2022 Q4 Form 10-Q Financial Statement

#000168036722000034 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $390.0K $212.0K
YoY Change -98.7% -88.84%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.779M $6.579M
YoY Change 3.33% 51.49%
% of Gross Profit
Research & Development $21.99M $18.86M
YoY Change 35.66% 24.61%
% of Gross Profit
Depreciation & Amortization $1.005M $934.0K
YoY Change 126.86% 145.79%
% of Gross Profit
Operating Expenses $26.77M $25.44M
YoY Change 28.49% 30.6%
Operating Profit -$25.23M
YoY Change 43.51%
Interest Expense $1.592M
YoY Change -220.42%
% of Operating Profit
Other Income/Expense, Net -$727.0K $594.0K
YoY Change 844.16% 249.41%
Pretax Income -$25.41M -$24.64M
YoY Change -423.83% 41.5%
Income Tax
% Of Pretax Income
Net Earnings -$25.41M -$24.64M
YoY Change -423.83% 41.5%
Net Earnings / Revenue -6515.64% -11620.28%
Basic Earnings Per Share -$0.58
Diluted Earnings Per Share -$0.60 -$0.58
COMMON SHARES
Basic Shares Outstanding 42.39M shares 42.38M shares
Diluted Shares Outstanding 42.39M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $161.3M $185.1M
YoY Change -40.0% -36.21%
Cash & Equivalents $47.38M $39.76M
Short-Term Investments $113.9M $145.4M
Other Short-Term Assets $23.30M $16.40M
YoY Change 19.74% 43.51%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $184.6M $201.5M
YoY Change -35.97% -33.19%
LONG-TERM ASSETS
Property, Plant & Equipment $17.67M $18.24M
YoY Change 77.81% 110.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.069M $3.185M
YoY Change 705.51% 1066.67%
Total Long-Term Assets $20.74M $21.43M
YoY Change 100.99% 140.11%
TOTAL ASSETS
Total Short-Term Assets $184.6M $201.5M
Total Long-Term Assets $20.74M $21.43M
Total Assets $205.3M $222.9M
YoY Change -31.23% -28.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.170M $3.036M
YoY Change -28.39% -6.61%
Accrued Expenses $17.80M $16.10M
YoY Change 22.1% 16.83%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.97M $19.14M
YoY Change 1.54% -3.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.202M $4.386M
YoY Change 89.88% -85.17%
Total Long-Term Liabilities $4.202M $4.386M
YoY Change 89.88% -85.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.97M $19.14M
Total Long-Term Liabilities $4.202M $4.386M
Total Liabilities $29.17M $23.53M
YoY Change 8.84% -52.38%
SHAREHOLDERS EQUITY
Retained Earnings -$219.0M -$193.6M
YoY Change 87.07% 55.0%
Common Stock $5.000K $5.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $176.2M $199.4M
YoY Change
Total Liabilities & Shareholders Equity $205.3M $222.9M
YoY Change -31.23% -28.21%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$25.41M -$24.64M
YoY Change -423.83% 41.5%
Depreciation, Depletion And Amortization $1.005M $934.0K
YoY Change 126.86% 145.79%
Cash From Operating Activities -$23.84M -$28.06M
YoY Change 27.38% 116.01%
INVESTING ACTIVITIES
Capital Expenditures $693.0K -$750.0K
YoY Change -134.82% -22.2%
Acquisitions
YoY Change
Other Investing Activities $32.16M $30.67M
YoY Change 16.54% 151.35%
Cash From Investing Activities $31.46M $29.92M
YoY Change 22.89% 166.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 27.00K
YoY Change -100.0% -92.33%
NET CHANGE
Cash From Operating Activities -23.84M -28.06M
Cash From Investing Activities 31.46M 29.92M
Cash From Financing Activities 0.000 27.00K
Net Change In Cash 7.621M 1.888M
YoY Change 6.23% -234.86%
FREE CASH FLOW
Cash From Operating Activities -$23.84M -$28.06M
Capital Expenditures $693.0K -$750.0K
Free Cash Flow -$24.53M -$27.31M
YoY Change 46.67% 127.09%

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Organization and Description of Business <div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shattuck Labs, Inc. (the “Company”) was incorporated in 2016 in the State of Delaware and is a clinical-stage biopharmaceutical company developing dual-sided fusion proteins, including its Agonist Redirected Checkpoint (“ARC</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”) and gamma delta T cell engager (“GADLEN</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”) platforms, as novel classes of biologic medicines capable of multifunctional activity with potential applications in oncology and inflammatory diseases. Using its proprietary technology, the Company is building a pipeline of therapeutics, initially focused on the treatment of solid tumors and hematologic malignancies. The Company has two clinical-stage product candidates, SL-172154 and SL-279252, and has several compounds in preclinical development. </span></div><div style="margin-top:6pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has incurred losses and negative cash flows from operations since inception and has an accumulated deficit of $193.6 million as of September 30, 2022. The Company anticipates incurring additional losses and negative cash flows from operations until such time, if ever, that it can generate significant sales of its product candidates currently in development, and is highly dependent on its ability to find additional sources of funding in the form of licensing of its technology, collaboration agreements and/or public and private debt and equity financings. Adequate additional funding may not be available to the Company on acceptable terms, or at