Kiromic BioPharma Provides Business Update and Reports Third Quarter 2021 Financial Results|||


Quarter Updates Include Company’s Progress in the Following Areas:


Expansion of DIAMOND®
AI Platform to More than i.5 Billion Data Points


Completion of InSilico Solutions, LLC Conquering


Closing of Public Offering


Improver of Key Personnel Across Bioinformatics, Clinical Translational, Manufacturing, and Operations

HOUSTON–(BUSINESS WIRE)–$KRBP #KRBP—Kiromic BioPharma, Inc. (NASDAQ: KRBP) (“Kiromic” or the “Company”),
a clinical-phase fully integrated biotherapeutics company using its proprietary DIAMOND®
artificial intelligence (AI) and big data mining platform to discover and develop cell and cistron therapies with a therapeutic focus on immuno-oncology and other diseases, today reported business updates and financial results for its 3rd quarter ending September 30, 2021.

“We believe that nosotros made meaningful progress during the third quarter of 2021 with our corporate developments and with our chemical manufacturing and control manufacturing processes. We believe these developments volition let the states to effectively accost the FDA clinical hold comments, and will ensure that we are well positioned to accelerate our oncology cell therapy trial candidates. We were too able to recently complete an internal review associated with sure complaints that the Company received through its complaint hotline. The internal review was conducted past a Special Committee of our Lath of Directors. The Company was precluded from filing its Form 10-Q in November 2021 pending completion of the internal review,” stated Pietro Bersani, acting Master Executive Officer of Kiromic BioPharma.

Mr. Bersani continued: “Equally a upshot of the internal review, nosotros as well appointed two new board members, Frank Tirelli and Karen Reeves, and appointed Michael Nagel every bit the chairperson of our board of directors. We also established a disclosure commission, which is charged with preparing and overseeing all corporate disclosures made by the Company in response to the ineffectiveness of our disclosure controls and procedures outlined in the Form 8-K filed on February ii, 2022. Accordingly, we anticipate providing more updates and increasing the frequency of our shareholder communications as nosotros study on our progress and upcoming milestones.”

Contempo Business Highlights:

  • Surpassed 1.five billion Data Points Powering Kiromic’south DIAMOND®AI Platform for Drug Discovery and Evolution:
    The Company added approximately 300 million information points in 2021, representing a 25% increase from 2020. Kiromic’southward growing car learning platform is designed to identify new therapeutic opportunities, prioritizing T and B prison cell targets, and advance development. The increase was primarily driven by Clinical Proteomic Tumor Analysis Consortium (“CPTAC”) and Blood Donor Artificial Intelligence analysis. CPTAC is a data portal serving as a centralized repository for the public dissemination of proteomic sequence datasets collected by CPTAC forth with corresponding genomic sequence datasets. The National Cancer Found’southward CPTAC is a national effort to accelerate the agreement of the molecular basis of cancer through the application of large-calibration proteome and genome analysis, or proteogenomics.
  • Completion of InSilico Solutions, LLC Acquisition:
    On July 26, 2021, we appear the completion of the Insilico Solutions, LLC conquering. InSilico Solutions is a world-class bioinformatics and bogus intelligence (AI) innovator with long-standing collaborative relationships with its clients at Academy of Texas MD Anderson Cancer Heart, Johns Hopkins Schoolhouse of Medicine, and the National Cancer Institute. With this acquisition, Kiromic expanded its team with experts in bioinformatics and AI to accelerate its AI-driven efforts identifying the optimal biomarkers for advanced immuno-oncology therapies similar Machine-T cell therapy.
  • Endmost of Public Offering:
    On July 2, 2021, we received net proceeds of $37,118,100 from a public offering, after deducting underwriting discounts and commissions of $2,494,900 and other offering expenses of $387,000 incurred. The Company issued and sold 8,000,000 shares of mutual stock in the public offer at a price of $5.00 per share. In connection with the public offering, 400,000 representative warrants were issued with a price of $half dozen.25 per share
  • Cardinal Hires in Bioinformatics, Manufacturing, Clinical Translational Medicine and Operations:
    The Company added 24 new hires to positions beyond Bioinformatics, Manufacturing, Clinical Translational Medicine, and Operations. This represents a total of 37 employees, which is an increase from 13 as of December 31, 2020.
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Q3 2021 Financial Highlights

Cash Position:
Cash and cash equivalents were $36,161,800 as of September 30, 2021, compared to $ten,150,500 as of Dec 31, 2020. The deviation is attributable to cash outflows of $eleven,165,300, and $713,500 for operating activities, and investing activities, respectively. There were cash inflows of $36,881,100 from financing activities.

