Korsana Biosciences (KRSA) Q4 2025 earnings summary

Executive summary

• Strategic focus shifted to CYC-126, an individualized anesthetic-based approach for treatment-resistant depression (TRD); no product is approved for commercial sale.

• Financial position remains fragile: $3.2M cash at year-end and substantial doubt about ability to continue as a going concern; funding is expected to last through mid-2026.

Financial highlights

• FY2025 revenue was $2.074M versus $2.0M in FY2024; FY2025 included $1.0M Akebia milestone revenue, $0.8M material-sale revenue, and $0.274M option-related revenue.

• Operating loss widened to $4.973M from $3.628M YoY; net loss was $3.528M versus $3.057M.

• R&D expense rose to $0.959M from $0.286M; G&A increased to $6.088M from $5.342M.

• FY2025 other income included a $1.317M insurance recovery for lost GMP finished materials; FY2024 included a $0.363M gain from settling a disputed payable.

Outlook and guidance

• Phase 2 proof-of-concept study for CYC-126 is planned to start in Australia in H2 2026; first U.S. enrollment is expected in H1 2027, subject to financing and development progress.

• The planned multinational, randomized, double-blind study has safety/pharmacodynamic and safety/efficacy parts; both portions could be completed over the subsequent two years.

• Year-end cash is expected to fund operations through mid-2026; additional funding is needed to sustain operations and advance development.