Business and Operational Highlights 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 20254 - Korro is streamlining operations and reducing its workforce by approximately 20% to extend its cash runway into 2027 and focus on key program milestones57 - 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 costs5 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 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 20266812 - 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 function17 - 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 202712 - The company plans to nominate a development candidate for a rare metabolic disorder by the end of 202512 - The collaboration with Novo Nordisk is progressing, with a focus on advancing up to two preclinical programs for cardiometabolic diseases using Korro's OPERA™ platform12 - 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 First Quarter 2025 Financial Results 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, 202410 - The current cash position is expected to fund operating expenses and capital expenditure requirements into 202710 Financial Statements 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 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 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 |
Korro Bio(KRRO) - 2025 Q1 - Quarterly Results