$KRRO
Korro Bio, Inc.

2020 Q4 Form 10-K Financial Statement

#000156459021016117 Filed on March 29, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $9.950M $4.709M $24.24M
YoY Change 111.3%
Cost Of Revenue $0.00 $16.00M
YoY Change
Gross Profit $4.710M $8.240M
YoY Change
Gross Profit Margin 100.02% 34.0%
Selling, General & Admin $8.400M $5.000M $4.270M
YoY Change 68.0% 108.33% 182.78%
% of Gross Profit 106.16% 51.82%
Research & Development $11.83M $6.200M $5.221M
YoY Change 90.81% 112.33% 47.07%
% of Gross Profit 131.63% 63.36%
Depreciation & Amortization $390.0K $220.0K $215.0K
YoY Change 77.27% 4.76% 45.27%
% of Gross Profit 4.67% 2.61%
Operating Expenses $20.23M $11.20M $25.49M
YoY Change 80.63% 110.53% 404.05%
Operating Profit -$6.490M -$1.252M
YoY Change -75.24%
Interest Expense $20.00K $1.000M $680.0K
YoY Change -98.0% 566.67% 979.37%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.26M -$5.490M -$575.0K
YoY Change 86.89% 0.73% -88.81%
Income Tax -$30.00K
% Of Pretax Income
Net Earnings -$10.23M -$5.493M -$575.0K
YoY Change 86.27% 0.84% -88.8%
Net Earnings / Revenue -102.83% -116.65% -2.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$302.5K -$176.2K -$18.62K
COMMON SHARES
Basic Shares Outstanding 30.78M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.3M $217.4M $165.3M
YoY Change 1.35%
Cash & Equivalents $220.3M $200.2M $142.3M
Short-Term Investments $17.20M $23.00M
Other Short-Term Assets $102.0K $199.0K $307.0K
YoY Change -48.74% 25.16%
Inventory
Prepaid Expenses
Receivables $300.0K $800.0K $400.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $225.1M $221.4M $166.7M
YoY Change 1.68% 415.53%
LONG-TERM ASSETS
Property, Plant & Equipment $7.287M $1.762M $1.566M
YoY Change 313.56% 16.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.800M $101.0K $101.0K
YoY Change 1682.18% 1.0%
Total Long-Term Assets $39.66M $1.863M $4.100M
YoY Change 2028.72% 15.64%
TOTAL ASSETS
Total Short-Term Assets $225.1M $221.4M $166.7M
Total Long-Term Assets $39.66M $1.863M $4.100M
Total Assets $264.7M $223.2M $170.8M
YoY Change 18.59% 401.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.506M $1.219M $3.600M
YoY Change 351.68% -34.57%
Accrued Expenses $6.663M $3.239M $19.10M
YoY Change 105.71% 85.19%
Deferred Revenue $14.07M $48.15M
YoY Change -70.78%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.63M $52.78M $72.20M
YoY Change -49.54%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $180.0K $222.0K
YoY Change 8233.33% -48.42%
Other Long-Term Liabilities $30.60M $3.100M $6.600M
YoY Change 887.1%
Total Long-Term Liabilities $45.60M $180.0K $222.0K
YoY Change 25233.33% -48.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.63M $52.78M $72.20M
Total Long-Term Liabilities $45.60M $180.0K $222.0K
Total Liabilities $72.23M $55.86M $82.60M
YoY Change 29.31%
SHAREHOLDERS EQUITY
Retained Earnings -$95.40M -$68.89M -$63.36M
YoY Change 38.48% 40.34%
Common Stock $34.00K $236.2M $3.587M
YoY Change -99.99% 29204.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.5M $167.4M $88.30M
YoY Change
Total Liabilities & Shareholders Equity $264.7M $223.2M $170.8M
YoY Change 18.59% 401.07%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$10.23M -$5.493M -$575.0K
YoY Change 86.27% 0.84% -88.8%
Depreciation, Depletion And Amortization $390.0K $220.0K $215.0K
YoY Change 77.27% 4.76% 45.27%
Cash From Operating Activities -$14.83M -$29.74M $74.58M
YoY Change -50.13% 531.42% -2099.46%
INVESTING ACTIVITIES
Capital Expenditures -$4.420M -$420.0K -$150.0K
YoY Change 952.38% 75.0%
Acquisitions
YoY Change
Other Investing Activities -$20.00K $5.850M $4.790M
YoY Change -100.34%
Cash From Investing Activities -$4.440M $5.430M $4.640M
YoY Change -181.77% -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 15.38M 82.20M 59.39M
YoY Change -81.29% 135.73% 20379.31%
NET CHANGE
Cash From Operating Activities -14.83M -29.74M 74.58M
Cash From Investing Activities -4.440M 5.430M 4.640M
Cash From Financing Activities 15.38M 82.20M 59.39M
Net Change In Cash -3.890M 57.89M 138.6M
YoY Change -106.72% 93.48% -4129.36%
FREE CASH FLOW
Cash From Operating Activities -$14.83M -$29.74M $74.58M
Capital Expenditures -$4.420M -$420.0K -$150.0K
Free Cash Flow -$10.41M -$29.32M $74.73M
YoY Change -64.5% 555.93% -2103.49%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;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 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 accrued expenses, revenue recognition, fair value of common stock, valuation of share-based awards, present value of lease liabilities and income taxes. Actual results could differ from those estimates. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company utilized significant estimates and assumptions in determining the fair value of its common stock in periods prior to the IPO. The Company 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 have resulted in different fair values of common stock at each valuation date. </p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;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:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instrument 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:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has no significant off-balance sheet such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.</p>
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