Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Entity File Number | 001-39062 | |
Entity Registrant Name | Korro Bio, Inc. | |
Entity Central Index Key | 0001703647 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-2324450 | |
Entity Address, Address Line One | One Kendall Square | |
Entity Address, Address Line Two | Building 600-700 | |
Entity Address, Address Line Three | Suite 6-401 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02139 | |
City Area Code | 617 | |
Local Phone Number | 468-1999 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | KRRO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Document Transition Report | false | |
Entity Small Business | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,272,987 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 138,804 | $ 166,150 |
Restricted cash | 3,546 | 3,563 |
Prepaid expenses and other current assets | 3,305 | 3,015 |
Total current assets | 145,655 | 172,728 |
Property and equipment, net | 20,509 | 15,665 |
Operating lease right-of-use assets | 25,947 | 27,150 |
Restricted cash, net of current portion | 3,406 | 3,406 |
Other non-current assets | 2,468 | 2,714 |
Total assets | 197,985 | 221,663 |
Current liabilities: | ||
Accounts payable | 4,657 | 7,280 |
Accrued expenses and other current liabilities | 5,161 | 10,212 |
Operating lease liabilities, current portion | 1,235 | 1,991 |
Total current liabilities | 11,053 | 19,483 |
Operating lease liabilities, net of current portion | 34,681 | 31,216 |
Other non-current liabilities | 893 | 1,053 |
Total liabilities | 46,627 | 51,752 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 8,022,463 shares and 8,016,516 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 8 | 8 |
Additional paid-in capital | 353,912 | 352,908 |
Accumulated deficit | (202,562) | (183,005) |
Total stockholders' equity | 151,358 | 169,911 |
Total liabilities and stockholders' equity | $ 197,985 | $ 221,663 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement [Table] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 8,022,463 | 8,016,516 |
Common stock, shares outstanding | 8,022,463 | 8,016,516 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 13,572 | $ 14,694 |
General and administrative | 7,881 | 5,392 |
Total operating expenses | 21,453 | 20,086 |
Loss from operations | (21,453) | (20,086) |
Other income: | ||
Other income, net | 1,913 | 481 |
Total other income, net | 1,913 | 481 |
Loss before provision for income taxes | (19,540) | (19,605) |
Provision for income taxes | (17) | 0 |
Net loss and comprehensive loss | $ (19,557) | $ (19,605) |
Net loss per share, basic | $ (2.44) | $ (72.2) |
Net loss per share, diluted | $ (2.44) | $ (72.2) |
Weighted-average shares used in computing net loss per share, basic | 8,019,626 | 271,522 |
Weighted-average shares used in computing net loss per share, diluted | 8,019,626 | 271,522 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Series Seed Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series B-1 Convertible Preferred Stock [Member] | Series B-2 Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Temporary equity, beginning balance (in share) at Dec. 31, 2022 | 684,739 | 2,029,666 | 1,104,178 | 223,417 | |||||
Temporary equity, beginning balance at Dec. 31, 2022 | $ 15,924 | $ 77,736 | $ 57,703 | $ 12,500 | |||||
Beginning balance (in share) at Dec. 31, 2022 | 268,399 | ||||||||
Beginning balance at Dec. 31, 2022 | $ (99,031) | $ 2,807 | $ (5) | $ (101,833) | |||||
Issuance of common stock for services rendered (in share) | 292 | ||||||||
Issuance of common stock for services rendered | 6 | 6 | |||||||
Exercises of stock options (in shares) | 4,332 | ||||||||
Exercises of stock options | 51 | 51 | |||||||
Vesting of restricted common stock (in share) | 1,437 | ||||||||
Stock-based compensation expense | 343 | 343 | |||||||
Issuance of Series B-2 convertible preferred stock, net of issuance costs (in share) | 813,239 | ||||||||
Issuance of Series B-2 convertible preferred stock, net of issuance costs | $ 45,458 | ||||||||
Other comprehensive income | 5 | 5 | |||||||
Net loss | (19,605) | (19,605) | |||||||
Ending balance (in share) at Mar. 31, 2023 | 274,460 | ||||||||
Ending balance at Mar. 31, 2023 | $ (118,231) | 3,207 | 0 | (121,438) | |||||
Temporary equity, ending balance (in share) at Mar. 31, 2023 | 684,739 | 2,029,666 | 1,104,178 | 1,036,656 | |||||
Temporary equity, ending balance at Mar. 31, 2023 | $ 15,924 | $ 77,736 | $ 57,703 | $ 57,958 | |||||
Temporary equity, beginning balance (in share) at Dec. 31, 2023 | 0 | 0 | 0 | 0 | |||||
Temporary equity, beginning balance at Dec. 31, 2023 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Beginning balance (in share) at Dec. 31, 2023 | 8,016,516 | 8,016,516 | |||||||
Beginning balance at Dec. 31, 2023 | $ 169,911 | $ 8 | 352,908 | 0 | (183,005) | ||||
Exercises of stock options (in shares) | 5,947 | 5,947 | |||||||
Exercises of stock options | $ 139 | 139 | |||||||
Stock-based compensation expense | 865 | 865 | |||||||
Net loss | $ (19,557) | (19,557) | |||||||
Ending balance (in share) at Mar. 31, 2024 | 8,022,463 | 8,022,463 | |||||||
Ending balance at Mar. 31, 2024 | $ 151,358 | $ 8 | $ 353,912 | $ 0 | $ (202,562) | ||||
Temporary equity, ending balance (in share) at Mar. 31, 2024 | 0 | 0 | 0 | 0 | |||||
Temporary equity, ending balance at Mar. 31, 2024 | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net loss | $ (19,557) | $ (19,605) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash lease expense | 1,203 | 432 |
Stock-based compensation expense | 865 | 349 |
Depreciation expense | 726 | 809 |
Net amortization of premiums and discounts on investments | 0 | (68) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (290) | (341) |
Accounts payable | (2,585) | 549 |
Accrued expenses and other current liabilities | (5,048) | (1,117) |
Operating lease liabilities | 2,709 | (695) |
Other non-current assets | 86 | (2) |
Net cash used in operating activities | (21,891) | (19,689) |
Investing Activities: | ||
Proceeds from maturities of investments | 0 | 17,000 |
Purchases of property and equipment | (5,611) | (1,513) |
Net cash provided by (used in) investing activities | (5,611) | 15,487 |
Financing Activities: | ||
Proceeds from exercises of stock options | 139 | 51 |
Other financing activities, net | 0 | (150) |
Net cash provided by financing activities | 139 | 45,401 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (27,363) | 41,199 |
Cash, cash equivalents and restricted cash, beginning of period | 173,119 | 41,477 |
Cash, cash equivalents and restricted cash, end of period | 145,756 | 82,676 |
Non-cash investing and financing activities: | ||
Property and equipment capitalized under tenant improvement allowance | 2,555 | 0 |
Purchases of property and equipment in accounts payable and accrued expenses | 1,942 | 1,753 |
Financing costs in accounts payable and accrued expenses | 0 | 42 |
Supplemental cash flow information: | ||
Cash paid for income taxes | 17 | 0 |
Cash paid for operating lease liabilities | 828 | 744 |
Series B-2 Preferred Stock [Member] | ||
Financing Activities: | ||
Proceeds from Series convertible preferred stock, net of issuance costs | $ 0 | $ 45,500 |
The Company and Liquidity
