CAMBRIDGE, Mass., Sept. 02, 2025 (GLOBE NEWSWIRE) -- Korro Bio, Inc. (Korro) (Nasdaq: KRRO) today announced that members of management will participate in the following upcoming investor and scientific conferences for the month of September: Citi's 2025 Biopharma Back to School ConferenceRam Aiyar, Ph.D., Chief Executive Officer and President, and Loic Vincent, Ph.D., Chief Scientific Officer, will participate in 1x1 investor meetings on Wednesday, September 3, 2025. Cantor Global Healthcare ConferenceDr. A ...

[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the periods ended June 30, 2025, including balance sheets, statements of operations, stockholders' equity, and cash flows, with accompanying notes [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$180.4 million** by June 30, 2025, from **$226.2 million** at year-end 2024, driven by reduced cash and securities, while the accumulated deficit grew to **$315.7 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $33,612 | $55,643 | | Total current assets | $102,634 | $131,532 | | Total assets | $180,425 | $226,240 | | **Liabilities & Stockholders' Equity** | | | | Total liabilities | $65,322 | $65,825 | | Accumulated deficit | $(315,743) | $(266,586) | | Total stockholders' equity | $115,103 | $160,415 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Collaboration revenue reached **$4.0 million** for the six months ended June 30, 2025, but increased research and development expenses led to a higher net loss of **$49.2 million** Statement of Operations Summary (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Collaboration revenue | $4,010 | $— | | Research and development | $40,770 | $30,710 | | General and administrative | $15,462 | $14,868 | | Loss from operations | $(52,222) | $(45,578) | | Net loss | $(49,157) | $(41,383) | | Net loss per share | $(5.24) | $(4.87) | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased from **$160.4 million** at December 31, 2024, to **$115.1 million** at June 30, 2025, primarily due to the period's net loss - Total stockholders' equity decreased from **$160.4 million** at December 31, 2024, to **$115.1 million** at June 30, 2025, mainly due to the net loss incurred during the period[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$43.7 million** for H1 2025, while investing activities provided **$21.5 million**, a significant shift from the **$108.0 million** used in H1 2024 Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(43,680) | $(36,484) | | Net cash provided by (used in) investing activities | $21,481 | $(108,004) | | Net cash provided by financing activities | $177 | $67,695 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes confirm **$119.6 million** in cash and securities is sufficient for 12 months, detail **$4.0 million** in Novo Nordisk collaboration revenue, and disclose a May 2025 restructuring with a **19% workforce reduction** - The company believes its existing cash, cash equivalents, and marketable securities of **$119.6 million** as of June 30, 2025, are sufficient to fund planned operations for at least 12 months from the issuance date of the financial statements[31](index=31&type=chunk) - Under the collaboration agreement with Novo Nordisk, the company recognized **$4.0 million** in revenue for the six months ended June 30, 2025, with the total transaction price for the first program target estimated at **$39.9 million**[68](index=68&type=chunk) - On May 7, 2025, the company initiated a strategic plan that included a **19% workforce reduction** (21 positions), resulting in a one-time severance charge of **$1.2 million** during the second quarter[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's clinical-stage focus on RNA editing, with lead candidate KRRO-110 in Phase 1/2a trials, and highlights a **$10.1 million** increase in H1 2025 R&D expenses, confirming a cash runway into 2027 - The company's lead candidate, KRRO-110 for Alpha-1 Antitrypsin Deficiency (AATD), is in a Phase 1/2a clinical trial (REWRITE), with interim data from single ascending doses expected in the second half of 2025[92](index=92&type=chunk) Research and Development Expenses (Six Months Ended June 30, in thousands) | Expense Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | KRRO-110 (AATD) external expenses | $12,557 | $9,222 | $3,335 | | Other research & pre-development | $9,695 | $6,272 | $3,423 | | Personnel expenses | $13,018 | $9,551 | $3,467 | | **Total R&D Expenses** | **$40,770** | **$30,710** | **$10,060** | - As of June 30, 2025, the company had **$119.6 million** in cash, cash equivalents, and marketable securities, which is expected to be sufficient to fund operating expenses and capital expenditure requirements into 2027[122](index=122&type=chunk) - Net cash used in operating activities increased to **$43.7 million** for the six months ended June 30, 2025, from **$36.5 million** in the prior-year period, primarily due to a higher net loss and changes in operating assets and liabilities[129](index=129&type=chunk)[130](index=130&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity on its **$119.6 million** cash and securities portfolio, which management deems immaterial, with foreign currency risk also considered minimal - The company's main market risk is interest rate sensitivity on its portfolio of cash, cash equivalents, and marketable securities, valued at **$119.6 million** as of June 30, 2025[139](index=139&type=chunk) - Management believes that an immediate **10% change** in market interest rates would not have a material effect on the fair market value of its cash and investments[139](index=139&type=chunk) - Exposure to foreign currency risk is considered minimal as operations are primarily in the U.S. and contracts in foreign currencies are of short duration[140](index=140&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, confirmed the effectiveness of disclosure controls and procedures as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management, with the participation of the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at the reasonable