Korsana Biosciences (KRSA) Q3 2026 earnings summary

Executive summary

• KRSA-028, an anti-amyloid beta antibody using the THETA blood-brain-barrier platform, is the lead preclinical Alzheimer’s candidate; clinical-trial-enabling work is underway.

• CTN in Australia or CTA in New Zealand is targeted by end-2026, a U.S. IND in Q1 2027, healthy-volunteer PK data by mid-2027, and interim patient proof-of-concept data by year-end 2027 or Q1 2028.

• September 2026 merger and $380.0M private placement lifted quarter-end cash to $456.2M, expected to fund operations into 2029.

Financial highlights

• Q3 2026 R&D expense was $42.1M versus $20.5M in Q3 2025; G&A was $6.1M versus $1.5M.

• Q3 2026 operating expenses were $48.3M and net loss was $46.4M, versus $22.0M and $21.7M, respectively, in Q3 2025.

• 9M 2026 operating expenses were $81.5M, including R&D of $69.1M and G&A of $12.4M; net loss was $77.3M versus $21.9M in 9M 2025.

• Q3 and 9M 2026 interest income was $1.8M and $4.2M, respectively; no product revenue has been generated.

• Basic and diluted loss per common share was $3.19 in Q3 2026 and $13.42 in 9M 2026; 9M R&D included $13.5M of Parasa warrant stock-based compensation.

Outlook and guidance

• Cash and cash equivalents of $456.2M are expected to fund operating expenses and capital expenditures into 2029; substantial losses and rising expenses are expected as development advances.

• R&D and G&A expenses are expected to increase substantially with program development, manufacturing, clinical trials, headcount growth, and public-company costs.

• KRSA-028 milestones target a CTN/CTA by end-2026, U.S. IND in Q1 2027, healthy-volunteer data by mid-2027, and interim patient data by year-end 2027 or Q1 2028.

• Details on the next product candidate are anticipated in 2027.