Solid Biosciences Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Solid Biosciences Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

Solid Biosciences Inc. (SLDB) filed a Annual Report (10-K) with the SEC on March 13, 2024. Solid Biosciences Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's fiscal year ends on December 31st. Solid Biosciences Inc. is incorporated in Delaware. The company's principal business is in Biological Products (No Diagnostic Substances). The filing includes details on various agreements and plans, such as the Ultragenyx collaboration, securities purchase agreements, and equity incentive plans.

Why It Matters

For investors and stakeholders tracking Solid Biosciences Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Solid Biosciences' financial health, operational activities, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed information within the filing, including financial statements, risk factors, and executive compensation, allows stakeholders to make informed decisions regarding their investment in the company.

Risk Assessment

Risk Level: medium — Solid Biosciences Inc. shows moderate risk based on this filing. The company operates in the biotechnology sector, which is characterized by high research and development costs, long development cycles, and significant regulatory hurdles, as evidenced by the nature of its business in biological products.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's financial position and potential challenges in its drug development pipeline.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period)
• 2024-03-13 — Filing Date (The date the 10-K was filed with the SEC)
• 2836 — SIC Code (Standard Industrial Classification for Biological Products)

Key Players & Entities

• Solid Biosciences Inc. (company) — Filer and subject of the report
• Ultragenyx (company) — Mentioned in relation to collaborative arrangements and license agreements
• Delaware (jurisdiction) — State of incorporation
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• Aavantibio Inc (company) — Mentioned in relation to a securities purchase agreement
• Hood Park LLC (company) — Mentioned in relation to office and laboratory space
• University of Missouri (company) — Mentioned in relation to a license agreement

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company's operations are subject to extensive government regulation, including the FDA, which can impact product development, approval, and marketing.
• Need for Additional Funding [high — financial]: The company has a history of net losses and may require substantial additional capital to fund its ongoing operations and research and development activities.
• Dependence on Key Personnel [medium — operational]: The success of the company depends significantly on its ability to attract and retain highly qualified scientific and management personnel.
• Competition [medium — market]: The biotechnology industry is highly competitive, with many companies developing similar therapies, which could affect market share and pricing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-13: Filing Date — The date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ange on which registered Common Stock $0.001 par value per share SLDB The Nasdaq
• $1.2 billion — rden. The economic burden, estimated at $1.2 billion annually in the United States (excludin

Filing Documents

• sldb-20231231.htm (10-K) — 2894KB
• sldb-ex10_7.htm (EX-10.7) — 187KB
• sldb-ex10_8.htm (EX-10.8) — 215KB
• sldb-ex10_15.htm (EX-10.15) — 112KB
• sldb-ex10_27.htm (EX-10.27) — 102KB
• sldb-ex10_30.htm (EX-10.30) — 341KB
• sldb-ex10_49.htm (EX-10.49) — 119KB
• sldb-ex10_50.htm (EX-10.50) — 65KB
• sldb-ex10_51.htm (EX-10.51) — 58KB
• sldb-ex10_52.htm (EX-10.52) — 59KB
• sldb-ex10_53.htm (EX-10.53) — 129KB
• sldb-ex10_54.htm (EX-10.54) — 191KB
• sldb-ex10_55.htm (EX-10.55) — 180KB
• sldb-ex10_56.htm (EX-10.56) — 178KB
• sldb-ex21_1.htm (EX-21.1) — 6KB
• sldb-ex23_1.htm (EX-23.1) — 2KB
• sldb-ex31_1.htm (EX-31.1) — 14KB
• sldb-ex31_2.htm (EX-31.2) — 14KB
• sldb-ex32_1.htm (EX-32.1) — 8KB
• sldb-ex32_2.htm (EX-32.2) — 8KB
• sldb-ex97_1.htm (EX-97.1) — 25KB
• img245774900_0.jpg (GRAPHIC) — 155KB
• 0000950170-24-030508.txt (&nbsp;) — 13222KB
• sldb-20231231.xsd (EX-101.SCH) — 1439KB
• sldb-20231231_htm.xml (XML) — 1685KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 88 Item 1C. Cybersecurity 88 Item 2.

Properties

Properties 89 Item 3.

Legal Proceedings

Legal Proceedings 89 Item 4. Mine Safety Disclosures 89 PART II 90 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 90 Item 6. Reserved 91 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 92 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 104 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 105 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 105 Item 9A.

Controls and Procedures

Controls and Procedures 105 Item 9B. Other Information 106 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 106 110 PART III 107 Item 10. Directors, Executive Officers and Corporate Governance 107 Item 11.

Executive Compensation

Executive Compensation 107 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 107 Item 13. Certain Relationships and Related Transactions, and Director Independence 107 Item 14. Principal Accountant Fees and Services 107 PART IV 108 Item 15. Exhibits and Financial Statement Schedules 108 Item 16. Form 10-K Summary 112

SIGNATURES

SIGNATURES 113 CONSOLIDATED FINANCIAL STATEMENTS F- 3 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Annual Report on Form 10-K includes forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believe," "estimate," "project," "anticipate," "expect," "seek," "predict," "aim," "continue," "possible," "intend," "may," "might," "will," "could," "would" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Annual Report on Form 10-K. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are based upon information available to us on the date of this Annual Report on Form 10-K. The forward-looking statements in this Annual Report on Form 10-K include, among other things, statements about: the timing, progress and results of ongoing and planned preclinical studies and clinical trials for our neuromuscular (e.g., SGT-003, AVB-202-TT), cardiac (e.g., AVB-401, SGT-501) or other future candidates; our ability to establish or maintain collaborations or strategic relationships, including our collaboration with Ultragenyx Pharmaceutical Inc., or Ultragenyx our ability to obtain and maintain U.S. and foreign regulatory approval of our neuromuscular (e.g., SGT-003, AVB-202-TT), cardiac (e.g., AVB-401, SGT-501) or other future candidates, and the timing and scope thereof; the size of the patien

Bu siness

Item 1. Bu siness. Overview We are a life sciences company focused on advancing a portfolio of current and future gene therapy candidates, which we refer to collectively as our Candidates, including SGT-003 for the treatment of Duchenne muscular dystrophy, or Duchenne, SGT-501 for the treatment of Catecholaminergic polymorphic ventricular tachycardia, or CPVT, and additional assets for the treatment of cardiac and other diseases, at different stages of development, with varying levels of investment. We are advancing our diverse pipeline across rare neuromuscular and cardiac diseases, bringing together experts in science, technology, disease management and care. Patient-focused and founded by those directly impacted by Duchenne, our mission is to improve the daily lives of patients living with these devastating diseases. Solid was purpose-built to advance the best science and accelerate the discovery and development of treatments that may benefit all patients with Duchenne. As we expand to bring meaningful treatments to patients living with other neuromuscular and cardiac diseases, the values and guiding principles that drive us continue. Our corporate vision is to build an innovation platform enabling the discovery and development of high-value genetic medicines for neuromuscular and cardiac diseases by integrating internal capabilities, including a vector core, use of validated animal models, optimized expression cassettes, novel capsids and regulatory expertise, and collaborations with leaders in related clinical and research fields. Our mission, which guides our operations, is to treat and change the course of neuromuscular and cardiac diseases at all stages. Underscoring this mission, our disease-focused business model is founded on the following fundamental principles: identify and develop meaningful therapies for patients with neuromuscular and cardiac diseases; bring together the leading experts in neuromuscular and cardiac diseases, science, techno

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View this 10-K filing on SEC EDGAR