assurance level as of June 30, 2025[142](index=142&type=chunk) - No changes in internal control over financial reporting occurred during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[143](index=143&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings expected to have a material adverse effect on its business - As of the report date, the company is not party to any claim or litigation that is expected to have a material adverse effect on its business[145](index=145&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) Key risks include a history of significant losses, the unproven nature of its novel RNA editing technology, early-stage clinical development, and substantial risks related to regulatory approval, manufacturing, competition, and intellectual property - The company has a history of significant operating losses, with an accumulated deficit of **$315.7 million** as of June 30, 2025, and expects to incur losses for the foreseeable future[147](index=147&type=chunk) - RNA editing is a novel technology with limited clinical validation, and the company's approaches are unproven and may never lead to marketable products[174](index=174&type=chunk) - The company has only dosed a few participants in its first clinical trial for KRRO-110 and has not completed any clinical trials, with favorable preclinical results not predictive of clinical trial outcomes[156](index=156&type=chunk) - The company faces risks related to obtaining and protecting its intellectual property, including the possibility that patents may not be granted, may be challenged, or may not provide sufficient protection against competitors[300](index=300&type=chunk)[303](index=303&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=127&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[404](index=404&type=chunk) [Defaults Upon Senior Securities](index=127&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[405](index=405&type=chunk) [Mine Safety Disclosures](index=127&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[406](index=406&type=chunk) [Other Information](index=127&type=section&id=Item%205.%20Other%20Information) Several executive officers adopted Rule 10b5-1 trading plans during Q2 2025 for the potential sale of shares issuable upon stock option exercise - During the three months ended June 30, 2025, CEO Ram Aiyar, COO Todd Chappell, CSO Loïc Vincent, and General Counsel Jeffrey Cerio each adopted a Rule 10b5-1 plan for the potential sale of common stock issuable upon the exercise of stock options[407](index=407&type=chunk) [Exhibits](index=128&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications required by the Sarbanes-Oxley Act - The report includes a list of filed exhibits, such as corporate governance documents and officer certifications required under the Sarbanes-Oxley Act[409](index=409&type=chunk)

[Business Overview and Highlights](index=1&type=section&id=Business%20Overview%20and%20Highlights) Korro reported significant progress in its Phase 1/2a REWRITE clinical trial for KRRO-110, achieving EMA Orphan Drug Designation and ending Q2 2025 with a strong cash position, with key milestones anticipated in H2 2025 [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Korro reported significant progress in its Phase 1/2a REWRITE clinical trial for KRRO-110, having dosed over 80% of healthy volunteers with no serious adverse events. The company received EMA Orphan Drug Designation for KRRO-110 and ended the second quarter of 2025 with a strong cash position of $119.6 million. Key milestones, including interim trial data and a new development candidate announcement, are expected in the second half of 2025 - The Phase 1/2a REWRITE clinical trial for KRRO-110 is progressing well, with an interim data readout expected in the second half of 2025[4](index=4&type=chunk)[6](index=6&type=chunk) - Dosing has been completed for over **80%** of planned healthy volunteers in the single ascending dose (SAD) cohorts, with no treatment-emergent serious adverse events (SAEs) or dose-limiting toxicities observed[6](index=6&type=chunk)[7](index=7&type=chunk) - The European Medicines Agency (EMA) granted Orphan Drug Designation to KRRO-110 for the treatment of Alpha-1 Antitrypsin Deficiency (AATD)[6](index=6&type=chunk)[7](index=7&type=chunk) - The company plans to announce its rare metabolic disorder development candidate by the end of 2025[4](index=4&type=chunk)[6](index=6&type=chunk) - Ended the second quarter of 2025 with **$119.6 million** in cash, cash equivalents, and marketable securities[6](index=6&type=chunk) [Pipeline and Strategic Updates](index=1&type=section&id=Pipeline%20and%20Strategic%20Updates) Korro's KRRO-110 program is advancing with positive clinical trial results and regulatory designations, while the company progresses towards key milestones including new development candidates and strategic collaborations through 2027 [KRRO-110 Program Update](index=1&type=section&id=KRRO-110%20Program%20Update) The Phase 1/2a REWRITE clinical trial for KRRO-110 in AATD is advancing well, with over 80% of healthy volunteers dosed across multiple single ascending dose (SAD) cohorts, showing a safe and well-tolerated profile. The drug also received Orphan Drug Designation from the European Medicines Agency (EMA), adding to its previous U.S. FDA designation, which provides significant development incentives - More than **80%** of planned healthy volunteers have received KRRO-110 across multiple SAD cohorts, including dose levels expected to be pharmacologically relevant[7](index=7&type=chunk) - As of August 12, 2025, KRRO-110 continues to be safe and well-tolerated, with no treatment-emergent SAEs or dose-limiting toxicities observed[7](index=7&type=chunk) - The EMA granted orphan designation status to KRRO-110, which provides development incentives such as protocol assistance, reduced regulatory fees, and market exclusivity upon approval[7](index=7&type=chunk)[8](index=8&type=chunk) - KRRO-110 also received orphan drug designation from the U.S. Food and Drug Administration in March 2025[8](index=8&type=chunk) [Anticipated