$KRBP
Kiromic Biopharma, Inc.

2021 Form 10-K Financial Statement

#000155837022005217 Filed on April 08, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.94M $2.035M $14.14M
YoY Change -1.46% 465.76%
% of Gross Profit
Research & Development $11.37M $1.530M $5.053M
YoY Change 124.98% 320.48%
% of Gross Profit
Depreciation & Amortization $469.8K $81.10K $200.0K
YoY Change 134.9% 128.57%
% of Gross Profit
Operating Expenses $25.74M $3.562M $19.20M
YoY Change 34.06% 418.08%
Operating Profit -$25.74M -$19.20M
YoY Change 34.06% 418.08%
Interest Expense $12.20K -$3.300K $3.300K
YoY Change 269.7% -85.33%
% of Operating Profit
Other Income/Expense, Net $53.40K
YoY Change
Pretax Income -$25.59M -$3.565M -$19.20M
YoY Change 33.27% 414.75%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$25.59M -$3.565M -$19.20M
YoY Change 33.27% 415.04%
Net Earnings / Revenue
Basic Earnings Per Share -$2.26 -$4.42
Diluted Earnings Per Share -$2.26 -$486.1K -$4.42
COMMON SHARES
Basic Shares Outstanding 11.42M 7.333M 4.506M
Diluted Shares Outstanding 11.42M 4.506M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.35M $10.15M $10.15M
YoY Change 149.78% 425.93%
Cash & Equivalents $25.35M $10.15M $10.15M
Short-Term Investments
Other Short-Term Assets $1.699M $588.8K $588.8K
YoY Change 188.62% 554.22%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $16.20K
Other Receivables $0.00
Total Short-Term Assets $27.07M $10.74M $10.74M
YoY Change 152.06% 426.33% 426.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.629M $2.066M $2.066M
YoY Change 75.65% 251.42% 250.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.10K $24.40K $24.40K
YoY Change 27.46% 0.0% 22.0%
Total Long-Term Assets $3.660M $2.090M $2.090M
YoY Change 75.09% 241.4% 242.69%
TOTAL ASSETS
Total Short-Term Assets $27.07M $10.74M $10.74M
Total Long-Term Assets $3.660M $2.090M $2.090M
Total Assets $30.73M $12.83M $12.83M
YoY Change 139.52% 383.65% 384.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.214M $665.2K $665.2K
YoY Change 232.88% 47.04% 47.82%
Accrued Expenses $741.0K $334.4K $334.4K
YoY Change 121.59% 52.0%
Deferred Revenue
YoY Change
Short-Term Debt $454.5K $362.4K $468.0K
YoY Change -2.88%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.410M $1.468M $1.468M
YoY Change 132.34% 117.84% 119.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.410M $1.468M $1.468M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.410M $1.468M $1.468M
YoY Change 132.34% 117.84% 119.04%
SHAREHOLDERS EQUITY
Retained Earnings -$41.63M
YoY Change 85.61%
Common Stock $1.200K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.32M $11.36M $11.36M
YoY Change
Total Liabilities & Shareholders Equity $30.73M $12.83M $12.83M
YoY Change 139.52% 383.65% 384.14%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$25.59M -$3.565M -$19.20M
YoY Change 33.27% 415.04%
Depreciation, Depletion And Amortization $469.8K $81.10K $200.0K
YoY Change 134.9% 128.57%
Cash From Operating Activities -$20.32M -$2.569M -$6.127M
YoY Change 231.69% 110.25%
INVESTING ACTIVITIES
Capital Expenditures $1.895M -$444.5K $1.458M
YoY Change 29.99% 381.53%
Acquisitions
YoY Change
Other Investing Activities $84.00K
YoY Change
Cash From Investing Activities -$1.811M -$444.5K -$1.458M
YoY Change 24.23% 381.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $40.00M $15.00M
YoY Change 166.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.34M 12.70M 15.81M
YoY Change 136.22% 231.95%
NET CHANGE
Cash From Operating Activities -20.32M -2.569M -6.127M
Cash From Investing Activities -1.811M -444.5K -1.458M
Cash From Financing Activities 37.34M 12.70M 15.81M
Net Change In Cash 15.20M 9.681M 8.221M
YoY Change 84.92% 432.2%
FREE CASH FLOW
Cash From Operating Activities -$20.32M -$2.569M -$6.127M
Capital Expenditures $1.895M -$444.5K $1.458M
Free Cash Flow -$22.22M -$2.125M -$7.584M
YoY Change 192.93% 135.78%

