KRRO Korro Bio Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2024

 

Korro Bio, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware	001-39062	47-2324450
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
One Kendall Square, Building 600-700, Suite 6-401 Cambridge, MA		02139
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (617) 468-1999

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.001 per share		KRRO		The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02. Results of Operations and Financial Condition.

On May 14, 2024, Korro Bio, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2024. The full text of the press release is being furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release issued by Korro Bio, Inc., dated May 14, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	KORRO BIO, INC.
Date: May 14, 2024	By:	/s/ Ram Aiyar
		Name: Ram Aiyar
		Title: President and Chief Executive Officer

 

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Korro Reports First Quarter 2024 Financial Results

and

Appointment of Kemi Olugemo, M.D. as Chief Medical Officer

 

—	On track for regulatory filing for First-in-Human (FIH) study of KRRO-110 in patients with Alpha-1 Antitrypsin Deficiency (AATD) anticipated in the second half of 2024
—	Further strengthened balance sheet with closing of $70.0 million private placement (PIPE) on April 22, 2024, with cash and cash equivalents of approximately $206.0 million at close
—	Cash runway into second half of 2026 to fund anticipated interim readout of KRRO-110 in the second half of 2025 and FIH study completion in 2026
—	Appointed Kemi Olugemo, MD, FAAN, as Chief Medical Officer

 

CAMBRIDGE, Mass., May 14, 2024 — Korro Bio, Inc. (Korro) (Nasdaq: KRRO), a 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 2024, and provided an update on its recent progress and anticipated milestones.

 

"Korro’s first quarter performance reflects significant progress on all fronts in a short period of time. Today we are excited to announce the addition of Dr. Kemi Olugemo as Korro’s Chief Medical Officer. Kemi's leadership experience and deep expertise in drug development will play an integral role in shaping our clinical development strategy, and strengthening our organization,” said Dr. Ram Aiyar, CEO and President of Korro. “Completion of our $70.0 million financing broadens our stockholder base and provides us with the cash runway to deliver on multiple value-creating catalysts through 2026. We believe with our experienced leadership and strong balance sheet, we are well positioned to be leaders in advancing our broad portfolio of innovative RNA-based therapies.”

 

Pipeline and Business Updates:

 

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Upcoming Milestones:

 

First Quarter 2024 Financial Results:

 

Cash Position: Cash and cash equivalents were $138.8 million as of March 31, 2024, compared to $166.1 million as of December 31, 2023. The net decrease of $27.3 million in cash and cash equivalents includes costs relating to capital expenditure of $5.6 million and merger-related severance payments of $2.8 million. Korro expects its cash and cash equivalents, together with the gross proceeds of $70.0 million from the April 2024 PIPE, will fund operating expenses and capital expenditure requirements into the second half of 2026.

 

Research and Development (R&D) Expenses: R&D expenses were $13.6 million for the three months ended March 31, 2024, as compared to $14.7 million for the same period in 2023. The decrease in R&D expenses was driven primarily by decreases in license fees and lab supplies costs during the three months ended March 31, 2024.

 

General and Administration (G&A) Expenses: G&A expenses were $7.9 million for the three months ended March 31, 2024, as compared to $5.4 million for the same period in 2023. The increase was primarily due to increases in professional fees, facility costs and personnel costs attributable to build-out of the G&A function and compliance costs as a public company.

 

Net Loss: Korro’s net loss was $19.6 million for each of the three months ended March 31, 2024, and 2023.

 

About Korro

 

Korro is a biopharmaceutical company focused on developing a new class of genetic medicines for both rare and highly prevalent diseases using its proprietary RNA editing platform. Korro is generating a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process to effect 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

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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, Mass. For more information, visit korrobio.com.

 

Forward-Looking Statements

 

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, but are not limited to, express or implied statements regarding expectations, hopes, beliefs, intentions or strategies of Korro regarding the future including, without limitation, express or implied statements regarding: Korro’s planned regulatory filing for KRRO-110 in AATD and timing of any interim data readout and completion of any Phase 1/2 clinical trial ; Korro’s cash runway; Korro’s ability to advance its pipeline and the role of RNA editing technology in developing therapeutic options; KRRO-110’s potential as a best-in-class drug candidate for AATD; and the benefits of OPERA; among others. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “aim,” “target,” “commit,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that, while considered reasonable are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control including risks inherent in biopharmaceutical development; risks associated with pre-clinical studies and clinical trials; and other risks associated with obtaining regulatory approvals and protecting intellectual property; as well as risks associated with general economic conditions; the inability to recognize the anticipated benefits of the merger, which may be affected by, among other things, competition, Korro’s ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; costs related to merger; the possibility that Korro may be adversely affected by other economic, business, and/or competitive factors; other risks and uncertainties indicated from time to time in Korro’s filings with the SEC, including Part I, Item 1A. “Risk Factors” in Korro’s Quarterly Report on Form 10-Q filed with the SEC on the date hereof, as such may be amended or supplemented by its other filings with the SEC. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, Korro does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Korro.

 

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Korro Contact Information

 

Investors
IR@korrobio.com

 

Media
Glenn Silver
FINN Partners
Glenn.silver@finnpartners.com

 

 

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Korro Bio, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

		Three Months Ended March 31,
		2024				2023
Operating expenses:
Research and development		$	13,572			$	14,694
General and administrative			7,881				5,392
Total operating expenses			21,453				20,086
Loss from operations			(21,453	)			(20,086	)
Other income:
Other income, net			1,913				481
Total other income, net			1,913				481
Loss before provision for income taxes			(19,540	)			(19,605	)
Provision for income taxes			(17	)			—
Net loss and comprehensive loss		$	(19,557	)		$	(19,605	)
Net loss per share, basic and diluted		$	(2.44	)		$	(72.20	)
Weighted-average shares used in computing net loss per share, basic and diluted			8,019,626				271,522

 

 

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Korro Bio, Inc.

Selected Condensed Consolidated Balance Sheet Data

(in thousands)

(unaudited)

 

		March 31, 2024				December 31, 2023
Cash, cash equivalents and investments		$	138,804			$	166,150
Working capital (1)			134,602				153,245
Total assets			197,985				221,663
Total liabilities			46,627				51,752
Total stockholders' equity			151,358				169,911
(1) Working capital is defined as current assets less current liabilities.

 

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v3.24.1.1.u2

Document and Entity Information	May 14, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 14, 2024
Entity Central Index Key	0001703647
Entity File Number	001-39062
Entity Registrant Name	Korro Bio, Inc.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	47-2324450
Entity Address Address Line	One Kendall Square
Entity Address, Address Line Two	Building 600-700
Entity Address, Address Line Three	Suite 6-401
Entity Address City Or Town	Cambridge
Entity Address Postal Zip Code	02139
Entity Address State Or Province	MA
City Area Code	(617)
Local Phone Number	468-1999
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	KRRO
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

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