$ELEV
Elevation Oncology, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024006448 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.412M $3.858M $4.346M
YoY Change 15.95% -11.23% 14.58%
% of Gross Profit
Research & Development $6.551M $6.011M $7.292M
YoY Change 8.66% -17.57% -46.28%
% of Gross Profit
Depreciation & Amortization $4.000K $10.00K $10.00K
YoY Change -60.0% 0.0% 150.0%
% of Gross Profit
Operating Expenses $10.96M $9.869M $16.75M
YoY Change 11.48% -41.06% -3.59%
Operating Profit -$10.96M -$9.869M -$16.75M
YoY Change 11.48% -41.06% -3.59%
Interest Expense $513.0K $115.0K -$100.0K
YoY Change -151.3% -215.0%
% of Operating Profit
Other Income/Expense, Net $513.0K -$827.0K -$309.0K
YoY Change -289.3% 167.64% -432.26%
Pretax Income -$10.45M -$10.70M -$17.05M
YoY Change 3.41% -37.28% -1.28%
Income Tax $11.00K $11.00K $5.000K
% Of Pretax Income
Net Earnings -$10.46M -$10.71M -$17.06M
YoY Change 3.47% -37.24% -1.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.18 -$0.23 -$0.72
Diluted Earnings Per Share -$0.19 -$0.23 -$0.72
COMMON SHARES
Basic Shares Outstanding 54.64M 48.65M 23.67M
Diluted Shares Outstanding 54.58M 47.37M 23.62M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.8M $104.1M $73.93M
YoY Change 2.71% 40.74% -44.02%
Cash & Equivalents $59.45M $90.63M $55.90M
Short-Term Investments $51.40M $13.42M $18.03M
Other Short-Term Assets $2.720M $3.836M $1.906M
YoY Change 81.09% 101.26% -12.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $113.6M $107.9M $75.84M
YoY Change 3.79% 42.27% -43.51%
LONG-TERM ASSETS
Property, Plant & Equipment $45.00K $49.00K $88.00K
YoY Change -42.31% -44.32% 158.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $983.0K $1.025M $975.0K
YoY Change 13.38% 5.13% 3800.0%
Total Long-Term Assets $1.028M $1.074M $1.063M
YoY Change 8.78% 1.03% 1701.69%
TOTAL ASSETS
Total Short-Term Assets $113.6M $107.9M $75.84M
Total Long-Term Assets $1.028M $1.074M $1.063M
Total Assets $114.6M $109.0M $76.90M
YoY Change 3.83% 41.7% -42.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $344.0K $435.0K $4.043M
YoY Change -93.44% -89.24% 358.39%
Accrued Expenses $2.419M $1.899M $9.491M
YoY Change -23.84% -79.99% -0.65%
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 $2.763M $2.334M $13.53M
YoY Change -67.17% -82.75% 29.7%
LONG-TERM LIABILITIES
Long-Term Debt $30.92M $30.81M $29.60M
YoY Change 3.84% 4.08%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $30.92M $30.81M $29.60M
YoY Change 3.84% 4.08% 422757.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.763M $2.334M $13.53M
Total Long-Term Liabilities $30.92M $30.81M $29.60M
Total Liabilities $33.68M $33.14M $43.13M
YoY Change -11.81% -23.16% 313.08%
SHAREHOLDERS EQUITY
Retained Earnings -$217.1M -$206.7M -$167.3M
YoY Change 22.38% 23.55% 130.76%
Common Stock $5.000K $5.000K $2.000K
YoY Change 25.0% 150.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.92M $75.82M $33.76M
YoY Change
Total Liabilities & Shareholders Equity $114.6M $109.0M $76.90M
YoY Change 3.83% 41.7% -42.75%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$10.46M -$10.71M -$17.06M
YoY Change 3.47% -37.24% -1.25%
Depreciation, Depletion And Amortization $4.000K $10.00K $10.00K
YoY Change -60.0% 0.0% 150.0%
Cash From Operating Activities -$8.205M -$9.575M -$16.83M
YoY Change -40.59% -43.11% 20.02%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$37.66M $20.70M $26.60M
YoY Change -328.24% -22.18% -133.56%
Cash From Investing Activities -$37.66M $20.70M $26.60M
YoY Change -328.24% -22.18% -133.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.68M 30.25M 216.0K
YoY Change -69.24% 13904.63% 1036.84%
NET CHANGE
Cash From Operating Activities -8.205M -9.575M -16.83M
Cash From Investing Activities -37.66M 20.70M 26.60M
Cash From Financing Activities 14.68M 30.25M 216.0K
Net Change In Cash -31.18M 41.38M 9.985M
YoY Change -161.84% 314.37% -110.7%
FREE CASH FLOW
Cash From Operating Activities -$8.205M -$9.575M -$16.83M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q1 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">ELEVATION ONCOLOGY, INC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Notes to Condensed Consolidated Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(dollars in thousands, except share and per share data)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(unaudited)</b></p><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;text-align:justify;margin:0pt 0pt 12pt 0pt;">Elevation Oncology, Inc. (the “Company”), which was formerly known as 14ner Oncology, 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 leveraging its antibody-drug conjugate (“ADC”) expertise to advance a novel pipeline, initially targeting two validated targets in oncology, Claudin 18.2 and HER3. The Company‘s lead candidate, EO-3021, is a potential best-in-class ADC designed to target Claudin 18.2 and is currently being evaluated in a Phase 1 trial  in patients with advanced, unresectable or metastatic solid tumors likely to express Claudin 18.2 including gastric, gastroesophageal junction, pancreatic or esophageal cancers. In addition to its monotherapy approach, the Company plans to evaluate EO-3021 in combination with both immunotherapy and targeted agents. Additionally, the Company expects to nominate a development candidate for its second program, a HER3-targeting ADC for the treatment of patients with solid tumors that overexpress HER3.</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:6pt 0pt 0pt 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 a debt facility. The Company incurred net losses of $10.7 million and $17.1 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company had an accumulated deficit of $206.7 million and cash, cash equivalents, and marketable securities totaling $104.1 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 condensed consolidated 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;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 months ended March 31, 2024 and 2023, the Company had one and two vendor(s) that accounted for approximately 65% and 57% of its research and development expense, respectively. As of March 31, 2024 and December 31, 2023, the Company had two vendors that accounted for approximately 26% and 39% of total accounts payable, respectively.</p>
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