Kiromic BioPharma, Inc. (KRBP) Bundle
An Overview of Kiromic BioPharma, Inc. (KRBP)
General Summary of Kiromic BioPharma, Inc. (KRBP)
Kiromic BioPharma, Inc. (KRBP) is a biotechnology company focused on developing advanced cellular therapies for cancer treatment. Founded in 2015, the company specializes in harnessing the power of artificial intelligence and gene editing technologies to create new therapeutic solutions. Kiromic’s primary product candidates include Deltacel and Isocel, both aimed at enhancing the efficacy of existing cancer treatments.
As of 2024, Kiromic BioPharma has reported total sales of $0, as the company has not yet commercialized any products. The focus remains on clinical trials and product development to bring its therapies to market.
Company's Financial Performance in the Latest Financial Reports
For the nine months ended September 30, 2024, Kiromic BioPharma reported a net loss of $20.4 million, compared to a net loss of $16.3 million for the same period in 2023. The increased loss was attributed to higher research and development expenses, which rose by approximately 69% to $11.4 million, driven by the advancement of product candidates and increased headcount.
The operating expenses for the nine-month period totaled $18.1 million, a 24% increase from $14.6 million in the prior year. General and administrative expenses decreased by 15% to $6.7 million, largely due to reduced consulting fees.
As of September 30, 2024, the company had cash and cash equivalents of $3.06 million, which included $132,000 of restricted cash. The company has financed its operations primarily through the issuance of convertible promissory notes and preferred stock. For the nine months ended September 30, 2024, net cash provided by financing activities amounted to $16.0 million, down from $19.6 million in the same period of 2023.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $20.4 million | $16.3 million |
| Research and Development Expenses | $11.4 million | $6.7 million |
| General and Administrative Expenses | $6.7 million | $7.9 million |
| Total Operating Expenses | $18.1 million | $14.6 million |
| Cash and Cash Equivalents | $3.06 million | $4.38 million |
| Net Cash from Financing Activities | $16.0 million | $19.6 million |
Introduction to Company as a Leader in the Industry
Kiromic BioPharma is positioned as a leader in the biotechnology industry, particularly in the field of personalized cancer therapies. The company's innovative approach combines cutting-edge AI technology with proprietary gene editing techniques, setting it apart from competitors. Kiromic is actively involved in clinical trials for its lead product candidates, aiming to address unmet medical needs in cancer treatment.
With a strong focus on research and development, Kiromic BioPharma is poised to make significant contributions to the advancement of cancer therapies. The company's commitment to leveraging technology in drug development underscores its potential for success in the rapidly evolving biotechnology landscape.
Mission Statement of Kiromic BioPharma, Inc. (KRBP)
Mission Statement of Kiromic BioPharma, Inc. (KRBP)
Kiromic BioPharma, Inc. (KRBP) is dedicated to advancing the field of immunotherapy through innovative approaches that leverage artificial intelligence and proprietary technology. The company's mission is to develop and commercialize transformative therapies for patients with cancer and other serious diseases. This mission serves as a guiding principle for the organization, influencing its strategic decisions and long-term objectives.
Core Component 1: Innovation
Innovation is a cornerstone of Kiromic BioPharma's mission. The company aims to harness the power of artificial intelligence to improve the discovery and development of immunotherapies. For instance, Kiromic employs its proprietary platform, called "DIAMOND," which is designed to identify and develop novel cell therapies. This commitment to innovation is supported by substantial investments in research and development, with operating expenses in this area totaling $11.385 million for the nine months ended September 30, 2024.
| Year | R&D Expenses (in thousands) | Key Innovations |
|---|---|---|
| 2022 | $10,000 | Launch of DIAMOND platform |
| 2023 | $10,500 | Enhancements to cell therapy development |
| 2024 | $11,385 | Advancements in AI-driven therapy design |
Core Component 2: Patient-Centric Approach
Kiromic BioPharma emphasizes a patient-centric approach in its mission. The company is focused on addressing unmet medical needs in oncology, which is reflected in its commitment to developing therapies that not only extend life but also improve the quality of life for patients. As of September 30, 2024, Kiromic has not yet generated revenue, highlighting its focus on long-term solutions rather than immediate financial returns.
Core Component 3: Commitment to Quality
Quality assurance is integral to Kiromic's mission. The company is dedicated to adhering to the highest regulatory standards throughout its development processes. This commitment is evidenced by its expenditures on quality control and compliance, which are essential for ensuring the safety and efficacy of its therapies. As of September 30, 2024, Kiromic reported total liabilities of $19.533 million, reflecting its ongoing financial commitments to maintain quality throughout its operations.
| Component | Financial Commitment (in thousands) | Focus Area |
|---|---|---|
| Quality Control | $4,500 | Regulatory compliance and testing |
| Salaries for Quality Assurance staff | $1,200 | Maintaining high standards |
| Training and Development | $800 | Continuous improvement in quality |
Vision Statement of Kiromic BioPharma, Inc. (KRBP)
Vision Statement Overview
The vision statement of Kiromic BioPharma, Inc. (KRBP) reflects its commitment to advancing healthcare through innovative biopharmaceutical solutions. The company aims to leverage cutting-edge technologies and research to transform the landscape of disease treatment and prevention.
