Executive Summary

Korro Bio reported Q2 2025 collaboration revenue of $1.46M, R&D expenses of $21.0M, G&A of $7.6M, and net loss of $25.8M; cash and marketable securities were $119.6M, with runway expected to fund operations into 2027 .
Clinical execution advanced: >80% of planned healthy volunteers dosed in the REWRITE Phase 1/2a SAD cohorts with no treatment-emergent SAEs or DLTs; EMA granted Orphan Drug Designation for KRRO-110 (FDA ODD received in March 2025) .
Guidance timelines maintained: interim REWRITE readout expected 2H 2025; full trial completion in 2026; rare metabolic disorder development candidate planned by YE 2025; Novo Nordisk collaboration progressing .
Street estimates were unavailable on S&P Global for Q2 2025 (typical for early-stage biotech with collaboration revenue), so beats/misses vs consensus cannot be assessed*.

What Went Well and What Went Wrong

What Went Well

REWRITE safety/tolerability profile remains clean with >80% of planned healthy volunteers dosed and no treatment-emergent SAEs or DLTs, de-risking progression into MAD and patient cohorts .
EMA ODD for KRRO-110 strengthens regulatory and potential exclusivity positioning (on top of FDA ODD in March 2025), enhancing optionality for development incentives .
CEO emphasized confidence in KRRO-110’s “best-in-class potential” and steady execution of the 3-2-1 strategy toward multiple clinical-stage programs by end-2027: “We have high confidence in our ability to realize the value of our science…” .

What Went Wrong

Net loss widened to $25.8M from $21.8M YoY and $23.4M QoQ on higher R&D and personnel-related expenses, raising cash burn concerns despite runway into 2027 .
Collaboration revenue fell vs Q1 (to $1.46M from $2.55M), underscoring variability in partner revenue recognition and limited near-term revenue visibility .
Workforce reduction (~20%) initiated in Q1 signals cost pressure; one-time restructuring charges of ~$1.2M were expected, with the majority recognized in Q2 2025 .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Collaboration Revenue ($USD Millions)	$0.00	$2.55	$1.46
R&D Expenses ($USD Millions)	$17.14	$19.74	$21.03
G&A Expenses ($USD Millions)	$6.99	$7.83	$7.63
Total Operating Expenses ($USD Millions)	$24.13	$27.57	$28.66
Loss from Operations ($USD Millions)	$(24.13)	$(25.02)	$(27.20)
Other Income, net ($USD Millions)	$2.33	$1.63	$1.43
Net Loss ($USD Millions)	$(21.83)	$(23.39)	$(25.77)
Net Loss per Share (Basic & Diluted, $USD)	$(2.43)	$(2.49)	$(2.74)
Weighted-Average Shares (Basic & Diluted)	8,986,545	9,384,266	9,390,542

Balance Sheet Snapshot ($USD Millions)	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash, Cash Equivalents & Marketable Securities	$163.05	$138.99	$119.63
Working Capital	$116.57	$108.35	$85.46
Total Assets	$226.24	$202.21	$180.43
Total Liabilities	$65.83	$63.25	$65.32
Total Stockholders’ Equity	$160.42	$138.96	$115.10

Notes: Margins are not meaningful for an early-stage, pre-commercial biotech with minimal collaboration revenue; focus remains on operating expense trajectory and cash runway .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Into 2027 (Q1 2025 PR)	Into 2027 (Q2 2025 PR)	Maintained
REWRITE Interim Readout (KRRO-110)	Clinical Milestone	2H 2025 (Q1)	2H 2025 (Q2)	Maintained
REWRITE Trial Completion	Clinical Milestone	2026 (Q1)	2026 (Q2)	Maintained
Rare Metabolic Disorder Dev. Candidate	Pipeline	By YE 2025 (Q1)	By YE 2025 (Q2)	Maintained
Novo Nordisk Collaboration	Partnered Programs	Advance up to two programs through preclinical (Q1)	Progress partnership; initial target cardiometabolic (Q2)	Maintained

Context: Cash runway was raised from “2H 2026” (FY 2024 PR) to “into 2027” in Q1 and maintained in Q2, reflecting cost actions and collaboration inflows .

