$STTK
Shattuck Labs Inc

2023 Q3 Form 10-Q Financial Statement

#000168036723000050 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $686.0K $200.0K $390.0K
YoY Change 223.58% 300.0% -98.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.070M $4.742M $4.779M
YoY Change -22.94% -0.06% 3.33%
% of Gross Profit
Research & Development $24.21M $18.21M $21.99M
YoY Change 28.36% -20.72% 35.66%
% of Gross Profit
Depreciation & Amortization $1.020M $1.027M $1.005M
YoY Change 9.21% 55.14% 126.86%
% of Gross Profit
Operating Expenses $29.28M $22.95M $26.77M
YoY Change 15.11% -17.18% 28.49%
Operating Profit -$28.60M -$22.75M
YoY Change 13.35% -17.76%
Interest Expense $1.592M
YoY Change -220.42%
% of Operating Profit
Other Income/Expense, Net $1.057M $1.401M -$727.0K
YoY Change 77.95% 388.15% 844.16%
Pretax Income -$27.54M -$21.35M -$25.41M
YoY Change 11.79% -22.01% -423.83%
Income Tax
% Of Pretax Income
Net Earnings -$27.54M -$21.35M -$25.41M
YoY Change 11.8% -22.01% -423.83%
Net Earnings / Revenue -4014.72% -10673.0% -6515.64%
Basic Earnings Per Share -$0.65 -$0.50
Diluted Earnings Per Share -$0.65 -$0.50 -$0.60
COMMON SHARES
Basic Shares Outstanding 42.47M shares 42.47M shares 42.39M shares
Diluted Shares Outstanding 42.48M shares 42.47M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.1M $117.2M $161.3M
YoY Change -45.4% -45.31% -40.0%
Cash & Equivalents $40.63M $71.89M $47.38M
Short-Term Investments $60.44M $45.28M $113.9M
Other Short-Term Assets $11.90M $19.28M $23.30M
YoY Change -27.45% 27.02% 19.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $113.0M $136.5M $184.6M
YoY Change -43.93% -40.52% -35.97%
LONG-TERM ASSETS
Property, Plant & Equipment $14.80M $16.02M $17.67M
YoY Change -18.89% -14.63% 77.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.673M $2.805M $3.069M
YoY Change -16.08% -11.35% 705.51%
Total Long-Term Assets $17.47M $18.82M $20.74M
YoY Change -18.47% -14.15% 100.99%
TOTAL ASSETS
Total Short-Term Assets $113.0M $136.5M $184.6M
Total Long-Term Assets $17.47M $18.82M $20.74M
Total Assets $130.5M $155.3M $205.3M
YoY Change -41.48% -38.22% -31.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.016M $2.011M $7.170M
YoY Change -33.6% -64.56% -28.39%
Accrued Expenses $11.30M $10.98M $17.80M
YoY Change -29.83% -40.86% 22.1%
Deferred Revenue $557.0K $743.0K $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.06M $12.99M $24.97M
YoY Change -26.54% -46.41% 1.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.600M $3.818M $4.202M
YoY Change -17.92% -16.38% 89.88%
Total Long-Term Liabilities $3.600M $3.818M $4.202M
YoY Change -17.92% -16.38% 89.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.06M $12.99M $24.97M
Total Long-Term Liabilities $3.600M $3.818M $4.202M
Total Liabilities $17.67M $16.81M $29.17M
YoY Change -24.87% -41.65% 8.84%
SHAREHOLDERS EQUITY
Retained Earnings -$288.6M -$261.1M -$219.0M
YoY Change 49.07% 54.5% 87.07%
Common Stock $5.000K $5.000K $5.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.8M $138.5M $176.2M
YoY Change
Total Liabilities & Shareholders Equity $130.5M $155.3M $205.3M
YoY Change -41.48% -38.22% -31.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$27.54M -$21.35M -$25.41M
YoY Change 11.8% -22.01% -423.83%
Depreciation, Depletion And Amortization $1.020M $1.027M $1.005M
YoY Change 9.21% 55.14% 126.86%
Cash From Operating Activities -$16.73M -$18.62M -$23.84M
YoY Change -40.39% 14.1% 27.38%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $296.0K $693.0K
YoY Change -102.67% -103.85% -134.82%
Acquisitions
YoY Change
Other Investing Activities -$14.53M $24.73M $32.16M
YoY Change -147.37% 122.46% 16.54%
Cash From Investing Activities -$14.55M $24.43M $31.46M
YoY Change -148.62% 611.71% 22.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 33.00K 0.000
YoY Change -25.93% 230.0% -100.0%
NET CHANGE
Cash From Operating Activities -16.73M -18.62M -23.84M
Cash From Investing Activities -14.55M 24.43M 31.46M
Cash From Financing Activities 20.00K 33.00K 0.000
Net Change In Cash -31.26M 5.850M 7.621M
YoY Change -1755.72% -145.44% 6.23%
FREE CASH FLOW
Cash From Operating Activities -$16.73M -$18.62M -$23.84M
Capital Expenditures $20.00K $296.0K $693.0K
Free Cash Flow -$16.75M -$18.91M -$24.53M
YoY Change -38.68% 119.07% 46.67%

Facts In Submission

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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:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;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 $261.1 million as of June 30, 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 $117.2 million as of June 30, 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%">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>
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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, </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.
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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 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.
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CommonStockSharesAuthorized
300000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1852000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1533000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3535000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3046000 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
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5379211 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.04
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M20D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5301567 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.07
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y1M13D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2356736 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.07
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y14D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.38
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.48
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
12600000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0.0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
300000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
300000 usd

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