The Company and Liquidity | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Liquidity | 1. The Company and Liquidity Nature of Business Korro Bio, Inc. (together with its subsidiaries, the “Company”) is a biopharmaceutical company with a mission to discover, develop and commercialize a new class of genetic medicines based on editing RNA, enabling the treatment of both rare and highly prevalent diseases. The Company was incorporated in November 2014 as a Delaware corporation. The Company's principal offices are in Cambridge, Massachusetts. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical and clinical testing and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Reverse Merger with Legacy Korro On July 14, 2023, Frequency Merger Sub, Inc.(“Merger Sub”) a Delaware corporation, a wholly-owned subsidiary of Frequency Therapeutics, Inc. (“Frequency”), a Delaware corporation and Korro Bio Ops, Inc (“Legacy Korro”), a Delaware corporation, entered into an Agreement and Plan of Merger (the “Merger Agreement”). The merger was completed on November 3, 2023 (the “Merger” or the "Transaction"). In accordance with the Merger Agreement, the Merger Sub merged with and into Legacy Korro, with Legacy Korro surviving as a wholly-owned subsidiary of the Company. In connection with the completion of the Merger, the Company changed its name from Frequency Therapeutics, Inc. to Korro Bio, Inc. On November 6, 2023, the combined company’s common stock began trading on The Nasdaq Capital Market under the ticker symbol “KRRO”. Except as otherwise indicated, references herein to the “Company,” or the “combined company”, refer to Korro Bio, Inc. on a post-merger basis, and the term “Legacy Korro” refers to the business of privately held Korro Bio Ops, Inc., (formerly known as Korro Bio, Inc.), prior to completion of the Merger. References to Frequency refer to Frequency Therapeutics, Inc. prior to completion of the Merger. Concurrently with the execution and delivery of the Merger Agreement, Legacy Korro entered into a subscription agreement with a number of accredited investors. Immediately prior to consummation of the Merger, Legacy Korro issued and sold an aggregate of 42,176,255 shares of its common stock at a purchase price of approximately $ 2.78 per share, for an aggregate purchase price of approximately $ 117.3 million (the “Pre-Closing Financing”). Shares of Legacy Korro common stock issued pursuant to the Pre-Closing Financing were converted into shares of the Company’s common stock based on an exchange ratio (as defined below). Pursuant to the terms of the Merger Agreement, immediately prior to the effective time of the Merger, each share of Legacy Korro preferred stock was converted into a share of Legacy Korro common stock, and then exchanged in the Merger for shares of Frequency common stock using an exchange ratio of 0.049688 (the “Exchange Ratio”). At the effective time of the Merger, the Company issued (or reserved for issuance upon exercise of options assumed in the Merger) an aggregate of approximately 7,848,776 shares of its common stock to Legacy Korro securityholders (before eliminating fractions), calculated as provided in the Merger Agreement, (the “Exchange”), resulting in approximately 8,623,645 shares of its common stock being issued and outstanding on a fully diluted basis immediately following the effective time of the Merger. This number includes shares of the Company’s common stock that was issued upon vesting and settlement of certain outstanding equity awards at the effective time of the Merger. Immediately following the completion of the Merger, Frequency securityholders prior to the Merger owned approximately 9 % of the outstanding shares of common stock on a fully diluted basis and Legacy Korro’s securityholders, including those securityholders who purchased shares in the Pre-Closing Financing , owned approximately 91 % of the outstanding shares on a fully diluted basis. The Merger was intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "IRC"). Upon closing of the Merger, the Company assumed the Legacy Korro 2019 Stock Incentive Plan (the “Legacy Korro 2019 Plan”), and each outstanding and unexercised option to purchase Legacy Korro shares at such time, each of which converted into an option to purchase shares of the Company’s common stock, with necessary adjustments to the number of shares and exercise price to reflect the Exchange Ratio. In addition, upon the closing of the Merger, the Company assumed each outstanding and unexercised warrant to purchase Legacy Korro shares at such time, each of which converted into a warrant to purchase shares of the Company’s common stock, with necessary adjustments to the number of shares and exercise price to reflect the Exchange Ratio. At the effective time of the Merger, the Company entered into a contingent value rights agreement (the “CVR Agreement”) with Computershare Trust Company, N.A. and Computershare Inc., collectively as rights agent providing for the payment of certain contingent cash payments equal to the net amount (calculated in accordance with GAAP consistently applied) of proceeds actually received by the Company or its subsidiaries after the end of each fiscal quarter following the first anniversary of the closing of the Transaction related to the disposition of assets related to Frequency’s former multiple sclerosis programs, with the time periods and subject to deductions as provided therein. Concurrently, the Company entered into an asset purchase agreement with Progentos Therapeutics (“Progentos”), whereby Progentos acquired the rights, title and interest in certain assets related to Freqeuncy’s MS program ("MS APA"). The MS APA included initial consideration of $ 0.5 million in proceeds that were settled through net cash at the Merger closing and will be entitled to future milestone payments of up to $ 17.5 million as well as a $ 0.7 million payment in the event of Progentos closing of an equity financing at or above a specified amount. The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. For accounting purposes, Legacy Korro was considered to be acquiring the assets and liabilities of Frequency in the Merger based on the terms of the Merger Agreement and other factors, including: (i) Legacy Korro controlling the majority of outstanding voting shares; (ii) Legacy Korro controlling the Board of Directors; (iii) Legacy Korro’s executive management team became the management of the combined company; and (iv) the pre-combination assets of Frequency were primarily cash and cash equivalents and other non-operating assets. Accordingly, the Merger was treated as the equivalent of Legacy Korro issuing stock to acquire the net assets of Frequency. As a result of Legacy Korro being treated as the accounting acquirer, Legacy Korro’s assets and liabilities were recorded at their pre-combination carrying amounts. Frequency’s assets and liabilities were measured and recognized at their fair values, which approximated their carrying values as of the effective date of the Merger, and combined with the assets, liabilities, and results of operations of Legacy Korro after the consummation of the Merger. As a result, upon consummation the historical financial statements of Legacy Korro became the historical consolidated financial statements of the combined company. Reverse Stock Split and Exchange Ratio In connection with, and prior to the completion of, the Merger, Frequency effected a 1-for-50 reverse stock split of its then outstanding common stock (the “Reverse Stock Split”). The par value and the authorized shares of the common stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding Legacy Korro common stock, convertible preferred stock and options prior to the effective date of the Merger have been retroactively adjusted to reflect the Merger 0.049688 Exchange Ratio, which reflects the impact of the reverse stock split, for all periods presented. Liquidity and Capital Resources The Company’s consolidated financial statements have been prepared on the basis of the Company continuing as a going concern. The Company expects that its existing cash and cash equivalents as of March 31, 2024 of $ 138.8 million will enable the Company to fund its planned operating expense and capital expenditure requirements for at least twelve months from the date of issuance of these consolidated financial statements. The Company has incurred recurring losses and negative cash flows from operations since inception. As of March 31, 2024, the Company had an accumulated deficit of $ 202.6 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that the revenues or profitability will be sustained on a continuing basis. In addition, the Company’s preclinical and clinical development activities, manufacturing and commercialization of the Company’s product candidates, if approved, will require significant additional financing. However, if the Company is unable to obtain additional financing, the Company would be forced to delay, reduce or eliminate its research and development programs and/or relinquish valuable rights to its technology and product candidates. There is no assurance that the Company will be successful in obtaining sufficient financing on acceptable terms to continue funding its operations. