Korro Bio — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $17.5 million for the three months ended September 30, 2026, compared to $18.1 million for the same period in 2025.
• Collaboration revenue was $0 for the three months ended September 30, 2026, a decrease from $1.1 million in the prior year period due to a 12-month pause in the Novo Nordisk collaboration agreement.
• Research and development (R&D) expenses were $12.1 million for the quarter, down from $13.8 million in the prior year, driven by decreases in KRRO-110 external, personnel, and facilities expenses, partially offset by increases in KRRO-121 and KRRO-111 external expenses.
• General and administrative (G&A) expenses were $6.4 million for the quarter, down from $6.5 million in the prior year, primarily due to lower IT and facilities expenses, partially offset by higher personnel expenses related to stock-based compensation.
• Cash, cash equivalents, and marketable securities totaled $124.8 million as of September 30, 2026, an increase from $85.2 million as of December 31, 2025.
• Working capital increased to $94.0 million as of September 30, 2026, from $70.4 million as of December 31, 2025.
• Total assets were $148.1 million as of September 30, 2026, compared to $113.5 million as of December 31, 2025.

Guidance and Future Outlook:

• Expects to dose participants with Urea Cycle Disorders (UCDs) in the ANCHOR trial in the first half of 2027.
• Anticipates reporting interim data from the ANCHOR trial in the second half of 2027.
• Plans to submit a regulatory application for KRRO-111 in the first half of 2027.
• Cash position supports operating expenses and capital expenditure requirements into the second half of 2028.

Business Segments and Product Lines:

• KRRO-121 (UCD/HE): Initiated dosing of healthy volunteers in the Phase 1/2 ANCHOR clinical trial (Part 1 SAD) in September 2026; received Rare Pediatric Disease designation from the FDA for UCDs.
• KRRO-111 (AATD): Reported best-in-class preclinical data showing >95% editing of SERPINA1 transcripts and ~93% functional M-AAT in NSG-Piz mouse models; achieved near-complete elimination (~95%) of pathogenic Z-AAT in liver models.
• Additional Pipeline: Continued preclinical development of OPERA-derived RNA-editing oligonucleotides targeting AMPKγ1 for longevity and TDP-43 for neurodegenerative diseases including ALS.

Market and Competitive Landscape:

• KRRO-111 preclinical data positions the candidate as a potential best-in-class agent for Alpha-1 Antitrypsin Deficiency (AATD), addressing both lung and liver manifestations.
• KRRO-121 is designed as a potential first-in-class, disease-modifying therapy for hyperammonemia in UCDs and hepatic encephalopathy (HE).
• Current FDA-approved treatment for AATD is augmentation therapy, which remains inadequate for addressing both lung and liver manifestations.

Risks and Challenges:

• Forward-looking statements regarding clinical trial progress, regulatory approvals, and cash runway are subject to risks including the failure to replicate preclinical observations in clinical trials, delays in regulatory filings, and the need to raise additional capital.
• Risks include the novelty of the RNA-editing approach, reliance on third parties, and potential competition.

Management Commentary and Tone:

• CEO Ram Aiyar expressed confidence that initiating dosing in the ANCHOR trial brings KRRO-121 closer to patients and that preclinical data for KRRO-111 supports confidence in preparing the program for the clinic.
• Management emphasized the OPERA platform's ability to correct disease at the RNA level with precision and subcutaneous administration convenience.
• The tone highlighted a focus on execution with two GalNAc-delivered RNA-editing programs advancing toward clinical data.

Other Key Points:

• Participated in multiple healthcare investor conferences and scientific meetings, including the Cantor Global Healthcare Conference, Citi 2026 BioPharma Back to School Summit, and the Society for the Study of Inborn Errors of Metabolism (SSIEM) Annual Symposium.
• Scheduled to present at upcoming conferences including BIO-Europe, Jefferies Global Healthcare Conference, Evercore Healthcare Conference, and the J.P. Morgan Healthcare Conference in January 2027.
• The Novo Nordisk collaboration agreement was paused for 12 months starting in November 2025.