Detailed financial statements for Korro Bio, Inc. (KRRO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Korro Bio, Inc., a biopharmaceutical firm based in Cambridge, Massachusetts, is dedicated to exploring, advancing, and bringing to market genetic therapeutics. These treatments are formulated through RNA editing technology, aiming to address a wide array of medical conditions, encompassing both uncommon and widespread diseases.
Analysis Summary
Korro Bio, Inc. reported revenue of $6.4M in the most recent fiscal year, growing at a 5-year CAGR of -29.6%.
Trailing-twelve-month margins: gross margin 72.8%, operating margin -31.8%, net margin -44.8%.
At the current price of $13.83, KRRO has negative trailing earnings (P/E not meaningful) and an ROE of -114.26%. Market capitalisation stands at $138M.
Balance sheet quality for KRRO: current ratio of 6.9, net cash position of $31.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $28.9M | $37.0M | 0 | 0 | 0 | $2.3M | $6.4M |
| Cost of Revenue | $531000 | $654000 | $16.8M | $1.6M | 0 | 0 | 0 | 0 | $4.3M |
| Gross Profit | -$531000 | -$654000 | $12.1M | $35.4M | 0 | 0 | 0 | $2.3M | $2.1M |
| Research & Development | $11.8M | $11.6M | $18.3M | $36.7M | $23.8M | $42.2M | $57.2M | $63.6M | $65.6M |
| Selling, General & Admin | $4.0M | $6.7M | $14.5M | $26.3M | $11.7M | $16.8M | $36.5M | $30.5M | $28.2M |
| Operating Expenses | $15.8M | $18.3M | $32.8M | $63.0M | $35.5M | $59.0M | $84.5M | $94.2M | $89.5M |
| Operating Income | -$16.3M | -$18.9M | -$20.7M | -$27.6M | -$35.5M | -$59.0M | -$84.5M | -$91.9M | -$87.3M |
| EBITDA | -$19.5M | -$18.4M | -$17.9M | -$24.9M | -$33.9M | -$56.5M | -$80.9M | -$88.3M | -$83.1M |
| Interest Expense | $174000 | $106000 | 0 | 0 | 0 | $118000 | 0 | 0 | 0 |
| Pre-tax Income | -$20.2M | -$19.2M | -$18.7M | -$26.5M | -$22.0M | -$58.0M | -$81.1M | -$83.4M | -$116.6M |
| Income Tax | 0 | 0 | 0 | $35000 | $2000 | $10000 | $27000 | $141000 | $637000 |
| Net Income | -$20.2M | -$19.2M | -$18.7M | -$26.5M | -$22.0M | -$58.0M | -$81.2M | -$83.6M | -$117.3M |
| EPS | $-32.27 | $-30.57 | $-30.39 | $-41.10 | $-4.94 | $-227.58 | $-53.09 | $-9.37 | $-12.48 |
| EPS (Diluted) | $-32.27 | $-30.57 | $-30.39 | $-41.10 | $-4.94 | $-227.42 | $-53.08 | $-9.37 | $-12.48 |
| Shares Outstanding (Diluted) | $627085 | $627085 | $616890 | $645064 | $4.4M | $255174 | $1.5M | $8.9M | $9.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.1M | $1.3M | 0 | 0 |
| Gross Profit | $1.1M | $643000 | 0 | 0 |
| Operating Income | -$19.2M | -$15.9M | -$20.4M | -$20.1M |
| EBITDA | -$16.9M | -$15.2M | -$20.1M | -$19.7M |
| Net Income | -$18.1M | -$50.0M | -$19.6M | -$18.9M |
| EPS | $-1.92 | $-5.33 | $-1.69 | $-1.07 |
| EPS (Diluted) | $-1.92 | $-5.33 | $-1.69 | $-1.07 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.9M | $42.2M | $200.2M | $220.3M | $79.6M | $36.9M | $166.2M | $55.6M | $21.8M |
| Short-term Investments | 0 | 0 | $17.2M | 0 | $51.1M | $18.9M | 0 | $70.5M | $53.3M |
| Receivables | 0 | $161000 | $805000 | $340000 | $144000 | 0 | 0 | $1.7M | $969000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $18.0M | $42.9M | $221.4M | $225.1M | $134.7M | $57.1M | $172.7M | $131.5M | $82.4M |
| Property, Plant & Equipment | $1.7M | $1.5M | $1.8M | $37.8M | $36.9M | $11.9M | $42.8M | $51.5M | $16.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $19.8M | $44.5M | $223.2M | $264.7M | $185.4M | $73.7M | $221.7M | $226.2M | $113.5M |
| Accounts Payable | $994000 | $1.9M | $1.2M | $5.5M | $2.7M | $2.6M | $7.3M | $4.0M | $1.7M |
| Short-term Debt | 0 | 0 | 0 | $397000 | $2.6M | $2.9M | 0 | 0 | 0 |
| Total Current Liabilities | $2.2M | $3.8M | $52.8M | $26.6M | $11.4M | $8.7M | $19.5M | $15.0M | $11.9M |
| Long-term Debt | $46.7M | $84.9M | 0 | $15.0M | $14.2M | $163.9M | 0 | 0 | 0 |
| Total Liabilities | $49.4M | $89.1M | $55.9M | $72.2M | $54.5M | $172.8M | $51.8M | $65.8M | $62.1M |
| Retained Earnings | -$29.9M | -$49.1M | -$68.9M | -$95.4M | -$180.1M | -$101.8M | -$183.0M | -$266.6M | -$383.8M |
