Korro Bio (KRRO) Q4 2025 earnings summary

Executive summary

• Nominated KRRO-121 as a development candidate for hyperammonemia in urea cycle disorders (UCDs) and hepatic encephalopathy (HE), targeting >$1 billion market opportunities for each indication.

• Advanced GalNAc-conjugated oligonucleotide for alpha-1 antitrypsin deficiency (AATD), with a development candidate nomination expected in Q2 2026.

• Closed an oversubscribed $85 million private placement, extending cash runway into the second half of 2028.

• Hosted a Virtual Analyst Day to discuss unmet needs in hyperammonemia and the scientific rationale for KRRO-121.

Financial highlights

• Cash, cash equivalents, and marketable securities were $85.2 million as of December 31, 2025, down from $163.1 million at year-end 2024.

• Collaboration revenue was $6.4 million for 2025, up from $2.3 million in 2024, mainly from the Novo Nordisk agreement (paused for 12 months starting November 2025).

• R&D expenses increased to $65.6 million in 2025 from $63.6 million in 2024, driven by KRRO-121 and personnel costs.

• G&A expenses decreased to $28.2 million in 2025 from $30.5 million in 2024, mainly due to lower professional fees.

• Net loss widened to $117.3 million in 2025 from $83.6 million in 2024, primarily due to $30.9 million in non-cash impairment charges.

Outlook and guidance

• Regulatory filing for KRRO-121 expected in the second half of 2026.

• Development candidate nomination for GalNAc AATD program anticipated in Q2 2026; third GalNAc-conjugated program nomination expected in the second half of 2026.

• Cash runway projected to extend into the second half of 2028 following the March 2026 financing.