$AKRO
Akero Therapeutics Inc

2023 Q4 Form 10-Q Financial Statement

#000095017023062440 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.481M $7.980M
YoY Change 19.45% -27.48%
% of Gross Profit
Research & Development $53.39M $38.63M
YoY Change 191.44% 54.0%
% of Gross Profit
Depreciation & Amortization $2.000K $10.00K
YoY Change -80.0% -9.09%
% of Gross Profit
Operating Expenses $61.87M $38.63M
YoY Change 143.4% 54.0%
Operating Profit -$46.62M
YoY Change 29.16%
Interest Expense $6.687M $888.0K
YoY Change -545.5% 174.07%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$55.19M -$39.66M
YoY Change 139.33% 11.59%
Income Tax
% Of Pretax Income
Net Earnings -$55.19M -$39.66M
YoY Change 139.33% 11.58%
Net Earnings / Revenue
Basic Earnings Per Share -$0.71
Diluted Earnings Per Share -$0.99 -$0.71
COMMON SHARES
Basic Shares Outstanding 55.71M 55.60M
Diluted Shares Outstanding 55.61M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $569.3M $613.0M
YoY Change 5.05% 21.51%
Cash & Equivalents $234.2M $269.5M
Short-Term Investments $335.1M $343.5M
Other Short-Term Assets $9.952M $21.20M
YoY Change 167.24% 437.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $560.0M $576.0M
YoY Change 57.66% 52.4%
LONG-TERM ASSETS
Property, Plant & Equipment $18.00K $20.00K
YoY Change -61.7% -64.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $19.28M $58.30M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $20.31M $59.35M
YoY Change 1353.76% 3959.64%
TOTAL ASSETS
Total Short-Term Assets $560.0M $576.0M
Total Long-Term Assets $20.31M $59.35M
Total Assets $580.3M $635.3M
YoY Change 62.74% 67.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.038M $11.45M
YoY Change -11.67% 90.58%
Accrued Expenses $12.09M $14.90M
YoY Change 8.77% -22.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.100M
YoY Change
Total Short-Term Liabilities $19.13M $28.45M
YoY Change 0.24% 12.69%
LONG-TERM LIABILITIES
Long-Term Debt $24.96M $22.80M
YoY Change 161.65% 141.35%
Other Long-Term Liabilities $873.0K $1.000M
YoY Change -36.92% -17.36%
Total Long-Term Liabilities $25.84M $23.80M
YoY Change 136.49% 123.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.13M $28.45M
Total Long-Term Liabilities $25.84M $23.80M
Total Liabilities $44.97M $52.20M
YoY Change 49.84% 45.39%
SHAREHOLDERS EQUITY
Retained Earnings -$574.1M -$518.9M
YoY Change 35.93% 29.96%
Common Stock $1.109B $1.103B
YoY Change 48.11% 48.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $535.3M $583.1M
YoY Change
Total Liabilities & Shareholders Equity $580.3M $635.3M
YoY Change 62.74% 67.45%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$55.19M -$39.66M
YoY Change 139.33% 11.58%
Depreciation, Depletion And Amortization $2.000K $10.00K
YoY Change -80.0% -9.09%
Cash From Operating Activities -$48.63M -$49.72M
YoY Change 90.63% 101.92%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $12.79M -$125.7M
YoY Change -112.6% -4290.0%
Cash From Investing Activities $12.79M -$125.7M
YoY Change -112.6% -4290.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 502.0K 800.0K
YoY Change -81.56% -99.63%
NET CHANGE
Cash From Operating Activities -48.63M -49.72M
Cash From Investing Activities 12.79M -125.7M
Cash From Financing Activities 502.0K 800.0K
Net Change In Cash -35.34M -174.6M
YoY Change -71.55% -188.97%
FREE CASH FLOW
Cash From Operating Activities -$48.63M -$49.72M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="margin-left:6.667%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;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:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">estimates.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;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:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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, short and long-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 September 30, 2023, all of the Company's cash, cash equivalents, short and long-term investments were held at four accredited financial</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">institutions.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of December 31, 2022, the Company held cash deposits at Silicon Valley Bank ("SVB") in excess of government insured limits. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. No losses were incurred by the Company on deposits that were held at SVB. Management believes that the Company is not currently exposed to significant credit risk as the vast majority of the Company’s deposits were either owned directly by the Company and held in custody at a third-party financial institution or, subsequent to March 10, 2023, have been transferred to a third-party financial institution. On March 27, 2023, SVB was acquired by First-Citizen BancShares, Inc ("First-Citizen"). As of September 30, 2023, the Company did not have any significant deposits on account at or relationships with SVB or First-Citizen.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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WeightedAverageNumberOfSharesOutstandingBasic
36364284
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.45
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6076697
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6076697
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5573875
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5573875
CY2020Q1 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P7Y
CY2020Q3 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
6647
CY2020Q1 akro Lessee Operating Lease Liability Payments Due One To Seven
LesseeOperatingLeaseLiabilityPaymentsDueOneToSeven
2300000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
82000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
331000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
341000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
351000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
208000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1313000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
173000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1140000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1140000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
888000
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
36000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
125000
CY2023Q3 us-gaap Lease Cost
LeaseCost
125000
CY2022Q3 us-gaap Lease Cost
LeaseCost
90000
us-gaap Lease Cost
LeaseCost
395000
us-gaap Lease Cost
LeaseCost
324000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
81000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
79000
us-gaap Operating Lease Payments
OperatingLeasePayments
240000
us-gaap Operating Lease Payments
OperatingLeasePayments
233000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
21083000

Files In Submission

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akro-20230930_cal.xml Edgar Link unprocessable
akro-20230930_pre.xml Edgar Link unprocessable
0000950170-23-062440-index-headers.html Edgar Link pending
0000950170-23-062440-index.html Edgar Link pending
0000950170-23-062440.txt Edgar Link pending
0000950170-23-062440-xbrl.zip Edgar Link pending
akro-20230930.htm Edgar Link pending
akro-20230930.xsd Edgar Link pending
akro-ex31_1.htm Edgar Link pending
akro-ex31_2.htm Edgar Link pending
akro-ex32_1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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akro-20230930_def.xml Edgar Link unprocessable
akro-20230930_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
akro-20230930_htm.xml Edgar Link completed
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