Korsana Biosciences Reports Third Quarter 2026 Financial Results and Provides Corporate Update

Korsana expects its cash to fund operations into 2029 as it advances KRSA-028 toward clinical testing.

Rhea-AI Summary

Korsana Biosciences (Nasdaq: KRSA) reported third-quarter results after completing its merger with Cyclerion Therapeutics and concurrent $380 million private placement. Both transactions closed in September 2026. Cash and cash equivalents were $456.221 million at September 30, versus $154.135 million at December 31, 2025; the company expects funding to last into 2029.

Third-quarter net loss widened to $46.425 million from $21.723 million a year earlier. Research and development expenses were $42.139 million, and general and administrative expenses were $6.135 million. Korsana expects KRSA-028 Phase 1 healthy volunteer data in mid-2027 and interim Alzheimer’s patient data by year-end 2027 or the first quarter of 2028. Approximately 55.1 million common shares and equivalents were outstanding, including underlying pre-funded warrants and Series B convertible preferred stock, but excluding equity awards.

7 points · 1 major

PositiveiHow this balance works

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointCompleted Cyclerion Therapeutics merger and concurrent $380 million private placement in September 2026. 27% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway is expected into 2029, supporting planned operations.
• Minor pointCash and equivalents rose to $456.221 million at September 30, 2026, from $154.135 million at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.KRSA-028 Phase 1 healthy volunteer data are expected in mid-2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.KRSA-028 interim Alzheimer’s patient proof-of-concept data are anticipated by year-end 2027 or first quarter 2028.

2 minor points

• Minor pointCommon-stockholder quarterly loss per share narrowed to $3.19 from $39.49 a year earlier.
• Minor pointThird-quarter other income increased to $1.849 million from $234,000 a year earlier.

Negative

• Moderate pointThird-quarter net loss widened to $46.425 million from $21.723 million a year earlier.
• Minor pointThird-quarter research and development expenses increased to $42.139 million from $20.479 million a year earlier.
• Minor pointThird-quarter general and administrative expenses increased to $6.135 million from $1.478 million a year earlier.
• Minor pointLiabilities increased to $45.557 million at September 30, 2026, from $13.027 million at December 31, 2025.
• Minor pointSeries B preferred-stockholder third-quarter loss per share was $3,190.41, basic and diluted.

Key Figures

Private placement: $380 million Cash and cash equivalents: $456.2 million Expected cash runway: Into 2029 +5 more

Private placement

$380 million

Completed with the Cyclerion merger in September 2026

Cash and cash equivalents

$456.2 million

As of September 30, 2026

Expected cash runway

Into 2029

Company expectation for funding operations

Phase 1 healthy volunteer data

Mid-2027

KRSA-028 expected data timing

Interim proof-of-concept data

Year-end 2027 or first quarter of 2028

KRSA-028 in Alzheimer’s disease patients

Research and development expenses

$42.1 million

Third quarter of 2026

Net loss

$46.4 million

Third quarter of 2026

Common stock and equivalents outstanding

55.1 million shares

Excludes shares underlying equity awards

Historical Context

1 past event · Latest: Sep 08

1 event

1. Sep 08

   Merger and financing

   24h Move

   +11.4%

   Closed the $380 million placement with the merger; post-transaction cash was expected to fund operations into 2029.

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

Key Terms

private placement, pharmacokinetic, binding affinity, phagocytic activity, +1 more

5 terms

private placement financial

"Completed the merger with Cyclerion Therapeutics and concurrent $380 million private placement"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

pharmacokinetic medical

"characterization of pharmacokinetic and hematologic parameters"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

binding affinity medical

"hematologic parameters, binding affinity, and phagocytic activity"

A measure of how tightly a drug or molecule sticks to its intended target, such as a protein or receptor; higher binding affinity means the molecule is more likely to attach and stay attached. For investors, affinity is a simple signal of potential effectiveness and required dose—stronger binding can mean a clearer path to a working drug, lower development risk, and competitive advantage, much like a stronger magnet needing less force to hold an object in place.

