Castle Biosciences Files Q3 2024 10-Q

TL;DR

Castle Biosciences dropped its Q3 10-Q. Check financials.

AI Summary

Castle Biosciences Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business developments are presented within this report.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Castle Biosciences, crucial for understanding the company's trajectory in the medical diagnostics sector.

Risk Assessment

Risk Level: medium — As a publicly traded company in the biotech sector, Castle Biosciences faces inherent risks related to product development, market adoption, and regulatory approvals.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-04 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Castle Biosciences Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-04 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• cstl-20240930.htm (10-Q) — 1295KB
• exhibit1001confirmationofa.htm (EX-10.1) — 31KB
• exhibit311-q32024.htm (EX-31.1) — 15KB
• exhibit312-q32024.htm (EX-31.2) — 15KB
• exhibit321-q32024.htm (EX-32.1) — 8KB
• 0001447362-24-000169.txt ( ) — 6665KB
• cstl-20240930.xsd (EX-101.SCH) — 42KB
• cstl-20240930_cal.xml (EX-101.CAL) — 66KB
• cstl-20240930_def.xml (EX-101.DEF) — 161KB
• cstl-20240930_lab.xml (EX-101.LAB) — 603KB
• cstl-20240930_pre.xml (EX-101.PRE) — 396KB
• cstl-20240930_htm.xml (XML) — 897KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of S epte mber 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 8

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 51

SIGNATURES

SIGNATURES 53 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) September 30, 2024 December 31, 2023 ASSETS (unaudited) Current Assets Cash and cash equivalents $ 94,959 $ 98,841 Marketable investment securities 184,826 144,258 Accounts receivable, net 50,261 38,302 Inventory 6,572 7,942 Prepaid expenses and other current assets 8,154 6,292 Total current assets 344,772 295,635 Long-term accounts receivable, net 1,106 1,191 Property and equipment, net 44,383 25,433 Operating lease assets 11,904 12,306 Goodwill and other intangible assets, net 110,569 117,335 Other assets – long-term 1,831 1,440 Total assets $ 514,565 $ 453,340 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 6,810 $ 10,268 Accrued compensation 27,672 28,945 Operating lease liabilities 1,745 1,137 Other accrued and current liabilities 8,068 7,317 Total current liabilities 44,295 47,667 Long-term debt 10,015 — Noncurrent operating lease liabilities 14,691 14,173 Noncurrent finance lease liabilities 289 25 Deferred tax liability 4,220 206 Total liabilities 73,510 62,071 Commitments and Contingencies (Note 12) Stockholders' Equity Preferred stock, $ 0.001 par value per share; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value per share; 200,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 27,975,808 and 27,410,532 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 28 27 Additional paid-in capital 650,270 609,477 Accumulated deficit ( 209,716 ) ( 218,371 ) Accumulated other comprehensive income 473 136 Total stockholders' equity 441,055 391,269 Total liabilities and stockholders' equity $ 514,565 $ 453,340 The accompanying notes are an integral part of