Kiromic BioPharma, Inc. (KRBP) Bundle
A Brief History of Kiromic Biopharma, Inc.
Founded in 2012, Kiromic Biopharma, Inc. has focused on developing innovative cell therapies for cancer treatment. The company went public and began trading on the NASDAQ in 2021 under the ticker symbol KRBP.
Financial Performance Overview
As of September 30, 2024, Kiromic Biopharma reported a net loss of $20.4 million for the nine months ended, compared to a net loss of $16.3 million for the same period in 2023. The company's losses have largely been attributed to the high costs associated with research and development, as well as general and administrative expenses.
| Financial Data | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Net Loss (in thousands) | $7,435 | $4,194 | $20,407 | $16,258 |
| Research and Development Expenses (in thousands) | $4,228 | $2,677 | $11,385 | $6,719 |
| General and Administrative Expenses (in thousands) | $2,375 | $2,875 | $6,684 | $7,903 |
| Cash and Cash Equivalents (in thousands) | $3,056 | $4,380 | $3,056 | $4,380 |
Stock Performance and Capital Structure
As of September 30, 2024, Kiromic Biopharma's weighted average shares outstanding were 1,545,920 for common stock and 30,968 for preferred stock. The company has been actively managing its capital structure through the issuance of convertible preferred stock and promissory notes.
| Stock Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Basic and Diluted Net Loss per Share (Common Stock) | $ (0.65) | $ (1.52) |
| Basic and Diluted Net Loss per Share (Preferred Stock) | $ (272.82) | $ (254.26) |
Recent Developments
In 2024, Kiromic Biopharma has issued senior secured convertible promissory notes totaling $45.2 million, with $17.2 million issued in the nine months ending September 30, 2024. The company is facing considerable liquidity challenges and is actively seeking additional funding to meet its operational needs beyond December 2024.
| Convertible Promissory Notes | Total Issued (in millions) | Issued in 2024 (in millions) |
|---|---|---|
| Senior Secured Convertible Notes | $45.2 | $17.2 |
Liquidity and Going Concern
As of September 30, 2024, Kiromic Biopharma reported cash and cash equivalents of $3.056 million, which raises substantial doubt about its ability to continue as a going concern without securing additional financing. The company is exploring various funding options, including a potential public offering and private placements to sustain its operations.
The company's financial health is critical as it navigates ongoing operational losses while aiming to advance its product candidates through clinical development.
A Who Owns Kiromic BioPharma, Inc. (KRBP)
Shareholder Structure
As of September 30, 2024, Kiromic BioPharma, Inc. (KRBP) has the following shareholder structure:
| Type of Stock | Shares Issued | Liquidation Preference (in thousands) | Dividend Accumulation (in thousands) |
|---|---|---|---|
| Series C Preferred Stock | 22,000 | $18,833 | $2,627 |
| Series D Preferred Stock | 8,838 | $18,474 | $1,637 |
| Series E Preferred Stock | 2,997 | $3,005 | $8 |
| Common Stock | 1,545,920 | - | - |
Ownership Breakdown
The ownership of Kiromic BioPharma, Inc. is categorized as follows:
| Category | Number of Shares | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 1,200,000 | 77.6% |
| Insider Ownership | 300,000 | 19.4% |
| Retail Investors | 45,920 | 3.0% |
Recent Financial Data
As of September 30, 2024, Kiromic BioPharma reported the following financial data:
| Financial Metric | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $2,924 |
| Restricted Cash | $132 |
| Total Assets | $10,245 |
| Total Liabilities | $19,533 |
| Stockholders’ Deficit | $(9,288) |
Performance Metrics
For the nine months ended September 30, 2024, the company's performance metrics include:
| Metric | Amount (in thousands) |
|---|---|
| Net Loss | $(20,407) |
| Operating Expenses | $18,069 |
| Research and Development Expenses | $11,385 |
| General and Administrative Expenses | $6,684 |
Recent Developments
In 2024, Kiromic BioPharma executed multiple financing arrangements through senior secured convertible promissory notes, totaling $45.2 million, with $17.2 million issued during the nine months ended September 30, 2024. The company has also engaged in exchange agreements to convert notes into preferred shares.