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in the document set; themes reflect quarter press releases.

Topic	Previous Mentions (Q-2: FY2024; Q-1: Q1 2025)	Current Period (Q2 2025)	Trend
REWRITE dosing & safety	Completed first two SAD cohorts; no SAEs (FY2024)	>80% of planned healthy volunteers dosed; no SAEs/DLTs	Improving execution
Orphan Drug Designation	FDA ODD granted for KRRO-110 (FY2024)	EMA ODD granted; FDA ODD in Mar-2025 reaffirmed	Strengthening regulatory position
Cash runway & OpEx discipline	Runway into 2H 2026 (FY2024)	Runway into 2027, post ~20% workforce reduction (Q1); maintained (Q2)	Extended runway
Novo Nordisk collaboration	Up to two OPERA programs; initial target cardiometabolic (FY2024)	Progressing; advancing up to two programs preclinical	Steady progress
Rare metabolic disorder program	Candidate expected 2025 (FY2024)	Candidate to be announced by YE 2025; subcutaneous liver-targeted GalNAc	On track
Geographic expansion of REWRITE	Australia; expansion into multiple jurisdictions incl. U.S. planned (Q1)	Continued multi-geo progress noted	Expanding footprint

Management Commentary

CEO (Q2): “We expect to report interim data in the second half of 2025 that we believe may highlight KRRO-110’s best-in-class potential… Our 3-2-1 strategy continues to generate momentum…” — Ram Aiyar, Ph.D., CEO & President .
CEO (Q1): “We remain on track to achieve our clinical and pipeline milestones… KRRO-110 represents a groundbreaking therapy with best-in-class potential for patients with AATD.” .
COO (Q1, on streamlining): “Streamlining the organization is essential… The reduction in our workforce was not an easy decision…” — Todd Chappell, COO .

Q&A Highlights

No Q2 2025 earnings call transcript available; Q&A details and any intra-quarter tone shifts cannot be assessed from the available filings. We reference prepared remarks from press releases above .

Estimates Context

Metric	Q2 2025 Actual	Q2 2025 Consensus	Beat/Miss	Commentary
Collaboration Revenue ($USD Millions)	$1.46	N/A*	N/A	Early-stage biotech; consensus not tracked widely
EPS (Basic & Diluted, $USD)	$(2.74)	N/A*	N/A	GAAP net loss per share reported; no consensus available

*Consensus data requested from S&P Global; unavailable for KRRO Q2 2025 as of November 20, 2025.

Where estimates may need to adjust: None—lack of tracked consensus; investors should focus on cash runway, operating expense trajectory, and clinical timelines .

Key Takeaways for Investors

Clinical execution de-risking: clean safety in SAD cohorts and >80% dosing completed supports confidence heading into interim readout in 2H 2025, a major stock catalyst .
Regulatory momentum: EMA ODD (and FDA ODD) enhances development incentives and potential market exclusivity for KRRO-110 in AATD .
Runway extended: Despite higher R&D spend, runway into 2027 maintained; cost actions (20% workforce reduction) support capital efficiency into pivotal milestones .
Revenue variability: Collaboration revenue declined QoQ ($2.55M to $1.46M); limited near-term revenue visibility implies stock likely trades on clinical readouts and platform validation .
Pipeline breadth: Rare metabolic disorder candidate by YE 2025 and ongoing Novo Nordisk collaboration in cardiometabolic diseases broaden optionality and partnering pathways .
Near-term trading lens: Expect heightened sensitivity around interim REWRITE data timing and any safety/pharmacology signals communicated pre-readout .
Medium-term thesis: RNA editing OPERA platform with regulatory tailwinds and partnership validation positions KRRO for value inflections through 2026-2027 if clinical efficacy translates .

Korro Bio, Inc. (KRRO)·Q2 2025 Earnings Summary