Full Year 2023 Financial Results:
Cash Position: Cash, cash equivalents and short-term investments were $166.1 million as of December 31, 2023, compared to $55.2 million as of December 31, 2022. Korro expects that its cash, cash equivalents and short-term investments to fund operations into 2026.
Research and Development (R&D) Expenses: R&D expenses were $57.2 million for the year ended December 31, 2023, as compared to $42.2 million for the year ended December 31, 2022. The increase in R&D expenses was driven primarily by preclinical activities for the KRRO-110 AATD program and expenses related to the advancement of its pipeline and platform.
General and Administration (G&A) Expenses: G&A expenses were $27.3 million for the year ended December 31, 2023, as compared to $16.8 million for the year ended December 31, 2022. The increase is driven primarily by merger-related personnel costs, as well as additional personnel and facility costs to support growing R&D function.
Net Loss: Korro's net loss was $81.2 million for the year ended December 31, 2023, as compared to $58.0 million for the year ended December 31, 2022.