$AKRO
Akero Therapeutics Inc

2022 Q3 Form 10-Q Financial Statement

#000095017022014904 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.00M $6.231M $5.537M
YoY Change 125.35% 24.87% 22.23%
% of Gross Profit
Research & Development $25.09M $21.36M $20.51M
YoY Change 28.85% -10.9% 93.49%
% of Gross Profit
Depreciation & Amortization $11.00K $11.00K $11.00K
YoY Change 22.22% 0.0% 0.0%
% of Gross Profit
Operating Expenses $25.09M $21.36M $20.51M
YoY Change 28.85% -10.9% 93.49%
Operating Profit -$36.09M -$27.59M -$26.05M
YoY Change 48.2% -4.74% 72.2%
Interest Expense $324.0K $53.00K $22.00K
YoY Change 1308.7% 60.61% -45.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$35.54M -$27.40M -$26.03M
YoY Change 46.08% -5.29% 72.49%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.54M -$27.40M -$26.03M
YoY Change 46.08% -5.29% 72.49%
Net Earnings / Revenue
Basic Earnings Per Share -$0.92 -$0.77 -$0.74
Diluted Earnings Per Share -$0.92 -$0.77 -$743.6K
COMMON SHARES
Basic Shares Outstanding 37.57M 35.38M 35.01M
Diluted Shares Outstanding 38.66M 35.38M 35.01M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $504.5M $332.5M $279.9M
YoY Change 42.46% -12.82% 11.97%
Cash & Equivalents $374.0M $177.7M $150.5M
Short-Term Investments $130.5M $154.8M $129.4M
Other Short-Term Assets $3.943M $3.422M $2.558M
YoY Change -41.38% -44.75% -55.9%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $377.9M $184.1M $167.9M
YoY Change 70.39% -22.04% -34.35%
LONG-TERM ASSETS
Property, Plant & Equipment $57.00K $68.00K $79.00K
YoY Change -43.56% -38.18% -95.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $108.0K $108.0K $468.0K
YoY Change -5.26% -6.09% 368.0%
Total Long-Term Assets $1.462M $1.528M $1.953M
YoY Change -15.3% -14.49% 8.5%
TOTAL ASSETS
Total Short-Term Assets $377.9M $184.1M $167.9M
Total Long-Term Assets $1.462M $1.528M $1.953M
Total Assets $379.4M $185.7M $169.9M
YoY Change 69.73% -21.99% -34.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.010M $6.877M $4.450M
YoY Change -11.41% 198.09% -3.26%
Accrued Expenses $19.23M $19.82M $17.65M
YoY Change 14.78% 40.39% 220.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.24M $26.70M $22.10M
YoY Change 7.23% 62.2% 118.78%
LONG-TERM LIABILITIES
Long-Term Debt $9.447M $9.366M $0.00
YoY Change
Other Long-Term Liabilities $1.210M $1.240M $1.255M
YoY Change -11.36% -12.49% -16.33%
Total Long-Term Liabilities $10.66M $10.61M $1.255M
YoY Change 680.73% 648.48% -16.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.24M $26.70M $22.10M
Total Long-Term Liabilities $10.66M $10.61M $1.255M
Total Liabilities $35.90M $37.30M $23.35M
YoY Change 44.15% 108.68% 101.31%
SHAREHOLDERS EQUITY
Retained Earnings -$399.3M -$363.7M -$336.3M
YoY Change 43.69% 43.46%
Common Stock $742.8M $512.1M $482.9M
YoY Change 55.88% 8.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $343.5M $148.4M $146.5M
YoY Change
Total Liabilities & Shareholders Equity $379.4M $185.7M $169.9M
YoY Change 69.73% -21.99% -34.05%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$35.54M -$27.40M -$26.03M
YoY Change 46.08% -5.29% 72.49%
Depreciation, Depletion And Amortization $11.00K $11.00K $11.00K
YoY Change 22.22% 0.0% 0.0%
Cash From Operating Activities -$24.62M -$19.51M -$22.88M
YoY Change 68.59% -2.6% 24.69%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.000M $11.87M $22.75M
YoY Change -86.32% -211.41% 19.74%
Cash From Investing Activities $3.000M $11.87M $22.75M
YoY Change -86.32% -211.41% 19.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 217.9M 34.88M 132.0K
YoY Change 315697.1% 12817.41% 450.0%
NET CHANGE
Cash From Operating Activities -24.62M -19.51M -22.88M
Cash From Investing Activities 3.000M 11.87M 22.75M
Cash From Financing Activities 217.9M 34.88M 132.0K
Net Change In Cash 196.3M 27.24M 6.000K
YoY Change 2553.45% -189.56% -99.12%
FREE CASH FLOW
Cash From Operating Activities -$24.62M -$19.51M -$22.88M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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akro Debt Issuance Costs Included In Accounts Payable And Accrued Expenses And Other Current Liabilities
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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the recognition of research and development expenses, stock-based compensation expense, warrant liabilities and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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us-gaap Concentration Risk Credit Risk
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<p style="margin-left:6.667%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of credit risk</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and short-term marketable securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash investments in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. At June 30, 2022 and December 31, 2021, all of the Company's cash, cash equivalents and short-term investments were held at one accredited financial</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">institution.</span></p>
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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CY2021Q4 akro Short Term Lease Liability And Other Current
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CY2021Q4 akro Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Net Income Loss
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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331000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
341000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
293000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1417000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1417000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
351000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
208000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1199000
CY2022Q2 us-gaap Lease Cost
LeaseCost
112000
CY2021Q2 us-gaap Lease Cost
LeaseCost
81000
us-gaap Lease Cost
LeaseCost
234000
us-gaap Lease Cost
LeaseCost
162000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
77000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
75000
us-gaap Operating Lease Payments
OperatingLeasePayments
154000
us-gaap Operating Lease Payments
OperatingLeasePayments
150000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2022Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
6957000

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