Upcoming Milestones](index=2&type=section&id=Anticipated%20Upcoming%20Milestones) Korro anticipates several key milestones through 2027, guided by its 3-2-1 strategy. Near-term events include an interim data readout from the KRRO-110 trial in H2 2025, the announcement of a new rare metabolic disorder candidate by year-end 2025, and the full completion of the REWRITE trial in 2026. The company is also progressing its central nervous system programs and its collaboration with Novo Nordisk - Interim data from the Part 1 SAD portion of the Phase 1/2a REWRITE clinical trial is expected in the second half of 2025[14](index=14&type=chunk) - Completion of the full REWRITE trial, including the Part 2 multiple ascending dose (MAD) portion, is expected in 2026[14](index=14&type=chunk) - A development candidate for its rare metabolic disorder program will be announced by the end of 2025[14](index=14&type=chunk) - The company continues to execute its **3-2-1 strategy**, aiming for three clinical-stage programs and targeting two tissue types by the end of 2027[14](index=14&type=chunk) - Progress continues on the collaboration with Novo Nordisk to advance up to two preclinical programs for cardiometabolic diseases[14](index=14&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Korro's second quarter 2025 financial results show increased collaboration revenue and operating expenses, resulting in a net loss, while maintaining a strong cash position expected to fund operations into 2027 [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) For the second quarter of 2025, Korro reported **$1.5 million** in collaboration revenue, a new stream compared to the prior year. Operating expenses increased to **$28.7 million**, driven primarily by higher R&D costs, resulting in a net loss of **$25.8 million**. The company maintained a solid financial position, ending the quarter with **$119.6 million** in cash and equivalents, which is expected to fund operations into 2027 Financial Metric Summary | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Cash & Marketable Securities | $119.6M (as of Jun 30) | $163.1M (as of Dec 31, 2024) | -$43.5M | | Collaboration Revenue | $1.5M | $0.0M | +$1.5M | | R&D Expenses | $21.0M | $17.1M | +$3.9M | | G&A Expenses | $7.6M | $7.0M | +$0.6M | | Net Loss | $25.8M | $21.8M | +$4.0M | - Cash, cash equivalents, and marketable securities of **$119.6 million** as of June 30, 2025, are expected to fund operating expenses and capital expenditure requirements into 2027[10](index=10&type=chunk) - The increase in collaboration revenue was due to revenue earned from the collaboration with Novo Nordisk[11](index=11&type=chunk) - The rise in R&D expenses was primarily driven by increases in personnel expenses and other research and pre-development candidate costs[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025, and June 30, 2024. It details revenue, operating expenses, other income, net loss, and comprehensive loss for these periods Condensed Consolidated Statements of Operations (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Collaboration revenue** | **$1,460** | **$—** | **$4,010** | **$—** | | Research and development | $21,031 | $17,138 | $40,770 | $30,710 | | General and administrative | $7,631 | $6,987 | $15,462 | $14,868 | | **Total operating expenses** | **$28,662** | **$24,125** | **$56,232** | **$45,578** | | **Loss from operations** | **($27,202)** | **($24,125)** | **($52,222)** | **($45,578)** | | Other income, net | $1,433 | $2,329 | $3,066 | $4,242 | | **Net loss** | **($25,770)** | **($21,826)** | **($49,157)** | **($41,383)** | | **Net loss per share** | **($2.74)** | **($2.43)** | **($5.24)** | **($4.87)** | [Selected Condensed Consolidated Balance Sheet Data](index=6&type=section&id=Selected%20Condensed%20Consolidated%20Balance%20Sheet%20Data) This section presents selected unaudited condensed consolidated balance sheet data as of June 30, 2025, compared to December 31, 2024. It highlights key figures including cash, total assets, total liabilities, and total stockholders' equity Selected Condensed Consolidated Balance Sheet Data (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $119,626 | $163,054 | | Working capital | $85,461 | $116,572 | | Total assets | $180,425 | $226,240 | | Total liabilities | $65,322 | $65,825 | | Total stockholders' equity | $115,103 | $160,415 | [Company and Program Information](index=3&type=section&id=Company%20and%20Program%20Information) This section details the REWRITE clinical trial design, the genetic basis of AATD, KRRO-110's mechanism of action, and Korro Bio's proprietary RNA editing platform for genetic medicines [About REWRITE Clinical Trial](index=3&type=section&id=About%20REWRITE%20Clinical%20Trial) The REWRITE trial is a two-part, single and multiple dose-escalating study designed to evaluate the safety and tolerability of KRRO-110 in up to 64 participants, including both healthy adults and AATD patients. The trial will also assess pharmacokinetic and pharmacodynamic parameters to guide future dose selection, with interim data from Part 1 expected in the second half of 2025 and full study completion anticipated in 2026 - REWRITE is a two-part study (Part 1: single ascending doses; Part 2: multiple ascending doses) that will enroll up to **64 participants**, including healthy volunteers and AATD patients with the PiZZ genotype[16](index=16&type=chunk) - The primary endpoints are safety and tolerability, while secondary endpoints include pharmacokinetic and pharmacodynamic parameters to guide optimal dose selection[16](index=16&type=chunk) - Interim data from Part 1 is expected in the second half of 2025, and the study is anticipated to be completed in 2026[16](index=16&type=chunk) [About Alpha-1 Antitrypsin Deficiency (AATD) and KRRO-110](index=3&type=section&id=About%20Alpha-1%20Antitrypsin%20Deficiency%20(AATD)%20and%20KRRO-110) Alpha-1 Antitrypsin Deficiency (AATD) is a genetic disorder caused by a mutation in the SERPINA1 gene, leading to severe lung and liver disease. Korro's lead candidate, KRRO-110, utilizes its