Cambridge biotech tracker · Waltham
Korsana Biosciences
Listed on Nasdaq as KRSA, 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
- $456M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $10.2M
- avg. operating cash flow, 4 qtrs
- Runway
- 5+ yrs
- 3+ years
- Net loss
- $46.4M
- Q3 '26
- R&D expense
- $42K
- 87% of opex
- Raised, last 4 qtrs
- +$190M
- 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
5+ years
Cash at Q3 '26 divided by the average burn of the last four quarters, $3.4M a month.
Management’s own date
Into 2029
Jan–Dec 2029
That implies $11.7M to $16.9M a month, 3.4–4.9× the recent pace.
Planning to spend faster“We expect that our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditures into 2029.”
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 5+ years of runway
Cash and investments of $456M at Q3 '26 against an average operating cash burn of $10.2M per quarter over the last four reported quarters runs out around October 2037. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $448M since Q4 '24
Net financing inflows of $190M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 87% of operating expenses
$42K of R&D against $48K of total operating expenses in Q3 '26, with G&A at $6K. 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.
Accumulated deficit of $113M
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.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
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 | $8.6M | $360K | $530K | $56K | $1.2M | $1.8M | $122K | $0 |
| Q1 '25 · Mar 31, 25 | $9.0M | −$968K | −$73K | $36K | $1.5M | $81K | $114K | $1.4M |
| Q2 '25 · Jun 30, 25 | $8.4M | −$503K | −$152K | $56K | $1.7M | $93K | $114K | −$130K |
| Q3 '25 · Sep 30, 25 | $9.9M | −$10.3M | −$21.7M | $20K | $1K | $875K | $209K | $164M |
| Q4 '25 · Dec 31, 25 | $154M | $8.5M | $18.4M | $938K | $6.1M | $1.0M | $196K | −$162M |
| Q1 '26 · Mar 31, 26 | $8.2M | −$1.2M | −$13.5M | $730K | $2.5M | $0 | $58K | $825K |
| Q2 '26 · Jun 30, 26 | $6.7M | −$1.4M | −$17.4M | — | $1.8M | — | $51K | $0 |
| Q3 '26 · Sep 30, 26 | $456M | −$46.8M | −$46.4M | $42K | $6K | — | $15.2M | $351M |
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.