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KRBP OTCM· Kiromic BioPharma Inc.
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KRBP OTCM· Kiromic BioPharma Inc.
Earnings report Q3 2023

Kiromic BioPharma Reports No Revenue in Latest Quarter

Segments of revenue

Kiromic BioPharma did not generate any revenue from product sales in the latest quarter. The company expects to record revenue from collaboration agreements, including upfront payments, annual fees for licenses of their intellectual property, and research and development funding. However, as of the issuance date of the report, none of these agreements have been executed.

Strengths

Despite the lack of revenue, Kiromic BioPharma's financial performance in the latest quarter showed a decrease in operating expenses compared to the same period last year. Research and development expenses decreased from $3.78 million to $2.68 million, while general and administrative expenses decreased from $4.61 million to $2.87 million. This reduction in expenses demonstrates the company's efforts to manage costs and improve efficiency.

Challenges

The main weakness for Kiromic BioPharma in the latest quarter is the absence of revenue from product sales. The company's reliance on collaboration agreements for revenue generation poses a risk, as the execution of these agreements has not yet occurred. Without a diversified revenue stream, the company may face financial challenges in the foreseeable future.

Noteworthy

It is worth noting that Kiromic BioPharma's financial performance in the latest quarter was impacted by other expenses. The company incurred interest expense of $433,800 and a litigation settlement of $3.46 million. On a positive note, the company received other income of $1.79 million, which partially offset these expenses.

Summary

Kiromic BioPharma reported no revenue from product sales in the latest quarter and does not expect to generate any in the foreseeable future. The company's financial performance showed a decrease in operating expenses, indicating cost management efforts. However, the absence of revenue and reliance on collaboration agreements pose challenges for the company. The impact of other expenses, such as interest expense and litigation settlement, should also be considered. Overall, Kiromic BioPharma's financial performance in the latest quarter reflects the need for revenue diversification and successful execution of collaboration agreements to drive future growth.

Source documents

Form 10-Q  filed on Nov 14, 2023
18 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by NaN%
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