proprietary OPERA® RNA editing platform to co-opt an endogenous enzyme (ADAR) to repair the mutated RNA. This process is designed to restore the secretion of normal AAT protein, potentially clearing harmful protein aggregates from the liver and protecting lung function - AATD is a genetic disorder most commonly caused by a single G-to-A missense mutation in the SERPINA1 gene, leading to pulmonary emphysema and/or hepatic cirrhosis[17](index=17&type=chunk) - KRRO-110 is an RNA editing oligonucleotide from the OPERA® platform designed to use the endogenous ADAR enzyme to edit the mutated SERPINA1 RNA[17](index=17&type=chunk) - The therapeutic goal is to repair an amino acid codon, restore normal AAT protein secretion, clear protein aggregates from the liver, and preserve lung function[17](index=17&type=chunk) [About Korro Bio](index=3&type=section&id=About%20Korro%20Bio) Korro Bio is a clinical-stage biopharmaceutical company focused on developing a new class of genetic medicines based on RNA editing for both rare and prevalent diseases. The company's proprietary OPERA® platform is designed to harness the body's natural RNA editing process to make precise, transient single-base edits. This approach aims to offer improved specificity and long-term tolerability compared to DNA-based genetic medicines - Korro is a clinical-stage biopharmaceutical company developing genetic medicines based on editing RNA[18](index=18&type=chunk) - The company's platform is designed to enable precise yet transient single base edits by harnessing the body's natural RNA editing process[18](index=18&type=chunk) - By editing RNA instead of DNA, Korro aims to expand the reach of genetic medicines with increased specificity and improved long-term tolerability[18](index=18&type=chunk) [Legal Disclosures](index=3&type=section&id=Legal%20Disclosures) This section provides cautionary language regarding forward-looking statements, highlighting inherent risks and uncertainties in future projections and directing readers to SEC filings for comprehensive risk factors [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains standard cautionary language regarding forward-looking statements within the press release. It advises investors that statements about future events, such as clinical trial timelines, data readouts, candidate announcements, and financial runway, are subject to significant risks and uncertainties and should not be unduly relied upon. Readers are directed to Korro's SEC filings for a more comprehensive discussion of potential risks - The press release includes forward-looking statements concerning the timing of clinical trial data, announcement of development candidates, KRRO-110's potential, and the company's cash runway[21](index=21&type=chunk) - Actual results may differ materially from current expectations due to various factors, including risks inherent in clinical trials, regulatory oversight, and general economic conditions[21](index=21&type=chunk) - Korro does not undertake any duty to publicly update or revise forward-looking statements and advises investors to consult its SEC filings for a full list of risk factors[21](index=21&type=chunk)

— Interim readout from Phase 1/2a REWRITE clinical trial of KRRO-110 on track for the second half of 2025 — Completed dosing of over 80% of planned REWRITE healthy volunteers across multiple single ascending dose (SAD) cohorts with no treatment emergent serious adverse events (SAEs) or dose limiting toxicities observed — European Medicines Agency (EMA) granted Orphan Drug Designation to KRRO-110 for the treatment of Alpha-1 Antitrypsin Deficiency (AATD) — Development candidate for Korro's rare metabolic dis ...

AATD is a genetic disorder most commonly caused by a single missense mutation (G-to-A) in the SERPINA1 gene. Affected adults experience pulmonary emphysema and/or hepatic cirrhosis, as well as end organ manifestations. KRRO-110 is the first RNA editing oligonucleotide product candidate from Korro's proprietary RNA editing platform, Oligonucleotide Promoted Editing of RNA (OPERA). KRRO-110, a potential best-in- class compound based on preclinical data, is designed to co-opt an endogenous enzyme, Adenosine De ...

Korro Bio Methodology - Korro Bio利用机器学习优化寡核苷酸，并结合对ADAR生物学的深入理解、定制的递送方式和专业的寡核苷酸化学技术，实现RNA编辑[7] - Korro Bio采用成熟和新型的化学修饰来改善ADAR引导寡核苷酸的药理学特性[10] Machine Learning for Chemically Modified Oligonucleotide Design - 针对单一靶点，在20%的体外数据上测试模型，预测结果与体外编辑结果相差在7%以内[29] - 通过迭代设计批次，机器学习能够促进mRNA编辑[33] - 增加化学特征的提取，会导致模型总体误差增加约1%[47] - 化学广义图神经网络（GNN）可以帮助公司进行新的修饰滴定[63] - GNN模型在序列上的r值为0.06，而经过化学修饰的GNN模型，r值可以达到0.72[64] Methods for Increasing Use-Cases for ML Oligonucleotide Design - 序列单体模型的r值为0.78，原子模型的r值为0.66，而序列模型的r值为0.80[48] - 在寡核苷酸中，化学特征可以改善8种未见过的修饰的总体误差[56] - 靶标不可知的特征提取方法，通过插入与靶标的关系，可以用于新的靶标[69, 70] - 寡核苷酸-靶标相互作用特征可以为新的靶标和细胞系带来更好的模型[71] - ACTB在Target Agnostic的情况下ρ = -0.07，在使用Sequence Model Predictions的情况下ρ = 0.61[72]

Summary of Cora Bio Conference Call Company Overview - **Company**: Cora Bio - **Industry**: Biotechnology, specifically focusing on genetic medicines for chronic diseases [1][2] Core Points and Arguments - **Mission and Strategy**: Cora Bio aims to develop genetic medicines targeting complex chronic diseases by leveraging pharmacology and genetic insights. The focus is on creating a toolbox for biological pathway activation that is not available with small molecules [3][4] - **RNA Editing Technology**: The company utilizes RNA editing through oligonucleotides to modify specific genes, aiming for high levels of editing (above 50%) to restore normal protein function in patients [4][5] - **Pipeline Development**: Cora Bio has a three:two:one strategy, planning to advance three candidates into clinical trials across two tissue types. The third indication is expected to target the central nervous system (CNS) for ALS [6][7] - **Regulatory Environment**: The company has engaged with the FDA, receiving orphan drug designation and conducting pre-IND meetings. There is concern about the increasing regulatory bar but confidence in the data driving approval processes [10][12][13] - **Preclinical Data**: Cora Bio presented promising preclinical data showing significant editing efficiency (60-65%) in animal models, which translates well to protein levels in circulation [18][20] - **Lipid Nanoparticle Delivery**: The company uses lipid nanoparticles for drug delivery, which have shown safety in patients with liver conditions. The focus is on optimizing dosing to achieve therapeutic protein levels [21][23][25] Important but Overlooked Content - **Patient Population Insights**: The company discussed the baseline liver function levels in patients with ZZ mutations, indicating that many have normal liver function, which may mitigate concerns about toxicity from lipid nanoparticles [22][23] - **Dosing Strategy**: Cora Bio aims for a dosing frequency of every three to six weeks, with the goal of achieving therapeutic protein levels that are comparable to normal individuals [26] - **Regulatory Pathway Confidence**: The company believes that demonstrating protein levels close to normal and achieving significant editing levels could support discussions for accelerated approval with regulators [39][40] - **Financial Position**: Cora Bio has a cash runway into 2027, with $139 million on the balance sheet and potential milestones from collaborations, indicating a solid financial foundation for ongoing development [47]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company reported decreased total assets, increased net loss, and initial collaboration revenue in Q1 2025 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $202.2 million as of March 31, 2025, with a corresponding decrease in total stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $64,144 | $55,643 | | Total current assets | $121,235 | $131,532 | | Total assets | $202,207 | $226,240 | | Total current liabilities | $12,881 | $14,960 | | Total liabilities | $63,250 | $65,825 | | Total stockholders' equity | $138,957 | $160,415 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 saw the first collaboration revenue of $2.6 million, but net loss increased to $23.4 million due to higher R&D expenses Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $2,550 | $0 | | Research and development expenses | $19,739 | $13,572 | | General and administrative expenses | $7,831 | $7,881 | | Loss from operations | ($25,020) | ($21,453) | | Net loss | ($23,387) | ($19,557) | | Net loss per share, basic and diluted | ($2.49) | ($2.44) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity decreased to $139.0 million by March 31, 2025, primarily due to the $23.4 million net loss - Total stockholders' equity decreased by **$21.4 million** during the first quarter of 2025, mainly due to the net loss of **$23.4 million**[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $24.5 million, offset by $32.8 million from investing activities, resulting in an $8.5 million net cash increase Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($24,452) | ($21,891) | | Net cash provided by (used in) investing activities | $32,781 | ($5,611) | | Net cash provided by financing activities | $172 | $139 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail cash runway, collaboration revenue from Novo Nordisk, a Genevant milestone, and a subsequent 20% workforce reduction - The company expects its cash, cash equivalents, and marketable securities of **$139.0 million** as of March 31, 2025, will be sufficient to fund operations for at least **12 months** from the financial statement issuance date[31](index=31&type=chunk) - In January 2025, the company triggered a **$1.5 million** development milestone payment to Genevant Sciences GmbH after dosing the first participants in its Phase 1/2a REWRITE clinical trial for KRRO-110[63](index=63&type=chunk) - Under the Novo Nordisk agreement, the company recognized **$2.6 million** in collaboration revenue for the three months ended March 31, 2025. The total transaction price for the first program target is estimated at **$40.1 million**[68](index=68&type=chunk) - On May 7, 2025, the company initiated a strategic plan including a workforce reduction of approximately **20%**, with estimated one-time restructuring charges of about **$1.2 million**[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's RNA editing focus, increased Q1 2025 net loss due to R&D, and a cash runway into 2027 [Overview](index=23&type=section&id=Overview) Korro Bio, a clinical-stage RNA editing company, initiated a Phase 1/2a trial for KRRO-110 and announced a 20% workforce reduction - The company is a clinical-stage biopharmaceutical company focused on developing a new class of genetic medicines based on RNA editing[88](index=88&type=chunk) - The lead clinical program, KRRO-110 for AATD, began its Phase 1/2a REWRITE clinical trial in January 2025. Interim data from healthy volunteers and AATD patients is expected in the second half of 2025[91](index=91&type=chunk) - In May 2025, the company announced a strategic plan to streamline operations, including a workforce reduction of approximately **20%**, with expected restructuring charges of **$1.2 million**[92](index=92&type=chunk) - The company has incurred significant operating losses since inception, with a net loss of **$23.4 million** for Q1 2025 and an accumulated deficit of **$290.0 million** as of March 31, 2025[95](index=95&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q1 2025 saw $2.6 million in collaboration revenue, while R&D expenses increased by $6.2 million, primarily for the KRRO-110 trial R&D Expense Breakdown (in thousands) | Expense Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | KRRO-110 (AATD) external expenses | $6,122 | $2,249 | $3,873 | | Other research and pre-development | $4,350 | $3,300 | $1,050 | | Personnel expenses | $6,440 | $5,213 | $1,227 | | Facilities expenses | $2,827 | $2,810 | $17 | | **Total R&D expenses** | **$19,739** | **$13,572** | **$6,167** | - The increase in R&D expenses was primarily due to a **$3.9 million** increase in KRRO-110 external costs, including a **$2.4 million** increase in clinical trial activities and a **$1.5 