Korsana Biosciences Q3 loss widens to $46.4M
KRSA-028 preclinical data were accepted for CTAD 2026 Poster Session 2, scheduled for November 18, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Korsana Biosciences, Inc. reported a third-quarter 2026 net loss of $46.425 million, compared with $21.723 million a year earlier. Research and development expenses were $42.139 million, versus $20.479 million, while general and administrative expenses were $6.135 million, versus $1.478 million. The company completed its merger with Cyclerion Therapeutics in September 2026 alongside a $380 million private placement.
Cash and cash equivalents were approximately $456.2 million as of September 30, 2026, and Korsana expects the balance to fund operations into 2029. Phase 1 healthy-volunteer data for KRSA-028 are expected in mid-2027; interim proof-of-concept data in Alzheimer’s disease patients are anticipated by year-end 2027 or the first quarter of 2028. KRSA-028 is an amyloid beta-targeting antibody that uses the THETA™ CNS shuttle technology. Korsana appointed 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.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point$380 million private placement completed alongside the September 2026 merger. 27% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Cash of approximately $456.2 million expected to fund operations into 2029.
Negative
- Moderate pointThird-quarter net loss was $46.425 million, compared with $21.723 million in 2025.
Filing Explained
Korsana reports about 55.1 million common shares and common-stock equivalents outstanding, including shares underlying pre-funded warrants and Series B convertible preferred stock but excluding shares underlying equity awards; the total therefore includes securities beyond common shares.
8-K Event Classification
Key Figures
Key Terms
CNS shuttle technology technical
phagocytic activity technical
proof-of-concept data technical
non-cash stock-based compensation financial
common stock equivalents financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash does KRSA have, and how long is it expected to last?
What was KRSA’s net loss in the third quarter of 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Korsana Biosciences, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2026. A copy of this press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02 on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company, under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits.
|
|
|
Exhibit |
|
Description |
99.1 |
|
Press Release Issued by Korsana Biosciences, Inc. on November 5, 2026. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
Korsana Biosciences, Inc. |
|
|
|
|
Date: |
November 5, 2026 |
By: |
/s/ Jonathan Violin |
|
|
|
Name: Jonathan Violin, Ph.D. |
|
|
|
Title: Chief Executive Officer and President |
Korsana Biosciences Reports Third Quarter 2026 Financial Results and Provides Corporate Update
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., November 5, 2026— 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
KRSA-028: next-generation THETA™-enabled antibody targeting amyloid beta for the treatment of Alzheimer’s disease
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 |
|