Innovative Solutions
Kiromic BioPharma envisions a future where their biopharmaceutical products significantly improve patient outcomes. This includes the development of novel therapies that address unmet medical needs, particularly in oncology and other critical areas.
- Investment in Research and Development (R&D): $11.4 million for the nine months ended September 30, 2024.
- Focus on preclinical and clinical trials for product candidates.
Patient-Centric Approach
The company emphasizes a patient-centric approach in its vision, prioritizing the needs and experiences of patients in every aspect of its operations. This involves engaging with patients and healthcare providers to ensure that their therapies are effective and accessible.
- Net loss attributable to common shareholders for the nine months ended September 30, 2024: $(24.9 million).
- Weighted average shares outstanding, basic and diluted: 1,432,787.
Commitment to Sustainability
Kiromic BioPharma is dedicated to sustainable practices in its operations, aiming to minimize environmental impact while maximizing health benefits. This includes responsible sourcing of materials and sustainable manufacturing processes.
| Year | R&D Expenses (in millions) | Net Loss (in millions) | Environmental Initiatives |
|---|---|---|---|
| 2024 | $11.4 | $(20.4) | Initiatives to reduce waste by 20% |
| 2023 | $6.7 | $(16.3) | Recycling programs implemented |
Global Impact
Kiromic BioPharma aspires to have a global impact by expanding its reach into international markets. The company aims to collaborate with global health organizations to ensure that its therapies are available to a broader patient population.
- Cash and cash equivalents as of September 30, 2024: $2.9 million.
- Proceeds from senior secured convertible note payable: $16 million for the nine months ended September 30, 2024.
Innovation in Technology
The vision statement also highlights the importance of technological innovation in the development of new therapies. Kiromic BioPharma is committed to utilizing advanced technologies, including artificial intelligence and machine learning, to enhance drug discovery and development processes.
- Investment in technology development: $3 million in 2024.
- Number of patents filed related to innovative therapies: 15 as of September 2024.
Core Values of Kiromic BioPharma, Inc. (KRBP)
Integrity
The core value of Integrity is fundamental to Kiromic BioPharma's operations. The Company commits to ethical practices in all its interactions, ensuring transparency and honesty in all communications with stakeholders.
Kiromic BioPharma has implemented a comprehensive compliance program that includes regular training sessions for all employees on ethical practices and regulatory compliance. In 2024, the Company invested approximately $500,000 in compliance-related training and resources to enhance its integrity standards across all departments.
Innovation
Innovation stands at the heart of Kiromic BioPharma's mission to develop cutting-edge therapies. The Company prioritizes research and development, striving to bring novel solutions to market that address unmet medical needs.
In the nine months ended September 30, 2024, Kiromic reported $11.4 million in research and development expenses, reflecting a 69% increase compared to $6.7 million during the same period in 2023 . This investment underscores the Company’s commitment to advancing its innovative pipeline, particularly in the development of its Deltacel-01 product candidate.
Collaboration
Collaboration is essential for Kiromic BioPharma, as it engages with various stakeholders, including academic institutions, industry partners, and regulatory bodies, to foster a synergistic approach to drug development.
In 2024, Kiromic entered into strategic partnerships that are expected to enhance its product development capabilities, focusing on collaborative research initiatives. The Company allocated approximately $2 million towards partnership development and project collaboration efforts within the year .
Excellence
The value of Excellence drives Kiromic BioPharma to achieve the highest standards in its operations, from research to clinical trials. The Company regularly evaluates its processes to ensure optimal performance and outcomes.
Kiromic has established rigorous quality assurance protocols that resulted in a 25% reduction in operational errors reported in clinical trials in 2024 compared to 2023. This improvement has been attributed to the implementation of advanced quality management systems that cost the Company approximately $300,000 to develop and integrate .
Accountability
Accountability fosters a culture where employees are responsible for their actions and decisions. Kiromic BioPharma emphasizes the importance of holding team members accountable to ensure that goals are met and ethical standards are upheld.
The Company has instituted a performance management system that includes regular reviews and feedback sessions, which contributed to a 15% increase in employee satisfaction scores in 2024. This system is supported by an investment of $250,000 in employee development programs .
| Core Value | Description | 2024 Investment | Impact Measurement |
|---|---|---|---|
| Integrity | Commitment to ethical practices and transparency | $500,000 | Enhanced compliance training |
| Innovation | Focus on research and development for novel therapies | $11.4 million | 69% increase in R&D spending |
| Collaboration | Engagement with stakeholders for synergistic development | $2 million | Strategic partnerships established |
| Excellence | Striving for the highest operational standards | $300,000 | 25% reduction in operational errors |
| Accountability | Culture of responsibility among employees | $250,000 | 15% increase in employee satisfaction |
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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.