$ELEV
Elevation Oncology, Inc.

2024 Q1 Form 10-K Financial Statement

#000155837024002535 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.858M $3.255M $14.90M
YoY Change -11.23% -19.33% -5.86%
% of Gross Profit
Research & Development $6.011M $4.691M $25.43M
YoY Change -17.57% -67.65% -67.69%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $39.00K
YoY Change 0.0% 0.0% 44.44%
% of Gross Profit
Operating Expenses $9.869M $7.946M $45.45M
YoY Change -41.06% -57.13% -51.93%
Operating Profit -$9.869M -$45.45M
YoY Change -41.06% -51.93%
Interest Expense $115.0K -$1.100M -$4.200M
YoY Change -215.0% 22.22% 180.0%
% of Operating Profit
Other Income/Expense, Net -$827.0K $1.156M -$229.0K
YoY Change 167.64% 175.24% -54.74%
Pretax Income -$10.70M -$7.890M -$45.67M
YoY Change -37.28% -58.51% -51.95%
Income Tax $11.00K $9.000K $30.00K
% Of Pretax Income
Net Earnings -$10.71M -$7.899M -$45.70M
YoY Change -37.24% -58.52% -51.93%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23 -$1.34
Diluted Earnings Per Share -$0.23 -$0.19 -$1.34
COMMON SHARES
Basic Shares Outstanding 48.65M 42.41M 34.08M
Diluted Shares Outstanding 47.37M 34.08M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.1M $83.11M $83.11M
YoY Change 40.74% -7.95% -7.95%
Cash & Equivalents $90.63M $49.26M $49.26M
Short-Term Investments $13.42M $33.85M $33.85M
Other Short-Term Assets $3.836M $4.857M $4.857M
YoY Change 101.26% 80.09% 80.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $107.9M $87.96M $87.96M
YoY Change 42.27% -5.39% -5.39%
LONG-TERM ASSETS
Property, Plant & Equipment $49.00K $59.00K $59.00K
YoY Change -44.32% -39.8% -39.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.025M $1.068M $1.068M
YoY Change 5.13% -1.66% -1.66%
Total Long-Term Assets $1.074M $1.127M $1.127M
YoY Change 1.03% -4.81% -4.81%
TOTAL ASSETS
Total Short-Term Assets $107.9M $87.96M $87.96M
Total Long-Term Assets $1.074M $1.127M $1.127M
Total Assets $109.0M $89.09M $89.09M
YoY Change 41.7% -5.38% -5.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $435.0K $507.0K $507.0K
YoY Change -89.24% -92.03% -92.03%
Accrued Expenses $1.899M $3.638M $3.638M
YoY Change -79.99% -61.01% -61.01%
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 $2.334M $4.145M $4.145M
YoY Change -82.75% -73.59% -73.59%
LONG-TERM LIABILITIES
Long-Term Debt $30.81M $30.14M $30.14M
YoY Change 4.08% 2.38% 2.38%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $30.81M $30.14M $30.14M
YoY Change 4.08% 2.38% 2.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.334M $4.145M $4.145M
Total Long-Term Liabilities $30.81M $30.14M $30.14M
Total Liabilities $33.14M $34.28M $34.28M
YoY Change -23.16% -24.04% -24.04%
SHAREHOLDERS EQUITY
Retained Earnings -$206.7M -$196.0M
YoY Change 23.55% 30.41%
Common Stock $5.000K $4.000K
YoY Change 150.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.82M $54.81M $54.81M
YoY Change
Total Liabilities & Shareholders Equity $109.0M $89.09M $89.09M
YoY Change 41.7% -5.38% -5.38%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$10.71M -$7.899M -$45.70M
YoY Change -37.24% -58.52% -51.93%
Depreciation, Depletion And Amortization $10.00K $10.00K $39.00K
YoY Change 0.0% 0.0% 44.44%
Cash From Operating Activities -$9.575M -$12.18M -$56.18M
YoY Change -43.11% -31.76% -34.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $20.70M $6.560M $11.54M
YoY Change -22.18% -41.33% -126.05%
Cash From Investing Activities $20.70M $6.560M $11.54M
YoY Change -22.18% -41.33% -126.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.00K
YoY Change -31.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.25M -2.000K 47.98M
YoY Change 13904.63% -50.0% 62.55%
NET CHANGE
Cash From Operating Activities -9.575M -12.18M -56.18M
Cash From Investing Activities 20.70M 6.560M 11.54M
Cash From Financing Activities 30.25M -2.000K 47.98M
Net Change In Cash 41.38M -5.623M 3.338M
YoY Change 314.37% -15.72% -103.33%
FREE CASH FLOW
Cash From Operating Activities -$9.575M -$12.18M -$56.18M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$12.18M -$56.18M
YoY Change -31.76% -34.35%

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;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 </span><span style="font-style:normal;font-weight:normal;">April 29, 2019</span><span style="font-style:normal;font-weight:normal;"> (“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;">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. The Company intends to pursue further clinical development of seribantumab only in collaboration with a partner. Additionally, the Company intends to continue to seek opportunities to expand its pipeline with complementary drug candidates.</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;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 June 2023, the Company closed an underwritten public offering of (i) 17,810,000 shares of its common stock and pre-funded warrants to purchase up to an aggregate of 4,440,000 shares of common stock and (ii) accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant sold. The combined offering price to the public of each share of common stock and accompanying warrant was $2.2500. The combined offering price to the public of each pre-funded warrant and accompanying warrant was $2.2499. The accompanying warrants have an exercise price of $2.25 per share, are exercisable immediately, and will expire five years following the date of issuance. The Company received net proceeds of $46.5 million, after deducting underwriting discounts and commissions and other offering expenses of $3.6 million (see Note 10). In January 2024, the Company sold 5,777,527 million shares of its common stock in an at-the-market offering for net proceeds of $17.0 million, after deducting issuance costs (see Note 17).</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 $45.7 million and $95.1 million for the years ended December 31, 2023 and 2022, respectively, and had an accumulated deficit of $196.0 million as of December 31, 2023. Through December 31, 2023, the Company has funded its operations with proceeds from the sale of convertible preferred stock, proceeds from public offerings of common stock and warrants, 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 consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
5944000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
45934000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
35218000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
45931000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
35210000
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
8000
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
3000
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
8000
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
8000
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-45704000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-95080000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34077675
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23267120
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.34
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.09
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32808160
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6104305
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-002535-index-headers.html Edgar Link pending
0001558370-24-002535-index.html Edgar Link pending
0001558370-24-002535.txt Edgar Link pending
0001558370-24-002535-xbrl.zip Edgar Link pending
elev-20231231.xsd Edgar Link pending
elev-20231231x10k.htm Edgar Link pending
elev-20231231x10k001.jpg Edgar Link pending
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report.css Edgar Link pending
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elev-20231231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable