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Korro Bio, Inc. (KRRO)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 marked Korro Bio’s first recognized revenue via collaboration income, with $2.27 million booked in FY 2024 attributable to Q4 from the Novo Nordisk partnership .
  • Operating cadence remained steady: Q4 R&D ($16.96m) and G&A ($8.35m) were modestly higher vs Q3, driving a Q4 net loss of $21.20m; cash ended at $163.05m with runway into 2H 2026 .
  • Execution milestones advanced: Australian HREC approval and TGA CTN clearance for the REWRITE Phase 1/2a study were secured in November, keeping first dosing in Q1 2025 and interim readout in 2H 2025 on track .
  • Street consensus for Q4 EPS and revenue was unavailable, limiting formal beat/miss assessment; stock narrative catalysts are clinical progress (FIH approvals) and first collaboration revenue recognition .

What Went Well and What Went Wrong

What Went Well

  • First revenue event via Novo Nordisk collaboration recognized in Q4, lifting FY collaboration revenue to $2.27m; management emphasized partnership progress .
  • Regulatory momentum: Received Australian HREC approval and TGA CTN clearance for KRRO-110 REWRITE Phase 1/2a, with first dosing anticipated Q1 2025 and interim readout in 2H 2025 .
  • Strategic positioning and cash: Cash, cash equivalents and marketable securities of $163.05m at year-end and runway into 2H 2026 sustained clinical and pipeline plans; CEO highlighted “executing 3-2-1 strategy” and second development candidate expected in 2025 .

Management quotes:

  • “We executed on our key objectives in 2024... advancing multiple product candidates in our pipeline” — Ram Aiyar, PhD, CEO .
  • “We are thrilled to receive approval to proceed with our clinical study in Australia” — Kemi Olugemo, MD, CMO .

What Went Wrong

  • Net losses widened modestly on higher operating spend: FY net loss was $83.58m; Q4 net loss inferred at $21.20m, reflecting stepped-up R&D and G&A as programs scale .
  • Cash declined sequentially (Jun $187.78m → Sep $169.11m → Dec $163.05m) as operating activities and build-out continued .
  • No earnings call transcript available for Q4 and Street estimates were unavailable, reducing visibility into external expectations and limiting formal beat/miss benchmarking [List: earnings-call-transcript=0] [GetEstimates: Q4 2024 empty].

Financial Results

Note: Q4 2024 figures for R&D, G&A, Total OpEx, Net Loss are derived as FY 2024 minus nine months ended September 30, 2024 (sources cited in each cell).

MetricQ2 2024Q3 2024Q4 2024
Collaboration Revenue ($USD Millions)——$2.271
R&D Expense ($USD Millions)$17.138 $15.964 $16.962 (FY $63.636 − 9M $46.674)
G&A Expense ($USD Millions)$6.987 $7.328 $8.349 (FY $30.545 − 9M $22.196)
Total Operating Expenses ($USD Millions)$24.125 $23.292 $25.311 (FY $94.181 − 9M $68.870)
Net Loss ($USD Millions)$(21.826) $(20.999) $(21.199) (FY $(83.581) − 9M $(62.382))
EPS (Basic & Diluted, $)$(2.43) $(2.26) N/A (annual EPS $(9.37) FY)

Cash and liquidity:

MetricQ2 2024Q3 2024Q4 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$187.776 $169.112 $163.054
Working Capital ($USD Millions)$151.303 $139.173 $116.572
Total Stockholders’ Equity ($USD Millions)$198.077 $179.632 $160.415

KPI notes:

  • Cash runway: “into the second half of 2026” reiterated across Q2/Q3/Q4 materials .
  • Q4 collaboration revenue linked to Novo Nordisk partnership progress .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
First participant dosing (REWRITE KRRO-110)Q1 2025“Expected Q1 2025” (Q3 release) “Anticipated Q1 2025” (Nov HREC/TGA clearance) Maintained, with regulatory approvals secured
Interim readout (REWRITE KRRO-110)2H 2025“Interim readout 2H 2025” “Interim readout expected 2H 2025” Maintained
Study completion (REWRITE KRRO-110)2026“Completion expected 2026” “Completion anticipated 2026” Maintained
Cash runwayThrough 2H 2026“Runway into 2H 2026” “Runway into 2H 2026” Maintained

Earnings Call Themes & Trends

No Q4 earnings call transcript was published; themes are drawn from Q2–Q4 earnings 8-Ks and related 8-K 8.01 press releases.