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These consolidated financial statements have been prepared on the going concern basis of accounting, which assumes continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements include the accounts of Korro Bio, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation . Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include any normal recurring adjustments necessary for the fair presentation of the Company's financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31,2023, and the notes thereto, included in the Company's 2023 Form 10-K. The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the year ended December 31, 2024, or any other interim periods, or any future year or period. Summary of Significant Accounting Policies The significant accounting policies used in preparation of the condensed consolidated financial statements are described in the Company's audited consolidated financial statements as of the year end December 31, 2023, and the notes thereto, which are included in the 2023 Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the 2023 Form 10-K. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment. The Company operates only in the United States. Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to the fair value of the common stock prior to the effective date of the Merger; the fair value of the contingent value rights ("CVR") liability and the incremental borrowing rate for determining lease liabilities and right-of-use assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions. Recent Accounting Pronouncements—Yet to be Adopted Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. In November 2023, the ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures , which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all public entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating this standard to determine if adoption will have a material impact on the Company's consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company measures the fair value of money market funds based on quoted prices in active markets for identical securities. The carrying amounts reflected in the consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values, due to their short-term nature. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 were as follows (in thousands): Total Quoted Prices Significant Significant Financial assets: Money market funds, included in cash and cash equivalents $ 135,062 $ 135,062 $ — $ — MS APA asset $ 1,449 $ — $ — $ 1,449 Total financial assets $ 136,511 $ 135,062 $ — $ 1,449 Financial liabilites: CVR liability $ 1,449 $ — $ — $ 1,449 Total financial liabilities $ 1,449 $ — $ — $ 1,449 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows (in thousands): Total Quoted Prices Significant Significant Financial assets: Money market funds, included in cash and cash equivalents $ 158,706 $ 158,706 $ — $ — MS APA asset $ 1,448 $ — $ — $ 1,448 Total financial assets $ 160,154 $ 158,706 $ — $ 1,448 Financial liabilites: CVR liability $ 1,448 $ — $ — $ 1,448 Total financial liabilities $ 1,448 $ — $ — $ 1,448 As noted previously in Note 1, at the effective time of the Transaction, the Company entered into the CVR Agreement providing for the payment of certain contingent cash payments equal to the net amount of proceeds actually received by the Company or its subsidiaries after the end of each fiscal quarter following the first anniversary of the closing of the Transaction related to the disposition of assets related to Frequency’s former multiple sclerosis programs, with the time periods and subject to deductions as provided therein. The Company concluded that the CVR is a derivative liability and is accounted for at fair value, which was $ 1.4 million as of March 31, 2024 and December 31, 2023, of which $ 0.6 million and $ 0.4 million is included in accrued expenses and other current liabilities and the remaining $ 0.8 million and $ 1.0 million in other non-current liabilities in the consolidated balance sheet as of March 31, 2024 and December 31, 2023. Concurrently, the Company entered into the MS APA with Progentos, whereby Progentos acquired the rights, title and interest in certain assets related to the Company’s MS program. The MS APA included initial consideration of $ 0.5 million in proceeds that were settled through net cash at the Merger closing and will be entitled to future milestone payments of up to $ 17.5 million as well as a $ 0.7 million payment in the event of Progentos closing of an equity financing at or above a specified amount. The Company concluded that the MS APA is a derivative asset and is accounted for at fair value, which was $ 1.4 million as of March 31, 2024 and December 31, 2023, of which $ 0.6 million and $ 0.4 million is included in prepaid and other current assets and the remaining $ 0.8 million and $ 1.0 million in other long-term assets in the consolidated balance sheet as of March 31,2024 and December 31, 2023. The fair value of the CVR liability and the MS APA are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the CVR liability and the MS APA asset, the Company used the income approach, primarily discounted cash flow models. The discounted cash flow models require the use of significant judgment, estimates and assumptions, including the probability of technical and regulatory success, and discount rates. For the three months ended March 31, 2024 there was no change in the aggregate fair value of the CVR liability and MS APA asset. For the year ended December 31, 2023, the aggregate change in fair value of the CVR liability and MS APA asset was $ 0.1 million. There were no changes in valuation techniques, no r were there any transfers among the fair value hierarchy levels during the three months ended March 31, 2024 or during the year ended December 31, 2023. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 4. Restricted Cash As of both March 31, 2024 and December 31, 2023, the Company maintained current restricted cash of $ 3.6 million and non-current restricted cash of $ 3.4 million. All restricted cash amounts are comprised solely of letters of credit required pursuant to the Company’s facility leases. The following table provides a reconciliation of cash, cash equivalents and restricted cash as of March 31, 2024 and December 31, 2023 that sums to the total of the same amounts shown in the consolidated statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 138,804 $ 166,150 Restricted cash 6,952 6,969 Cash, cash equivalents and restricted cash $ 145,756 $ 173,119 |
Property and Equipment , Net
