Insider fund tied to Carmen Chang boosts Korro Bio (KRRO) stake with 450,045 buys

Rhea-AI Filing Summary

Korro Bio, Inc. reported that a 10% owner associated with Carmen Chang made significant indirect open-market purchases of its securities. On March 10, 2026, an entity affiliated with her acquired 242,945 Pre-Funded Warrants at $11.109 per warrant and 207,100 shares of Common Stock at $11.11 per share, totaling 450,045 securities.

The Pre-Funded Warrants were acquired from the company under a Subscription Agreement dated March 9, 2026 and are exercisable at any time, subject to a beneficial ownership cap of 9.99% of outstanding common stock, adjustable up to 19.99% with 61 days’ notice. The transactions are reported as indirect holdings through New Enterprise Associates 17, L.P., and Chang disclaims beneficial ownership of any portion in which she has no pecuniary interest.

Insights

Equity ownership and governance analyst

Entity linked to a 10% owner added 450,045 KRRO securities via indirect open-market and subscribed purchases.

An investment entity associated with 10% owner Carmen Chang acquired 242,945 Pre-Funded Warrants and 207,100 Common Shares of Korro Bio on March 10, 2026. These are reported as indirect holdings of New Enterprise Associates 17, L.P., with Chang serving in upstream general partner roles.

The Pre-Funded Warrants carry a de minimis exercise price of $0.001 per share and can be exercised at any time, but subject to a beneficial ownership cap of 9.99% of outstanding common stock, adjustable up to 19.99% with 61 days’ notice. This cap limits how many warrants can be turned into common stock at once.

The filing notes the securities were acquired from the issuer under a Subscription Agreement dated March 9, 2026, tying these purchases to a negotiated capital-raising transaction rather than routine secondary-market trading. Chang expressly disclaims beneficial ownership of portions in which she has no pecuniary interest, underscoring that economic exposure resides primarily at the fund level rather than personally.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chang Carmen

(Last) (First) (Middle)

2855 SAND HILL ROAD

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Korro Bio, Inc. [ KRRO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/10/2026		P(1)		207,100	A	$11.11	1,297,893	I	See Note 2(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Pre-Funded Warrants	$0.001	03/10/2026		P(1)		242,945		(3)	(3)	Common Stock	242,945	$11.109	242,945	I	See Note 2(2)

Explanation of Responses:

1. Acquired from the Issuer on March 10, 2026 pursuant to a Subscription Agreement dated March 9, 2026.

2. The Reporting Person is a manager of NEA 17 GP, LLC, which is the sole general partner of NEA Partners 17, L.P. ("NEA Partners 17"). NEA Partners 17 is the sole general partner of New Enterprise Associates 17, L.P. ("NEA 17"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the securities held by NEA 17 in which the Reporting Person has no pecuniary interest.

3. The Pre-Funded Warrants are exercisable at any time after their issuance; provided, however, that the Pre-Funded Warrants may not be exercised to the extent such exercise would cause the number of shares of the Issuer's Common Stock owned by the holder (together with its affiliates and certain other related parties) to exceed 9.99% of the total number of shares of the Issuer's Common Stock immediately after giving effect to such exercise, which percentage may be increased or decreased at the option of the holder upon 61 days' prior notice to the Issuer, not to exceed 19.99%.

	/s/ Zachary Bambach, attorney-in-fact	03/12/2026
	** Signature of Reporting Person	Date
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FAQ

What did Carmen Chang’s affiliated entity buy in this Korro Bio (KRRO) Form 4 filing?

An entity associated with 10% owner Carmen Chang acquired 242,945 Pre-Funded Warrants and 207,100 shares of Korro Bio Common Stock. Both positions were reported as indirect holdings through New Enterprise Associates 17, L.P., reflecting net purchases rather than sales.

How many Korro Bio (KRRO) securities were purchased in total in this Form 4?

The filing shows total net purchases of 450,045 securities. This includes 242,945 Pre-Funded Warrants and 207,100 shares of Common Stock, all acquired on March 10, 2026 and reported as indirect ownership through an affiliated investment partnership.

How are the Pre-Funded Warrants in Korro Bio (KRRO) structured for this insider?

The Pre-Funded Warrants are exercisable at any time at an exercise price of $0.001 per share. Their exercise is limited by a 9.99% beneficial ownership cap, which the holder may adjust up to 19.99% with 61 days’ prior written notice.

Were these Korro Bio (KRRO) securities bought from the market or the company?

The filing states the securities were acquired from Korro Bio under a Subscription Agreement dated March 9, 2026. This indicates they were purchased directly from the issuer rather than solely through open-market trading on an exchange.

Does Carmen Chang personally own the Korro Bio (KRRO) shares reported in this Form 4?

The securities are held by New Enterprise Associates 17, L.P., and reported as indirect ownership. The filing explains Chang is a manager of the upstream general partner entities and disclaims beneficial ownership of portions where she has no pecuniary interest.

What ownership limits apply to the Korro Bio (KRRO) Pre-Funded Warrants held by the insider entity?

The Pre-Funded Warrants may not be exercised if doing so would cause the holder and certain related parties to exceed 9.99% ownership of Korro Bio’s common stock, adjustable at the holder’s option up to 19.99% with 61 days’ prior notice.