phagocytic activity medical

"binding affinity, and phagocytic activity"

Phagocytic activity is the process by which certain immune cells (phagocytes, such as macrophages and neutrophils) recognize, engulf and digest foreign particles, microbes, dead cells or debris. It works by binding targets via surface receptors, enclosing them in a membrane-bound vesicle (a phagosome) that then fuses with lysosomes whose enzymes and acids break down and neutralize the material. The term describes this cellular ingestion-and-digestion function specifically and is distinct from other forms of cellular uptake like pinocytosis or receptor-mediated endocytosis; in laboratory or clinical reports it is often quantified by measuring particle uptake or microbial killing by phagocytes.

bispecific antibody medical

"a novel bispecific antibody targeting amyloid beta and transferrin receptor"

A bispecific antibody is a specially designed protein that can attach to two different targets at the same time. Think of it as a custom-made connector that brings two things together—such as a disease cell and an immune system component—helping the body fight illnesses more effectively. For investors, understanding bispecific antibodies is important because they represent innovative therapies that could lead to new treatments and potentially lucrative market opportunities.

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Completed merger with Cyclerion Therapeutics and concurrent $380 million private placement

Phase 1 healthy volunteer data for KRSA-028 expected mid-2027 and interim proof-of-concept data in Alzheimer’s disease patients anticipated by year-end 2027 or first quarter of 2028

Cash and cash equivalents of approximately $456.2 million as of September 30, 2026, expected to fund operations into 2029

WALTHAM, Mass., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Korsana Biosciences, Inc. (“Korsana” or the “Company”) (Nasdaq: KRSA), a biotechnology company discovering and developing novel therapies to reduce the burden of neurodegenerative diseases, today reported financial results for the third quarter ended September 30, 2026, and provided a corporate update.

“The third quarter was transformative for Korsana, providing us with the financial resources and experienced leadership team to execute our strategy,” said Jonathan Violin, Ph.D., President and Chief Executive Officer of Korsana. “With this foundation in place, we remain focused on advancing KRSA-028 toward the clinic and building the body of evidence supporting the program, including through our first preclinical poster at CTAD later this month.”

Recent Business Highlights

Corporate

• Completed the merger with Cyclerion Therapeutics and concurrent $380 million private placement in September 2026.
• Strengthened the executive leadership team and Board of Directors with the appointments of Matthew Leoni, M.D., as Chief Medical Officer, Gan Wei, Ph.D., as Chief Technical Officer, and Heidi Henson as a director and Chair of the Audit Committee.

KRSA-028: next-generation THETA™-enabled antibody targeting amyloid beta for the treatment of Alzheimer’s disease

• Advanced KRSA-028 toward the clinic, with Phase 1 healthy volunteer data expected in mid-2027 and interim proof-of-concept data in patients with Alzheimer’s disease anticipated by year-end 2027 or the first quarter of 2028.
• KRSA-028 preclinical data were accepted for presentation at the upcoming Clinical Trials on Alzheimer’s Disease (CTAD) 2026 conference, including characterization of pharmacokinetic and hematologic parameters, binding affinity, and phagocytic activity. The poster will be available on Korsana’s website at the time of presentation.
  • Poster Number: P338
  • Title: Design and characterization of KRSA-028, a novel bispecific antibody targeting amyloid beta and transferrin receptor with selective effector function modulation
  • Session: Poster Session 2, Pre-clinical, Early Discovery and Mechanistic Research
  • Date: Wednesday, November 18, 2026

Third Quarter 2026 Financial Results

Cash Position: Cash and cash equivalents were approximately $456.2 million as of September 30, 2026. The Company expects its cash and cash equivalents to be sufficient to fund operations into 2029.

Research and Development (R&D) Expenses: R&D expenses were $42.1 million for the third quarter of 2026, which includes $13.5 million of non-cash stock-based compensation.

General and Administrative (G&A) Expenses: G&A expenses were $6.1 million for the third quarter of 2026, which includes $1.7 million of non-cash stock-based compensation.