Property and Equipment , Net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net, as of March 31, 2024 and December 31, 2023 was comprised as follows (in thousands): Estimated Useful Life (in Years) March 31, December 31, Laboratory equipment 5 $ 11,586 $ 11,187 Furniture and office equipment 4 481 481 Computer equipment 3 241 241 Leasehold improvements Shorter of useful life or remaining lease term 3,356 3,356 Construction in progress 13,412 8,242 Total property and equipment, gross 29,076 23,507 Less: accumulated depreciation ( 8,567 ) ( 7,842 ) Total property and equipment, net $ 20,509 $ 15,665 As of March 31, 2024 and December 31, 2023, the Company had construction in progress of $ 13.4 million and $ 8.2 million, predominately related to laboratory equipment received but not yet installed and capitalizable costs related to the Company’s future corporate headquarters. Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 0.7 million and $ 0.8 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of March 31, 2024 and December 31, 2023 were comprised as follows (in thousands): March 31, December 31, Employee compensation and benefits $ 2,675 $ 7,896 External research and development services 1,577 1,255 Other operating expenses 140 447 CVR liability, current 556 395 Professional fees 213 219 Total accrued expenses and other current liabilities $ 5,161 $ 10,212 |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock At the closing of the Merger, the shares of Legacy Korro common stock were converted into shares of the Company's common stock based on the exchange ratio determined in the Merger Agreement. As of March 31, 2024, the Company was authorized to issue 200,000,000 shares of common stock, $ 0.001 per value per share. Prior to the Merger, the holders of Legacy Korro’s common stock were subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock. Holders of common stock are entitled to one vote per share. In addition, holders of common stock are entitled to receive dividends, if and when declared by the Company’s Board of Directors. As of March 31, 2024, no dividends had been declared. As of March 31, 2024 and December 31, 2023, the Company had reserved for future issuance the following number of shares of common stock: March 31, December 31, Exercises of outstanding stock options 1,273,719 1,323,151 Exercise of outstanding warrant 8,049 8,049 Future issuances under 2023 Stock Incentive Plan 700,005 255,694 Future issuances under 2023 ESPP Plan 168,667 88,502 Total reserved for future issuance 2,150,440 1,675,396 |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2024 | |
Class of Stock Disclosures [Abstract] | |
Preferred Stock | 8. Preferred Stock As of March 31, 2024, the Company was authorized to issue up to 10,000,000 shares of preferred stock at a par value of $ 0.001 with no preferred stock shares issued or outstanding. Pursuant to the terms of the Merger Agreement, immediately prior to closing of the Merger, each share of Legacy Korro's Preferred Stock issued and outstanding immediately prior to the Closing of the Merger was converted into shares of Legacy Korro’s common stock, and then exchanged in the Merger for shares of the Company's common stock using an exchange ratio of 0.049688 . The conversion was approved by greater than 66 % of the then-outstanding shares of Preferred Stock, voting as a single class on an as-converted to common stock basis. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation The Company grants stock-based awards under its 2023 Stock Option and Incentive Plan (the "2023 Plan"), which was approved by the Company’s stockholders in November 2023 and became effective in November 2023 in connection with completion of the Merger. The Company also has outstanding stock option awards under the "Legacy Korro 2019 Plan", the Frequency 2014 Stock Incentive Plan (the "2014 Plan"), the 2019 Incentive Award Plan (the "Frequency 2019 Plan"), but is no longer granting awards under these plans. The Company also has the option to grant awards under the 2023 Employee Stock Purchase Plan (the "2023 ESPP"), which was approved by the Company’s stockholders in November 2023 and became effective in November 2023 in connection with completion of the Merger. Stock-based Compensation Expense Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 278 $ 90 General and administrative 587 259 Total stock-based compensation expense $ 865 $ 349 Restricted Common Stock Activity Prior to the adoption of the Legacy Korro 2019 Plan, Legacy Korro issued shares of restricted common stock to its founders as well as to certain employees. The restrictions on the common stock generally lapse over two to four years. In the event that a recipient ceases to provide service to Legacy Korro, Legacy Korro has the right to repurchase any unvested shares of restricted common stock at their original purchase price. As a result of this repurchase right, Legacy Korro recorded the issuance of such restricted common stock as a liability in the consolidated balance sheets. Amounts are reclassified to common stock at par and additional paid-in capital as the restricted common stock vests and restrictions lapse. As of December 31, 2023, all such restricted common stock was fully vested. The aggregate fair value of Legacy Korro restricted common stock that vested during the three months ended March 31, 2024 and 2023, based upon the fair value of the underlying restricted common stock on the day of vesting, was $ 0 million and less than $ 0.1 million, respectively. Stock Option Activity The fair value of stock options granted during the three months ended March 31, 2024 and 2023 was calculated on the date of grant using the following weighted-average assumptions: Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.1 % 3.7 % Expected dividend yield — % — % Expected term (in years) 6.0 6.0 Expected volatility 74.1 % 69.7 % Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three months ended March 31, 2024 and 2023 was $ 21.43 and $ 23.49 per share, respectively. The following table summarizes changes in stock option activity during the three months ended March 31, 2024 (in thousands, except per share amounts): Options Weighted- Weighted- Aggregate Outstanding at December 31, 2023 1,323,151 $ 23.49 8.4 $ 36,310 Granted 24,926 $ 46.65 Exercised ( 5,947 ) $ 23.38 Forfeited ( 32,174 ) $ 18.09 Cancelled ( 36,237 ) $ 117.15 Outstanding as of March 31, 2024 1,273,719 $ 21.42 8.5 $ 85,695 Exercisable at March 31, 2024 434,915 $ 27.76 7.0 $ 25,584 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023 was $ 0.1 million and $ 0 million, respectively. As of March 31, 2024, there was unrecognized stock-based compensation expense related to unvested stock options of $ 9.6 million, which the Company expects to recognize over a weighted-average period of approximately 3.0 years. |
Genevant Agreement
Genevant Agreement | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Genevant Agreement | 10. Genevant Agreement In March 2023, Legacy Korro entered into a collaboration and license agreement (the “Genevant Agreement”) with Genevant Sciences GmbH (“Genevant”). Key financial terms under the Genevant Agreement are as follows: • The Company made a $ 2.5 million payment to Genevant in March 2023 upon execution of the Genevant Agreement and recorded the payment within research and development expense in the consolidated statement of operations for the year ended December 31, 2023. • The Company will reimburse Genevant for certain out-of-pocket and full-time equivalent costs incurred as a result of research and development activities performed under the Genevant Agreement. • Genevant is entitled to receive payments from the Company upon the achievement of certain milestones, including potential clinical milestone payments of up to $ 13.5 million, potential regulatory and development milestone payments of up to $ 27.0 million, and potential commercial milestone payments up to an aggregate total of $ 57.0 million. • Genevant is eligible to receive royalties at percentage rates in the mid-single-digits, based on future