Cambridge biotech tracker · Cambridge
Korro Bio
Listed on Nasdaq as KRRO, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $125M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $15.9M
- avg. operating cash flow, 4 qtrs
- Runway
- 24 mo
- 12 to 24 months
- Net loss
- $17.5M
- Q3 '26
- R&D expense
- $12.1M
- 66% of opex
- Raised, last 4 qtrs
- +$85.7M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
24 months
Cash at Q3 '26 divided by the average burn of the last four quarters, $5.3M a month.
Management’s own date
Into H2 2028
Jul–Dec 2028
That implies $4.6M to $5.9M a month, 0.9–1.1× the recent pace.
In line with the last year“We expect that our cash, cash equivalents and marketable securities outstanding as of September 30, 2026 will be sufficient to fund our operating expenses and capital expenditure requirements into the second half of 2028.”
Pipeline
1 active trial, through phase 1/2.
Phase 1/2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Phase 1/2 Study of KRRO-121 in Healthy Volunteers and Patients With UCDNCT07773246 · Urea Cycle Disorders, Inborn, Urea Cycle DisordersPhase 1/2Aug 2027est.· not a catalyst | Phase 1/2 | Recruiting | ||
| A Phase 1/2a, Single- and Multiple-dose Escalation Study of KRRO-110NCT06677307 · Alpha-1 Anti-trypsin Deficiency, AATDPhase 1/2Oct 2025 | Phase 1/2 | Terminated |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 24 months of runway
Cash and investments of $125M at Q3 '26 against an average operating cash burn of $15.9M per quarter over the last four reported quarters runs out around August 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $38.2M since Q4 '24
Net financing inflows of $85.7M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $4.6M above cash burn
The Q3 '26 net loss of $17.5M includes non-cash charges, including $2.8M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 66% of operating expenses
$12.1M of R&D against $18.5M of total operating expenses in Q3 '26, with G&A at $6.4M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$7.8M of deferred revenue on the balance sheet
Usually an upfront collaboration or license payment that is recognized as obligations are satisfied. It is cash already received, so it supports runway without showing up as revenue yet.
Accumulated deficit of $440M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $163M | −$7.5M | −$21.2M | $17.0M | $8.3M | $2.3M | $1.4M | $932K |
| Q1 '25 · Mar 31, 25 | $139M | −$24.5M | −$23.4M | $19.7M | $7.8M | $2.5M | $1.8M | $172K |
| Q2 '25 · Jun 30, 25 | $120M | −$19.2M | −$25.8M | $20.1M | $7.3M | $1.5M | $2.0M | $5K |
| Q3 '25 · Sep 30, 25 | $102M | −$17.2M | −$18.1M | $13.8M | $6.5M | $1.1M | $1.8M | $128K |
| Q4 '25 · Dec 31, 25 | $85.2M | −$17.7M | −$50.0M | $11.9M | $6.5M | $1.3M | $2.1M | $380K |
| Q1 '26 · Mar 31, 26 | $157M | −$16.1M | −$19.6M | $13.0M | $7.5M | $0 | $2.7M | $88.2M |
| Q2 '26 · Jun 30, 26 | $138M | −$17.0M | −$18.9M | $13.6M | $6.5M | $0 | $2.7M | −$2.9M |
| Q3 '26 · Sep 30, 26 | $125M | −$12.9M | −$17.5M | $12.1M | $6.4M | $0 | $2.8M | $0 |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.