$KRRO
Korro Bio, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019043670 Filed on November 18, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $4.709M $24.24M $0.00
YoY Change
Cost Of Revenue $0.00 $16.00M $0.00
YoY Change
Gross Profit $4.710M $8.240M $0.00
YoY Change
Gross Profit Margin 100.02% 34.0%
Selling, General & Admin $5.000M $4.270M $1.510M
YoY Change 108.33% 182.78%
% of Gross Profit 106.16% 51.82%
Research & Development $6.200M $5.221M $3.550M
YoY Change 112.33% 47.07%
% of Gross Profit 131.63% 63.36%
Depreciation & Amortization $220.0K $215.0K $148.0K
YoY Change 4.76% 45.27%
% of Gross Profit 4.67% 2.61%
Operating Expenses $11.20M $25.49M $5.057M
YoY Change 110.53% 404.05%
Operating Profit -$6.490M -$1.252M -$5.057M
YoY Change -75.24%
Interest Expense $1.000M $680.0K $63.00K
YoY Change 566.67% 979.37%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.490M -$575.0K -$5.140M
YoY Change 0.73% -88.81%
Income Tax
% Of Pretax Income
Net Earnings -$5.493M -$575.0K -$5.136M
YoY Change 0.84% -88.8%
Net Earnings / Revenue -116.65% -2.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$176.2K -$18.62K -$165.0K
COMMON SHARES
Basic Shares Outstanding 30.78M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.4M $165.3M
YoY Change
Cash & Equivalents $200.2M $142.3M $12.28M
Short-Term Investments $17.20M $23.00M
Other Short-Term Assets $199.0K $307.0K
YoY Change 25.16%
Inventory
Prepaid Expenses
Receivables $800.0K $400.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $221.4M $166.7M
YoY Change 415.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.762M $1.566M
YoY Change 16.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $101.0K $101.0K
YoY Change 1.0%
Total Long-Term Assets $1.863M $4.100M
YoY Change 15.64%
TOTAL ASSETS
Total Short-Term Assets $221.4M $166.7M
Total Long-Term Assets $1.863M $4.100M
Total Assets $223.2M $170.8M
YoY Change 401.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.219M $3.600M
YoY Change -34.57%
Accrued Expenses $3.239M $19.10M
YoY Change 85.19%
Deferred Revenue $48.15M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.78M $72.20M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $180.0K $222.0K
YoY Change -48.42%
Other Long-Term Liabilities $3.100M $6.600M
YoY Change
Total Long-Term Liabilities $180.0K $222.0K
YoY Change -48.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.78M $72.20M
Total Long-Term Liabilities $180.0K $222.0K
Total Liabilities $55.86M $82.60M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$68.89M -$63.36M
YoY Change 40.34%
Common Stock $236.2M $3.587M
YoY Change 29204.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.4M $88.30M
YoY Change
Total Liabilities & Shareholders Equity $223.2M $170.8M
YoY Change 401.07%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$5.493M -$575.0K -$5.136M
YoY Change 0.84% -88.8%
Depreciation, Depletion And Amortization $220.0K $215.0K $148.0K
YoY Change 4.76% 45.27%
Cash From Operating Activities -$29.74M $74.58M -$3.730M
YoY Change 531.42% -2099.46%
INVESTING ACTIVITIES
Capital Expenditures -$420.0K -$150.0K $0.00
YoY Change 75.0%
Acquisitions
YoY Change
Other Investing Activities $5.850M $4.790M $0.00
YoY Change
Cash From Investing Activities $5.430M $4.640M $0.00
YoY Change -2362.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.20M 59.39M 290.0K
YoY Change 135.73% 20379.31%
NET CHANGE
Cash From Operating Activities -29.74M 74.58M -3.730M
Cash From Investing Activities 5.430M 4.640M 0.000
Cash From Financing Activities 82.20M 59.39M 290.0K
Net Change In Cash 57.89M 138.6M -3.440M
YoY Change 93.48% -4129.36%
FREE CASH FLOW
Cash From Operating Activities -$29.74M $74.58M -$3.730M
Capital Expenditures -$420.0K -$150.0K $0.00
Free Cash Flow -$29.32M $74.73M -$3.730M
YoY Change 555.93% -2103.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Registrant Name
EntityRegistrantName
Frequency Therapeutics, Inc.
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dei Entity Tax Identification Number
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company&#8217;s management evaluates its estimates, which include but are not limited to management&#8217;s judgments of revenue, accrued expenses, fair value of common stock, valuation of share-based awards and income taxes. Actual results could differ from those estimates. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company utilizes significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation (the Practice Aid), to estimate the fair value of its common stock. Each valuation methodology includes estimates and assumptions that require the Company&#8217;s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#8217;s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. </p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of credit risk and off-balance sheet risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents at several accredited financial institutions, in amounts that exceed federally insured limits. Marketable securities consist of U.S. Treasury securities with maturities of less than twelve months. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which its money market accounts are maintained.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. </p>
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2461000
CY2018Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2019Q3 us-gaap Grants Receivable Current
GrantsReceivableCurrent
408000
CY2018Q4 us-gaap Grants Receivable Current
GrantsReceivableCurrent
161000
CY2019Q3 freq Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
685000
CY2018Q4 freq Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
428000
CY2019Q3 us-gaap Other Assets Current
OtherAssetsCurrent
307000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
159000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3407000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2764000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1841000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1253000
CY2019Q3 us-gaap Depreciation
Depreciation
215000
CY2018Q3 us-gaap Depreciation
Depreciation
148000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1960000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1034000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
980000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
322000
CY2019Q3 freq Accrued Third Party Research And Development Expenses Current
AccruedThirdPartyResearchAndDevelopmentExpensesCurrent
160000
CY2018Q4 freq Accrued Third Party Research And Development Expenses Current
AccruedThirdPartyResearchAndDevelopmentExpensesCurrent
393000
CY2019Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
148724922
CY2019Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
144187463
CY2019Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
147902000
CY2019Q3 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
147706000
CY2019Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
144187463
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
29961049
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19288847
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
669
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2842
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3
CY2019Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
78041
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
297599
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
54671
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
113402
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.86
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.42
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
997
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1766
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
78
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
182
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
102000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
925000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2456000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
267000
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6325000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M17D
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
12229000
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29985632
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11744624
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26985631
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11744624

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