Facts In Submission

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<p style="-sec-ix-redline:true;font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Use of Estimates</b><span style="font-family:'Times New Roman','Times','serif';">—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include determination of the fair value of common stock and related stock-based compensation, warrants to purchase common stock underlying shares of Series B Preferred Stock, fair value of purchase price allocations of intangible assets associated with acquisitions, and estimating services incurred by third-party service providers used to recognize research and development expense.</span></p>
CY2021 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Concentrations of Credit Risk and Other Uncertainties</b>—Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. Substantially all of the Company’s cash and cash equivalents were deposited in accounts at a small number of national financial institutions. Account balances may at times exceed federally-insured limits. The Company has not incurred losses related to these cash and cash equivalents deposited at financial institutions and management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash is held.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">The Company is subject to certain risks and uncertainties from changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the ability to obtain regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; the performance of third-party clinical research organizations and manufacturers; protection of the intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; the Company’s ability to attract and retain employees necessary to support commercial success; and changes in the industry or customer requirements including the emergence of competitive products with new capabilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">The Company records receivables resulting from activities under its research grant from an academic institution. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the academic institution.</p>
CY2021Q4 krbp Number Of Lease Facility
NumberOfLeaseFacility
1
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
430000
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021 krbp Income From Grants
IncomeFromGrants
0
CY2020 krbp Income From Grants
IncomeFromGrants
142400
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1031500
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
561700
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3629000
CY2020 krbp Fair Value Changes
FairValueChanges
0
CY2021 krbp Fair Value Changes
FairValueChanges
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-25588700
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-19200200
CY2021 krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
100000
CY2020 krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
19700
CY2021 krbp Common Stock Amortization Of Discount
CommonStockAmortizationOfDiscount
122000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25810700
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19912600
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11417083
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4505867
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.26
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.42
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2066000
CY2021 us-gaap Depreciation
Depreciation
469800
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4660500
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2627700
CY2020 us-gaap Depreciation
Depreciation
200000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
467100
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
143200
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
273900
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
191000
CY2021Q4 krbp Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
741000
CY2020Q4 krbp Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
334200
CY2021Q3 krbp Operating Lease Additional Square Footage
OperatingLeaseAdditionalSquareFootage
15385
CY2021Q4 krbp Number Of Lease Amendments
NumberOfLeaseAmendments
2
CY2021Q4 krbp Operating Lease Additional Square Footage
OperatingLeaseAdditionalSquareFootage
3684
CY2021Q3 krbp Operating Lease Lease Cancellation Termination Payment Number Of Months Rent
OperatingLeaseLeaseCancellationTerminationPaymentNumberOfMonthsRent
3
CY2021Q4 krbp Operating Lease Lease Cancellation Termination Payment Number Of Months Rent
OperatingLeaseLeaseCancellationTerminationPaymentNumberOfMonthsRent
3
CY2022Q1 krbp Lessee Operating Lease Payments Per Month
LesseeOperatingLeasePaymentsPerMonth
51700
CY2023Q2 krbp Lessee Operating Lease Payments Per Month
LesseeOperatingLeasePaymentsPerMonth
52300
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
616157
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
624825
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
523939
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1764921
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
420500
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
262900
CY2021Q4 krbp Number Of Independent Directors Special Committee
NumberOfIndependentDirectorsSpecialCommittee
3
CY2020Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
3.494
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
60000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
60000000
CY2020Q4 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
11975400
CY2021Q4 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
48264300
CY2020Q4 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
11975400
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
335982
CY2020Q2 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1200
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1063939
CY2020Q2 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
3700
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9432000
CY2020Q2 krbp Number Of Votes Per Share
NumberOfVotesPerShare
1
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
433895
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
270933
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2100
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
8135900
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3842900
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
4169200
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3379000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
874400
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
95300
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
23600
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13274800
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
7245500
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13274100
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7061600
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
700
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
183900
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2020 krbp Number Of Separate Consulting Agreements
NumberOfSeparateConsultingAgreements
2
CY2021 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0

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