R&D Expenses:
Our research and development expenses increased by $2,261,000, or 184.47%, to $3,486,700 for the iii months concluded September 30, 2021, from $one,225,700 for the iii months ended September 30, 2020. Our inquiry and development expenses increased by $4,504,300, or 127.74%, to $8,030,400 for the ix months ended September thirty, 2021, from $3,526,100 for the nine months concluded September xxx, 2020. The increment was attributable to increased headcount, manufacturing, and experimentation costs for our ALEXIS-ISO-1 clinical trial development.

1000&A Expenses:
Our general and administrative expenses increased past $1,465,600, or 123.16%, to $2,655,600 for the 3 months ended September 30, 2021, from $1,190,000 for the three months concluded September 30, 2020. Our full general and administrative expenses decreased by $5,068,500, or 41.86%, to $seven,040,700 for the 9 months ended September 30, 2021 from $12,109,200 for the ix months concluded September xxx, 2020. This decrease was primarily due to reduced stock compensation expenses.

Net Loss:
Our net loss decreased to $14,953,600 during the nine months ended September 30, 2021 compared to $15,635,300 during the 9 months ended September 30, 2020.

Well-nigh Kiromic BioPharma

Kiromic BioPharma, Inc. is a clinical-stage, fully integrated biotherapeutics visitor using its proprietary DIAMOND®
artificial intelligence (AI) platform to discover and develop cell and gene therapies with a therapeutic focus on immuno-oncology and other diseases. Kiromic is in the process of developing a multi-indication allogeneic CAR-T cell therapy that exploits the natural potency of Gamma Delta T-cells to target solid cancers.

From its heritage every bit a cancer vaccine development visitor, Kiromic is focused on discovering, developing, and commercializing novel immuno-oncology applications through its robust product pipeline. The pipeline development is leveraged through the Company’s proprietary target discovery engine called “DIAMOND.” Kiromic’due south DIAMOND is where big data science meets target identification to dramatically compress the man-years and billions of drug evolution dollars required to develop a live drug. The Visitor maintains offices in Houston, Texas. To learn more, visit
www.kiromic.com
and connect with u.s.a. on Twitter and LinkedIn.

Forward-Looking Statements

This printing release contains forward-looking statements that involve substantial risks and uncertainties. Nosotros make such forward-looking statements pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act, Department 21E of the Securities Commutation Act of 1934, as amended, and other federal securities laws. All statements other than statements of historical facts are frontward-looking statements. These statements relate to futurity events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially dissimilar from whatsoever futurity results, levels of action, operation or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements almost:

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  • our goals and strategies;
  • our future business development, fiscal condition and results of operations;
  • expected changes in our acquirement, costs or expenditures;
  • our expected timing of man clinical trials and other related milestones
  • growth of and competition trends in our manufacture;
  • our expectations regarding need for, and market acceptance of, our products;
  • our expectations regarding our relationships with investors, institutional funding partners and other parties we collaborate with;
  • fluctuations in general economic and business conditions in the markets in which nosotros operate; including those fluctuations caused by COVID-xix; and
  • relevant regime policies and regulations relating to our manufacture; and
  • the upshot of any awaiting or threatened litigation.

In some cases, y’all can identify forrad-looking statements by terms such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “conceptualize,” “believe,” “gauge,” “predict,” “potential,” “projection” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forrard-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, across our command and which could materially impact results. Factors that may cause bodily results to differ materially from current expectations include, amongst other things, those listed under the heading “Risk Factors” included in our Registration Argument on Grade Southward-1 (Registration No. 333-257427) , originally filed with the Securities and Exchange Commission (SEC) on June 25, 2021, equally amended, and in our Course 10-Q for the fiscal quarter ended September 30, 2021 filed with the SEC on March 10, 2022 and elsewhere in this press release. If one or more of these risks or uncertainties occur, or if our underlying assumptions show to be wrong, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

The forward-looking statements made in this report relate but to events or data as of the appointment on which the statements are fabricated in this study. Except equally expressly required by the federal securities laws, there is no undertaking to publicly update or revise whatever forwards-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

KIROMIC BIOPHARMA, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

September 30,

December 31,

2021

2020

Assets

Electric current Assets:

Greenbacks and cash equivalents

$

35,161,800

$

x,150,500

Accounts receivable

v,800

Prepaid expenses and other electric current avails

750,500

588,800

Full current assets

35,918,100

10,739,300

Property and equipment, net

ii,578,800

two,066,000

Other avails

31,200

24,400

Intangible avails, cyberspace

41,800

Goodwill

386,000

Full Assets

$

38,955,900

$

12,829,700

Liabilities and Stockholders’ Equity:

