Korsana Biosciences (KRSA) Q4 2024 earnings summary

Executive summary

• Strategy pivoted to building a neuropsychiatric pipeline, with an individualized treatment-resistant depression (TRD) candidate under a non-binding license option; development and commercial planning is underway.

• Legacy sGC programs are being monetized or managed through partners; the prior internal sGC research and commercialization strategy has ended.

• 2024 revenue was $2.0M and net loss was $3.1M; year-end cash of $3.2M is expected to fund operations only through mid-2025, with substantial doubt about continuing as a going concern.

Financial highlights

• FY2024 revenue was $2.0M: $1.75M from the Akebia amendment and $0.25M from olinciguat option fees and expense reimbursements.

• R&D expense fell 81% YoY to $0.286M; G&A declined 34% to $5.342M, partly offset by $0.5M higher professional consulting costs.

• Operating loss was $3.628M versus $12.951M in 2023; net loss narrowed to $3.057M from $5.263M, including a $7.33M discontinued-operations gain in 2023.

• Interest income was $0.208M versus $0.358M; a $0.363M gain from settlement of an account payable contributed to 2024 other income.

• FY2024 basic and diluted loss per share was $1.21 versus $2.25 in 2023; continuing-operations loss per share was $1.21 versus $5.39.

Outlook and guidance

• Cash and cash equivalents of $3.2M at Dec. 31, 2024 are expected to fund operations through mid-2025; additional funding is needed to sustain planned operations.

• Priority is advancing TRD plans while controlling operating costs; program choices and funding allocations will be revisited as data, competition and commercial prospects evolve.

• A $0.5M Akebia payment is due by Sept. 30, 2025; the olinciguat option may be exercised by Mar. 20, 2025, with a possible two-month extension for a $25,000 fee.