$KRRO
Korro Bio, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022007423 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.000M $9.477M $8.605M
YoY Change -15.78% -2.7% 2.44%
% of Gross Profit
Research & Development $13.27M $13.78M $12.75M
YoY Change -23.72% -8.77% 7.81%
% of Gross Profit
Depreciation & Amortization $689.0K $726.0K $737.0K
YoY Change -25.19% 90.05% 88.97%
% of Gross Profit
Operating Expenses $21.27M $23.26M $21.36M
YoY Change -20.92% -6.41% 5.58%
Operating Profit -$21.27M -$23.26M
YoY Change 15.14%
Interest Expense $216.0K $178.0K -$100.0K
YoY Change 18.68% -18.35% -600.0%
% of Operating Profit
Other Income/Expense, Net -$226.0K -$34.00K -$39.00K
YoY Change 156.82%
Pretax Income -$21.28M -$23.37M -$21.50M
YoY Change 20.61% 14.72% 109.53%
Income Tax $2.000K $12.00K $2.000K
% Of Pretax Income
Net Earnings -$21.29M -$23.39M -$21.50M
YoY Change 20.55% 14.78% 110.13%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$608.6K -$671.8K -$621.4K
COMMON SHARES
Basic Shares Outstanding 34.98M 34.98M 34.60M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.0M $117.4M $130.7M
YoY Change -34.27% -39.79% -40.67%
Cash & Equivalents $42.37M $49.83M $79.64M
Short-Term Investments $68.64M $67.53M $51.07M
Other Short-Term Assets $2.405M $2.577M $185.0K
YoY Change -30.79% -50.44% 81.37%
Inventory
Prepaid Expenses
Receivables $144.0K
Other Receivables $0.00
Total Short-Term Assets $113.4M $119.9M $134.7M
YoY Change -34.2% -40.05% -40.13%
LONG-TERM ASSETS
Property, Plant & Equipment $34.21M $4.808M $5.522M
YoY Change 395.38% -31.55% -24.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $7.410M $11.72M
YoY Change -100.0%
Other Assets $2.026M $2.026M $2.019M
YoY Change 11.01% 12.56% 12.17%
Total Long-Term Assets $36.24M $45.00M $50.61M
YoY Change -24.27% 8.61% 27.62%
TOTAL ASSETS
Total Short-Term Assets $113.4M $119.9M $134.7M
Total Long-Term Assets $36.24M $45.00M $50.61M
Total Assets $149.7M $164.9M $185.4M
YoY Change -32.04% -31.71% -29.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.552M $2.247M $2.748M
YoY Change -8.64% -58.79% -50.09%
Accrued Expenses $7.200M $4.779M $6.101M
YoY Change 104.14% 73.59% -8.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.833M $3.333M $833.0K
YoY Change
Total Short-Term Liabilities $16.76M $12.17M $11.43M
YoY Change 85.59% -35.66% -57.09%
LONG-TERM LIABILITIES
Long-Term Debt $9.167M $11.67M $14.17M
YoY Change -38.89% -22.22% -5.55%
Other Long-Term Liabilities $27.88M $57.00K $87.00K
YoY Change 7047.95% -99.81% -99.72%
Total Long-Term Liabilities $37.04M $57.00K $87.00K
YoY Change 9398.46% -99.87% -99.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.76M $12.17M $11.43M
Total Long-Term Liabilities $37.04M $57.00K $87.00K
Total Liabilities $53.81M $52.27M $54.53M
YoY Change -0.68% -18.46% -24.5%
SHAREHOLDERS EQUITY
Retained Earnings -$203.5M -$180.1M
YoY Change 75.75% 88.77%
Common Stock $35.00K $35.00K
YoY Change 2.94% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.85M $112.7M $130.8M
YoY Change
Total Liabilities & Shareholders Equity $149.7M $164.9M $185.4M
YoY Change -32.04% -31.71% -29.98%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$21.29M -$23.39M -$21.50M
YoY Change 20.55% 14.78% 110.13%
Depreciation, Depletion And Amortization $689.0K $726.0K $737.0K
YoY Change -25.19% 90.05% 88.97%
Cash From Operating Activities -$13.48M -$17.34M -$17.89M
YoY Change -23.76% -31.92% 20.62%
INVESTING ACTIVITIES
Capital Expenditures -$4.000K $12.00K -$61.00K
YoY Change -99.8% -97.79% -98.62%
Acquisitions
YoY Change
Other Investing Activities $6.025M -$12.65M -$14.59M
YoY Change -140.56% -50.72% 72830.0%
Cash From Investing Activities $6.021M -$12.66M -$14.65M
YoY Change -135.72% -51.69% 229.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $61.00K
YoY Change -89.34%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 0.000 200.0K 109.0K
YoY Change -100.0% -65.03% -99.29%
NET CHANGE
Cash From Operating Activities -13.48M -17.34M -17.89M
Cash From Investing Activities 6.021M -12.66M -14.65M
Cash From Financing Activities 0.000 200.0K 109.0K
Net Change In Cash -7.457M -29.81M -32.43M
YoY Change -78.2% -41.69% 733.57%
FREE CASH FLOW
Cash From Operating Activities -$13.48M -$17.34M -$17.89M
Capital Expenditures -$4.000K $12.00K -$61.00K
Free Cash Flow -$13.47M -$17.36M -$17.83M
YoY Change -14.05% -33.29% 71.25%

Facts In Submission

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CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
61000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
572000
CY2022Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
139000
CY2021Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
200000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
572000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29805000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-51111000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
81334000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222161000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
51529000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
171050000
CY2022Q1 freq Purchases Of Right Of Use Assets Included In Accrued Expenses
PurchasesOfRightOfUseAssetsIncludedInAccruedExpenses
0
CY2021Q1 freq Purchases Of Right Of Use Assets Included In Accrued Expenses
PurchasesOfRightOfUseAssetsIncludedInAccruedExpenses
-106000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1792000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9718000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9706000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4910000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4184000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4808000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5522000
CY2022Q1 us-gaap Depreciation
Depreciation
726000
CY2021Q1 us-gaap Depreciation
Depreciation
382000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2151000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4375000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
551000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
767000
CY2022Q1 freq Accrued Third Party Research And Development Expenses Current
AccruedThirdPartyResearchAndDevelopmentExpensesCurrent
1888000
CY2021Q4 freq Accrued Third Party Research And Development Expenses Current
AccruedThirdPartyResearchAndDevelopmentExpensesCurrent
840000
CY2022Q1 freq Accrued Income Taxes And Other Accrued Liabilities Current
AccruedIncomeTaxesAndOtherAccruedLiabilitiesCurrent
189000
CY2021Q4 freq Accrued Income Taxes And Other Accrued Liabilities Current
AccruedIncomeTaxesAndOtherAccruedLiabilitiesCurrent
119000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4779000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6101000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0475
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
178000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-23386000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-20375000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34810676
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34115682
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.60
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8776013
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7705891
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
34976409
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34976409
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
34611213
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34611213
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7907469
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8382667
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.800
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.55
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
25.50
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
5097000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
4284000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5266000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4611000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
35130000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3D
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2021Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0

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