2023 Q2 Form 10-Q Financial Statement

#000168036723000035 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $200.0K $57.00K
YoY Change 300.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.742M $5.051M
YoY Change -0.06% 1.45%
% of Gross Profit
Research & Development $18.21M $16.67M
YoY Change -20.72% -13.13%
% of Gross Profit
Depreciation & Amortization $1.027M $1.014M
YoY Change 55.14% 114.83%
% of Gross Profit
Operating Expenses $22.95M $21.72M
YoY Change -17.18% -10.13%
Operating Profit -$22.75M -$21.66M
YoY Change -17.76% -10.37%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.401M $937.0K
YoY Change 388.15% -358.84%
Pretax Income -$21.35M -$20.72M
YoY Change -22.01% -15.51%
Income Tax
% Of Pretax Income
Net Earnings -$21.35M -$20.72M
YoY Change -22.01% -15.51%
Net Earnings / Revenue -10673.0% -36357.89%
Basic Earnings Per Share -$0.50 -$0.49
Diluted Earnings Per Share -$0.50 -$0.49
COMMON SHARES
Basic Shares Outstanding 42.47M shares 42.45M shares
Diluted Shares Outstanding 42.47M shares 42.44M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.2M $135.5M
YoY Change -45.31% -43.36%
Cash & Equivalents $71.89M $66.04M
Short-Term Investments $45.28M $69.45M
Other Short-Term Assets $19.28M $22.34M
YoY Change 27.02% 41.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $136.5M $157.8M
YoY Change -40.52% -38.1%
LONG-TERM ASSETS
Property, Plant & Equipment $16.02M $16.89M
YoY Change -14.63% 37.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.805M $2.953M
YoY Change -11.35% -8.52%
Total Long-Term Assets $18.82M $19.84M
YoY Change -14.15% 27.98%
TOTAL ASSETS
Total Short-Term Assets $136.5M $157.8M
Total Long-Term Assets $18.82M $19.84M
Total Assets $155.3M $177.7M
YoY Change -38.22% -34.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.011M $5.128M
YoY Change -64.56% 97.76%
Accrued Expenses $10.98M $10.88M
YoY Change -40.86% -23.49%
Deferred Revenue $743.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.99M $16.01M
YoY Change -46.41% -4.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.818M $4.014M
YoY Change -16.38% -15.28%
Total Long-Term Liabilities $3.818M $4.014M
YoY Change -16.38% -15.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.99M $16.01M
Total Long-Term Liabilities $3.818M $4.014M
Total Liabilities $16.81M $20.02M
YoY Change -41.65% -7.09%
SHAREHOLDERS EQUITY
Retained Earnings -$261.1M -$239.7M
YoY Change 54.5% 69.28%
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 $138.5M $157.7M
YoY Change
Total Liabilities & Shareholders Equity $155.3M $177.7M
YoY Change -38.22% -34.31%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$21.35M -$20.72M
YoY Change -22.01% -15.51%
Depreciation, Depletion And Amortization $1.027M $1.014M
YoY Change 55.14% 114.83%
Cash From Operating Activities -$18.62M -$26.46M
YoY Change 14.1% 0.7%
INVESTING ACTIVITIES
Capital Expenditures $296.0K $75.00K
YoY Change -103.85% -96.99%
Acquisitions
YoY Change
Other Investing Activities $24.73M $45.20M
YoY Change 122.46% -450.55%
Cash From Investing Activities $24.43M $45.13M
YoY Change 611.71% -393.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.00K $0.00
YoY Change 230.0% -100.0%
NET CHANGE
Cash From Operating Activities -18.62M -$26.46M
Cash From Investing Activities 24.43M $45.13M
Cash From Financing Activities 33.00K $0.00
Net Change In Cash 5.850M $18.66M
YoY Change -145.44% -144.95%
FREE CASH FLOW
Cash From Operating Activities -$18.62M -$26.46M
Capital Expenditures $296.0K $75.00K
Free Cash Flow -$18.91M -$26.54M
YoY Change 119.07% -7.75%

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CY2023Q1 us-gaap Nature Of Operations
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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 one clinical-stage product candidate, SL-172154, 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 $239.7 million as of March 31, 2023. 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 $135.5 million as of March 31, 2023 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%">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, increased U.S. trade tariffs and trade disputes with other countries, instability in the global capital and credit markets, supply chain weaknesses, instability in the geopolitical environment, including as a result of the Russian invasion of Ukraine and other political tensions, and lingering effects of the COVID-19 pandemic. 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>
CY2023Q1 sttk Number Of Clinical Stage Product Candidates
NumberOfClinicalStageProductCandidates
1 candidate
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-239700000 usd
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
135500000 usd
CY2023Q1 sttk Accrued Research And Contract Costs Current
AccruedResearchAndContractCostsCurrent
6650000 usd
CY2022Q4 sttk Accrued Research And Contract Costs Current
AccruedResearchAndContractCostsCurrent
11256000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<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, </span></div>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.
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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. While the Company has not experienced any losses, the recent failure of Silicon Valley Bank (“SVB”), at which the Company held cash, exposed the Company to significant credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors. The Company is in the process of transferring its cash to an alternate depository institution, the financial position of which management believes does not expose the Company to significant credit risk. Where possible, the Company will also continue to hold its excess cash in investments and money market accounts to further limit exposure. The Company does not believe that it is subject to other unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company invests in only U.S. Treasury 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%">The Company is highly dependent on a limited number of 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.
CY2023Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2022Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5914037 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3774301 shares
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
69791000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-339000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
69452000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
114778000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-877000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
113901000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Term
DebtSecuritiesAvailableForSaleTerm
P0Y2M26D
CY2023Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
1400000 usd
CY2022Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
1400000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1203000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3967000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1628000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1172000 usd
CY2023Q1 sttk Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
10881000 usd
CY2022Q4 sttk Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
17795000 usd
CY2023Q1 sttk License Agreement Royalty Payments Maximum
LicenseAgreementRoyaltyPaymentsMaximum
20600000 usd
CY2023Q1 us-gaap Payments For Royalties
PaymentsForRoyalties
100000 usd
CY2023Q1 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
0 usd
CY2022Q4 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
1400000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1683000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1513000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4209255 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.29
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y25D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1181087 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.57
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
717 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.95
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
128186 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.57
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5261439 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.25
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y25D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5174691 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.27
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2122655 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.28
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.46
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.13
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
14100000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
200000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
200000 usd

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