$AKRO
Akero Therapeutics, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024094347 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.471M $10.42M
YoY Change 18.68% 36.3%
% of Gross Profit
Research & Development $72.23M $55.32M
YoY Change 86.96% 97.68%
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K
YoY Change -90.0% -90.91%
% of Gross Profit
Operating Expenses $72.23M $55.32M
YoY Change 86.96% 97.68%
Operating Profit -$81.70M -$65.74M
YoY Change 75.27% 84.52%
Interest Expense $1.246M $1.231M
YoY Change 40.32% 43.64%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$72.71M -$55.99M
YoY Change 83.32% 80.12%
Income Tax
% Of Pretax Income
Net Earnings -$72.71M -$55.99M
YoY Change 83.33% 80.12%
Net Earnings / Revenue
Basic Earnings Per Share -$1.05 -$0.81
Diluted Earnings Per Share -$1.05 -$0.81
COMMON SHARES
Basic Shares Outstanding 69.43M 69.15M
Diluted Shares Outstanding 69.44M 69.16M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $787.1M $848.3M
YoY Change 28.4% 28.75%
Cash & Equivalents $316.1M $310.4M
Short-Term Investments $471.0M $538.0M
Other Short-Term Assets $29.64M $15.82M
YoY Change 39.82% 320.75%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $746.9M $776.0M
YoY Change 29.67% 20.65%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $16.00K
YoY Change -25.0% -36.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $69.82M $88.13M
YoY Change 19.77% 353.1%
Other Assets
YoY Change
Total Long-Term Assets $70.66M $89.03M
YoY Change 19.05% 332.14%
TOTAL ASSETS
Total Short-Term Assets $746.9M $776.0M
Total Long-Term Assets $70.66M $89.03M
Total Assets $817.5M $865.0M
YoY Change 28.68% 30.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.22M $14.57M
YoY Change 120.21% 43.94%
Accrued Expenses $18.07M $16.61M
YoY Change 21.26% 44.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.29M $31.17M
YoY Change 52.18% 44.31%
LONG-TERM LIABILITIES
Long-Term Debt $35.12M $34.96M
YoY Change 54.05% 41.37%
Other Long-Term Liabilities $808.0K $843.0K
YoY Change -19.2% -18.86%
Total Long-Term Liabilities $35.93M $35.80M
YoY Change 50.97% 38.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.29M $31.17M
Total Long-Term Liabilities $35.93M $35.80M
Total Liabilities $79.22M $66.98M
YoY Change 51.78% 41.39%
SHAREHOLDERS EQUITY
Retained Earnings -$756.1M -$683.4M
YoY Change 45.72% 42.6%
Common Stock $1.492B $1.482B
YoY Change 35.35% 35.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $738.3M $798.1M
YoY Change
Total Liabilities & Shareholders Equity $817.5M $865.0M
YoY Change 28.68% 30.32%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$72.71M -$55.99M
YoY Change 83.33% 80.12%
Depreciation, Depletion And Amortization $1.000K $1.000K
YoY Change -90.0% -90.91%
Cash From Operating Activities -$70.42M -$57.45M
YoY Change 41.64% 156.61%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $999.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $73.07M -$254.9M
YoY Change -158.13% 98.67%
Cash From Investing Activities $73.07M -$255.9M
YoY Change -158.13% 99.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.067M -150.0K
YoY Change 283.37% -100.04%
NET CHANGE
Cash From Operating Activities -70.42M -57.45M
Cash From Investing Activities 73.07M -255.9M
Cash From Financing Activities 3.067M -150.0K
Net Change In Cash 5.710M -313.5M
YoY Change -103.27% -268.4%
FREE CASH FLOW
Cash From Operating Activities -$70.42M -$57.45M
Capital Expenditures $0.00 $999.0K
Free Cash Flow -$70.42M -$58.45M
YoY Change

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us-gaap Use Of Estimates
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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 condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. 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 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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<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 and 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 June 30, 2024, all of the Company's cash, cash equivalents and short and long-term investments were held at three accredited financial </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>
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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 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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CY2023Q2 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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8433857
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6104114
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6104114
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
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
168000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
341000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
351000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
208000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1068000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
114000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
954000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
954000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
679000
CY2024Q2 us-gaap Lease Cost
LeaseCost
117000
CY2023Q2 us-gaap Lease Cost
LeaseCost
129000
us-gaap Lease Cost
LeaseCost
278000
us-gaap Lease Cost
LeaseCost
270000
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
81000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
79000
us-gaap Operating Lease Payments
OperatingLeasePayments
163000
us-gaap Operating Lease Payments
OperatingLeasePayments
159000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2024Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
40680000

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