Korro Reports Second Quarter 2026 Financial Results and Provides Corporate Update

Rhea-AI Summary

Korro (Nasdaq: KRRO) reported second quarter 2026 results and advanced its RNA-editing pipeline. Cash, cash equivalents and marketable securities were $137.9 million at June 30, 2026, up from $85.2 million at year-end 2025, with a stated cash runway into the second half of 2028.

The company reported no collaboration revenue versus $1.5 million a year earlier, reflecting a 12‑month pause of its Novo Nordisk collaboration. R&D expenses fell to $13.6 million from $20.1 million, G&A to $6.5 million from $7.3 million, and net loss narrowed to $18.9 million from $25.8 million.

Korro received EMA Orphan Drug Designation for KRRO-121 for urea cycle disorders, remained on track to start first-in-human trials in the second half of 2026, and nominated KRRO-111 as a development candidate for Alpha-1 Antitrypsin Deficiency with >90% RNA-editing and substantial protein correction in preclinical models.

Positive

• Cash balance $137.9M at June 30, 2026; runway into 2H 2028
• Net loss $18.9M vs. $25.8M prior-year quarter
• R&D expenses $13.6M, down from $20.1M year over year
• G&A expenses $6.5M, down from $7.3M year over year
• EMA Orphan Drug Designation granted for KRRO-121 in urea cycle disorders
• KRRO-111 nominated; preclinical data show >90% SERPINA1 editing and ~95% Z-AAT reduction

Negative

• Collaboration revenue $0 vs. $1.5M prior-year quarter due to 12‑month pause with Novo Nordisk
• Ongoing quarterly net loss of $18.9M and no current product revenue

Market Context

Across tag-matched earnings, the recorded average reaction was -10.92%. That history places the cash...

Analysis

Across tag-matched earnings, the recorded average reaction was -10.92%. That history places the cash runway and preclinical milestones in a context of uneven earnings responses, while the active resale registration and net selling remained risks to monitor.

Key Figures

Cash and securities: $137.9 million Cash runway: Second half of 2028 Collaboration revenue: $0 +5 more

8 metrics

Cash and securities $137.9 million As of June 30, 2026, versus $85.2 million as of December 31, 2025

Cash runway Second half of 2028 Expected funding period for operating expenses and capital expenditures

Collaboration revenue $0 Three months ended June 30, 2026, versus $1.5 million in the prior-year period

R&D expenses $13.6 million Three months ended June 30, 2026, versus $20.1 million in the prior-year period

Net loss $18.9 million Three months ended June 30, 2026, versus $25.8 million in the prior-year period

SERPINA1 editing Over 90% In vivo editing demonstrated for KRRO-111 in a mouse model of AATD

Non-inclusion Z-AAT reduction Approximately 95% Reduction at day 28 in a mouse model of AATD

Pre-existing aggregate reduction Approximately 62% Reduction at day 28 with RNA editing in a mouse model of AATD

Previous Earnings Reports

5 past events · Latest: May 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	First-quarter earnings	Positive	-3.4%	Cash funding and pipeline progress accompanied a negative 24-hour price reaction.
Mar 12	Full-year earnings	Positive	+11.3%	Private placement, pipeline advancement, and extended runway accompanied a positive reaction.
Nov 12	Third-quarter earnings	Negative	-79.3%	Clinical underperformance, restructuring, and workforce reductions accompanied a negative reaction.
Aug 12	Second-quarter earnings	Positive	+6.3%	Clinical progress, designation, and cash runway accompanied a positive reaction.
May 07	First-quarter earnings	Negative	+10.6%	Workforce reduction and restructuring accompanied a positive 24-hour price reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-matched earnings reactions were mixed, with an average move of -10.92% and both positive and negative outcomes.

Key Terms

orphan drug designation, GalNAc-conjugated oligonucleotide, single nucleotide variant

3 terms

orphan drug designation regulatory

"Received Orphan Drug Designation from the European Medicines Agency (EMA)"

Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.

