$AKRO
Akero Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024022644 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.304M $8.481M $31.07M
YoY Change 33.56% 19.45% 4.02%
% of Gross Profit
Research & Development $50.65M $53.39M $141.8M
YoY Change 132.48% 191.44% 66.27%
% of Gross Profit
Depreciation & Amortization $1.000K $2.000K $29.00K
YoY Change -90.91% -80.0% -32.56%
% of Gross Profit
Operating Expenses $50.65M $61.87M $141.8M
YoY Change 132.48% 143.4% 66.27%
Operating Profit -$59.95M -$172.9M
YoY Change 108.51% 50.12%
Interest Expense $991.0K $6.687M $3.099M
YoY Change 116.85% -545.5% 319.35%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$53.34M -$55.19M -$151.8M
YoY Change 106.51% 139.33% 35.46%
Income Tax
% Of Pretax Income
Net Earnings -$53.34M -$55.19M -$151.8M
YoY Change 106.51% 139.33% 35.46%
Net Earnings / Revenue
Basic Earnings Per Share -$0.90 -$2.89
Diluted Earnings Per Share -$0.90 -$0.99 -$2.89
COMMON SHARES
Basic Shares Outstanding 56.30M 55.71M 52.57M
Diluted Shares Outstanding 59.31M 52.57M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $903.7M $569.3M $550.0M
YoY Change 62.46% 5.05% 56.5%
Cash & Equivalents $623.9M $234.2M $234.2M
Short-Term Investments $279.8M $335.1M $315.8M
Other Short-Term Assets $7.615M $9.952M $9.952M
YoY Change 78.46% 167.24% 167.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $911.3M $560.0M $560.0M
YoY Change 162.25% 57.66% 57.66%
LONG-TERM ASSETS
Property, Plant & Equipment $17.00K $18.00K $1.026M
YoY Change -52.78% -61.7% -20.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $19.28M $19.28M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $963.0K $20.31M $20.31M
YoY Change -27.54% 1353.76% 1353.76%
TOTAL ASSETS
Total Short-Term Assets $911.3M $560.0M $560.0M
Total Long-Term Assets $963.0K $20.31M $20.31M
Total Assets $912.2M $580.3M $580.3M
YoY Change 161.52% 62.74% 62.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.78M $7.038M $7.038M
YoY Change 94.68% -11.67% -11.67%
Accrued Expenses $16.48M $12.09M $12.09M
YoY Change 71.66% 8.77% 8.77%
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 $30.26M $19.13M $19.13M
YoY Change 81.43% 0.24% 0.24%
LONG-TERM LIABILITIES
Long-Term Debt $34.80M $24.96M $24.96M
YoY Change 41.38% 161.65% 161.65%
Other Long-Term Liabilities $928.0K $873.0K $873.0K
YoY Change -21.29% -36.92% -36.92%
Total Long-Term Liabilities $35.73M $25.84M $25.84M
YoY Change 38.52% 136.49% 136.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.26M $19.13M $19.13M
Total Long-Term Liabilities $35.73M $25.84M $25.84M
Total Liabilities $65.99M $44.97M $44.97M
YoY Change 55.37% 49.84% 49.84%
SHAREHOLDERS EQUITY
Retained Earnings -$627.4M -$574.1M
YoY Change 40.0% 35.93%
Common Stock $1.474B $1.109B
YoY Change 95.33% 48.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $846.3M $535.3M $535.3M
YoY Change
Total Liabilities & Shareholders Equity $912.2M $580.3M $580.3M
YoY Change 161.52% 62.74% 62.74%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$53.34M -$55.19M -$151.8M
YoY Change 106.51% 139.33% 35.46%
Depreciation, Depletion And Amortization $1.000K $2.000K $29.00K
YoY Change -90.91% -80.0% -32.56%
Cash From Operating Activities -$35.14M -$48.63M -$145.4M
YoY Change 42.66% 90.63% 57.12%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $57.85M $12.79M -$223.6M
YoY Change 228.87% -112.6% 250.37%
Cash From Investing Activities $57.85M $12.79M -$223.6M
YoY Change 228.87% -112.6% 250.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $818.9M
YoY Change 3175.6%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 366.9M 502.0K 353.3M
YoY Change 2321.55% -81.56% 38.21%
NET CHANGE
Cash From Operating Activities -35.14M -48.63M -145.4M
Cash From Investing Activities 57.85M 12.79M -223.6M
Cash From Financing Activities 366.9M 502.0K 353.3M
Net Change In Cash 389.6M -35.34M -15.67M
YoY Change 4703.93% -71.55% -115.79%
FREE CASH FLOW
Cash From Operating Activities -$35.14M -$48.63M -$145.4M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="margin-left: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: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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company's 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 consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these 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-size:10pt;font-family:Times New Roman;min-width:fit-content;">estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="margin-left: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: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-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 December 31, 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-size:10pt;font-family:Arial;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">institutions.</span><span style="color:#000000;white-space:pre-wrap;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:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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 December 31, 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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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