Korro Announces Q2 2024 Financial Results and Business Updates

Korro Bio, Inc., a biopharmaceutical company based in Cambridge, Massachusetts, is making significant strides in the development of genetic medicines, focusing on RNA editing to treat both rare and widespread diseases. The company has recently reported its financial results for the second quarter of 2024 and provided updates on its ongoing projects and future milestones.

Korro's lead candidate, KRRO-110, is designed to treat alpha-1 antitrypsin deficiency (AATD), a genetic disorder that can cause serious liver and lung disease. The company is on track to submit a regulatory filing for a first-in-human (FIH) trial of KRRO-110 in the latter half of 2024. This candidate utilizes Korro’s proprietary RNA editing platform, known as OPERA™, which aims to repair the genetic mutations causing the disease by editing specific RNA molecules.

KRRO-110 is an innovative RNA editing oligonucleotide product designed to use the enzyme Adenosine Deaminase Acting on RNA (ADAR) to correct the "A" variant on SERPINA1 RNA. This correction is expected to restore the secretion of normal AAT protein, potentially eliminating protein aggregates within liver cells. This could lead to clinically significant benefits for both liver and lung function by ensuring sufficient levels of normal AAT protein are produced.

Recent preclinical data presented at the American Thoracic Society International Conference (ATS) in May 2024 highlighted KRRO-110's sustained editing efficiency of approximately 60%. These studies demonstrated that over 70% of the circulating AAT protein was the corrected M-AAT variant in animal models, indicating a significant reduction in the detrimental Z-AAT protein. These encouraging results are driving the push towards clinical trials.

Financially, Korro Bio ended the second quarter of 2024 with $187.8 million in cash, cash equivalents, and marketable securities. This strong cash position is expected to fund the company's operations and capital requirements into the second half of 2026, which includes the anticipated completion of the KRRO-110 FIH trial and the advancement of other pipeline candidates. The company recently secured an additional $70.0 million through a private placement in April 2024, which will support these ongoing efforts.

During the second quarter of 2024, Korro's research and development (R&D) expenses rose to $17.1 million, up from $13.1 million in the same period of the previous year. This increase was primarily due to higher costs associated with discovery, preclinical studies, manufacturing, and personnel. General and administrative (G&A) expenses also increased to $7.0 million from $5.3 million in the comparable period, driven by higher facility and personnel costs as the company continued to build out its administrative functions and compliance capabilities as a public entity.

Korro’s net loss for the second quarter of 2024 was $21.8 million, compared to $17.6 million in the same period of 2023. Despite these losses, the company's robust cash position and focused strategy have set a strong foundation for future growth.

Korro has also been included in key stock indices, such as the Russell 2000®, Russell 3000®, and Russell Microcap® Indexes, effective July 1, 2024. This inclusion is expected to enhance the company’s visibility and value among investors.

Looking ahead, Korro has several significant milestones on the horizon. The company plans to file for regulatory approval of KRRO-110 for AATD in the second half of 2024, with an interim readout of the Phase 1/2 clinical trial expected by the second half of 2025. The full completion of the Phase 1/2 trial is anticipated by 2026, aligning with the company's financial runway extending into the second half of that year.

Korro Bio continues to leverage its innovative RNA editing approach to expand the potential of genetic medicines, aiming to bring transformative therapies to patients in need.