GalNAc-conjugated oligonucleotide technical

"potential best-in-class therapeutic delivered subcutaneously (GalNAc-conjugated oligonucleotide)"

A galnac-conjugated oligonucleotide is a short, engineered strand of genetic material chemically linked to a sugar molecule (GalNAc) that acts like an address label to deliver the strand specifically to liver cells. For investors, this matters because targeted delivery can make a drug more effective at lower doses, reduce side effects, simplify dosing schedules, and influence development costs, regulatory risk, and commercial potential.

single nucleotide variant medical

"repair a pathogenic single nucleotide variant (SNV) on alpha-1 antitrypsin"

A single nucleotide variant is a change in one “letter” of DNA—the four chemical bases that spell genetic instructions—like a single-letter typo in a long instruction manual that can alter a gene’s message or protein product. Investors care because these tiny genetic changes can determine whether a drug works, whether a diagnostic test can detect a condition, or how regulators view a therapy, all of which can affect a biotech company’s product value and future revenue.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• KRRO-121, a potential first-in-class transformational treatment for hyperammonemia, remains on track to commence first-in-human clinical trial in second half of 2026

• Received Orphan Drug Designation from the European Medicines Agency (EMA) for KRRO-121 for patients with urea cycle disorders (UCDs)

• Nominated KRRO-111 as development candidate for the treatment of Alpha-1 Antitrypsin Deficiency (AATD); potential best-in-class therapeutic delivered subcutaneously (GalNAc-conjugated oligonucleotide) for a debilitating genetic condition impacting both the liver and lungs

• Ended second quarter 2026 with $137.9 million in cash, cash equivalents and marketable securities; provides sufficient resources to achieve value inflection points for multiple RNA editing programs including clinical data for KRRO-121 and KRRO-111; cash runway into the second half of 2028

CAMBRIDGE, Mass., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Korro Bio, Inc. (Korro) (Nasdaq: KRRO), a biopharmaceutical company leveraging a novel oligonucleotide promoted editing of RNA (OPERA^®) platform to develop a new class of genetic medicines for rare and highly prevalent diseases, today reported results for the second quarter ended June 30, 2026, and provided a corporate update.

“The second quarter reflected the compounding payoff of a strategy we've been executing over several years,” commented Ram Aiyar, Ph.D., Chief Executive Officer and President of Korro Bio. “Adding KRRO-111 for AATD and being on track to add a third GalNAc-conjugated program this year is testament to the evolution of OPERA, our proprietary RNA editing platform to more efficiently nominate therapeutic candidates. Moving forward our focus remains steadfast on executing our clinical and corporate growth strategy to bring transformational therapeutics to patients suffering from debilitating diseases.”

Second Quarter 2026 Highlights and Recent Developments

• Received Orphan Drug Designation from the EMA for KRRO-121 for patients with UCDs

• Continued preparations to obtain regulatory approvals for KRRO-121 in the second half of 2026 to commence its clinical development program

• Enhanced pipeline with addition of KRRO-111, a potential best-in-class treatment for AATD

• • Proprietary GalNAc-conjugated RNA-editing oligonucleotide (REO) delivered subcutaneously to the liver cells, where it is engineered to co-opt the hepatocytes’ endogenous Adenosine Deaminase Acting on RNA (ADAR) enzyme and repair a pathogenic single nucleotide variant (SNV) on alpha-1 antitrypsin (AAT) mRNA to restore production of normal AAT protein

• • Demonstrated over 90% editing of SERPINA1 transcript in vivo translating into approximately 90% repaired functional AAT protein in plasma in a mouse model of AATD

• • Demonstrated an unprecedented reduction of non-inclusion Z-AAT by approximately 95% and a reduction in pre-existing aggregates by approximately 62% at day 28 with RNA editing in a mouse model of AATD

• • Pre-clinical data supports the potential for repeat dose therapy with KRRO-111 to achieve the functional equivalence of a DNA modifying therapy without off-target bystander effects

• Continued to refine the potency of Korro’s REOs by making improvements to its oligonucleotide chemistry that boost the efficiency of its proprietary OPERA platform

• Multiple oral and poster presentations at the American Society of Gene and Cell Therapy 29^th Annual Meeting (ASGCT) featuring Korro’s OPERA platform, KRRO-121 and KRRO-111

• • Poster title: Novel triplet chemistries informed by structural biology expand OPERA platform capabilities

• • Oral presentation title: KRRO-121, a GalNAc-conjugated oligonucleotide modulating glutamine synthetase, demonstrates robust ammonia clearance and potential to treat hyperammonemia in preclinical model systems

• • Oral presentation title: A GalNAc-conjugated RNA editing oligonucleotide achieves >90% editing of pathogenic SERPINA1 transcripts, restoring Alpha-1 Antitrypsin function in AATD models

• • Poster title: RNA Editing of TARDBP reduces TDP-43 aggregation while restoring its nuclear localization and splicing function in ALS disease models

• Participated in leading healthcare dedicated investor conferences and scientific forums

