$KRRO
Korro Bio, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024096189 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.328M $6.987M $7.240M
YoY Change -27.52% -3.49% -9.5%
% of Gross Profit
Research & Development $15.96M $17.14M $4.594M
YoY Change 523.59% 273.05% -65.39%
% of Gross Profit
Depreciation & Amortization $865.0K $721.0K $494.0K
YoY Change 124.68% 45.95% -28.3%
% of Gross Profit
Operating Expenses $23.29M $24.13M $11.83M
YoY Change 83.91% 103.91% -44.38%
Operating Profit -$23.29M -$24.13M -$11.83M
YoY Change 83.91% 103.91% -44.38%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $2.284M $2.329M $694.0K
YoY Change 283.22% 235.59% -407.08%
Pretax Income -$21.01M -$21.80M -$10.79M
YoY Change 80.78% 101.98% -49.3%
Income Tax -$9.000K $30.00K $5.000K
% Of Pretax Income
Net Earnings -$21.00M -$21.83M -$10.80M
YoY Change 80.81% 102.17% -49.28%
Net Earnings / Revenue
Basic Earnings Per Share -$2.26 -$2.43 -$63.83
Diluted Earnings Per Share -$2.26 -$2.43 -$15.00
COMMON SHARES
Basic Shares Outstanding 9.299M 9.273M 35.75M
Diluted Shares Outstanding 9.303M 8.987M 276.5K

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.3M $279.0M $46.48M
YoY Change 456.78% 500.18% -58.13%
Cash & Equivalents $63.21M $91.15M $39.71M
Short-Term Investments $169.1M $187.8M $6.766M
Other Short-Term Assets $5.786M $6.193M $1.901M
YoY Change 623.25% 225.78% -20.96%
Inventory
Prepaid Expenses
Receivables $10.00M
Other Receivables $0.00
Total Short-Term Assets $152.8M $163.6M $48.38M
YoY Change 259.49% 238.22% -57.35%
LONG-TERM ASSETS
Property, Plant & Equipment $29.11M $24.70M $1.327M
YoY Change 5261.14% 1761.64% -96.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $32.12M $30.34M
YoY Change
Other Assets $2.110M $2.672M $1.960M
YoY Change 5.5% 36.33% -3.26%
Total Long-Term Assets $90.76M $85.96M $31.00M
YoY Change 2258.02% 177.26% -14.44%
TOTAL ASSETS
Total Short-Term Assets $152.8M $163.6M $48.38M
Total Long-Term Assets $90.76M $85.96M $31.00M
Total Assets $243.5M $249.6M $79.38M
YoY Change 425.45% 214.41% -46.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.950M $5.689M $1.294M
YoY Change 1660.36% 339.64% -63.57%
Accrued Expenses $5.459M $6.178M $4.871M
YoY Change -30.43% 26.83% -32.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $13.61M $12.32M $8.328M
YoY Change 41.59% 47.98% -50.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $717.0K $1.183M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $717.0K $1.183M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.61M $12.32M $8.328M
Total Long-Term Liabilities $717.0K $1.183M $0.00
Total Liabilities $63.91M $51.51M $33.98M
YoY Change 564.91% 51.61% -36.86%
SHAREHOLDERS EQUITY
Retained Earnings -$245.4M -$224.4M -$292.0M
YoY Change -19.17% -23.15%
Common Stock $9.000K $9.000K $36.00K
YoY Change -75.68% -75.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.6M $198.1M $45.41M
YoY Change
Total Liabilities & Shareholders Equity $243.5M $249.6M $79.38M
YoY Change 425.45% 214.41% -46.96%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$21.00M -$21.83M -$10.80M
YoY Change 80.81% 102.17% -49.28%
Depreciation, Depletion And Amortization $865.0K $721.0K $494.0K
YoY Change 124.68% 45.95% -28.3%
Cash From Operating Activities -$16.09M -$14.59M -$8.424M
YoY Change 235.31% 73.23% -37.5%
INVESTING ACTIVITIES
Capital Expenditures $4.878M $5.961M $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$7.700M -$96.43M $19.21M
YoY Change -212.9% -601.96% 218.85%
Cash From Investing Activities -$12.58M -$102.4M $19.21M
YoY Change -284.43% -632.99% 219.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 728.0K 67.56M -11.67M
YoY Change 7180.0% -679.03%
NET CHANGE
Cash From Operating Activities -16.09M -14.59M -8.424M
Cash From Investing Activities -12.58M -102.4M 19.21M
Cash From Financing Activities 728.0K 67.56M -11.67M
Net Change In Cash -27.94M -49.43M -880.0K
YoY Change -1476.6% 5517.05% -88.2%
FREE CASH FLOW
Cash From Operating Activities -$16.09M -$14.59M -$8.424M
Capital Expenditures $4.878M $5.961M $0.00
Free Cash Flow -$20.97M -$20.55M -$8.424M
YoY Change 336.94% 143.99% -37.48%

Facts In Submission

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;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><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;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;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 consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to the fair value of the common stock prior to the effective date of the Merger; the fair value of the contingent value rights ("CVR") liability and the incremental borrowing rate for determining lease liabilities and right-of-use assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions.</span></p>
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