Korro Bio, Inc. Files 2023 Annual Report on Form 10-K

Ticker: KRRO · Form: 10-K · Filed: Mar 26, 2024 · CIK: 1703647

Korro Bio, Inc. 10-K Filing Summary
FieldDetail
CompanyKorro Bio, Inc. (KRRO)
Form Type10-K
Filed DateMar 26, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $1.4 billion, $343 million, $117 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Korro Bio, Financial Report, Pharmaceuticals, SEC Filing

TL;DR

<b>Korro Bio, Inc. has filed its 2023 annual report (10-K) detailing its financial status and corporate information.</b>

AI Summary

Korro Bio, Inc. (KRRO) filed a Annual Report (10-K) with the SEC on March 26, 2024. Korro Bio, Inc. filed its 2023 Form 10-K on March 26, 2024. The company was formerly known as Frequency Therapeutics, Inc. and changed its name on April 12, 2017. Korro Bio is incorporated in Delaware and operates in the Pharmaceutical Preparations industry (SIC 2834). The filing includes data related to various financial instruments and equity components as of December 31, 2023, and 2022. Key dates and financial reporting periods are detailed, including fiscal year end December 31.

Why It Matters

For investors and stakeholders tracking Korro Bio, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Korro Bio's financial health, operational structure, and strategic positioning for the fiscal year ending December 31, 2023. Investors and stakeholders can use this report to assess the company's performance, understand its risk factors, and make informed decisions regarding their investments in Korro Bio.

Risk Assessment

Risk Level: medium — Korro Bio, Inc. shows moderate risk based on this filing. The filing is a standard 10-K for a public company, which inherently carries market and operational risks, but no specific immediate financial distress or significant legal issues are highlighted in the provided metadata.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Korro Bio's current financial health and future prospects.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-03-26 — Filing Date (Date of submission)
  • 0000950170-24-036396 — Accession Number (SEC filing identifier)
  • 001-39062 — SEC File Number (Company's SEC file number)

Key Players & Entities

  • Korro Bio, Inc. (company) — Filer name
  • Frequency Therapeutics, Inc. (company) — Former company name
  • 2023-12-31 (date) — Fiscal year end
  • 2024-03-26 (date) — Filing date
  • 0000950170-24-036396 (filing_id) — Accession number
  • DE (jurisdiction) — State of incorporation
  • 2834 (industry_code) — Standard Industrial Classification
  • 617-468-1900 (phone) — Business phone number

FAQ

When did Korro Bio, Inc. file this 10-K?

Korro Bio, Inc. filed this Annual Report (10-K) with the SEC on March 26, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Korro Bio, Inc. (KRRO).

Where can I read the original 10-K filing from Korro Bio, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Korro Bio, Inc..

What are the key takeaways from Korro Bio, Inc.'s 10-K?

Korro Bio, Inc. filed this 10-K on March 26, 2024. Key takeaways: Korro Bio, Inc. filed its 2023 Form 10-K on March 26, 2024.. The company was formerly known as Frequency Therapeutics, Inc. and changed its name on April 12, 2017.. Korro Bio is incorporated in Delaware and operates in the Pharmaceutical Preparations industry (SIC 2834)..

Is Korro Bio, Inc. a risky investment based on this filing?

Based on this 10-K, Korro Bio, Inc. presents a moderate-risk profile. The filing is a standard 10-K for a public company, which inherently carries market and operational risks, but no specific immediate financial distress or significant legal issues are highlighted in the provided metadata.

What should investors do after reading Korro Bio, Inc.'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Korro Bio's current financial health and future prospects. The overall sentiment from this filing is neutral.

How does Korro Bio, Inc. compare to its industry peers?

Korro Bio, Inc. operates within the Pharmaceutical Preparations industry, focusing on the development and commercialization of therapeutics.

Are there regulatory concerns for Korro Bio, Inc.?

As a public company, Korro Bio, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

Industry Context

Korro Bio, Inc. operates within the Pharmaceutical Preparations industry, focusing on the development and commercialization of therapeutics.