million** development milestone payment to Genevant[110](index=110&type=chunk) - General and administrative expenses were largely unchanged at **$7.8 million** for Q1 2025 compared to **$7.9 million** in Q1 2024[112](index=112&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $139.0 million in cash and marketable securities, expected to fund operations into 2027, despite $24.5 million in Q1 operating cash use - As of March 31, 2025, the company had cash, cash equivalents and marketable securities of **$139.0 million**[114](index=114&type=chunk) - The company expects its cash position as of March 31, 2025, will be sufficient to fund operating expenses and capital expenditure requirements into **2027**[117](index=117&type=chunk) Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($24,452) | ($21,891) | | Net cash provided by (used in) investing activities | $32,781 | ($5,611) | | Net cash provided by financing activities | $172 | $139 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk is primarily interest rate sensitivity on investments, with minimal foreign currency exposure - The company's cash, cash equivalents, and marketable securities of **$139.0 million** are sensitive to changes in interest rates, but a **10%** change is not expected to have a material effect on their fair market value[131](index=131&type=chunk) - The company has minimal exposure to foreign currency risk as most contracts with vendors are denominated in U.S. dollars[132](index=132&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2025[134](index=134&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2025[135](index=135&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently party to any legal proceedings expected to have a material adverse effect on its business - As of the date of the report, the company is not party to any claim or litigation that is expected to have a material adverse effect on its business[137](index=137&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The company faces extensive risks including financial losses, unproven RNA editing technology, clinical development challenges, third-party reliance, and intellectual property issues [Risks Related to Our Business](index=34&type=section&id=Risks%20Related%20to%20Our%20Business) The company faces risks from its history of significant losses, need for substantial funding, and early-stage clinical development of KRRO-110 - The company has incurred significant losses since inception, with an accumulated deficit of **$290.0 million** as of March 31, 2025, and expects to incur losses for the foreseeable future[139](index=139&type=chunk) - The company will require substantial additional funding and may be forced to delay, reduce, or eliminate research programs if unable to raise capital when needed[145](index=145&type=chunk) - The company has only dosed a few participants in its Phase 1/2a trial of KRRO-110 and has not completed any clinical trials. Favorable preclinical results are not predictive of future clinical trial outcomes[148](index=148&type=chunk) [Risks Related to Discovery, Development and Commercialization](index=41&type=section&id=Risks%20Related%20to%20Discovery%2C%20Development%20and%20Commercialization) Risks include unproven RNA editing technology, potential clinical trial failures, complex manufacturing, reliance on third-party LNP, and intense market competition - RNA editing is a novel technology with limited clinical validation for human therapeutic use, and the company's approaches are unproven and may never lead to marketable products[166](index=166&type=chunk) - The process of manufacturing oligonucleotides is complex and presents risks in process development and scaling up, which could be affected by cost-overruns, delays, and quality control issues[182](index=182&type=chunk)[183](index=183&type=chunk) - The company licenses the LNP delivery technology for KRRO-110 from Genevant, and termination of this agreement could delay or terminate development of the product candidate[181](index=181&type=chunk) - The pharmaceutical industry is intensely competitive, and the company faces competition from large companies with greater resources and from new drugs that may be more effective, safer, or less expensive[199](index=199&type=chunk)[200](index=200&type=chunk) [Risks Related to Regulatory, Legal, and Clinical Trials](index=59&type=section&id=Risks%20Related%20to%20Regulatory%2C%20Legal%2C%20and%20Clinical%20Trials) The company faces regulatory uncertainty for oligonucleotides, potential legislative impacts, extensive post-marketing requirements, and compliance risks with healthcare and data privacy laws - Developing oligonucleotides, a relatively new class of drugs, carries increased risk as the FDA and other regulators have limited experience, which may lead to a complex, uncertain, and lengthy review process[211](index=211&type=chunk) - The company faces risks from enacted and future legislation, such as the Affordable Care Act (ACA), which may increase the difficulty and cost of obtaining marketing approval and affect product pricing[212](index=212&type=chunk)[214](index=214&type=chunk) - Any approved product will be subject to extensive post-marketing regulatory requirements, and failure to comply can result in restrictions, withdrawal from the market, or penalties[229](index=229&type=chunk) - The company is subject to a variety of privacy and data security laws, such as GDPR, and failure to comply could result in significant fines and harm to the business[265](index=265&type=chunk) [Risks Related to Our Third Party Relationships](index=78&type=section&id=Risks%20Related%20to%20Our%20Third%20Party%20Relationships) The company heavily relies on third parties for clinical trials and manufacturing, faces risks from their performance, and depends on collaborator efforts like Novo Nordisk - The company relies on third parties like CROs and clinical investigators to conduct clinical trials and research, and these parties may not perform satisfactorily or meet deadlines[268](index=268&type=chunk) - The company relies on third parties for the