all. The failure to raise funds as and when needed could have a negative impact on the Company’s financial condition and ability to pursue its clinical operations, research and development and commercialization of its product candidates. Management believes that the Company’s cash and cash equivalents and investments of $185.1 million as of September 30, 2022 are sufficient to fund projected operations of the Company for at least the next twelve months. </span></div><div style="margin-top:6pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">COVID-19 Pandemic</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic has had, and may continue to have, a broad adverse impact on the economies and financial markets of many countries, including the geographical areas in which the Company operates and conducts its business and in which the Company’s partners operate and conduct their business. The Company and its third-party vendors and consultants have experienced disruptions to their businesses as a result of the COVID-19 pandemic. Specifically, the outbreak has caused disruptions in its ability to manufacture clinical trial materials, including the acquisition of raw materials needed for such manufacturing, enrollment and treatment of patients in clinical trials, and slowdowns and shutdowns of the laboratories and other service providers that are being relied upon in the development of the Company’s product candidates. </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The extent to which the COVID-19 pandemic or any other health epidemic may impact the Company’s results will depend on future developments, which are uncertain and cannot be predicted. Accordingly, the COVID-19 pandemic could have a material and adverse effect on the Company’s business, results of operations and financial condition.</span></div><div style="margin-top:6pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Global Economic Considerations</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the global macroeconomic environment is uncertain, and could be negatively affected by, among other things, COVID-19 or other pandemics or epidemics, increased U.S. trade tariffs and trade disputes with other countries, instability in the global capital and credit markets, supply chain weaknesses, and instability in the geopolitical environment, including as a result of the Russian invasion of Ukraine and other political tensions. Such challenges have caused, and may continue to cause, recession fears, rising interest rates, foreign exchange volatility and inflationary pressures. At this time, we are unable to quantify the potential effects of this economic instability on our future operations.</span></div>
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
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<div style="margin-top:6pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses, and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates, if any, are recorded in the period in which they become known and actual results could differ from management’s estimates. A change in the Company's estimates occurred in the second quarter of 2021, which impacted the Company's current period revenue recognition and related balance sheet accounts. See Note 7 to the Company's unaudited interim condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information.</span></div>
us-gaap Concentration Risk Credit Risk
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<div style="margin-top:6pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Risk </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents and investments. The Company maintains its cash and cash equivalents at two accredited financial institutions in amounts that exceed federally-insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company invests in only highly rated debt securities that management believes protects the Company from risk of default and impairment of value. </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company’s revenue has been derived from its 2017 collaboration agreement (the “Collaboration Agreement”) with Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), which was mutually terminated pursuant to a termination agreement, dated November 8, 2021 (the “Termination Agreement”).</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is highly dependent on a limited number of third-party contract manufacturing organizations (“CMOs”) to supply drug products for its research and development activities of its programs, including clinical trials and non-clinical studies. These programs could be adversely affected by a significant interruption in the supply of such drug products. </span></div>The Company is highly dependent on a limited number of contract research organizations (“CROs”) and third-party service providers to manage and support its clinical trials. These programs could be adversely affected by a significant disruption in services provided by these CROs and third parties.
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sttk-20220930_def.xml Edgar Link unprocessable
sttk-20220930_pre.xml Edgar Link unprocessable
sttk-20220930_lab.xml Edgar Link unprocessable
sttk-20220930_htm.xml Edgar Link completed