annual net sales of licensed products within the scope of the Genevant Agreement. As of March 31, 2024, no milestones have been achieved and the Company has recorded payments to Genevant of $ 0.9 million and $ 2.5 million within research and development expense in the consolidated statement of operations during the three months ended March 31, 2024 and 2023, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Leases The Company is party to an operating lease at One Kendall Square, Cambridge, Massachusetts and occupies 22,561 square feet of laboratory and office space (the “OKS Facility”). On October 20, 2023 , the Company entered into an amendment to the Lease Agreement that extended the lease expiration date from December 31, 2023 to September 30, 2024 and provided the Company with no option to further extend the lease expiration date. The Company is also party to an operating sublease agreement at Cummings Park in Woburn, Massachusetts and occupies 18,148 square feet of laboratory and office space (the “Cummings Park Sublease”), which expires on July 31, 2024 . The Company is party to an operating lease for 50,453 square feet of office and laboratory space at 60 First Street, Cambridge, Massachusetts (the “60 First Street Lease”). In May 2023, the Company obtained control over the space and the Company recognized the operating lease right-of-use asset and the operating lease liability of $ 26.8 million on the commencement date of the lease. The total rental payments over the 11 year lease are expected to be $ 62.1 million, including rent credits and other lease incentives per the terms of the lease. Specifically, the 60 First Street Lease provides the Company with a tenant improvement allowance of $ 13.1 million. The Company utilized $ 4.8 million of the $ 13.1 million tenant improvement allowance as of March 31, 2024. The lease has remaining term of approximately 10 years. The Company has an option to extend the lease for an additional period of five years with the rent during the option period being the then fair market rent. Future minimum lease payments for all three leases, net of $ 8.3 million expected to be received and intended to be used related to the remaining tenant improvement allowance and rent credits associated with the 60 First Street Lease, as of March 31, 2024 were as follows (in thousands): As of 2024 ( 5,464 ) 2025 6,247 2026 7,341 2027 7,557 Thereafter 52,498 Total Future Minimum Leases Payments 68,179 Less: Interest ( 32,263 ) Present Value of Operating Lease Liabilities 35,916 As of March 31, 2024, the weighted average remaining lease term was 9.9 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 11.2 %. The Company combines the lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, such as utilities and maintenance costs, are not included in the measurement of right-of-use assets and lease liabilities, but rather are expensed when the event determining the amount of variable consideration to be paid occurs. The following table summarizes the effect of lease costs in the Company’s consolidated statement of operations and comprehensive loss of its operating leases (in thousands): Three Months Ended March 31, 2024 2023 Operating lease costs $ 2,150 $ 481 Variable Lease Costs 359 258 Short-term Lease Costs 409 181 Total Lease Costs $ 2,918 $ 920 Legal Contingencies The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that the Company can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company’s accrued liabilities would be recorded in the period in which such determination is made. In addition, in accordance with the relevant authoritative guidance, for any matters in which the likelihood of material loss is at least reasonably possible, the Company will provide disclosure of the possible loss or range of loss. If a reasonable estimate cannot be made, however, the Company will provide disclosure to that effect. The Company expenses legal costs as they are incurred. On June 3, 2021 and June 22, 2021, purported stockholders of the Company filed putative class action lawsuits in the U.S. District Court for the District of Massachusetts against the Frequency and the Frequency’s Chief Executive Officer, President, and Director, David Lucchino. On March 21, 2022, the two lawsuits were consolidated into a single lawsuit, Quinones et al. v. Frequency Therapeutics, Inc. et al. and on May 16, 2022, the Company’s Chief Development Officer, Dr. Carl Le Bel, was added as a defendant. The plaintiffs alleged violations of Sections 10(b), 20(a) and Rule 10b5 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), due to allegedly false and misleading statements and omissions about the Company’s Phase 2a clinical trial (FX-322-202) for its product candidate FX-322 in the Company’s public disclosures between October 29, 2020 and March 22,2021. The lawsuit sought, among other things, damages in connection with the Company’s allegedly artificially inflated stock price between October 29,2020 and March 22, 2021 as a result of those allegedly false and misleading statements and omissions, as well as interest, attorneys’ fees and costs. The Company filed a motion to dismiss the Amended Complaint on July 15, 2022. On March 29, 2023, the Company’s motion to dismiss was granted and the lawsuit was dismissed in its entirety. On April 27, 2023, Plaintiff filed a notice of appeal to the United States Court of Appeals for the First Circuit from the order dismissing the lawsuit. On August 2, 2023, Plaintiff-Appellant submitted its opening brief to the First Circuit. The Company filed its opposition brief on October 27, 2023, and Plaintiff-Appellant filed its reply brief on December 14, 2023 . The First Circuit heard oral argument on January 8, 2024, and has not yet issued a decision on plaintiff’s appeal. This matter is at the very early stages of the legal process, and as a result, the Company is not able to estimate a range of possible loss. Because an estimate of the possible loss or range of loss cannot be made at this time, no accruals have been recorded as of March 31, 2024. Indemnifications The Company indemnifies each of its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with the Company’s amended and restated certificate of incorporation and bylaws. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable the Company to recover a portion of any future amounts paid. The Company believes that the fair value of these potential indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. |
401(k) Savings Plan
401(k) Savings Plan | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
401(k) Savings Plan | 12. 401(k) Savings Plan The Company has a defined-contribution savings plan under Section 401(k) of the IRC (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation, subject to statutory limitations. Beginning on April 1, 2022, the Company matches 100 % of an employee’s 401(k) contributions up to a maximum of 3 % of the participant’s salary, subject to employer match limitations under the IRC. As such, the Company made $ 0.2 million and $ 0.2 million of matching contributions to the 401(k) Plan during the three months ended March 31, 2024 and March 31, 2023, respectively. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 13. Net Loss per Share The following common stock equivalents have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive: Three Months Ended March 31, 2024 2023 Legacy Korro Series Seed Preferred Stock — 684,739 Legacy Korro Series A Preferred Stock — 2,029,666 Legacy Korro Series B-1 Preferred Stock — 1,104,178 Legacy Korro Series B-2 Preferred Stock — 1,036,656 Unvested Legacy Korro restricted common stock — 1,465 Outstanding options to purchase common stock 1,273,719 552,600 Outstanding Legacy Korro warrant 8,049 8,049 Total 1,281,768 5,417,353 Basic and diluted loss per share is computed by dividing net loss by the weighted-average common shares outstanding. The following table sets forth the computation of the Company's basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 19,557 ) $ ( 19,605 ) Denominator: Weighted-average number of shares outstanding, basic and diluted 8,019,626 271,522 Net loss per share, basic and diluted $ ( 2.44 ) $ ( 72.20 ) |