supply and manufacture of materials for research, preclinical, and clinical activities, and may be unable to identify or switch to alternative manufacturers on acceptable terms[277](index=277&type=chunk)[278](index=278&type=chunk) - The success of the collaboration with Novo Nordisk and any future partnerships depends heavily on the efforts and resources of the collaborators, which are outside the company's direct control[272](index=272&type=chunk) [Risks Related to Our Personnel, Operations and Growth](index=85&type=section&id=Risks%20Related%20to%20Our%20Personnel%2C%20Operations%20and%20Growth) Success depends on retaining key personnel, with the recent workforce reduction potentially hindering recruitment and future growth management - The company is highly dependent on its senior management and key scientific personnel, and the loss of their services could delay R&D programs and harm the business[286](index=286&type=chunk) - The recent workforce reduction in May 2025 could impede future efforts to recruit and hire qualified personnel needed for operational expansion[286](index=286&type=chunk)[287](index=287&type=chunk) - The company may encounter difficulties managing future growth as it expands its R&D, manufacturing, and commercialization capabilities, which could disrupt operations[287](index=287&type=chunk) [Risks Related to Intellectual Property](index=87&type=section&id=Risks%20Related%20to%20Intellectual%20Property) Success depends on protecting intellectual property, facing risks of patent invalidation, infringement lawsuits, and challenges from evolving patent laws - The company's success depends on its ability to obtain and maintain patents and other intellectual property rights, but it cannot be certain that its patent applications will issue or that issued patents will be enforceable or broad enough to prevent competition[289](index=289&type=chunk)[292](index=292&type=chunk) - The company may be involved in lawsuits to protect its patents or defend against third-party claims of infringement, which are expensive, time-consuming, and have uncertain outcomes[305](index=305&type=chunk)[312](index=312&type=chunk) - Changes in U.S. patent law, such as the America Invents Act, and rulings by the Supreme Court have increased uncertainty regarding patent protection and enforcement[343](index=343&type=chunk)[345](index=345&type=chunk) - The company relies on trade secrets and confidentiality agreements to protect proprietary information, but these measures may be breached or may not provide adequate protection[348](index=348&type=chunk)[349](index=349&type=chunk) [General Risk Factors](index=109&type=section&id=General%20Risk%20Factors) General risks include stock price volatility, high public company costs, anti-takeover provisions, significant stockholder control, and macroeconomic uncertainties affecting NOLs - The company's stock price is volatile and can be affected by numerous factors, including clinical trial results, competitor announcements, and general market conditions[367](index=367&type=chunk) - Executive officers, directors, and principal stockholders beneficially own approximately **71%** of the company's common stock, giving them significant influence over stockholder matters[384](index=384&type=chunk) - The company's ability to use its net operating loss (NOL) carryforwards of **$352.3 million** (federal) and **$319.7 million** (state) may be limited by 'ownership change' rules under Section 382 of the tax code[390](index=390&type=chunk)[391](index=391&type=chunk) - The business may be adversely affected by macroeconomic conditions, including inflation, rising interest rates, and volatile market conditions[393](index=393&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=122&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable for the current reporting period - Not applicable[395](index=395&type=chunk) [Item 5. Other Information](index=122&type=section&id=Item%205.%20Other%20Information) No new Rule 10b5-1(c) trading plans were adopted by officers or directors during Q1 2025 - During the three months ended March 31, 2025, no officers or directors adopted new trading plans for the company's securities under Rule 10b5-1(c)[398](index=398&type=chunk) [Item 6. Exhibits](index=123&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications - The exhibits filed include corporate governance documents, an employment agreement for Loïc Vincent, and required officer certifications under the Sarbanes-Oxley Act[400](index=400&type=chunk)

[Business and Operational Highlights](index=1&type=section&id=Business%20and%20Operational%20Highlights) Korro implements a 20% workforce reduction to extend its cash runway into 2027, focusing on KRRO-110 clinical trials and Novo Nordisk collaboration, with $139.0 million cash at Q1 2025 - The company is prioritizing the advancement of its Phase 1/2a REWRITE clinical trial for KRRO-110, with interim data anticipated in the second half of 2025[4](index=4&type=chunk) - Korro is streamlining operations and reducing its workforce by approximately **20%** to extend its cash runway into **2027** and focus on key program milestones[5](index=5&type=chunk)[7](index=7&type=chunk) - The company estimates it will incur approximately **$1.2 million** in one-time restructuring charges, primarily in the second quarter of 2025, related to employee severance and termination costs[5](index=5&type=chunk) Key Operational and Financial Metrics | Metric | Value/Status | | :--- | :--- | | **Cash Position (Q1 2025)** | $139.0 million | | **Cash Runway** | Expected to extend into 2027 | | **KRRO-110 Interim Data** | On track for H2 2025 | | **Second Development Candidate** | Expected to be announced in 2025 | [Pipeline and Clinical Development](index=1&type=section&id=Pipeline%20and%20Clinical%20Development) Korro's KRRO-110 Phase 1/2a REWRITE trial for AATD is advancing with H2 2025 interim data expected, while the company executes its '3-2-1 strategy' and progresses its Novo Nordisk collaboration - The Phase 1/2a REWRITE clinical trial of KRRO-110 for AATD is advancing with