$ELEV
Elevation Oncology, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024014521 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.841M
YoY Change 9.74%
% of Gross Profit
Research & Development $9.388M
YoY Change 26.49%
% of Gross Profit
Depreciation & Amortization $5.000K
YoY Change -50.0%
% of Gross Profit
Operating Expenses $13.23M
YoY Change 21.14%
Operating Profit -$13.23M
YoY Change 21.14%
Interest Expense $360.0K
YoY Change -132.73%
% of Operating Profit
Other Income/Expense, Net $360.0K
YoY Change 22.03%
Pretax Income -$12.87M
YoY Change 21.12%
Income Tax $12.00K
% Of Pretax Income
Net Earnings -$12.88M
YoY Change 21.11%
Net Earnings / Revenue
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share -$0.22
COMMON SHARES
Basic Shares Outstanding 59.12M 59.11M
Diluted Shares Outstanding 59.11M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.1M
YoY Change 8.72%
Cash & Equivalents $48.20M
Short-Term Investments $54.87M
Other Short-Term Assets $2.253M
YoY Change -43.68%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $105.3M
YoY Change 6.61%
LONG-TERM ASSETS
Property, Plant & Equipment $39.00K
YoY Change -42.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $940.0K
YoY Change -15.32%
Total Long-Term Assets $979.0K
YoY Change -16.89%
TOTAL ASSETS
Total Short-Term Assets $105.3M
Total Long-Term Assets $979.0K
Total Assets $106.3M
YoY Change 6.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.631M
YoY Change -27.72%
Accrued Expenses $3.295M
YoY Change -16.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.926M
YoY Change -22.1%
LONG-TERM LIABILITIES
Long-Term Debt $31.02M
YoY Change 3.57%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $31.02M
YoY Change 3.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.926M
Total Long-Term Liabilities $31.02M
Total Liabilities $36.95M
YoY Change -1.63%
SHAREHOLDERS EQUITY
Retained Earnings -$230.0M
YoY Change 22.28%
Common Stock $6.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.36M
YoY Change
Total Liabilities & Shareholders Equity $106.3M
YoY Change 6.33%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$12.88M
YoY Change 21.11%
Depreciation, Depletion And Amortization $5.000K
YoY Change -50.0%
Cash From Operating Activities -$8.382M
YoY Change -37.26%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.873M
YoY Change -92.46%
Cash From Investing Activities -$2.873M
YoY Change -92.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K
YoY Change -66.67%
NET CHANGE
Cash From Operating Activities -8.382M
Cash From Investing Activities -2.873M
Cash From Financing Activities 10.00K
Net Change In Cash -11.24M
YoY Change -78.14%
FREE CASH FLOW
Cash From Operating Activities -$8.382M
Capital Expenditures
Free Cash Flow
YoY Change

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;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 clinical 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 expand its ongoing Phase 1 clinical trial to evaluate EO-3021 in combination with ramucirumab, a VEGFR2 inhibitor, and dostarlimab, a PD-1 inhibitor. 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:12pt 0pt 12pt 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 $12.9 million and $10.6 million for the three months ended September 30, 2024 and 2023, respectively, and $34.0 million and $37.8 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had an accumulated deficit of $230.0 million and cash, cash equivalents, and marketable securities totaling $103.1 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;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;text-align:justify;margin:0pt 0pt 12pt 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 condensed consolidated financial statements include, but are not limited to, the accruals for research and development expenses 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 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 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 September 30, 2024 and 2023, the Company had two vendors that accounted for approximately 79% and 81% of its research and development expense, respectively. During the nine months ended September 30, 2024 and 2023, the Company had two vendors that accounted for approximately 72% and 69% of its research and development expense, respectively. As of September 30, 2024 and December 31, 2023, the Company had one and two vendor(s) that accounted for approximately 78% and 39% of total accounts payable, respectively.</p>
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33040434
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.23
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.14
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32081583
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28653648
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001558370-24-014521.txt Edgar Link pending
0001558370-24-014521-xbrl.zip Edgar Link pending
elev-20240930.xsd Edgar Link pending
elev-20240930x10q.htm Edgar Link pending
elev-20240930xex31d1.htm Edgar Link pending
elev-20240930xex31d2.htm Edgar Link pending
elev-20240930x10q_htm.xml Edgar Link completed
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Financial_Report.xlsx Edgar Link pending
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elev-20240930_lab.xml Edgar Link unprocessable
elev-20240930_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
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elev-20240930_cal.xml Edgar Link unprocessable