Subsquent Events
Subsquent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsquent Events | 14. Subsequent Events On April 17, 2024, the Company entered into a subscription agreement with certain new and existing accredited investors to issue and sell an aggregate of 1,249,283 shares of its common stock in a private placement ("PIPE") that resulted in gross proceeds of approximately $ 70.0 million, before deducting placement agent fees and estimated offering expenses. The PIPE closed on April 22, 2024. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These consolidated financial statements have been prepared on the going concern basis of accounting, which assumes continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements include the accounts of Korro Bio, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation |
Unaudited Interim Condensed Consolidated Financial Information | Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited. The financial data and other information contained in the notes hereto as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2023 was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include any normal recurring adjustments necessary for the fair presentation of the Company's financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31,2023, and the notes thereto, included in the Company's 2023 Form 10-K. The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the year ended December 31, 2024, or any other interim periods, or any future year or period. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in preparation of the condensed consolidated financial statements are described in the Company's audited consolidated financial statements as of the year end December 31, 2023, and the notes thereto, which are included in the 2023 Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the 2023 Form 10-K. |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision maker, the Company’s chief executive officer, views the Company’s operations and manages its business as a single operating segment. The Company operates only in the United States. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to the fair value of the common stock prior to the effective date of the Merger; the fair value of the contingent value rights ("CVR") liability and the incremental borrowing rate for determining lease liabilities and right-of-use assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions. |
Recent Accounting Pronouncements - Yet to be Adopted | Recent Accounting Pronouncements—Yet to be Adopted Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. In November 2023, the ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures , which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all public entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating this standard to determine if adoption will have a material impact on the Company's consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 were as follows (in thousands): Total Quoted Prices Significant Significant Financial assets: Money market funds, included in cash and cash equivalents $ 135,062 $ 135,062 $ — $ — MS APA asset $ 1,449 $ — $ — $ 1,449 Total financial assets $ 136,511 $ 135,062 $ — $ 1,449 Financial liabilites: CVR liability $ 1,449 $ — $ — $ 1,449 Total financial liabilities $ 1,449 $ — $ — $ 1,449 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows (in thousands): Total Quoted Prices Significant Significant Financial assets: Money market funds, included in cash and cash equivalents $ 158,706 $ 158,706 $ — $ — MS APA asset $ 1,448 $ — $ — $ 1,448 Total financial assets $ 160,154 $ 158,706 $ — $ 1,448 Financial liabilites: CVR liability $ 1,448 $ — $ — $ 1,448 Total financial liabilities $ 1,448 $ — $ — $ 1,448 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash as of March 31, 2024 and December 31, 2023 that sums to the total of the same amounts shown in the consolidated statements of cash flows (in thousands): March 31, December 31, Cash and cash equivalents $ 138,804 $ 166,150 Restricted cash 6,952 6,969 Cash, cash equivalents and restricted cash $ 145,756 $ 173,119 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net, as of March 31, 2024 and December 31, 2023 was comprised as follows (in thousands): Estimated Useful Life (in Years) March 31, December 31, Laboratory equipment 5 $ 11,586 $ 11,187 Furniture and office equipment 4 481 481 Computer equipment 3 241 241 Leasehold improvements Shorter of useful life or remaining lease term 3,356 3,356 Construction in progress 13,412 8,242 Total property and equipment, gross 29,076 23,507 Less: accumulated depreciation ( 8,567 ) ( 7,842 ) Total property and equipment, net $ 20,509 $ 15,665 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of March 31, 2024 and December 31, 2023 were comprised as follows (in thousands): March 31, December 31, Employee compensation and benefits $ 2,675 $ 7,896 External research and development services 1,577 1,255 Other operating expenses 140 447 CVR liability, current 556 395 Professional fees 213 219 Total accrued expenses and other current liabilities $ 5,161 $ 10,212 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Number of Shares Reserved for Future Issuance | As of March 31, 2024 and December 31, 2023, the Company had reserved for future issuance the following number of shares of common stock: March 31, December 31, Exercises of outstanding stock options 1,273,719 1,323,151 Exercise of outstanding warrant 8,049 8,049 Future issuances under 2023 Stock Incentive Plan 700,005 255,694 Future issuances under 2023 ESPP Plan 168,667 88,502 Total reserved for future issuance 2,150,440 1,675,396 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-based Compensation Expense | Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 278 $ 90 General and administrative 587 259 Total stock-based compensation expense $ 865 $ 349 |
Summary of Stock Option Weighted-Average Assumptions | The fair value of stock options granted during the three months ended March 31, 2024 and 2023 was calculated on the date of grant using the following weighted-average assumptions: Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.1 % 3.7 % Expected dividend yield — % — % Expected term (in years) 6.0 6.0 Expected volatility 74.1 % 69.7 % |
Summary of Stock Option Activity | The following table summarizes changes in stock option activity during the three months ended March 31, 2024 (in thousands, except per share amounts): Options Weighted- Weighted- Aggregate Outstanding at December 31, 2023 1,323,151 $ 23.49 8.4 $ 36,310 Granted 24,926 $ 46.65 Exercised ( 5,947 ) $ 23.38 Forfeited ( 32,174 ) $ 18.09 Cancelled ( 36,237 ) $ 117.15 Outstanding as of March 31, 2024 1,273,719 $ 21.42 8.5 $ 85,695 Exercisable at March 31, 2024 434,915 $ 27.76 7.0 $ 25,584 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments | Future minimum lease payments for all three leases, net of $ 8.3 million expected to be received and intended to be used related to the remaining tenant improvement allowance and rent credits associated with the 60 First Street Lease, as of March 31, 2024 were as follows (in thousands): As of 2024 ( 5,464 ) 2025 6,247 2026 7,341 2027 7,557 Thereafter 52,498 Total Future Minimum Leases Payments 68,179 Less: Interest ( 32,263 ) Present Value of Operating Lease Liabilities 35,916 |
