Korro Bio, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its financial position and performance compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $63.2 million, a notable decrease from $166.2 million at the end of 2023. Total current assets also declined to $152.8 million from $172.7 million, while total assets increased to $243.5 million from $221.7 million, primarily due to an increase in additional paid-in capital, which rose to $424.4 million from $352.9 million.

The accumulated deficit expanded to $(245.4 million) from $(183.0 million) as of December 31, 2023. Total stockholders’ equity increased to $179.6 million from $169.9 million. Operating expenses for the three months ended September 30, 2024, were $23.3 million, up from $19.1 million in the same period of 2023. For the nine months, operating expenses rose to $68.9 million from $57.6 million. The loss from operations for the three months was $(23.3 million), compared to $(19.1 million) in 2023, while the nine-month loss from operations increased to $(68.9 million) from $(57.6 million).

Net losses for the three months ended September 30, 2024, were $(21.0 million), compared to $(18.5 million) in 2023. For the nine months, net losses increased to $(62.4 million) from $(55.7 million). The net loss per share for the three months was $(2.26), a significant improvement from $(65.08) in the prior year, while for the nine months, it was $(7.11) compared to $(200.94).

Korro Bio's strategic developments included a merger completed on November 3, 2023, with Frequency Merger Sub, Inc., which resulted in Legacy Korro becoming a wholly-owned subsidiary. The company also entered into a research collaboration with Novo Nordisk A/S on September 13, 2024, granting an exclusive license for certain compounds, with potential total revenue of up to $530 million, including milestone payments and royalties.

The company has not generated any revenue from product sales and does not have any product candidates approved for sale. It anticipates continued significant operating losses and negative cash flows as it progresses with its research and development efforts. The future viability of Korro Bio is contingent upon its ability to generate cash from operations or secure additional financing, as it expects to incur substantial expenses related to its clinical development activities.