Korro Bio, Inc. reported a net loss of $83.6 million for the year ended December 31, 2024, compared to a net loss of $81.2 million in 2023. The company's collaboration revenue increased significantly to $2.3 million in 2024 from zero in 2023, attributable to a research collaboration and license agreement with Novo Nordisk. Operating expenses rose by $9.6 million to $94.2 million, primarily driven by increased research and development expenses related to the advancement of KRRO-110 into clinical development.
Research and development expenses increased by $6.4 million to $63.6 million in 2024. This increase stemmed from a $19.3 million rise in KRRO-110 external expenses due to manufacturing and clinical trial activities for the Phase 1/2a REWRITE clinical trial, partially offset by a decrease in other research and pre-development candidate expenses. General and administrative expenses also increased by $3.3 million to $30.5 million, mainly due to higher information technology, insurance, and professional service costs.
A significant development was the commencement of the Phase 1/2a REWRITE clinical trial for KRRO-110, the company's lead product candidate for Alpha-1 Antitrypsin Deficiency (AATD), in January 2025. As of the 10-K filing date, the first two cohorts of participants had been dosed, with no serious adverse events reported. The FDA granted orphan drug designation to KRRO-110 for the treatment of AATD in March 2025. Interim data from the trial is expected in the second half of 2025, with completion anticipated in 2026. The company also reported having 104 full-time employees as of December 31, 2024.
Korro Bio's cash, cash equivalents, and marketable securities totaled $166.5 million (including restricted cash) as of December 31, 2024. The company anticipates that its current cash resources will fund operations through the second half of 2026, encompassing key milestones such as the completion of the KRRO-110 Phase 1/2a trial. However, the filing notes that this projection is based on assumptions that may not prove accurate, and the company may need to secure additional funding sooner than expected. The company also highlights several significant risks, including the inherent uncertainties in clinical trials, the competitive landscape of the gene editing field, and the need for substantial additional funding to support ongoing operations and future growth.
About Korro Bio, Inc.
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