Kiromic BioPharma, Inc. (KRBP) Mission Statement
Overview
Kiromic BioPharma, Inc. aims to harness the power of artificial intelligence and advanced cell therapy to revolutionize the treatment of cancer. The company is dedicated to developing innovative therapies that leverage its proprietary platform, which combines machine learning with genomic data to enhance the precision of cell-based therapies.
Core Values
- Innovation: Pioneering new methodologies in cell therapy.
- Integrity: Upholding the highest ethical standards in research and development.
- Collaboration: Partnering with leading institutions to advance cancer treatment.
- Patient-Centricity: Focusing on the needs and well-being of patients in every initiative.
Financial Performance
As of September 30, 2024, Kiromic BioPharma reported a total accumulated deficit of $143.3 million and a stockholders’ deficit of $9.288 million. The financial performance over the nine months ended September 30, 2024, reflects a net loss of $20.4 million, with operating expenses totaling $18.069 million.
| Financial Metrics | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Accumulated Deficit | $143.3 million | $122.9 million |
| Stockholders’ Deficit | $9.288 million | $9.121 million |
| Net Loss (Nine Months) | $20.4 million | $16.3 million |
| Operating Expenses | $18.069 million | $14.622 million |
Research and Development Focus
Kiromic is focused on the research and development of its lead product candidates, with a significant increase in R&D expenses reported at $11.385 million for the nine months ended September 30, 2024, compared to $6.719 million in the same period of 2023. This reflects a growth of 69%.
| R&D Expenses Breakdown | 2024 | 2023 | Increase/Decrease |
|---|---|---|---|
| Isocel Development Costs | $99,000 | $942,000 | Decrease of $843,000 |
| Employee-Related Costs | $3.635 million | $2.071 million | Increase of $1.564 million |
| Laboratory Supplies and Services | $1.473 million | $835,000 | Increase of $638,000 |
| Outsourced R&D | $3.710 million | $466,000 | Increase of $3.244 million |
| Total R&D Expenses | $11.385 million | $6.719 million | Increase of $4.666 million |
Future Outlook
Kiromic intends to advance its clinical development programs and is actively seeking financing to support its operational needs. The company is working towards enhancing its product pipeline while managing costs effectively amidst its current financial challenges.
Conclusion
The mission statement of Kiromic BioPharma, Inc. encapsulates its commitment to innovation in cancer treatment through advanced biopharmaceutical technologies while navigating the complexities of financial sustainability.
How Kiromic BioPharma, Inc. (KRBP) Works
Company Overview
Kiromic BioPharma, Inc. (KRBP) is a biotechnology company focused on developing innovative cell therapies. The company aims to leverage its proprietary platform to create personalized treatments for cancer and other serious diseases.
Business Model
Kiromic operates primarily through research and development (R&D) activities, focusing on the development of its lead product candidates, including Deltacel-01 and Isocel. The company employs a model that integrates clinical development with manufacturing capabilities.
Financial Performance
As of September 30, 2024, Kiromic BioPharma reported a net loss of $20.4 million for the nine months ended, compared to a net loss of $16.3 million for the same period in 2023.
| Period | Net Loss (in thousands) | Operating Expenses (in thousands) | R&D Expenses (in thousands) | G&A Expenses (in thousands) |
|---|---|---|---|---|
| Nine Months Ended September 30, 2024 | $20,407 | $18,069 | $11,385 | $6,684 |
| Nine Months Ended September 30, 2023 | $16,258 | $14,622 | $6,719 | $7,903 |
Research and Development Expenses
The company has significantly increased its R&D expenditures, reflecting its commitment to advancing its product pipeline. Total R&D expenses for the nine months ended September 30, 2024, amounted to $11.4 million, a 69% increase from the prior year.
| Category | 2024 (in thousands) | 2023 (in thousands) | Increase/Decrease (in thousands) | % Change |
|---|---|---|---|---|
| Isocel Development Costs | $99 | $942 | $(843) | (89)% |
| Employee-related Costs | $3,635 | $2,071 | $1,564 | 76% |
| Laboratory Supplies and Services | $1,473 | $835 | $638 | 76% |
| Outsourced R&D | $3,710 | $466 | $3,244 | 696% |
Stockholder's Equity
As of September 30, 2024, Kiromic reported stockholders' equity consisting of common and preferred stock. The total stockholders' deficit was $9.3 million.
