$KRBP
Kiromic Biopharma, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007715 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.331M $2.204M
YoY Change -3.49% -21.06%
% of Gross Profit
Research & Development $4.135M $3.022M
YoY Change 110.26% 45.64%
% of Gross Profit
Depreciation & Amortization $557.0K $557.0K
YoY Change 1.35% 0.22%
% of Gross Profit
Operating Expenses $6.353M $5.113M
YoY Change 48.0% 7.02%
Operating Profit -$6.353M -$5.113M
YoY Change 48.0% 7.02%
Interest Expense -$957.0K -$1.071M
YoY Change 185.33% 141.22%
% of Operating Profit
Other Income/Expense, Net -$472.0K $36.00K
YoY Change 28.79% -145.63%
Pretax Income -$6.825M -$6.148M
YoY Change 0.9% 15.99%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.825M -$6.148M
YoY Change 0.9% 15.99%
Net Earnings / Revenue
Basic Earnings Per Share -$1.00
Diluted Earnings Per Share -$5.54 -$1.00
COMMON SHARES
Basic Shares Outstanding 1.288M 1.288M
Diluted Shares Outstanding 1.305M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.048M $3.676M
YoY Change 49.69% 78.94%
Cash & Equivalents $4.048M $3.676M
Short-Term Investments
Other Short-Term Assets $1.979M $1.892M
YoY Change -1.49% 29.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.027M $5.568M
YoY Change 27.87% 58.33%
LONG-TERM ASSETS
Property, Plant & Equipment $5.183M $5.650M
YoY Change -26.61% -25.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $21.00K
YoY Change -1.87% -13.93%
Total Long-Term Assets $6.437M $7.060M
YoY Change -27.87% -26.39%
TOTAL ASSETS
Total Short-Term Assets $6.027M $5.568M
Total Long-Term Assets $6.437M $7.060M
Total Assets $12.46M $12.63M
YoY Change -8.6% -3.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.996M $2.000M
YoY Change -69.86% -75.47%
Accrued Expenses $2.925M $4.901M
YoY Change -23.34% 184.12%
Deferred Revenue
YoY Change
Short-Term Debt $12.14M $192.0K
YoY Change 5232.16% -51.28%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.06M $19.09M
YoY Change -8.79% -3.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $577.0K $747.0K
YoY Change -53.15% -46.2%
Total Long-Term Liabilities $577.0K $747.0K
YoY Change -53.15% -46.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.06M $19.09M
Total Long-Term Liabilities $577.0K $747.0K
Total Liabilities $17.63M $19.84M
YoY Change -11.53% -6.63%
SHAREHOLDERS EQUITY
Retained Earnings -$135.9M -$129.0M
YoY Change 19.2% 20.28%
Common Stock $1.000K $1.000K
YoY Change -14.97% 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.170M -$7.212M
YoY Change
Total Liabilities & Shareholders Equity $12.46M $12.63M
YoY Change -8.6% -3.66%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$6.825M -$6.148M
YoY Change 0.9% 15.99%
Depreciation, Depletion And Amortization $557.0K $557.0K
YoY Change 1.35% 0.22%
Cash From Operating Activities -$8.180M -$5.700M
YoY Change 26.61% 38.09%
INVESTING ACTIVITIES
Capital Expenditures $98.00K $21.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$98.00K -$21.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.781M 6.192M
YoY Change 23.49% 11.83%
NET CHANGE
Cash From Operating Activities -8.180M -5.700M
Cash From Investing Activities -98.00K -21.00K
Cash From Financing Activities 8.781M 6.192M
Net Change In Cash 503.0K 472.0K
YoY Change -22.6% -66.5%
FREE CASH FLOW
Cash From Operating Activities -$8.180M -$5.700M
Capital Expenditures $98.00K $21.00K
Free Cash Flow -$8.278M -$5.721M
YoY Change 28.12% 38.6%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;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;text-align:justify;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>
CY2024Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
23000
CY2023Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
0
CY2024Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-6148000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-5300000
CY2024Q1 krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
25000
CY2023Q1 krbp Adjustments To Additional Paid In Capital Warrant Discount Amortization
AdjustmentsToAdditionalPaidInCapitalWarrantDiscountAmortization
25000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7123000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5385000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5385000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11128000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11097000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5478000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4921000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5650000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6175000
CY2024Q1 us-gaap Depreciation
Depreciation
557000
CY2023Q1 us-gaap Depreciation
Depreciation
556000
CY2023Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
448000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
946000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
865000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
305000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
361000
CY2024Q1 krbp Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1251000
CY2023Q4 krbp Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1673000
krbp Number Of Promissory Notes Issued
NumberOfPromissoryNotesIssued
13
krbp Debt Instrument Aggregate Principal Of Notes Issued
DebtInstrumentAggregatePrincipalOfNotesIssued
34000000
CY2024Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
6000000
CY2024Q1 krbp Number Of Promissory Notes Outstanding
NumberOfPromissoryNotesOutstanding
5
CY2024Q1 us-gaap Secured Debt Current
SecuredDebtCurrent
12000000
CY2023Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
14000000
CY2024Q1 krbp Operating Lease Total Rentable Space
OperatingLeaseTotalRentableSpace
149000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1389000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1543000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1389000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1543000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
642000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
631000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
747000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
912000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1389000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1543000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
179000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
180000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M2D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M2D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0712
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0712
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
538000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
725000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
243000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1506000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
117000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1389000
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
60000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
60000000
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2024Q1 krbp Number Of Exchange Agreements
NumberOfExchangeAgreements
3
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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