$KRBP
Kiromic Biopharma, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022017860 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.591M $4.612M
YoY Change -47.93% 73.66%
% of Gross Profit
Research & Development $3.330M $3.784M
YoY Change -0.23% 8.53%
% of Gross Profit
Depreciation & Amortization $554.9K $536.6K
YoY Change 300.36% 316.61%
% of Gross Profit
Operating Expenses $6.921M $8.396M
YoY Change -32.38% 36.69%
Operating Profit -$8.396M
YoY Change 36.69%
Interest Expense -$159.6K $1.400K
YoY Change 2605.08% 180.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$3.463M
YoY Change -100.0% -19338.89%
Pretax Income -$7.068M -$11.86M
YoY Change -33.54% 93.64%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.155M -$11.86M
YoY Change -32.73% 93.64%
Net Earnings / Revenue
Basic Earnings Per Share -$0.75
Diluted Earnings Per Share -$11.78 -$0.75
COMMON SHARES
Basic Shares Outstanding 18.25M 15.84M
Diluted Shares Outstanding 15.84M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $645.2K $432.7K
YoY Change -97.46% -98.77%
Cash & Equivalents $645.2K $432.7K
Short-Term Investments
Other Short-Term Assets $1.044M $1.706M
YoY Change -38.58% 127.25%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.689M $2.138M
YoY Change -93.76% -94.05%
LONG-TERM ASSETS
Property, Plant & Equipment $8.137M $8.686M
YoY Change 124.22% 236.8%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.40K $31.10K
YoY Change -21.54% -0.32%
Total Long-Term Assets $10.28M $10.88M
YoY Change 180.83% 258.19%
TOTAL ASSETS
Total Short-Term Assets $1.689M $2.138M
Total Long-Term Assets $10.28M $10.88M
Total Assets $11.97M $13.02M
YoY Change -61.06% -66.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.308M $6.494M
YoY Change 230.04% 600.02%
Accrued Expenses $1.608M $4.615M
YoY Change 117.02% 792.44%
Deferred Revenue
YoY Change
Short-Term Debt $557.2K $0.00
YoY Change 22.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.28M $11.11M
YoY Change 289.56% 668.89%
LONG-TERM LIABILITIES
Long-Term Debt $2.914M $0.00
YoY Change
Other Long-Term Liabilities $1.545M $1.626M
YoY Change
Total Long-Term Liabilities $4.459M $1.626M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.28M $11.11M
Total Long-Term Liabilities $4.459M $1.626M
Total Liabilities $17.74M $12.74M
YoY Change 420.33% 781.45%
SHAREHOLDERS EQUITY
Retained Earnings -$101.9M -$94.88M
YoY Change 51.67% 67.69%
Common Stock $648.00 $9.300K
YoY Change -93.03% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.775M $284.1K
YoY Change
Total Liabilities & Shareholders Equity $11.97M $13.02M
YoY Change -61.06% -66.58%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$7.155M -$11.86M
YoY Change -32.73% 93.64%
Depreciation, Depletion And Amortization $554.9K $536.6K
YoY Change 300.36% 316.61%
Cash From Operating Activities -$4.102M -$6.095M
YoY Change -55.24% 26.67%
INVESTING ACTIVITIES
Capital Expenditures $57.20K $132.4K
YoY Change -105.21% -163.99%
Acquisitions
YoY Change
Other Investing Activities $15.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$42.20K $132.4K
YoY Change -96.15% -207.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.357M -114.9K
YoY Change 858.47% -100.31%
NET CHANGE
Cash From Operating Activities -4.102M -6.095M
Cash From Investing Activities -42.20K 132.4K
Cash From Financing Activities 4.357M -114.9K
Net Change In Cash 212.5K -6.078M
YoY Change -102.17% -118.94%
FREE CASH FLOW
Cash From Operating Activities -$4.102M -$6.095M
Capital Expenditures $57.20K $132.4K
Free Cash Flow -$4.160M -$6.228M
YoY Change -48.44% 35.23%

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10150500
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
432700
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Interest Paid Net
InterestPaidNet
6900
us-gaap Interest Paid Net
InterestPaidNet
6300
us-gaap Stock Issued1
StockIssued1
400000
krbp Restricted Stock Granted
RestrictedStockGranted
140000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
456000
krbp Right Of Use Asset Obtained In Exchange For Operating Lease Liability Asc842 Implementation
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiabilityAsc842Implementation
2232700
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15840454
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15366075
us-gaap Use Of Estimates
UseOfEstimates
<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;">Use of Estimates</b>—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 and public offering common stock, and estimating services incurred by third-party service providers used to recognize research and development expense.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 8pt 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>
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-11860300
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-6124800
us-gaap Net Income Loss
NetIncomeLoss
-27663200
us-gaap Net Income Loss
NetIncomeLoss
-14953600