| Total Equity | -$29.6M | -$48.3M | $167.4M | $192.5M | $130.8M | -$99.0M | $169.9M | $160.4M | $51.4M |
| Total Debt | $46.7M | $84.9M | 0 | $46.0M | $45.6M | $167.0M | $33.2M | $44.8M | $43.5M |
| Net Debt | $28.8M | $42.7M | -$217.4M | -$174.3M | -$85.1M | $111.1M | -$132.9M | -$81.3M | -$31.7M |
| Working Capital | $15.7M | $39.2M | $168.6M | $198.4M | $123.3M | $48.4M | $153.2M | $116.6M | $70.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $25.2M | $21.8M | $61.7M | $24.9M |
| Total Assets | $161.6M | $113.5M | $183.6M | $163.4M |
| Total Liabilities | $62.5M | $62.1M | $64.0M | $60.2M |
| Total Equity | $99.0M | $51.4M | $119.6M | $103.2M |
| Total Debt | $44.7M | $43.5M | $42.9M | $42.2M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$20.2M | -$19.2M | -$18.7M | -$10.2M | -$22.0M | -$58.0M | -$81.2M | -$83.6M | -$117.3M |
| Depreciation & Amortization | $531000 | $654000 | $813000 | $1.6M | $1.6M | $2.5M | $3.6M | $3.6M | $3.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $807000 | $1.1M | $2.4M | $4.5M | $7.7M |
| Change in Working Capital | $276000 | $819000 | $48.6M | -$30.2M | $904000 | -$633000 | $4.3M | $13.6M | -$4.4M |
| Operating Cash Flow | -$14.6M | -$17.0M | $34.2M | -$45.2M | -$32.1M | -$53.6M | -$67.3M | -$60.1M | -$78.6M |
| Capital Expenditure | -$1.9M | -$436000 | -$1.1M | -$6.7M | -$4.4M | -$5.2M | -$7.8M | -$17.9M | -$518000 |
| Acquisitions | 0 | $3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.5M | -$17.5M | $33.2M | -$51.9M | -$36.5M | -$58.9M | -$75.1M | -$78.0M | -$79.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$17.2M | -$17.7M | -$16.1M | -$17.0M |
| Capital Expenditure | -$175000 | -$84000 | -$21000 | -$37000 |
| Free Cash Flow | -$17.4M | -$17.8M | -$16.1M | -$17.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $2.1M | $2.7M | $2.7M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +27.8% | -100.0% | +181.5% | ||||||
| Net Income Growth (YoY) | +5.3% | +2.2% | -41.4% | +17.2% | -164.3% | -39.9% | -3.0% | -40.3% | |
| EPS Growth (YoY) | +5.3% | +0.6% | -35.2% | +88.0% | -4506.9% | +76.7% | +82.4% | -33.2% | |
| Shares Change (YoY) | +0.0% | -1.6% | +4.6% | +589.4% | -94.3% | +499.3% | +483.3% | +5.3% | |
| FCF Growth (YoY) | -6.0% | +289.9% | -256.4% | +29.5% | -61.1% | -27.6% | -3.8% | -1.4% | |
| Gross Margin | 41.9% | 95.7% | 100.0% | 33.0% | |||||
| Operating Margin | -71.4% | -74.5% | -4047.1% | -1366.4% | |||||
| EBITDA Margin | -62.0% | -67.3% | -3890.1% | -1299.5% | |||||
| Net Margin | -64.8% | -71.7% | -3680.4% | -1834.5% | |||||
| FCF Margin | 114.5% | -140.2% | -3433.6% | -1237.2% | |||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.1% | -0.0% | -0.0% | -0.0% | -0.2% | -0.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-26.28 | $-27.84 | $53.74 | $-80.39 | $-8.22 | $-230.65 | $-49.12 | $-8.74 | $-8.42 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $627085 | $627085 | $616890 | $645064 | $4.4M | $255000 | $1.5M | $8.9M | $9.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -114.26% |
| Return on Invested Capital | -49.21% |
| Return on Assets | -65.25% |
| Gross Margin | 72.75% |
| Operating Margin | -3176.57% |
| Net Margin | -4477.08% |
Financial Health
| Debt / Equity | 0.41 |
| Current Ratio | 9.55 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -21.23 | -22.41 | -28.84 | -42.90 | -51.92 | -0.85 | -0.93 | -4.06 | -0.64 |
| P/B | -14.49 | -8.90 | 3.23 | 5.91 | 8.72 | -0.50 | 0.44 | 2.12 | 1.46 |
| P/S | 0.00 | 0.00 | 18.68 | 30.75 | 0.00 | 0.00 | 0.00 | 149.54 | 11.77 |
| Gross Margin | 0.0% | 0.0% | 41.9% | 95.7% | 0.0% | 0.0% | 0.0% | 100.0% | 33.0% |
| Operating Margin | 0.0% | 0.0% | -71.4% | -74.5% | 0.0% | 0.0% | 0.0% | -4047.1% | -1366.4% |
| Net Margin | 0.0% | 0.0% | -64.8% | -71.7% | 0.0% | 0.0% | 0.0% | -3680.4% | -1834.5% |
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Explore sector: Healthcare · Biotechnology
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