• • HCW 4^th Annual BioConnect Nasdaq Investor Conference

• • 2026 RBC Capital Markets Global Healthcare Conference

• • 2026 Jefferies Global Healthcare Conference

• • American Society of Gene and Cell Therapy 29^th Annual Meeting (ASGCT)

• • Tides USA 2026: Oligonucleotide and Peptide Therapeutic Conference

• • EASL Congress 2026

• • 2026 National Urea Cycle Disorders Foundation (NUCDF) Annual Family Conference

Upcoming 2026 Milestones

• Regulatory approval for KRRO-121 to initiate clinical trials in the second half of 2026

• Nominate development candidate for a third GalNAc-conjugated program in the second half of 2026

Upcoming Scientific and Investor Conferences

• Society for the Study of Inborn Errors of Metabolism (SSIEM) Annual Symposium, August 25-28

• The XXVI International Round Table (IRT) on Nucleosides, Nucleotides and Nucleic Acids, August 25-28

• Cantor Global Healthcare Conference 2026, September 9-11

• Citi’s 2026 Biopharma Back to School Conference, September 9-10

Second Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $137.9 million as of June 30, 2026, compared to $85.2 million as of December 31, 2025. Korro expects its cash, cash equivalents and marketable securities as of June 30, 2026 will fund operating expenses and capital expenditure requirements into the second half of 2028.

Collaboration Revenue: There was no collaboration revenue for the three months ended June 30, 2026, as compared to $1.5 million of collaboration revenue for the three months ended June 30, 2025. The decrease was due to the agreed 12-month pause of the collaboration agreement with Novo Nordisk in November 2025.

Research and Development (R&D) Expenses: R&D expenses were $13.6 million for the three months ended June 30, 2026, as compared to $20.1 million for the three months ended June 30, 2025. The decrease was driven primarily by decreases in KRRO-110 external expenses, personnel expenses and other research and pre-development candidate expenses, partially offset by an increase in KRRO-121 and KRRO-111 external expenses.

General and Administrative (G&A) Expenses: G&A expenses were $6.5 million for the three months ended June 30, 2026, as compared to $7.3 million for the three months ended June 30, 2025. The decrease was primarily due to a decrease in information technology expenses, facilities expenses and professional service fees, partially offset by an increase in personnel expenses mainly due to increased stock-based compensation costs.

Net Loss: Korro’s net loss was $18.9 million for the three months ended June 30, 2026, as compared to $25.8 million for the three months ended June 30, 2025.

About Korro

Korro is a biopharmaceutical company leveraging a novel oligonucleotide promoted editing of RNA (OPERA^®) platform to develop a new class of genetic medicines for rare and highly prevalent diseases. OPERA provides precise, tissue-directed delivery of RNA-editing oligonucleotides (REOs) that modify the targeted native mRNA transcript to repair or form a de-novo protein with enhanced functionality. The platform combines a suite of capabilities consisting of sophisticated knowledge of transcription biology through ADAR proteins (Adenosine Deaminases Acting on RNA), machine learning optimization of REOs, linker chemistry expertise, along with use of a highly targeted tissue-specific delivery methodology. As such, the OPERA platform has enabled Korro to generate and advance a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process, providing precise yet transient single base edits to produce therapeutic proteins with augmented activity versus its endogenous counterpart. By editing RNA instead of DNA, Korro is expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. Using an REO-based approach, Korro expects to bring its medicines to patients by leveraging its proprietary OPERA platform with precedented delivery modalities, including N-acetylgalactosamine (GalNAc) conjugated for delivery for subcutaneous administration, manufacturing know-how, and established regulatory pathways of approved oligonucleotide medicines. Korro is based in Cambridge, Massachusetts. For more information, visit korrobio.com.

Korro intends to use its Investor Relations website, LinkedIn, and X (Twitter) as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Korro’s Investor Relations website and follow @KorroBio on LinkedIn, and X (Twitter), in addition to following Korro’s press releases, SEC filings, public conference calls, presentations, and webcasts.

About Hyperammonemia

Hyperammonemia, the dangerous accumulation of ammonia in the blood, manifests across multiple indications, including urea cycle disorders (UCDs) and hepatic encephalopathy (HE). UCDs are rare inborn errors of metabolism involving deficiencies of enzymes required for ureagenesis, the process of converting ammonia to urea for excretion. The absence or deficiency of any of the seven urea cycle enzymes can result in hyperammonemia and an increased risk of hyperammonemic crises (HACs), which can result in severe and permanent neurological symptoms, coma, and death. HE is a neuropsychiatric complication of liver disease characterized by cognitive dysfunction and altered consciousness. HE is primarily caused by the liver’s inability to adequately detoxify ammonia, typically occurring in patients with liver cirrhosis compromising their urea cycle. This leads to ammonia accumulating in the bloodstream and crossing the blood-brain barrier, causing brain dysfunction that ranges from subtle cognitive impairment to severe confusion and coma.

