Karuna Therapeutics (KRTX) annual cash flow statement covering fiscal 2018 through 2022, as reported to the SEC.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||||||||||||||
Net loss | ||||||||||||||||||||
-276,336 | -143,805 | -68,554 | -43,957 | -17,512 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net loss | -276,336 | -143,805 | -68,554 | -43,957 | -17,512 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||
47,451 | 29,811 | 13,471 | 12,568 | 958 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Stock-based compensation expense | 47,451 | 29,811 | 13,471 | 12,568 | 958 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Impairment loss on right-of-use assets | ||||||||||||||||||||
- | 702 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Impairment loss on right-of-use assets | - | 702 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of premiums and accretion of discounts on investment securities | ||||||||||||||||||||
5,007 | -1,063 | -642 | 824 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of premiums and accretion of discounts on investment securities | 5,007 | -1,063 | -642 | 824 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Depreciation and amortization expense | ||||||||||||||||||||
1,112 | 506 | 145 | 58 | 6 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation and amortization expense | 1,112 | 506 | 145 | 58 | 6 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Loss on disposal of assets | ||||||||||||||||||||
- | - | -20 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Loss on disposal of assets | - | - | -20 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accretion of debt discount (Note 5) | ||||||||||||||||||||
- | - | - | 945 | 2,176 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accretion of debt discount (Note 5) | - | - | - | 945 | 2,176 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Change in fair value of derivative liability (Note 5) | ||||||||||||||||||||
- | - | - | -135 | -444 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Change in fair value of derivative liability (Note 5) | - | - | - | -135 | -444 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash interest income, net (Note 5) | ||||||||||||||||||||
- | - | - | 11 | -407 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash interest income, net (Note 5) | - | - | - | 11 | -407 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accrued interest on investment securities | ||||||||||||||||||||
983 | -261 | 191 | 436 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued interest on investment securities | 983 | -261 | 191 | 436 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts receivable | ||||||||||||||||||||
-1,693 | 1,750 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts receivable | -1,693 | 1,750 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Prepaid expenses | ||||||||||||||||||||
8,962 | -726 | 18,555 | 1,600 | 1,534 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Prepaid expenses | 8,962 | -726 | 18,555 | 1,600 | 1,534 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Right-of-use assets | ||||||||||||||||||||
-1,779 | -1,305 | -631 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Right-of-use assets | -1,779 | -1,305 | -631 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other non-current assets | ||||||||||||||||||||
-102 | 531 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other non-current assets | -102 | 531 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable | ||||||||||||||||||||
243 | 1,071 | 318 | 278 | -529 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable | 243 | 1,071 | 318 | 278 | -529 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued expenses | ||||||||||||||||||||
13,077 | 10,881 | 2,791 | 1,815 | 105 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued expenses | 13,077 | 10,881 | 2,791 | 1,815 | 105 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Operating lease liability | ||||||||||||||||||||
-2,175 | -1,222 | -574 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Operating lease liability | -2,175 | -1,222 | -574 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred lease obligation | ||||||||||||||||||||
- | - | - | 106 | 102 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred lease obligation | - | - | - | 106 | 102 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other non-current liabilities | ||||||||||||||||||||
- | 104 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other non-current liabilities | - | 104 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used in operating activities | ||||||||||||||||||||
-228,000 | -100,878 | -69,856 | -30,923 | -15,377 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used in operating activities | -228,000 | -100,878 | -69,856 | -30,923 | -15,377 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from investing activities | ||||||||||||||||||||
Purchases of investment securities | ||||||||||||||||||||
930,280 | 400,829 | 344,213 | 231,718 | 4,983 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of investment securities | 930,280 | 400,829 | 344,213 | 231,718 | 4,983 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Maturities of investment securities | ||||||||||||||||||||
344,800 | 372,223 | 254,982 | 50,000 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Maturities of investment securities | 344,800 | 372,223 | 254,982 | 50,000 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Sales of investment securities | ||||||||||||||||||||
- | 8,990 | - | 7,498 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Sales of investment securities | - | 8,990 | - | 7,498 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Acquisition of property and equipment | ||||||||||||||||||||
915 | 3,072 | 419 | 115 | 132 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Acquisition of property and equipment | 915 | 3,072 | 419 | 115 | 132 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash (used in) provided by investing activities | ||||||||||||||||||||
-586,395 | -22,688 | -89,650 | -174,335 | -5,115 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash (used in) provided by investing activities | -586,395 | -22,688 | -89,650 | -174,335 | -5,115 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from public offering, net of underwriting discounts and commissions | ||||||||||||||||||||
819,375 | 270,250 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from public offering, net of underwriting discounts and commissions | 819,375 | 270,250 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment of offering costs | ||||||||||||||||||||
441 | 283 | 439 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of offering costs | 441 | 283 | 439 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from secondary public offering, net of underwriting discounts and commissions | ||||||||||||||||||||
- | - | - | 234,624 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from secondary public offering, net of underwriting discounts and commissions | - | - | - | 234,624 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from initial public offering, net of underwriting discounts and commissions | ||||||||||||||||||||
- | - | - | 95,453 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from initial public offering, net of underwriting discounts and commissions | - | - | - | 95,453 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from exercise of stock options | ||||||||||||||||||||
36,843 | 7,608 | 4,098 | 4 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from exercise of stock options | 36,843 | 7,608 | 4,098 | 4 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from issuance of convertible notes | ||||||||||||||||||||
- | - | - | 3,128 | 11,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of convertible notes | - | - | - | 3,128 | 11,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from exercise of warrant | ||||||||||||||||||||
- | - | - | 58 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from exercise of warrant | - | - | - | 58 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by financing activities | ||||||||||||||||||||
855,777 | 277,575 | 3,659 | 405,283 | 27,577 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by financing activities | 855,777 | 277,575 | 3,659 | 405,283 | 27,577 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ||||||||||||||||||||
41,376 | 154,009 | -155,847 | 200,025 | 7,085 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | 41,376 | 154,009 | -155,847 | 200,025 | 7,085 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Supplemental disclosures of cash flows information | ||||||||||||||||||||
Lease liabilities arising from obtaining right-of-use assets | ||||||||||||||||||||
- | 6,040 | 3,259 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Lease liabilities arising from obtaining right-of-use assets | - | 6,040 | 3,259 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of property and equipment included in accounts payable and accrued expenses | ||||||||||||||||||||
306 | 77 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of property and equipment included in accounts payable and accrued expenses | 306 | 77 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Conversion of redeemable convertible preferred stock into common stock | ||||||||||||||||||||
- | - | - | 123,892 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Conversion of redeemable convertible preferred stock into common stock | - | - | - | 123,892 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Conversion of convertible notes, accrued interest and discount upon conversion to preferred stock | ||||||||||||||||||||
- | - | - | 7,102 | 26,087 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Conversion of convertible notes, accrued interest and discount upon conversion to preferred stock | - | - | - | 7,102 | 26,087 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Secondary Public Offering | ||||||||||||||||||||
Payment of offering costs | ||||||||||||||||||||
- | - | - | 400 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of offering costs | - | - | - | 400 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Initial Public Offering | ||||||||||||||||||||
Payment of offering costs | ||||||||||||||||||||
- | - | - | 2,409 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of offering costs | - | - | - | 2,409 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Series B Redeemable Convertible Preferred Stock | ||||||||||||||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||||
- | - | - | 74,825 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | - | - | - | 74,825 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Series A Redeemable Convertible Preferred Stock | ||||||||||||||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||||
- | - | - | - | 15,877 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | - | - | - | - | 15,877 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||