Net Loss: Net loss totaled $46.4 million for the third quarter of 2026, which includes $15.2 million of non-cash stock-based compensation.

Shares Outstanding: Korsana has approximately 55.1 million shares of the Company’s common stock and common stock equivalents outstanding, including shares of common stock underlying pre-funded warrants and Series B convertible preferred stock, and excluding shares underlying equity awards.

About Korsana Biosciences
Korsana Biosciences is committed to building best-in-class therapeutics with the goal of reducing the burden of neurodegenerative diseases for patients and caregivers. The Company’s lead program, KRSA-028, is a next-generation shuttled antibody targeting amyloid beta for the treatment of Alzheimer’s disease. KRSA-028 leverages Therapeutic Targeting (THETA™), a novel CNS shuttle technology developed in partnership with Paragon Therapeutics and designed to enable dramatically higher drug concentrations in the brain and overcome the limitations of earlier shuttle technologies. In addition, Korsana is advancing a pipeline of innovative therapies for neurodegenerative diseases. For more information, please visit www.korsana.com and follow the Company on LinkedIn.

Forward-Looking Statements

Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Korsana’s expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, Korsana’s ability to achieve the expected benefits or opportunities with respect to KRSA-028; the expected timelines of clinical data for KRSA-028; expectations regarding the time period over which Korsana’s capital resources will be sufficient to fund its anticipated operations; and the anticipated benefits of the additions to the Company’s executive leadership team and board of directors. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "strategy," "target," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "plan," "possible," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Korsana will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Korsana’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to those uncertainties and factors more fully described in Korsana’s most recent filings with the Securities and Exchange Commission, including reports filed on Forms 10-K, 10-Q and 8-K, as well as Korsana's subsequent filings with the SEC, including Current Reports on Form 8-K), as well as risk factors associated with companies, such as Korsana, that operate in the biopharma industry. Should one or more of these risks or uncertainties materialize, or should any of Korsana’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this communication 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 communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Korsana does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Korsana.

Investor and Media Contact:
Eva Stroynowski
IR@korsana.com
Media@korsana.com

Korsana Biosciences, Inc.
Condensed Consolidated Statement of Operations and Comprehensive Loss
(unaudited, in thousands, except share and per share data)
			Three Months Ended
			September 30,
		2026					2025
Operating expenses
Research and development		$	42,139			$	20,479
General and administrative			6,135				1,478
Total operating expenses			48,274				21,957
Loss from operations			(48,274	)			(21,957	)
Other income			1,849				234
Net loss and comprehensive loss		$	(46,425	)		$	(21,723	)
Net loss per share attributable to common stockholders, basic and diluted		$	(3.19	)		$	(39.49	)
Net loss per share attributable to Series B non-voting convertible preferred stockholders, basic and diluted		$	(3,190.41	)			—
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			13,525,610				550,061
Weighted-average shares used in computing net loss per share attributable to Series B non-voting convertible preferred stockholders, basic and diluted			1,026				—

Korsana Biosciences, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
	September 30, 2026			December 31, 2025
Assets
Cash and cash equivalents	$	456,221		$	154,135
Other assets		5,863			461
Total Assets	$	462,084		$	154,596
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Liabilities	$	45,557		$	13,027
Convertible preferred stock and stockholders' equity (deficit)		416,527			141,569
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$	462,084		$	154,596

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much cash does Korsana Biosciences have, and how long is it expected to last?

Korsana had $456.221 million in cash and cash equivalents at September 30, 2026, which the company expects to fund operations into 2029.

When does Korsana expect clinical data for KRSA-028?

Korsana expects Phase 1 healthy volunteer data in mid-2027 and anticipates interim proof-of-concept data in patients with Alzheimer’s disease by year-end 2027 or the first quarter of 2028.

How much stock-based compensation was included in Korsana’s third-quarter 2026 net loss?

Korsana’s third-quarter 2026 net loss included $15.2 million of non-cash stock-based compensation. Research and development expenses included $13.5 million, while general and administrative expenses included $1.7 million.