Korro Reports First Quarter 2025 Financial Results and Provides Business Updates

 
--  Interim readout from Phase 1/2a REWRITE clinical trial 
     of KRRO-110 for Alpha-1 Antitrypsin Deficiency (AATD) 
     on track for the second half of 2025 
 
--  Streamlining operations and focusing on delivering 
     potential value generating program milestones, with 
     workforce reduction of approximately 20% and cost 
     reductions expected to extend cash runway into 2027 
 
--  Second development candidate expected to be announced 
     in 2025 
 
--  Ended first quarter 2025 with $139.0 million in cash, 
     cash equivalents and marketable securities 
 
 

CAMBRIDGE, Mass., May 07, 2025 (GLOBE NEWSWIRE) -- Korro Bio, Inc. (Korro) (Nasdaq: KRRO), a clinical-stage biopharmaceutical company focused on developing a new class of genetic medicines based on editing RNA for both rare and highly prevalent diseases, today reported financial results for the first quarter of 2025 and provided a business update.

Ram Aiyar, Ph.D., CEO and President of Korro, said, "We remain on track to achieve our clinical and pipeline milestones, most notably reporting interim data from our Phase 1/2a REWRITE clinical trial of KRRO-110 in the second half of 2025. We believe that KRRO-110 represents a groundbreaking therapy with best-in-class potential for patients with AATD. At the same time, we remain focused on executing our 3-2-1 strategy through 2027 with the goal of developing novel genetic medicines to improve lives of patients with rare and highly prevalent diseases."

Streamlining Operations and Workforce Reduction:

   -- Streamlining operations and workforce reduction enables potential value 
      generating program milestones. Korro is streamlining its operations 
      across the organization and reducing its workforce by approximately 20% 
      to advance its programs to key value inflection points, including 
      completing the Phase 1/2a REWRITE clinical trial in 2026, nominating a 
      second development candidate, and advancing up to two programs under the 
      collaboration with Novo Nordisk. Korro estimates that it will incur 
      one-time restructuring charges of approximately $1.2 million including 
      employee severance, benefits and related termination costs, the majority 
      of which Korro expects to recognize during the second quarter of 2025. 
      "Streamlining the organization is essential to enable Korro's long-term 
      success. We will continue to prioritize the development of KRRO-110 while 
      making focused investments in our OPERA platform to efficiently advance 
      innovation. The reduction in our workforce was not an easy decision, and 
      we are committed to supporting our current and former employees during 
      this transition," said Todd Chappell, COO of Korro. 

Pipeline and Business Updates:

   -- Continue to advance the Phase 1/2a REWRITE clinical trial of KRRO-110 for 
      AATD. Korro received regulatory approval to expand the REWRITE clinical 
      trial in New Zealand, and continues to progress enrollment, site 
      activation and expansion into other geographies beyond Australia and New 
      Zealand, including the United States. An interim readout is expected in 
      the second half of 2025 and trial completion is expected in 2026. 
 
   -- Executing 3-2-1 strategy through end of 2027. Korro continues to execute 
      the 3-2-1 strategy with the goal of establishing three clinical-stage 
      development programs, targeting two tissue types by leveraging the 
      capabilities of its Oligonucleotide Promoted Editing of RNA (OPERA$(TM)$) 
      platform. 
 
   -- Strengthened leadership team with appointments of Loïc Vincent, 
      Ph.D., as Chief Scientific Officer and GaoZhong Zhu, Ph.D., as Senior 
      Vice President of Chemistry, Manufacturing and Controls. Dr. Vincent 
      joins Korro with more than 20 years in drug discovery and translational 
      research across academia, biotech and the pharmaceutical industry. 
      Throughout his career, Dr. Vincent led teams that advanced more than 20 
      drugs into clinical development based on various therapeutic modalities 
      including small molecules, biologics, viral platforms and cell therapies. 
      Dr. Zhu has more than 25 years of industrial experience in developing and 
      implementing CMC strategies for various types of pharmaceuticals, with a 
      proven track record of bringing new products from conception to 
      commercialization, further reinforcing Korro's commitment to advancing 
      its innovative pipeline. 
 