expansion into New Zealand and other geographies. Interim data is expected in **H2 2025**, with trial completion in **2026**[6](index=6&type=chunk)[8](index=8&type=chunk)[12](index=12&type=chunk) - KRRO-110 is an RNA editing oligonucleotide designed to repair the SERPINA1 RNA mutation, aiming to restore normal AAT protein, clear liver protein aggregates, and preserve lung function[17](index=17&type=chunk) - Korro is executing its **'3-2-1 strategy'** with the goal of having **three clinical-stage programs** and targeting **two tissue types** by the end of **2027**[12](index=12&type=chunk) - The company plans to nominate a development candidate for a rare metabolic disorder by the end of **2025**[12](index=12&type=chunk) - The collaboration with Novo Nordisk is progressing, with a focus on advancing up to **two preclinical programs** for cardiometabolic diseases using Korro's OPERA™ platform[12](index=12&type=chunk) - The leadership team was strengthened with the appointments of Dr. Loïc Vincent as Chief Scientific Officer and Dr. GaoZhong Zhu as Senior Vice President of Chemistry, Manufacturing and Controls (CMC)[12](index=12&type=chunk) [First Quarter 2025 Financial Results](index=2&type=section&id=First%20Quarter%202025%20Financial%20Results) Korro reported **$2.6 million** in Q1 2025 collaboration revenue, with R&D expenses at **$19.7 million** and a net loss of **$23.4 million**, ending the quarter with **$139.0 million** cash expected to fund operations into **2027** Key Financial Highlights (Q1 2025 vs. Q1 2024) | Financial Metric | Q1 2025 | Q1 2024 | Key Driver | | :--- | :--- | :--- | :--- | | Collaboration Revenue | $2.6M | $0 | Revenue earned from Novo Nordisk agreement | | R&D Expenses | $19.7M | $13.6M | Increase in KRRO-110 external R&D and personnel costs | | G&A Expenses | $7.8M | $7.9M | Remained relatively flat | | Net Loss | $23.4M | $19.6M | Increased operating expenses | - Cash, cash equivalents, and marketable securities were **$139.0 million** as of March 31, 2025, compared to **$163.1 million** as of December 31, 2024[10](index=10&type=chunk) - The current cash position is expected to fund operating expenses and capital expenditure requirements into **2027**[10](index=10&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) Korro's unaudited condensed consolidated financial statements for Q1 2025 show a net loss of **$23.4 million**, total assets of **$202.2 million**, and a cash position of **$139.0 million** as of March 31, 2025 [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Korro reported a net loss of **$23.4 million** (or **$2.49** per share) for Q1 2025, compared to **$19.6 million** (or **$2.44** per share) in Q1 2024, driven by **$2.6 million** in collaboration revenue and increased R&D expenses Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share data) | Metric (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $2,550 | $— | | Research and development | $19,739 | $13,572 | | General and administrative | $7,831 | $7,881 | | Loss from operations | $(25,020) | $(21,453) | | **Net loss** | **$(23,387)** | **$(19,557)** | | **Net loss per share, basic and diluted** | **$(2.49)** | **$(2.44)** | | Weighted-average shares outstanding | 9,384,266 | 8,019,626 | [Selected Condensed Consolidated Balance Sheet Data](index=7&type=section&id=Selected%20Condensed%20Consolidated%20Balance%20Sheet%20Data) As of March 31, 2025, Korro's balance sheet shows total assets of **$202.2 million**, total liabilities of **$63.3 million**, and **$139.0 million** in cash, cash equivalents, and marketable securities Selected Condensed Consolidated Balance Sheet Data (in thousands) | Metric (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash, cash equivalents and marketable securities** | **$138,992** | **$163,054** | | Working capital | $108,354 | $116,572 | | Total assets | $202,207 | $226,240 | | Total liabilities | $63,250 | $65,825 | | Total stockholders' equity | $138,957 | $160,415 |

Core Insights - Korro Bio, Inc. is focused on developing genetic medicines through RNA editing for both rare and prevalent diseases, with a significant milestone expected in the second half of 2025 regarding the KRRO-110 clinical trial for Alpha-1 Antitrypsin Deficiency (AATD) [2][5][16] Financial Performance - As of March 31, 2025, Korro reported cash, cash equivalents, and marketable securities totaling $139.0 million, down from $163.1 million at the end of 2024, which is expected to fund operations into 2027 [9][23] - Collaboration revenue for the first quarter of 2025 was $2.6 million, a notable increase from zero in the same period of 2024, attributed to the partnership with Novo Nordisk [10] - Research and Development (R&D) expenses rose to $19.7 million in Q1 2025 from $13.6 million in Q1 2024, primarily due to increased costs associated with KRRO-110 [11] - General and Administrative (G&A) expenses slightly decreased to $7.8 million in Q1 2025 from $7.9 million in Q1 2024 [12] - The net loss for Q1 2025 was $23.4 million, compared to a net loss of $19.6 million in Q1 2024 [13] Operational Updates - The company is streamlining operations and reducing its workforce by approximately 20% to focus on key program milestones, including the completion of the Phase 1/2a REWRITE clinical trial in 2026 [3][5] - Korro is executing a 3-2-1 strategy aimed at establishing three clinical-stage development programs targeting two tissue types by leveraging its OPERA platform [6][16] - The leadership team has been strengthened with new appointments, enhancing the company's capabilities in drug discovery and development [6][7] Pipeline Developments - The interim readout from the Phase 1/2a REWRITE clinical trial of KRRO-110 for AATD is on track for the second half of 2025, with trial completion expected in 2026 [5][6][16] - Korro plans to announce a second development candidate by the end of 2025, focusing on a rare metabolic disorder program targeting the liver [16] - The collaboration with Novo Nordisk continues to progress, with efforts to advance up to two programs targeting cardiometabolic diseases [7][16]