Proceeds support the achievement of value inflection points for multiple RNA editing programs including reporting clinical data for:
KRRO-121 for hyperammonemia in patients with urea cycle disorders
Korro's GalNAc-conjugated oligonucleotide intended for patients with alpha-1 antitrypsin deficiency
Company expects proceeds to extend cash runway into the second half of 2028
CAMBRIDGE, Mass., March 09, 2026 (GLOBE NEWSWIRE) -- Korro Bio, Inc. (Korro) (NASDAQ:KRRO), a biopharmaceutical company developing a new class of genetic medicines based on editing RNA for rare and highly prevalent diseases, today announced it has entered into a subscription agreement for a private investment in public equity (PIPE) financing that is expected to result in gross proceeds of approximately $85 million to the Company, before placement agent fees and offering expenses. The PIPE financing is expected to close on or about Tuesday, March 10, 2026, subject to satisfaction of customary closing conditions.
The PIPE financing was led by Venrock Healthcare Capital Partners, and participation from new and existing investors, including ADAR1 Capital Management, Affinity Asset Advisors, Balyasny Asset Management, Driehaus Capital Management, Kalehua Capital, Lynx1 Capital Management, Nantahala Capital, and New Enterprise Associates.
Pursuant to the terms of the subscription agreement, Korro is selling an aggregate of (i) 4,501,928 shares of its common stock at a purchase price of $11.11 per share and (ii) pre-funded warrants to purchase 3,148,836 shares of its common stock at a price of $11.109 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.001 per share.
The net proceeds from the PIPE financing, together with Korro's unaudited cash, cash equivalents and marketable securities of $85.2 million as of December 31, 2025, will extend Korro's cash runway into the second half of 2028 and advance its pipeline of potentially transformational therapies for genetic diseases being discovered by OPERA®, the Company's novel RNA editing platform, with the remainder used for working capital and general corporate purposes. The PIPE funds clinical development milestones for key pipeline assets including clinical data for KRRO-121 and Korro's GalNAc-conjugated alpha-1 antitrypsin deficiency (AATD) program, subject to regulatory filings. In addition, the funding enables the advancement of Korro's longevity and ...
