Kinnate Biopharma Inc.

2024 Q1 Form 10-K Financial Statement

#000114036124016132 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.0M $154.0M
YoY Change -32.2% -32.2%
Cash & Equivalents $57.00M $57.00M
Short-Term Investments $97.04M $97.04M
Other Short-Term Assets $4.143M $4.143M
YoY Change 13.91% 13.91%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $158.2M $158.2M
YoY Change -31.48% -31.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.272M $4.760M
YoY Change -26.02% -26.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.26M $10.26M
YoY Change -73.79% -73.79%
Other Assets $38.00K $409.0K
YoY Change -98.13% -82.97%
Total Long-Term Assets $15.43M $15.43M
YoY Change -67.85% -67.85%
TOTAL ASSETS
Total Short-Term Assets $158.2M $158.2M
Total Long-Term Assets $15.43M $15.43M
Total Assets $173.6M $173.6M
YoY Change -37.74% -37.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.031M $2.031M
YoY Change -31.62% -31.62%
Accrued Expenses $9.072M $9.964M
YoY Change -31.3% -29.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.00M $12.00M
YoY Change -30.13% -30.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.283M $2.283M
YoY Change -28.46% -28.46%
Total Long-Term Liabilities $2.283M $2.283M
YoY Change -28.46% -28.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.00M $12.00M
Total Long-Term Liabilities $2.283M $2.283M
Total Liabilities $14.28M $14.28M
YoY Change -29.87% -74.21%
SHAREHOLDERS EQUITY
Retained Earnings -$372.0M
YoY Change 43.41%
Common Stock $5.000K
YoY Change 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $159.3M $159.3M
YoY Change
Total Liabilities & Shareholders Equity $173.6M $173.6M
YoY Change -37.74% -37.74%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023

Facts In Submission

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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right; font-style: italic; font-weight: bold;">a)</td> <td style="width: auto; vertical-align: top;"> <div style="font-style: italic; font-weight: bold;">Use of Estimates</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the consolidated financial statements include: normal recurring accruals, including the accrual of</span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">research and development expenses; accrued restructuring costs; <span style="letter-spacing: normal; text-align: left; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">fair value of investments; valuation of deferred tax assets; and stock-based compensation</span>. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. The Company uses the best information available to update its critical accounting estimates.</span></div>
CY2023 us-gaap Concentration Risk Credit Risk
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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right; font-style: italic; font-weight: bold;">b)</td> <td style="width: auto; vertical-align: top;"> <div style="font-style: italic; font-weight: bold;">Concentration of Credit Risk</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and short-term and long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception. The Company’s short-term and long-term investments are invested in high grade securities with limited concentration in any one issuer, and as a result, the Company believes represent minimal credit risk.</div>
CY2023 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; align: right; font-style: italic; font-weight: bold;">g)</td> <td style="width: auto; vertical-align: top;"> <div style="font-style: italic; font-weight: bold;">Impairment of Property and Equipment</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the periods ended December 31, 2023 and 2022.</div>
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Research And Development Expense
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CommonStockSharesAuthorized
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0.0001
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0
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0
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371000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
371000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55357000
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PropertyPlantAndEquipmentGross
3812000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3812000
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1540000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
741000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2272000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3071000
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
800000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
600000
CY2023Q4 knte Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
5784000
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AccruedResearchAndDevelopmentCurrent
7884000
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EmployeeRelatedLiabilitiesCurrent
2452000
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EmployeeRelatedLiabilitiesCurrent
4832000
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RestructuringReserveCurrent
255000
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CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
454000
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AccruedProfessionalFeesCurrent
243000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127000
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OtherAccruedLiabilitiesCurrent
247000
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AccruedLiabilitiesCurrent
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AccruedLiabilitiesCurrent
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
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FairValueConcentrationOfRiskInvestments
0
CY2023Q4 us-gaap Fair Value Concentration Of Risk Investments
FairValueConcentrationOfRiskInvestments
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CommonStockOptionsOutstandingReservedForFutureIssuance
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CY2023Q4 us-gaap Deferred Compensation Arrangement With Individual Common Stock Reserved For Future Issuance
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CommonStockCapitalSharesReservedForFutureIssuance
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CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q4 knte Stock Issued During Period Shares At The Market Offerings
StockIssuedDuringPeriodSharesAtTheMarketOfferings
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CY2023Q4 knte Stock Issued During Period Shares At The Market Offerings
StockIssuedDuringPeriodSharesAtTheMarketOfferings
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39200000
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523000
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021Q2 knte Area Of Office Space Under Lease Agreement
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CY2023Q4 us-gaap Lessee Operating Lease Term Of Contract
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CY2023Q4 us-gaap Line Of Credit
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