$KRYS
Krystal Biotech, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019039515 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 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 $1.460M $1.060M $920.0K
YoY Change 37.74% 43.24% 240.74%
% of Gross Profit
Research & Development $3.885M $1.914M $1.525M
YoY Change 102.98% 41.25% 241.93%
% of Gross Profit
Depreciation & Amortization $190.0K $38.00K $23.00K
YoY Change 400.0% 660.0% 666.67%
% of Gross Profit
Operating Expenses $5.342M $2.972M $2.449M
YoY Change 79.74% 42.0% 242.52%
Operating Profit -$5.342M -$2.972M -$2.449M
YoY Change 79.74% 42.0% 242.52%
Interest Expense $1.070M $220.0K $170.0K
YoY Change 386.36% -106.92% -525.0%
% of Operating Profit
Other Income/Expense, Net $217.0K $173.0K
YoY Change -106.82% -493.18%
Pretax Income -$4.270M -$2.760M -$2.280M
YoY Change 54.71% -47.63% 200.0%
Income Tax
% Of Pretax Income
Net Earnings -$4.272M -$2.755M -$2.276M
YoY Change 55.06% -47.75% 199.87%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$247.0K -$259.9K -$221.1K
COMMON SHARES
Basic Shares Outstanding 10.31M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $203.2M $52.30M $45.50M
YoY Change 288.53% -0.57% 1200.0%
Cash & Equivalents $194.8M $46.67M $41.81M
Short-Term Investments $8.400M $5.600M $3.600M
Other Short-Term Assets $1.200M $500.0K $300.0K
YoY Change 140.0% -25.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $204.4M $52.82M $45.70M
YoY Change 287.03% 0.39% 1071.79%
LONG-TERM ASSETS
Property, Plant & Equipment $6.863M $1.632M $300.0K
YoY Change 320.53% 2867.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $138.0K $64.00K
YoY Change
Total Long-Term Assets $9.797M $1.632M $330.0K
YoY Change 500.31% 2867.27% 230.0%
TOTAL ASSETS
Total Short-Term Assets $204.4M $52.82M $45.70M
Total Long-Term Assets $9.797M $1.632M $330.0K
Total Assets $214.2M $54.45M $46.03M
YoY Change 293.43% 3.38% 1050.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.252M $378.0K $214.0K
YoY Change 231.22% -31.27% -28.67%
Accrued Expenses $2.400M $1.300M $500.0K
YoY Change 84.62% -31.58% 25.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.726M $1.916M $759.0K
YoY Change 94.47% -22.59% -84.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.900M $245.0K
YoY Change 1083.67%
Total Long-Term Liabilities $2.900M $245.0K $0.00
YoY Change 1083.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.726M $1.916M $759.0K
Total Long-Term Liabilities $2.900M $245.0K $0.00
Total Liabilities $6.586M $2.161M $759.0K
YoY Change 204.77% -12.69% -84.19%
SHAREHOLDERS EQUITY
Retained Earnings -$33.69M -$16.25M -$13.50M
YoY Change 107.31% 111.68%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.6M $52.29M $45.27M
YoY Change
Total Liabilities & Shareholders Equity $214.2M $54.45M $46.03M
YoY Change 293.43% 3.38% 1050.75%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$4.272M -$2.755M -$2.276M
YoY Change 55.06% -47.75% 199.87%
Depreciation, Depletion And Amortization $190.0K $38.00K $23.00K
YoY Change 400.0% 660.0% 666.67%
Cash From Operating Activities -$4.270M -$1.940M -$1.620M
YoY Change 120.1% 77.98% 295.12%
INVESTING ACTIVITIES
Capital Expenditures -$1.170M -$830.0K -$100.0K
YoY Change 40.96% 8200.0% 233.33%
Acquisitions
YoY Change
Other Investing Activities $490.0K -$1.930M -$3.700M
YoY Change -125.39%
Cash From Investing Activities -$680.0K -$2.760M -$3.800M
YoY Change -75.36% 27500.0% 12566.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.17M 9.550M 0.000
YoY Change 37.91% -80.96% -100.0%
NET CHANGE
Cash From Operating Activities -4.270M -1.940M -1.620M
Cash From Investing Activities -680.0K -2.760M -3.800M
Cash From Financing Activities 13.17M 9.550M 0.000
Net Change In Cash 8.220M 4.850M -5.420M
YoY Change 69.48% -90.11% -447.44%
FREE CASH FLOW
Cash From Operating Activities -$4.270M -$1.940M -$1.620M
Capital Expenditures -$1.170M -$830.0K -$100.0K
Free Cash Flow -$3.100M -$1.110M -$1.520M
YoY Change 179.28% 2.78% 300.0%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;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%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas including stock-based compensation expense, accrued research and development expenses, the fair value of financial instruments and the valuation allowance included in deferred income taxes calculations.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and&#160;Off-Balance&#160;Sheet Risk</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to credit risk consist of cash, cash equivalents and short-term investments. The Company&#8217;s policy is to invest its cash, cash equivalents and short-term investments in money market funds, certificates of deposit and various other bank deposit accounts. The counterparties to the agreements relating to the Company&#8217;s investments consist of financial institutions of high credit standing. The Company is exposed to credit risk in the event of default by the financial institutions to the extent amounts recorded on the balance sheets are in excess of insured limits.&#160;The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with&#160;off-balance&#160;sheet risk of loss.</p>
CY2019Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
203200000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018 krys Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.00
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
452311
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
378015
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7466000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3180000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
603000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
166000
CY2019Q3 us-gaap Depreciation
Depreciation
190000
CY2018Q3 us-gaap Depreciation
Depreciation
38000
CY2019Q3 krys Accrued Preclinical And Clinical Expenses
AccruedPreclinicalAndClinicalExpenses
938000
CY2018Q4 krys Accrued Preclinical And Clinical Expenses
AccruedPreclinicalAndClinicalExpenses
537000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
41000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
41000
CY2019Q3 krys Accrued Payroll And Benefits
AccruedPayrollAndBenefits
716000
CY2018Q4 krys Accrued Payroll And Benefits
AccruedPayrollAndBenefits
348000
CY2019Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
30000
CY2018Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
154000
CY2019Q3 krys Accrued Construction In Progress Current
AccruedConstructionInProgressCurrent
236000
CY2018Q4 krys Accrued Construction In Progress Current
AccruedConstructionInProgressCurrent
589000
CY2019Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
51000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39000
CY2019Q3 krys Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
2012000
CY2018Q4 krys Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1708000
CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
176000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
475000
CY2018Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
60000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
125000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
29500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
139000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
38500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
174000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
24778
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
19000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
452311
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
133690
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
133690
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.73
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
29.73
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
22.36
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.10
krys Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePrice
7.10
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4302000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9147000
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3692000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3692000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
728000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
734000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
344000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
561574

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