About KRRO-121

KRRO-121 is a GalNAc-conjugated RNA editing oligonucleotide (REO) for the potential treatment of hyperammonemia in patients with UCDs of any mutational background as well as patients with HE. Utilizing Korro’s proprietary OPERA^® platform, KRRO-121 is designed to obviate the need for a functional urea cycle and instead generate a stabilized, de novo glutamine synthetase (GS) protein, a critical enzyme in an alternate pathway involved in ammonia clearance. This synthetic rescue approach is designed to augment ammonia clearance in hyperammonemia-driven diseases such as UCDs and HE. Korro’s preclinical data support the potential for KRRO-121 to be a pan-UCD treatment that may control ammonia levels, along with the potential to enable diet liberalization, reduce dependence on nitrogen scavengers, and lower the risk of HACs. KRRO-121 also has the potential to enhance ammonia control in HE patients, which may reduce the risk of recurrent HE episodes. KRRO-121 may offer infrequent subcutaneous dosing, which, if confirmed in clinical studies, could offer significant improvement over current treatments that require multiple daily doses. KRRO-121 has the potential to be a differentiated, first-in-class, disease-modifying therapy for both UCD and HE.

About Alpha-1 Antitrypsin Deficiency (AATD)

AATD is a genetic disorder most commonly caused by a single missense mutation (G-to-A) in the SERPINA1 gene coding for protein alpha-1 antitrypsin. Affected adults experience pulmonary emphysema and/or hepatic cirrhosis, as well as end organ manifestations. Greater than 95% of severe clinical cases of AATD are homozygous for the PiZ mutation (known as the PiZZ genotype). Additionally, there are an estimated 3.4 million individuals globally with AATD-deficient heterozygous allele combinations. The only current FDA-approved treatment for AATD is augmentation therapy, a once-weekly infusion of pooled human plasma-derived AAT protein, which does not adequately address the manifestations of AATD.

About KRRO-111

KRRO-111 is a proprietary GalNAc-conjugated RNA-editing oligonucleotide (REO) that is delivered subcutaneously to the liver cells, where it is engineered to co-opt the hepatocytes’ endogenous Adenosine Deaminase Acting on RNA (ADAR) enzyme and repair a pathogenic single nucleotide variant (SNV) on AAT mRNA to restore production of normal alpha-1 antitrypsin (AAT) protein. This therapeutic profile and titratable dosing position the compound as a potential best-in-class candidate. In preclinical studies, KRRO-111 demonstrated best-in-class RNA editing where over 90% of the AAT transcripts in the liver cells have been corrected, translating into approximately 90% M-AAT protein. In a repeat-dose study, KRRO-111 was administered to PiZZ mice with a loading phase followed by dosing once every two weeks. KRRO-111 nearly eliminated active Z protein production, reducing non-inclusion Z-AAT by approximately 95% versus vehicle at both days 28 and 56, reflecting near-complete cessation of Z protein synthesis across the hepatocyte population. Pre-existing aggregates were progressively cleared, with inclusion-associated Z-AAT significantly reduced by approximately 62% at day 28, consistent with autophagic clearance of accumulated protein following successful editing. By simultaneously increasing circulating M-AAT protein and decreasing pathogenic Z-AAT aggregates in the lung, KRRO-111 has the potential to be the best-in-disease agent, improving both lung and liver manifestations of the disease.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, but are not limited to, express or implied statements regarding expectations, hopes, beliefs, intentions or strategies of Korro regarding the future including, without limitation, express or implied statements regarding: the timing of regulatory approval for KRRO-121 to commence a clinical trial; the potential and market opportunity for, KRRO-121 and KRRO-111; timing of announcing a development candidate for a third GalNAc-conjugated program; Korro’s cash runway and financial resources; the therapeutic potential of the OPERA platform; reaching clinical milestones across multiple programs; and the possibility of achieving functional equivalent of DNA modification; among others. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “aim,” “target,” “commit,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that, while considered reasonable are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control including risks associated with pre-clinical studies and conducting clinical trials; risks associated with validating in clinical trials observations from pre-clinical studies; risks associated with collaborating with third parties; other risks associated with protecting intellectual property; as well as risks associated with general economic conditions; and other risks and uncertainties indicated from time to time in Korro’s filings with the Securities and Exchange Commission (SEC), including Part II Item 1A. “Risk Factors” in Korro’s Quarterly Report on Form 10-Q filed with the SEC on the date hereof, as such may be amended or supplemented by its other filings with the SEC. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, Korro does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Korro.