Schedule of Lease Costs | The following table summarizes the effect of lease costs in the Company’s consolidated statement of operations and comprehensive loss of its operating leases (in thousands): Three Months Ended March 31, 2024 2023 Operating lease costs $ 2,150 $ 481 Variable Lease Costs 359 258 Short-term Lease Costs 409 181 Total Lease Costs $ 2,918 $ 920 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Diluted Net Loss per Share | The following common stock equivalents have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive: Three Months Ended March 31, 2024 2023 Legacy Korro Series Seed Preferred Stock — 684,739 Legacy Korro Series A Preferred Stock — 2,029,666 Legacy Korro Series B-1 Preferred Stock — 1,104,178 Legacy Korro Series B-2 Preferred Stock — 1,036,656 Unvested Legacy Korro restricted common stock — 1,465 Outstanding options to purchase common stock 1,273,719 552,600 Outstanding Legacy Korro warrant 8,049 8,049 Total 1,281,768 5,417,353 |
Schedule of Basic and Diluted Net Loss per Share | Basic and diluted loss per share is computed by dividing net loss by the weighted-average common shares outstanding. The following table sets forth the computation of the Company's basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 19,557 ) $ ( 19,605 ) Denominator: Weighted-average number of shares outstanding, basic and diluted 8,019,626 271,522 Net loss per share, basic and diluted $ ( 2.44 ) $ ( 72.20 ) |
The Company and Liquidity (Addi
The Company and Liquidity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Nov. 03, 2023 | |
Date of incorporation | Nov. 30, 2014 | ||
Common stock, shares issued | 8,022,463 | 8,016,516 | |
Exchange Ratio | 4.9688% | ||
Cash and cash equivalents | $ 138,804 | $ 166,150 | |
Accumulated deficit | 202,562 | $ 183,005 | |
MS APA Asset [Member] | |||
Initial Consideration Amount | 500 | ||
MS APA Asset [Member] | Minimum [Member] | |||
Future Milestone Payments | 700 | ||
MS APA Asset [Member] | Maximum [Member] | |||
Future Milestone Payments | $ 17,500 | ||
Common Stock [Member] | Legacy Korro [Member] | |||
Ownership | 91% | ||
Common Stock [Member] | Legacy Korro [Member] | Accredited Investors [Member] | |||
Common stock, shares issued | 42,176,255 | ||
Common Stock, Value, Subscriptions | $ 117,300 | ||
Sale of Stock, Price Per Share | $ 2.78 | ||
Common Stock [Member] | Frequency [Member] | |||
Common stock, shares issued | 8,623,645 | 7,848,776 | |
Ownership | 9% | ||
Preferred Stock [Member] | |||
Exchange Ratio | 4.9688% | ||
Preferred Stock [Member] | Legacy Korro [Member] | |||
Exchange Ratio | 4.9688% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Financial Statement Affected by Adoption of ASC (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 25,947 | $ 27,150 |
Operating lease liabilities, current portion | $ 1,235 | $ 1,991 |
Reverse Merger (Additional Info
Reverse Merger (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] | ||
Cash and cash equivalents | $ 138,804 | $ 166,150 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 136,511 | $ 160,154 |
Total financial liabilities | 1,449 | 1,448 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 135,062 | 158,706 |
Total financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Total financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,449 | 1,448 |
Total financial liabilities | 1,449 | 1,448 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 135,062 | 158,706 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 135,062 | 158,706 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
MS APA Asset [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,449 | 1,448 |
MS APA Asset [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
MS APA Asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
MS APA Asset [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,449 | 1,448 |
CVR liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial liabilities | 1,449 | 1,448 |
CVR liability | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial liabilities | 0 | 0 |
CVR liability | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial liabilities | 0 | 0 |
CVR liability | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial liabilities | $ 1,449 | $ 1,448 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Tranfer of assets among fair value hierarchy levels | $ 0 | $ 0 |
Prepaid Expense and Other Assets, Current | 3,305 | 3,015 |
Other non-current liabilities | $ 893 | 1,053 |
MS APA Asset [Member] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | |
Derivative Liability | $ 1,400 | 1,400 |
Other current liabilities | 600 | 400 |
Initial Consideration Amount | $ 500 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | |
Derivative Asset | $ 1,400 | 1,400 |
Other Assets, Current | 800 | 1,000 |
Prepaid Expense and Other Assets, Current | 600 | 400 |
Other non-current liabilities | 800 | 1,000 |
Maximum [Member] | MS APA Asset [Member] | ||
Future Milestone Payments | 17,500 | |
Minimum [Member] | MS APA Asset [Member] | ||
Future Milestone Payments | 700 | |
Fair Value, Inputs, Level 3 [Member] | MS APA Asset [Member] | ||
Change in fair value of CVR liability | $ 0 | $ 100 |
Restricted Cash - Schedule of R
Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 138,804 | $ 166,150 |
Restricted cash | 6,952 | 6,969 |
Cash, cash equivalents and restricted cash | $ 145,756 | $ 173,119 |
Restricted Cash (Additional Inf
Restricted Cash (Additional Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Restricted Cash, Current | $ 3,546 | $ 3,563 |
Restricted Cash, Noncurrent | $ 3,400 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 29,076 | $ 23,507 |
Less: accumulated depreciation | (8,567) | (7,842) |
Total property and equipment, net | $ 20,509 | $ 15,665 |
Property, Plant and Equipment, Dispositions | Shorter of useful life or remaining lease term | Shorter of useful life or remaining lease term |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 11,586 | $ 11,187 |
Estimated Useful Life (in Years) | 5 years | 5 years |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 481 | $ 481 |
Estimated Useful Life (in Years) | 4 years | 4 years |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 241 | $ 241 |
Estimated Useful Life (in Years) | 3 years | 3 years |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 3,356 | $ 3,356 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 13,412 | $ 8,242 |
Property and Equipment, Net (Ad
Property and Equipment, Net (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 726 | $ 809 | |
Construction in progress | $ 13,400 | $ 8,200 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 2,675 | $ 7,896 |
External research and development services | 1,577 | 1,255 |
Other operating expenses | 140 | 447 |
CVR liability, current | 556 | 395 |
Professional fees | 213 | 219 |
Total accrued expenses and other current liabilities | $ 5,161 | $ 10,212 |
Common Stock - Schedule of Numb
Common Stock - Schedule of Number of Shares Reserved for Future Issuance (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, shares outstanding | 0 | 0 |
Future issuance of share | 8,022,463 | 8,016,516 |
Total reserved for future issuance | 2,150,440 | 1,675,396 |
Exercises of outstanding Shares | 8,022,463 | 8,016,516 |
2023 Stock Incentive Plan | ||
Future issuance of share | 700,005 | 255,694 |
Employee Stock Purchase Plan | ||
Future issuance of share | 168,667 | 88,502 |
Outstanding Warrant [Member] | ||
Exercises of outstanding Shares | 8,049 | 8,049 |
Stock Options | ||
Exercises of outstanding Shares | 1,273,719 | 1,323,151 |
Common Stock (Additional Inform
Common Stock (Additional Information) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Korros [Member] | ||
Dividends Declared | $ 0 | |
Korros [Member] | Common Stock [Member] | ||
Common stock, shares authorized | 200,000,000 | |