Regulatory Implications

As a public company, Korro Bio, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the full 10-K document for detailed financial statements, including revenue, expenses, assets, and liabilities.
  2. Examine the 'Risk Factors' section to understand potential challenges and uncertainties facing Korro Bio.
  3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-03-26: Filing Date — Date Korro Bio, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing for Korro Bio, Inc. as a public entity, following its transition from Frequency Therapeutics, Inc.

Filing Stats: 4,429 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-03-26 16:02:40

Key Financial Figures

  • $0.001 — ch registered Common stock, par value $0.001 per share KRRO The Nasdaq Capital M
  • $1.4 billion — rapy currently represents approximately $1.4 billion in annual sales worldwide. KRRO-110 has
  • $343 million — dies. Since inception, we have raised $343 million in capital, including $117 million as p
  • $117 million — ised $343 million in capital, including $117 million as part of the pre-closing financing th

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 46 Item 1B. Unresolved Staff Comments 95 Item 1C. Cybersecurity 95 Item 2.

Properties

Properties 96 Item 3.

Legal Proceedings

Legal Proceedings 96 Item 4. Mine Safety Disclosures 97 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 98 Item 6. [Reserved] 98 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 99 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 107 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 109 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 134 Item 9A.

Controls and Procedures

Controls and Procedures 134 Item 9B. Other Information 134 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 PART III Item 10. Directors, Executive Officers and Corporate Governance 136 Item 11.

Executive Compensation

Executive Compensation 141 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 152 Item 13. Certain Relationships and Related Transactions, and Director Independence 156 Item 14. Principal Accountant Fees and Services 160 PART IV Item 15. Exhibit and Financial Statement Schedules 161 Item 16. Form 10-K Summary 162 On November 3, 2023, or the Closing Date, we consummated the previously announced business combination, or the Merger, pursuant to that certain Agreement and Plan of Merger, or the Merger Agreement, dated July 14, 2023, by and among our company (formerly known as Frequency Therapeutics, Inc., or Frequency), Frequency Merger Sub, Inc., or Merger Sub, and Korro Bio Inc., or Legacy Korro. Pursuant to the terms of the Merger Agreement, a business combination between Frequency and Legacy Korro was effected through the merger of Merger Sub with and into Legacy Korro, with Legacy Korro surviving as a wholly owned subsidiary of Frequency. On the Closing Date, Frequency changed its name to Korro Bio, Inc. Unless the context otherwise indicates, references in this Annual Report on 10-K to the "Company," "we," "our" and "us" refer, collectively, to Korro Bio, Inc., a Delaware corporation, and its consolidated subsidiaries (including Legacy Korro). We use various trademarks and trade names in our business, including without limitation our corporate name and logo. All other trademarks or trade names referred to in this Annual Report on Form 10-K are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Annual Report on Form 10-K may be referred to without the and symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes statements that are no

B usiness

Item 1. B usiness. Overview We are 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. We are generating a portfolio of differentiated programs that are designed to harness the body's natural RNA editing process to effect a precise yet transient single base edit. By editing RNA instead of DNA, we are expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. Using an oligonucleotide-based approach, we expect to bring our medicines to patients by leveraging our proprietary platform with precedented delivery modalities, manufacturing know-how, and established regulatory pathways of approved oligonucleotide drugs. However, the scientific evidence to support the feasibility of developing product candidates using our RNA editing technology is both preliminary and limited. Moreover, regulators have not yet established any definitive guidelines related to overall development considerations for RNA editing therapies and no clinical data has been generated to date. The advent of large-scale genome sequencing has progressively revealed causal genetic variation underlying several human diseases, both rare and highly prevalent. Genetic mutations, including single nucleotide variants, or SNVs, implicated in disease have been found to be diverse in nature and can affect the function of genes and their associated downstream biochemical pathways. Data correlating DNA to RNA to disease phenotype have demonstrated that SNVs lead to a loss-of-function or a gain-of-function of the gene. In addition, the majority of SNVs implicated in complex diseases are due to modulation of gene function. By editing SNVs on RNA, we believe we will be able to address unmet patient need by transiently modifying gene function.

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