Castle Biosciences Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Castle Biosciences Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

CASTLE BIOSCIENCES INC (CSTL) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Castle Biosciences Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Castle Biosciences Inc. is incorporated in Delaware. The company's principal business address is in Friendswood, Texas.

Why It Matters

For investors and stakeholders tracking CASTLE BIOSCIENCES INC, this filing contains several important signals. This filing provides investors with an updated view of the company's financial health and operational progress for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's performance against previous periods and its outlook for the remainder of the fiscal year.

Risk Assessment

Risk Level: medium — CASTLE BIOSCIENCES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, severe risks, but it does not provide enough detail to assess specific financial performance or operational risks beyond what is standard for such a filing.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Castle Biosciences' performance and identify any emerging trends or risks.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 2024-01-01 — Quarter Start Date (2024 Q1)
• 2023-03-31 — Prior Year Q1 End Date (2023-01-01 2023-03-31)
• 2023-12-31 — Prior Year End Date (2023-12-31)

Key Players & Entities

• CASTLE BIOSCIENCES INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• DE (jurisdiction) — STATE OF INCORPORATION
• TX (state) — STATE
• 866-788-9007 (phone) — BUSINESS PHONE
• 001-38984 (filing_id) — SEC FILE NUMBER
• 24908491 (film_number) — FILM NUMBER

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share CSTL The Nasdaq Glo

Filing Documents

• cstl-20240331.htm (10-Q) — 962KB
• exhibit102-firstamendmentt.htm (EX-10.2) — 76KB
• exhibit103-amendedparticip.htm (EX-10.3) — 41KB
• exhibit104-amendedparticip.htm (EX-10.4) — 41KB
• exhibit105-amendedparticip.htm (EX-10.5) — 47KB
• exhibit106-amendedparticip.htm (EX-10.6) — 41KB
• exhibit311-q12024.htm (EX-31.1) — 15KB
• exhibit312-q12024.htm (EX-31.2) — 15KB
• exhibit321-q12024.htm (EX-32.1) — 7KB
• 0001447362-24-000060.txt (&nbsp;) — 5854KB
• cstl-20240331.xsd (EX-101.SCH) — 35KB
• cstl-20240331_cal.xml (EX-101.CAL) — 59KB
• cstl-20240331_def.xml (EX-101.DEF) — 157KB
• cstl-20240331_lab.xml (EX-101.LAB) — 552KB
• cstl-20240331_pre.xml (EX-101.PRE) — 366KB
• cstl-20240331_htm.xml (XML) — 692KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 (Unaudited) and December 31, 2 023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 2 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31 , 202 4 and 202 3 3 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended M arch 31 , 202 4 and 202 3 4 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended M a rch 31 , 202 4 and 202 3 5 Notes to Unaudited Condensed Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

SIGNATURES

SIGNATURES 42 i Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 ASSETS (unaudited) Current Assets Cash and cash equivalents $ 82,949 $ 98,841 Marketable investment securities 156,264 144,258 Accounts receivable, net 42,699 38,302 Inventory 7,645 7,942 Prepaid expenses and other current assets 6,221 6,292 Total current assets 295,778 295,635 Long-term accounts receivable, net 1,056 1,191 Property and equipment, net 32,904 25,433 Operating lease assets 11,961 12,306 Goodwill and other intangible assets, net 115,088 117,335 Other assets – long-term 1,720 1,440 Total assets $ 458,507 $ 453,340 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 9,318 $ 10,268 Accrued compensation 14,708 28,945 Operating lease liabilities 1,189 1,137 Other accrued and current liabilities 6,744 7,317 Total current liabilities 31,959 47,667 Long-term debt 10,000 — Noncurrent operating lease liabilities 13,864 14,173 Deferred tax liability 206 206 Other liabilities 16 25 Total liabilities 56,045 62,071 Commitments and Contingencies (Note 11) Stockholders' Equity Preferred stock, $ 0.001 par value per share; 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value per share; 200,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 27,585,669 and 27,410,532 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 28 27 Additional paid-in capital 623,450 609,477 Accumulated deficit ( 220,905 ) ( 218,371 ) Accumulated other comprehensive (loss) income ( 111 ) 136 Total stockholders' equity 402,462 391,269 Total liabilities and stockholders' equity $ 458,507 $ 453,340 The accompanying notes are an integral part of these unaudited condensed conso