 0pt;">The Company has incurred recurring net losses since inception and has funded its operations to date through the proceeds from the sale of convertible preferred stock, proceeds from public offerings of common stock and warrants, and borrowings under loan agreements. The Company incurred net losses of $10.6 million and $38.8 million for the three months ended September 30, 2023 and 2022, respectively, and $37.8 million and $76.0 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the Company had an accumulated deficit of $188.1 million and cash, cash equivalents, and marketable securities totaling $94.8 million. 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;">Use of estimates</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;padding-bottom:12pt;text-align:justify;margin:0pt;">The preparation of financial statements in accordance with U.S. 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;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><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 deposit 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 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 three and nine months ended September 30, 2023, the Company had two vendors that accounted for approximately 81% and 69% of its research and development expense, respectively. During the three and nine months ended September 30, 2022, the Company had one and three vendor(s) that accounted for approximately 80% and 81% of its research and development expense, respectively. As of September 30, 2023 and December 31, 2022, the Company had one and two vendor(s) that accounted for approximately 86% and 87% of total accounts payable, respectively.</p>
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1189491
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.95
elev Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageRemainingContractualTerm
P8Y7M28D
CY2022Q3 elev Share Based Compensation Arrangement By Share Based Payment Award Options Vested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedIntrinsicValue
316000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4373502
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.47
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y10M9D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
477000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.65
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.04
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.72
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.73
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
5000000.0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
42960
CY2023Q3 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
100000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-10636000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-38837000
us-gaap Net Income Loss
NetIncomeLoss
-37805000
us-gaap Net Income Loss
NetIncomeLoss
-76038000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42402489
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23290249
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31267687
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23255343
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.27
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33093648
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6089984

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elev-20230930_cal.xml Edgar Link unprocessable
0001558370-23-017311-index-headers.html Edgar Link pending
0001558370-23-017311-index.html Edgar Link pending
0001558370-23-017311.txt Edgar Link pending
0001558370-23-017311-xbrl.zip Edgar Link pending
elev-20230930.xsd Edgar Link pending
elev-20230930x10q.htm Edgar Link pending
elev-20230930xex10d1.htm Edgar Link pending
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elev-20230930xex31d1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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elev-20230930_pre.xml Edgar Link unprocessable
elev-20230930_def.xml Edgar Link unprocessable
elev-20230930_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
elev-20230930x10q_htm.xml Edgar Link completed
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