TopicPrevious Mentions (Q2, Q3)Current Period (Q4)Trend
Clinical execution (REWRITE KRRO-110)Q2: FIH regulatory filing anticipated 2H 2024 ; Q3: HREC filing submitted; dosing expected Q1 2025 HREC approval and TGA CTN clearance; dosing anticipated Q1 2025 Positive momentum; regulatory approvals secured
Collaboration (Novo Nordisk)Announced partnership; eligible up to $530m milestones; R&D funding Collaboration revenue recognized in Q4 contributing to FY total $2.271m Progressing; first revenue recognition
Cash runway and balance sheetSupported by April 2024 PIPE; runway into 2H 2026 Runway reiterated into 2H 2026; YE cash $163.05m Stable; sequential draw as operations scale
Regulatory/designations—FDA Orphan Drug Designation for KRRO-110 (highlighted in FY release) Positive regulatory tailwind
R&D platform (OPERA)Preclinical efficacy data presented (ATS, OTS) Platform positioning reiterated; “best-in-class potential” Consistent messaging

Management Commentary

  • “KRRO-110 has best-in-class potential based on our preclinical data, and we are excited to potentially demonstrate this in PiZZ patients in the second half of 2025...” — Ram Aiyar, PhD, CEO and President .
  • “We executed on our key objectives in 2024 by initiating the Phase 1/2a REWRITE clinical study of KRRO-110 for AATD, announcing a collaboration with Novo Nordisk, and advancing multiple product candidates...” — Ram Aiyar .
  • “We are thrilled to receive approval to proceed with our clinical study in Australia... This approval allows us to demonstrate the potential of KRRO-110 in patients with the PiZZ genotype...” — Kemi Olugemo, MD, CMO .

Q&A Highlights

  • No Q4 earnings call transcript available; no Q&A published [List: earnings-call-transcript=0].
  • Guidance clarifications came via press releases: dosing timing (Q1 2025) and interim readout (2H 2025) reaffirmed post-approval .

Estimates Context

  • Wall Street (S&P Global) consensus for Q4 2024 EPS and revenue was unavailable, so a formal beat/miss cannot be assessed [GetEstimates: Q4 2024 returned empty].
  • Investors should anchor expectations to clinical milestones (first dosing, interim readout) and collaboration progress rather than near-term P&L metrics in the absence of recurring product revenue .

Key Takeaways for Investors

  • Collaboration revenue recognition in Q4 validates external interest in OPERA and begins to diversify funding sources beyond equity; expect continued partnership updates as programs mature .
  • Regulatory approvals in Australia de-risk FIH initiation for KRRO-110; near-term catalyst is first dosing in Q1 2025, with interim readout in 2H 2025 likely the primary stock driver .
  • Operating spend is scaling with clinical execution; monitor quarterly OpEx trajectory and cash burn vs runway into 2H 2026 to gauge financing risk .
  • Orphan Drug Designation enhances potential economic and regulatory benefits if KRRO-110 advances; supports a differentiated profile in AATD .
  • Narrative stability across Q2–Q4 with maintained timelines reduces uncertainty; any slippage in dosing or interim data would be a negative surprise risk .
  • With Street estimates unavailable, price action will be guided by clinical and regulatory newsflow rather than quarterly financial beats/misses—position sizing should reflect binary clinical catalysts in 2025 .

Notes:

  • Q4 figures for R&D, G&A, Total OpEx, and Net Loss are derived as FY 2024 less nine months ended Sept 30, 2024 using reported financial statements .
  • Collaboration revenue ($2.271m) was reported only at the FY level and attributed to revenue earned in Q4 2024 from Novo Nordisk .