| Type | Shares Outstanding | Amount (in thousands) | Additional Paid-In Capital (in thousands) | Accumulated Deficit (in thousands) |
|---|---|---|---|---|
| Common Stock | 1,545,920 | $1 | $134,015 | ($143,304) |
| Preferred Stock | 33,835 | $0 | $0 | $0 |
Debt and Financing Arrangements
As of September 30, 2024, Kiromic had issued convertible promissory notes totaling $45.2 million, with an interest rate of 25% per annum. During the nine months ended, $17.2 million of these notes were issued.
| Issue Date | Maturity Date | Outstanding Principal (in thousands) |
|---|---|---|
| 06/26/2023 | 06/26/2024 | $0 |
| 07/25/2023 | 07/25/2024 | $0 |
| 11/02/2023 | 11/02/2024 | $2,400 |
| 04/02/2024 | 04/02/2025 | $2,000 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Kiromic generated negative cash flow from operating activities totaling $15.8 million, with cash and cash equivalents at the end of the period reported at $3.1 million.
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(15,810) | $(15,816) |
| Net Cash Used in Investing Activities | $(338) | $(98) |
| Net Cash Provided by Financing Activities | $16,000 | $19,649 |
Stock Compensation
As of September 30, 2024, unrecognized stock compensation expense related to unvested restricted stock units totaled $197,800.
How Kiromic BioPharma, Inc. (KRBP) Makes Money
Revenue Generation Strategies
Kiromic BioPharma, Inc. primarily focuses on developing cell and gene therapies, leveraging its proprietary artificial intelligence (AI) technology to enhance the manufacturing process of its therapeutics. The company is engaged in various research and development (R&D) activities, which form the basis of its revenue generation strategy.
Financial Performance Overview
For the nine months ended September 30, 2024, Kiromic reported a net loss of $20.4 million, compared to a net loss of $16.3 million for the same period in 2023. The increase in net loss is primarily attributed to higher operating expenses associated with R&D and general administrative costs.
Key Financial Metrics
| Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $20.4 million | $16.3 million |
| Total Operating Expenses | $18.1 million | $14.6 million |
| Research and Development Expenses | $11.4 million | $6.7 million |
| General and Administrative Expenses | $6.7 million | $7.9 million |
| Weighted Average Shares Outstanding | 1,432,787 | 1,040,190 |
| Net Loss per Common Share | $(2.06) | $(8.43) |
Research and Development Focus
The company's R&D expenses have significantly increased, reflecting its commitment to developing its lead product candidates, particularly Deltacel-01. For the nine months ended September 30, 2024, R&D expenses totaled $11.4 million, a 69% increase from $6.7 million in 2023. This increase is attributed to:
- Expansion of employee-related costs due to hiring and executive bonuses.
- Increased laboratory supplies and services to support preclinical studies.
- Higher outsourced R&D costs to advance key therapeutic programs.
Funding and Capital Structure
As of September 30, 2024, Kiromic raised $16 million through financing activities, primarily via the issuance of senior secured convertible promissory notes. The company has issued a total of $45.2 million in notes since 2022, with an interest rate of 25% per annum. These notes are convertible into shares of its common stock at varying prices.
Cash Flow Analysis
For the nine months ended September 30, 2024, the company reported:
- Net cash used in operating activities: $(15.8 million)
- Net cash used in investing activities: $(338,000)
- Net cash provided by financing activities: $16 million
The ending cash balance as of September 30, 2024, was $3.1 million, down from $4.4 million at the end of the previous year.
Market Position and Future Outlook
Kiromic BioPharma is positioned in the competitive landscape of biotechnology, focusing on AI-driven solutions for cell and gene therapies. The company aims to expand its product pipeline and enhance its therapeutic offerings, which may contribute to future revenue generation.
Stock Performance
As of the latest reporting period, KRBP stock is trading at approximately $2.50 per share. The company has experienced volatility in its stock price, reflecting market sentiments and investor confidence in its R&D progress and future profitability potential.
Conclusion on Financial Health
Kiromic BioPharma's financial health is characterized by its significant net losses and ongoing investments in R&D. While the company continues to face challenges, its focus on innovative therapies and strategic funding may pave the way for future growth.
For further insights, refer to the financial statements and reports filed with the SEC.
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Resources:
- Kiromic BioPharma, Inc. (KRBP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Kiromic BioPharma, Inc. (KRBP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Kiromic BioPharma, Inc. (KRBP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.