Korro Bio Contact Information 

Investor & Media Contact 
Malini Chatterjee, Ph.D
Blueprint Life Science Group
mchatterjee@bplifescience.com or ir@korrobio.com
917.330.4269

Korro Bio, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue:
Collaboration revenue	$	—			$	1,460			$	—			$	4,010
Operating expenses:
Research and development		13,588				20,135				26,539				39,874
General and administrative		6,522				7,294				14,007				15,125
Restructuring charge		—				1,233				—				1,233
Total operating expenses		20,110				28,662				40,546				56,232
Loss from operations		(20,110	)			(27,202	)			(40,546	)			(52,222	)
Other income:
Other income, net		1,302				1,433				2,208				3,066
Total other income, net		1,302				1,433				2,208				3,066
Loss before provision for income taxes		(18,808	)			(25,769	)			(38,338	)			(49,156	)
Provision for income taxes		(108	)			(1	)			(203	)			(1	)
Net loss	$	(18,916	)		$	(25,770	)		$	(38,541	)		$	(49,157	)
Other comprehensive income:
Unrealized loss on available-for-sale marketable securities		(203	)			(74	)			(427	)			(77	)
Foreign currency translation adjustments, net		9				(13	)			26				(14	)
Comprehensive loss	$	(19,110	)		$	(25,857	)		$	(38,942	)		$	(49,248	)
Net loss per share, basic and diluted	$	(1.07	)		$	(2.74	)		$	(2.64	)		$	(5.24	)
Weighted-average shares used in computing net loss per share, basic and diluted		17,618,441				9,390,542				14,625,208				9,386,597

Korro Bio, Inc. Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited)
	June 30, 2026			December 31, 2025
Cash, cash equivalents and marketable securities	$	137,921		$	85,187
Working capital (1)		108,003			70,435
Total assets		163,446			113,506
Total liabilities		60,220			62,067
Total stockholders' equity		103,226			51,439
(1)    Working capital is defined as current assets less current liabilities.

FAQ

How did Korro (KRRO) perform financially in Q2 2026?

Korro reported a net loss of $18.9 million in Q2 2026, narrowing from $25.8 million a year earlier. According to Korro, R&D fell to $13.6 million and G&A to $6.5 million, while collaboration revenue declined to zero from $1.5 million.

What is Korro’s (KRRO) cash runway after its Q2 2026 results?

Korro ended Q2 2026 with $137.9 million in cash, cash equivalents and marketable securities. According to Korro, this balance is expected to fund operating and capital needs into the second half of 2028, covering key milestones for KRRO-121 and KRRO-111.

What are the latest updates on Korro’s KRRO-121 program as of Q2 2026?

KRRO-121 remained on track to start first-in-human trials in the second half of 2026, pending regulatory approvals. According to Korro, the EMA granted Orphan Drug Designation for KRRO-121 for urea cycle disorders, supporting development of this potential first-in-class hyperammonemia treatment.

What progress did Korro (KRRO) report for KRRO-111 for Alpha-1 Antitrypsin Deficiency?

Korro nominated KRRO-111 as a development candidate for Alpha-1 Antitrypsin Deficiency. According to Korro, preclinical models showed over 90% editing of SERPINA1 transcripts, approximately 90% repaired AAT protein, and about 95% reduction in pathogenic Z-AAT with repeat dosing.

Why did Korro (KRRO) report no collaboration revenue in Q2 2026?

Korro recorded no collaboration revenue in Q2 2026, compared with $1.5 million a year earlier. According to Korro, the decline reflects an agreed 12‑month pause of its collaboration agreement with Novo Nordisk that began in November 2025.

How did Korro’s operating expenses change year over year in Q2 2026?

Total operating expenses fell to $20.1 million in Q2 2026 from $28.7 million in Q2 2025. According to Korro, reductions in KRRO-110 external costs, personnel expenses and other research spending offset higher external expenses for KRRO-121 and KRRO-111.

What upcoming 2026 milestones did Korro (KRRO) highlight for investors?

Korro highlighted two main 2026 milestones: obtaining regulatory approval to initiate KRRO-121 clinical trials in the second half of 2026 and nominating a development candidate for a third GalNAc-conjugated program. According to Korro, these are key near-term pipeline expansion objectives.