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KRRO

Korro Bio, Inc.

KRRO

Korro Bio, Inc. • NASDAQ
$5.70 ▲ 3.26% (+0.18)
Market Cap $53.45 M
52w High $55.89
52w Low $5.42
Dividend Yield 0%
P/E -0.61
Volume 117.18K
Outstanding Shares 9.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.09M ▼ $20.327M ▼ $-18.061M ▲ -1.657K% ▲ $-1.92 ▲ $-16.882M ▲
Q2-2025 $1.46M ▼ $28.662M ▲ $-25.77M ▼ -1.765K% ▼ $-2.74 ▼ $-25.975M ▼
Q1-2025 $2.55M ▲ $27.57M ▲ $-23.387M ▼ -917.137% ▲ $-2.49 ▼ $-23.795M ▼
Q4-2024 $2.271M ▲ $25.311M ▲ $-21.199M ▼ -933.465% ▼ $-2.26 $-21.787M ▲
Q3-2024 $0 $23.292M $-20.999M 0% $-2.26 $-22.427M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.479M ▼ $161.55M ▼ $62.518M ▼ $99.032M ▼
Q2-2025 $96.362M ▼ $180.425M ▼ $65.322M ▲ $115.103M ▼
Q1-2025 $114.953M ▼ $202.207M ▼ $63.25M ▼ $138.957M ▼
Q4-2024 $126.095M ▼ $226.24M ▼ $65.825M ▲ $160.415M ▼
Q3-2024 $136.997M $243.543M $63.911M $179.632M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.061M ▲ $-17.179M ▲ $7.596M ▲ $128K ▲ $-9.457M ▲ $-17.354M ▲
Q2-2025 $-25.77M ▼ $-19.228M ▲ $-11.3M ▼ $5K ▼ $-29.532M ▼ $-19.368M ▲
Q1-2025 $-23.387M ▼ $-24.452M ▼ $32.781M ▲ $172K ▼ $8.501M ▲ $-24.571M ▼
Q4-2024 $-21.199M ▼ $-7.495M ▲ $-2.765M ▲ $932K ▲ $-9.332M ▲ $-8.947M ▲
Q3-2024 $-20.999M $-16.095M $-12.578M $728K $-27.945M $-20.973M

Five-Year Company Overview

Income Statement

Income Statement Korro Bio is still a classic early‑stage biotech: essentially no product revenue yet and recurring operating losses each year. The loss levels have grown gradually but not explosively, reflecting a steady build‑up of R&D and corporate costs rather than sudden spikes. The extremely large swings in earnings per share largely reflect share count changes and the reverse split, not dramatic shifts in the underlying business. In plain terms, this is a pre‑commercial research company that spends money to advance its science and has not yet started bringing money in from products or major partnerships.

Balance Sheet

Balance Sheet The balance sheet is relatively simple and typical for a small biotech. Assets are modest and heavily weighted toward cash and cash‑like holdings, with only a small amount of physical or long‑lived assets. There is some debt but it is limited compared with total assets, so leverage does not appear to be the main risk today. Shareholders’ equity dipped negative in the middle of the period and then moved back into positive territory, suggesting recapitalization and balance‑sheet repair over time. Overall, Korro appears funded but not flush, and will likely remain sensitive to future financing conditions as it advances its pipeline.

Cash Flow

Cash Flow Cash flows show a consistent pattern of money going out to fund operations and virtually nothing coming in from commercial activity. Operating cash burn has been fairly steady year to year, indicating disciplined but ongoing spending on R&D and overhead. Capital expenditures are low, which is in line with an asset‑light, research‑focused model that relies more on people and intellectual property than on heavy equipment. Free cash flow is negative across the period, as expected for a company at this stage. Management’s restructuring to extend cash runway into the second half of 2027 suggests they are trying to match the pace of spending to the long timelines of clinical development, but the need for additional capital over time remains a key uncertainty.

Competitive Edge

Competitive Edge Korro’s competitive position rests on its OPERA RNA‑editing platform, which is scientifically differentiated but commercially unproven. The ability to use the body’s own RNA‑editing enzymes and make reversible edits gives it a clear conceptual edge versus permanent DNA editing, at least on paper. However, the setback with the first AATD candidate has weakened its standing in that specific disease area and allowed rivals in RNA editing and related modalities to catch up or pull ahead. Intellectual property around OPERA and know‑how in oligonucleotide design still provide some protection, and the relationship with Novo Nordisk offers external validation even though it is currently paused. Overall, Korro sits in a promising but crowded and fast‑moving field, with its moat dependent on proving meaningful clinical benefits in future trials.

Innovation and R&D

Innovation and R&D Innovation is the core of Korro’s story. The OPERA platform aims to make precise edits to RNA using the body’s natural machinery, potentially offering fine‑tuned, reversible control over protein production. This opens up two routes: repairing faulty proteins, as in its AATD work, and creating new, beneficial protein variants, as with its KRRO‑121 program for hyperammonemia. The pivot from an LNP‑delivered AATD drug toward a GalNAc‑conjugated approach shows the team is willing to re‑tool delivery methods based on data rather than staying locked into an initial design. The pipeline is still early, with key milestones not expected until the middle to latter part of this decade, and the Novo Nordisk collaboration could broaden the platform’s scope if it restarts. In short, Korro is rich in scientific ambition but still in the proof‑of‑concept phase, where execution in R&D will determine how much of this potential is realized.

Summary

Korro Bio is a pre‑revenue, clinical‑stage biotech with a focused but unproven RNA‑editing platform and a lean, research‑heavy financial profile. The income statement reflects a company consistently investing in R&D without yet generating commercial returns, while the balance sheet and cash flows show a modest but finite pool of capital being drawn down to fund that work. The main attraction is the OPERA platform’s potential to offer precise, reversible RNA editing, which could be both safer and more flexible than some gene‑editing alternatives. At the same time, the recent clinical setback in AATD, the long gap until the next major data readouts, and reliance on capital markets and partnerships all add substantial uncertainty. Going forward, the key things to watch are Korro’s ability to generate convincing clinical data with its next‑generation candidates, manage its cash runway carefully, and re‑energize or expand strategic collaborations in a highly competitive field.

NEWS

November 12, 2025 · 4:05 PM UTC

Korro Reports Third Quarter Financial Results, Provides Updates on KRRO-110 in Alpha-1 Antitrypsin Deficiency and Additional Pipeline Programs

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September 2, 2025 · 4:30 PM UTC

Korro to Participate in Upcoming Investor and Scientific Conferences

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