   -- Current pipeline and collaboration with Novo Nordisk continue to 
      progress. In addition to advancing KRRO-110 for AATD and its second 
      program, Korro continues to execute on its CNS programs and its 
      collaboration with Novo Nordisk.  Under the Novo Nordisk collaboration, 
      Korro is working to advance up to two programs through preclinical 
      development using its proprietary OPERA(TM) platform, with the initial 
      target intended to treat cardiometabolic diseases. 

Anticipated Upcoming Milestones:

   -- Interim readout from Phase 1/2a REWRITE clinical trial of KRRO-110 for 
      AATD expected in the second half of 2025, and completion of the REWRITE 
      clinical trial expected in 2026. 
 
   -- Korro expects to nominate a development candidate by the end of 2025 for 
      its rare metabolic disorder program targeting the liver (GalNAc) with 
      subcutaneous delivery to create de novo protein variants. 
 
   -- Progress partnership with Novo Nordisk in cardiometabolic diseases with 
      high prevalence. 

First Quarter 2025 Financial Results:

Cash Position: Cash, cash equivalents and marketable securities were $139.0 million as of March 31, 2025, compared to $163.1 million as of December 31, 2024. Korro expects its cash, cash equivalents and marketable securities as of March 31, 2025 will fund operating expenses and capital expenditure requirements into 2027.

Collaboration Revenue: There was $2.6 million of collaboration revenue for the three months ended March 31, 2025, as compared to no collaboration revenue for the three months ended March 31, 2024. The increase was due to collaboration revenue earned in the first quarter of 2025 from its agreement with Novo Nordisk.

Research and Development (R&D) Expenses: R&D expenses were $19.7 million for the three months ended March 31, 2025, as compared to $13.6 million for the three months ended March 31, 2024. The increase was driven primarily by increases in KRRO-110 external research and development expenses, personnel expenses and other research and pre-development candidate expenses.

General and Administration (G&A) Expenses: G&A expenses were $7.8 million for the three months ended March 31, 2025, as compared to $7.9 million for the three months ended March 31, 2024. The minor decrease was primarily driven by a $0.1 million decrease in professional service fees and facilities expenses, partially offset by an increase in personnel expenses.

Net Loss: Korro's net loss was $23.4 million for the three months ended March 31, 2025, as compared to $19.6 million for the three months ended March 31, 2024.

About REWRITE

REWRITE is a two-part single and multiple dose-escalating study that will evaluate the safety and tolerability of KRRO-110, in up to 64 participants, including healthy adults and clinically stable AATD patients with the PiZZ genotype. Secondary and exploratory endpoints include pharmacokinetic and pharmacodynamic parameters that will guide optimal dose selection for later stage studies. Interim data from Part 1 (single ascending doses in healthy volunteers and individuals with AATD) is expected in the second half of 2025, and completion of the study is anticipated in 2026. For additional information about the REWRITE study, visit ClinicalTrials.gov (NCT06677307).

About Alpha-1 Antitrypsin Deficiency (AATD) and KRRO-110

AATD is a genetic disorder most commonly caused by a single missense mutation (G-to-A) in the SERPINA1 gene. Affected adults experience pulmonary emphysema and/or hepatic cirrhosis, as well as end organ manifestations. KRRO-110 is the first RNA editing oligonucleotide product candidate from Korro's proprietary RNA editing platform, Oligonucleotide Promoted Editing of RNA (OPERA(TM)). KRRO-110, a potential best-in-class compound based on preclinical data, is designed to co-opt an endogenous enzyme, Adenosine Deaminase Acting on RNA (ADAR), to edit the "A" variant on SERPINA1 RNA, repair an amino acid codon, and restore secretion of normal AAT protein. This repair of the endogenous protein has the potential to clear protein aggregates from within liver cells to create a potentially clinically differentiated benefit for liver function and to preserve lung function by providing an adequate amount of normal AAT protein.

About Korro

Korro is a clinical-stage biopharmaceutical company focused on developing a new class of genetic medicines based on editing RNA for both rare and highly prevalent diseases. Korro is generating a portfolio of differentiated programs that are designed to harness the body's natural RNA editing process, enabling a precise yet transient single base edit. By editing RNA instead of DNA, Korro is expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. Using an oligonucleotide-based approach, Korro expects to bring its medicines to patients by leveraging its proprietary platform with precedented delivery modalities, manufacturing know-how, and established regulatory pathways of approved oligonucleotide drugs. Korro is based in Cambridge, Massachusetts. For more information, visit korrobio.com.

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