Common stock, par value | $ 0.001 |
Preferred Stock (Additional Inf
Preferred Stock (Additional Information) (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Nov. 03, 2023 |
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 0 | 0 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Preferred Stock, Convertible, Conversion Ratio | 4.9688% | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Percentage of outstanding shares of Preferred Stock | 66% | ||
Preferred Stock, Convertible, Conversion Ratio | 4.9688% | ||
Legacy Korro [Member] | Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Convertible, Conversion Ratio | 4.9688% |
Stock-based Compensation (Addit
Stock-based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common stock, reserved for future issuance | 2,150,440 | 1,675,396 | |
Number of Outstanding Option | 1,273,719 | 1,323,151 | |
Weighted-average grant date fair value of stock options granted | $ 21.43 | $ 23.49 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 0 | |
Total unrecognized stock-based compensation expense relating to unvested stock options | $ 9.6 | ||
Unrecognized unvested stock options, weighted-average period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Fair value of restricted common stock | $ 0 | $ 0.1 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation | $ 865 | $ 349 |
Research and Development Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation | 278 | 90 |
General and Administrative Expense [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation | $ 587 | $ 259 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Option Weighted-Average Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 4.10% | 3.70% |
Expected dividend yield | 0% | 0% |
Expected term (in years) | 6 years | 6 years |
Expected volatility | 74.10% | 69.70% |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares Options , Beginning balance | 1,323,151 | |
Number of shares Options , Granted | 24,926 | |
Number of shares Options, Exercised | (5,947) | |
Number of shares Options, Forfeited | (32,174) | |
Number of shares Options, Cancelled | (36,237) | |
Number of shares Options, Ending balance | 1,273,719 | 1,323,151 |
Exercisable at March 31, 2024 | 434,915 | |
Weighted average exercise price, Beginning balance | $ 23.49 | |
Weighted average exercise price, Granted | 46.65 | |
Weighted average exercise price, Exercised | 23.38 | |
Weighted average exercise price, Forfeited | 18.09 | |
Weighted- Average Exercise Price Cancelled | 117.15 | |
Weighted average exercise price, Ending balance | 21.42 | $ 23.49 |
Weighted average exercise price, Options Exercisable at March 31, 2024 | $ 27.76 | |
Weighted average remaining contractual term (in years), Outstanding | 8 years 6 months | 8 years 4 months 24 days |
Weighted average remaining contractual term (in years), Options exercisable as of March 31, 2024 | 7 years | |
Aggregate intrinsic value, Outstanding as of December 31, 2023 | $ 36,310 | |
Aggregate intrinsic value, Outstanding as of March 31, 2024 | 85,695 | $ 36,310 |
Aggregate intrinsic value, Options exercisable as of Exercisable at March 31, 2024 | $ 25,584 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Deferred taxes: | ||
Total provision for income taxes | $ 17 | $ 0 |
Genevant Agreement (Additional
Genevant Agreement (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Research and Development Expense, Total | $ 13,572 | $ 14,694 | |
Reimbursements with in Research and Development Expense | 900 | $ 2,500 | |
Genevant Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Research and Development Expense, Total | $ 2,500 | ||
Revenue recognized commercialization milestone payments to receive | 57,000 | ||
Genevant Agreement [Member] | Maximum [Member] | Phase 3 Clinical Trial | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Milestone payment | 13,500 | ||
Genevant Agreement [Member] | Maximum [Member] | Phase2b Clinical Trial | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Milestone payment | $ 27,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Lessee, Lease, Description [Line Items] | |
2024 | $ (5,464) |
2025 | 6,247 |
2026 | 7,341 |
2027 | 7,557 |
Thereafter | 52,498 |
Total Future Minimum Leases Payments | 68,179 |
Less: Interest | (32,263) |
Present Value of Operating Lease Liabilities | $ 35,916 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease costs | $ 2,150 | $ 481 |
Variable Lease Costs | 359 | 258 |
Short-term Lease Costs | 409 | 181 |
Total Lease Costs | $ 2,918 | $ 920 |
Commitments and Contingencies_3
Commitments and Contingencies (Additional Information) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) ft² | Dec. 31, 2023 USD ($) | May 31, 2023 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 25,947 | $ 27,150 | |
Operating lease liability | 35,916 | ||
Lease rental payments | $ 68,179 | ||
Weighted average remaining lease term | 9 years 10 months 24 days | ||
Weighted average remaining lease discount rate | 11.20% | ||
Loss contingency accrual | $ 0 | ||
OKS Facility [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease area of land | ft² | 22,561 | ||
Lease expiration date | Oct. 20, 2023 | ||
Cummings Park Sublease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease area of land | ft² | 18,148 | ||
Lease expiration date | Jul. 31, 2024 | ||
60 First Street Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease remaining terms | 10 years | ||
Lease area of land | ft² | 50,453 | ||
Operating lease liability | $ 26,800 | ||
Lease rental payments | 62,100 | ||
Lessee, Operating Lease, Remaining Lease Term | 10 years | ||
Tenant improvement allowance | $ 13,100 | $ 13,100 | |
Tenant improvement allowance utilized | 4,800 | ||
Future minimum lease payments receivable | $ 8,300 |
401(k) Savings Plan (Additional
401(k) Savings Plan (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 01, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Contribution Plan [Table] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3% | ||
Defined Contribution Plan, Cost | $ 0.2 | $ 0.2 | |
Maximum [Member] | |||
Defined Contribution Plan [Table] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - Legacy Korro [Member] - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive securities excluded from computation of earnings per share | 1,281,768 | 5,417,353 |
Outstanding Warrant [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 8,049 | 8,049 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 1,465 |
Outstanding Stock Options [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 1,273,719 | 552,600 |
Series Seed Preferred Stock [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 684,739 |
Series A Convertible Preferred Stock [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 2,029,666 |
Series B-1 Preferred Stock [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 1,104,178 |
Series B-2 Preferred Stock [Member] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 1,036,656 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Basic And Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net loss | $ (19,557) | $ (19,605) |
Denominator: | ||
Weighted-average shares used in computing net loss per share, basic | 8,019,626 | 271,522 |
Weighted-average shares used in computing net loss per share, diluted | 8,019,626 | 271,522 |
Net loss per share, basic | $ (2.44) | $ (72.2) |
Net loss per share, diluted | $ (2.44) | $ (72.2) |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions | Apr. 17, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Subsequent Event [Line Items] | |||
Common Stock, Shares, Issued | 8,022,463 | 8,016,516 | |
Subscription agreement [Member] | Private Placement [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Issuance of Private Placement | $ 70 | ||
Common Stock, Shares, Issued | 1,249,283 |