Korro Bio Enters Material Definitive Agreement

TL;DR

Korro Bio just signed a big deal, filing an 8-K on 9/13.

AI Summary

Korro Bio, Inc. announced on September 13, 2024, that it entered into a material definitive agreement. The company, formerly known as Frequency Therapeutics, Inc. until April 12, 2017, is headquartered in Cambridge, MA.

Why It Matters

This filing indicates a significant new contract or partnership for Korro Bio, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can carry significant risks depending on the nature of the agreement, which is not detailed in this initial filing.

Key Numbers

• 001-39062 — SEC File Number (Identifies Korro Bio's filing history with the SEC.)
• 47-2324450 — IRS Employer Identification No. (Tax identification number for Korro Bio.)

Key Players & Entities

• Korro Bio, Inc. (company) — Registrant
• Frequency Therapeutics, Inc. (company) — Former company name
• September 13, 2024 (date) — Date of earliest event reported
• April 12, 2017 (date) — Date of name change
• Cambridge, MA (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share KRRO The Nasdaq Capital M
• $530.0 million — e potential to receive up to a total of $530.0 million plus tiered royalties and cost reimburs
• $10.0 million — sk agreeing to pay us an upfront fee of $10.0 million for the research program with respect t

Filing Documents

• krro-20240913.htm (8-K) — 55KB
• krro-ex99_1.htm (EX-99.1) — 20KB
• 0000950170-24-106611.txt ( ) — 236KB
• krro-20240913.xsd (EX-101.SCH) — 53KB
• krro-20240913_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On September 13, 2024, we entered into a research collaboration and license agreement with Novo Nordisk A/S, or Novo Nordisk, pursuant to which we granted Novo Nordisk an exclusive worldwide license under certain intellectual property rights to research, develop, manufacture, commercialize or otherwise exploit certain licensed compounds and licensed products for an initial target in the cardiometabolic field and for a second target (to be nominated by Novo Nordisk within a specified time period as set forth in the agreement). Under the agreement, we have the potential to receive up to a total of $530.0 million plus tiered royalties and cost reimbursement for our performance of research and development activities for two programs. Such $530.0 million consists of Novo Nordisk agreeing to pay us an upfront fee of $10.0 million for the research program with respect to the initial target, and we are eligible to receive an additional upfront fee for a second research program with respect to the second target (if nominated by Novo Nordisk), as well as milestone payments contingent on the achievement of specified research and clinical development, regulatory and commercial sale milestones for licensed products directed against each of the initial target and the second target (if applicable). In addition, Novo Nordisk agreed to pay us royalties for each potential licensed product developed under the agreement that are an escalating tiered, mid-single digit percentage of the annual net sales of such licensed product and are subject to reduction due to patent valid claim expiration, entry of biosimilar products to the market, payment made under certain licenses for third party intellectual property and Inflation Reduction Act price negotiations. Under the agreement, we are responsible for certain research and development activities with respect to licensed compounds and licensed products directed against the initial ta

Forward-Looking Statements

Forward-Looking Statements Certain statements in this current report on Form 8-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statement include, but are not limited to, express or implied statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, express or implied statements regarding our ability to advance any research programs under our agreement with Novo Nordisk; selection of the second target; receipt of the upfront payments; receipt of any milestone or royalty payments under the agreement; as well as our ability to expand the reach of genetic medicines, among others. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would," "aim," "target," "commit," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that, while considered reasonable are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including risks inherent in third-party collaborations; achieving development and commercial milestones; successfully developing any approved licensed product, including generating any royalties from commercial sales of such product; as well as risks associat

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release of Korro Bio, Inc. dated September 16, 2024 104 Cover Page Interactive Data File (Embedded within the Inline XBRL Document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KORRO BIO, INC. Date: September 16, 2024 By: /s/ Ram Aiyar Name: Ram Aiyar Title: President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR