2024 Q4 Form 10-Q Financial Statement

#000168036724000053 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $2.997M
YoY Change 336.88%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.604M
YoY Change -9.19%
% of Gross Profit
Research & Development $16.31M
YoY Change -32.62%
% of Gross Profit
Depreciation & Amortization $953.0K
YoY Change -6.57%
% of Gross Profit
Operating Expenses $20.92M
YoY Change -28.57%
Operating Profit -$17.92M
YoY Change -37.34%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.245M
YoY Change 17.79%
Pretax Income -$16.68M
YoY Change -39.45%
Income Tax
% Of Pretax Income
Net Earnings -$16.68M
YoY Change -39.45%
Net Earnings / Revenue -556.39%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$0.33
COMMON SHARES
Basic Shares Outstanding 47.74M shares 47.73M shares
Diluted Shares Outstanding 50.83M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.06M
YoY Change -10.9%
Cash & Equivalents $43.83M
Short-Term Investments $46.23M
Other Short-Term Assets $8.682M
YoY Change -27.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $98.74M
YoY Change -12.61%
LONG-TERM ASSETS
Property, Plant & Equipment $10.83M
YoY Change -26.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.153M
YoY Change -19.45%
Total Long-Term Assets $12.98M
YoY Change -25.7%
TOTAL ASSETS
Total Short-Term Assets $98.74M
Total Long-Term Assets $12.98M
Total Assets $111.7M
YoY Change -14.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.927M
YoY Change 45.19%
Accrued Expenses $7.861M
YoY Change -30.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.40M
YoY Change -11.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.742M
YoY Change -23.83%
Total Long-Term Liabilities $2.742M
YoY Change -23.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.40M
Total Long-Term Liabilities $2.742M
Total Liabilities $15.14M
YoY Change -14.32%
SHAREHOLDERS EQUITY
Retained Earnings -$363.0M
YoY Change 25.78%
Common Stock $5.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $96.58M
YoY Change
Total Liabilities & Shareholders Equity $111.7M
YoY Change -14.36%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$16.68M
YoY Change -39.45%
Depreciation, Depletion And Amortization $953.0K
YoY Change -6.57%
Cash From Operating Activities -$16.07M
YoY Change -3.97%
INVESTING ACTIVITIES
Capital Expenditures $42.00K
YoY Change 110.0%
Acquisitions
YoY Change
Other Investing Activities -$779.0K
YoY Change -94.64%
Cash From Investing Activities -$821.0K
YoY Change -94.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.00K
YoY Change 15.0%
NET CHANGE
Cash From Operating Activities -16.07M
Cash From Investing Activities -821.0K
Cash From Financing Activities 23.00K
Net Change In Cash -16.86M
YoY Change -46.05%
FREE CASH FLOW
Cash From Operating Activities -$16.07M
Capital Expenditures $42.00K
Free Cash Flow -$16.11M
YoY Change -3.83%

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 biotechnology company specializing in the development of potential treatments for inflammatory and immune-mediated diseases, cancer, and other therapeutic areas. Shattuck is developing a potentially first-in-class antibody for the treatment of inflammatory bowel disease ("IBD") and other inflammatory and immune-mediated diseases. Shattuck’s expertise in protein engineering and the development of novel tumor necrosis factor ("TNF") receptor agonist and antagonist therapeutics come together in its lead program, SL-325, which it believes could be a first-in-class death receptor 3 ("DR3") antagonist antibody designed to achieve a more complete blockade of the clinically validated TL1A/DR3 pathway.</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 $363.0 million as of September 30, 2024. 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, cash equivalents and investments of $90.1 million as of September 30, 2024 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, financial institution instability, and instability in the geopolitical environment. Such challenges have caused, and may continue to cause, recession fears, high interest rates, foreign exchange volatility and inflationary pressures. At this time, the Company is unable to quantify the potential effects of this economic instability on its 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><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</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%">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%">All of the Company’s revenue in 2024 has been derived from collaborations with Ono Pharmaceutical Co., Ltd (“Ono”) and ImmunoGen, Inc. ("ImmunoGen"), and revenue in 2023 was derived from a collaboration agreement with ImmunoGen (the “ImmunoGen Agreement”). In February 2024, ImmunoGen was acquired by AbbVie, Inc.</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 development and manufacturing organizations (“CDMOs”) 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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