CY2022Q3 krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
25200
CY2021Q3 krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
25200
krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
74800
krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
74800
CY2022Q3 krbp Common Stock Amortization Of Discount
CommonStockAmortizationOfDiscount
61700
CY2021Q3 krbp Common Stock Amortization Of Discount
CommonStockAmortizationOfDiscount
60300
krbp Common Stock Amortization Of Discount
CommonStockAmortizationOfDiscount
183100
krbp Common Stock Amortization Of Discount
CommonStockAmortizationOfDiscount
60300
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11947200
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6210300
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27921100
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15088700
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15706079
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10048170
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.75
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.78
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.50
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10835500
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4660500
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2150000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1031500
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8685500
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3629000
CY2022Q3 us-gaap Depreciation
Depreciation
536600
CY2021Q3 us-gaap Depreciation
Depreciation
128800
us-gaap Depreciation
Depreciation
1118500
us-gaap Depreciation
Depreciation
331200
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
137400
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
467100
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
466600
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
273900
CY2022Q3 krbp Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
604000
CY2021Q4 krbp Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
741000
CY2022Q3 us-gaap Litigation Reserve Current
LitigationReserveCurrent
3463000
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
CY2022Q2 krbp Operating Lease Additional Square Footage
OperatingLeaseAdditionalSquareFootage
9352
CY2022Q2 krbp Lessee Operating Lease Payments Per Month Years One And Two
LesseeOperatingLeasePaymentsPerMonthYearsOneAndTwo
4800
CY2022Q2 krbp Lessee Operating Lease Payments Per Month Years Three And Four
LesseeOperatingLeasePaymentsPerMonthYearsThreeAndFour
4896
CY2022Q2 krbp Lessee Operating Lease Payments Per Month Year Five
LesseeOperatingLeasePaymentsPerMonthYearFive
5000
CY2022Q2 krbp Operating Lease Lease Cancellation Termination Payment Number Of Months Rent
OperatingLeaseLeaseCancellationTerminationPaymentNumberOfMonthsRent
3
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2164500
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2164500
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
547800
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1626300
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2174100
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
171600
us-gaap Operating Lease Cost
OperatingLeaseCost
491600
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M2D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M2D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0712
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0712
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
169400
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
684300
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
232600
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2468300
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
294200
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2174100
krbp Short Term Lease Monthly Rental Payments
ShortTermLeaseMonthlyRentalPayments
2500
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7500
us-gaap Short Term Lease Cost
ShortTermLeaseCost
22500
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
126900
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
270800
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
CY2022Q1 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
48349400
CY2021Q1 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
12000100
CY2022Q2 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
48435300
CY2021Q2 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
12025000
CY2022Q3 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
48522200
CY2021Q3 krbp Common Stock Value Aggregate Proceeds From Issuances Net Of Offering Costs And Discount Amortization
CommonStockValueAggregateProceedsFromIssuancesNetOfOfferingCostsAndDiscountAmortization
48177400
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 krbp Realized Deferred Tax Assets
RealizedDeferredTaxAssets
0

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