Electric current Liabilities:

Accounts payable

$

927,700

$

665,200

Accrued expenses and other current liabilities

517,100

334,200

Interest payable

200

Loan payable

105,600

Note payable

362,400

Full current liabilities

1,444,800

1,467,600

Total Liabilities

one,444,800

1,467,600

Commitments and contingencies (Note eight)

Stockholders’ Disinterestedness:

Mutual stock, $0.001 par value: 300,000,000 shares authorized as of September thirty, 2021 and Dec 31, 2020; 15,477,518 shares and 7,332,999 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

nine,300

ane,200

Additional paid-in capital

94,083,200

52,988,700

Accumulated arrears

(56,581,400

)

(41,627,800

)

Total Stockholders’ Equity

37,511,100

11,362,100

Total Liabilities and Stockholders’ Equity

$

38,955,900

$

12,829,700

KIROMIC BIOPHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

Iii Months Ended

Ix Months Concluded

September 30,

September 30,

2021

2020

2021

2020

Operating expenses:

Research and evolution

$

iii,486,700

$

1,225,700

$

8,030,400

$

iii,526,100

General and administrative

2,655,600

ane,190,000

7,040,700

12,109,200

Total operating expenses

6,142,300

2,415,700

15,071,100

xv,635,300

Loss from operations

(vi,142,300

)

(2,415,700

)

(xv,071,100

)

(15,635,300

)

Other income (expense)

Gain on loan extinguishment

105,800

Other income

18,000

18,000

Interest expense

(500

)

(6,300

)

Total other income (expense)

17,500

117,500

Internet loss

$

(6,124,800

)

$

(two,415,700

)

$

(14,953,600

)

$

(fifteen,635,300

)

Net loss per share, bones and diluted

$

(0.xl

)

$

(0.48

)

$

(ane.50

)

$

(4.39

)

Weighted average common shares outstanding, basic and diluted

xv,366,075

four,989,269

10,048,170

iii,719,132

KIROMIC BIOPHARMA, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Ix Months Ended

September 30,

2021

2020

Cash flows from operating activities:

Internet loss

$

(14,953,600

)

$

(15,635,300

)

Adjustments to reconcile internet loss to net cash used for operating activities:

Depreciation

331,200

118,900

Amortization

2,200

Stock compensation expense

3,319,100

11,580,000

Proceeds on loan extinguishment

(105,800

)

Changes in operating avails and liabilities, internet of effects from acquisitions:

Accounts receivable

20,200

Prepaid expenses and other electric current assets

(168,500

)

(149,800

)

Accounts payable

216,000

398,300

Accrued expenses and other electric current liabilities

182,900

130,700

Net cash used for operating activities

(11,156,300

)

(3,557,200

)

Cash flows from investing activities:

Purchases of property and equipment, cyberspace of effects from acquisitions

(797,500

)

(i,013,100

)

Greenbacks received from acquisition

84,000

Internet cash used for investing activities

(713,500

)

(i,013,100

)

Cash flows from financing activities:

Proceeds from issuance of common stock

forty,000,000

Issuance toll

(two,881,900

)

Exercise of stock options

125,400

Proceeds from warrant do

four,900

Proceeds from loan payable

115,600

Loan repayments

(362,400

)

(x,000

)

Proceeds from Series B Preferred Stock issuance

three,000,000

Net greenbacks provided by financing activities

36,881,100

3,110,500

Net change in cash and greenbacks equivalents

25,011,300

(one,459,800

)

Cash and cash equivalents:

Start of year

10,150,500

one,929,100

End of period

$

35,161,800

$

469,300

Supplemental disclosures of not-cash investing and financing activities:

Accruals for holding and equipment

$

46,500

$

130,200

Cash paid for interest on note payable

$

6,300

$

Mutual stock issuance for acquisition

$

400,000

$

Restricted stock units granted for acquisition

$

140,000

$

Acquisitions net of greenbacks acquired

$

456,000

$

Accruals for deferred public offering costs

$

$

813,000

Warrants underlying Serial B Preferred Stock issuance

$

$

2,668,300

Contacts

Linda Phelan Dyson, MPH

Global Head, Corporate Communications

ldyson@kiromic.com

973-986-5973

Source: https://www.dailyhostnews.com/kiromic-biopharma-provides-business-update-and-reports-third-quarter-2021-financial-results

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