Korro Bio raises $85 million in oversubscribed private placement

Korro Bio Inc. (NASDAQ: KRRO) announced it has entered into a subscription agreement for a private investment in public equity financing expected to generate gross proceeds of approximately $85 million before fees and expenses. The transaction is scheduled to close on March 10, 2026, subject to customary closing conditions.

Venrock Healthcare Capital Partners led the financing, with participation from new and existing investors including ADAR1 Capital Management, Affinity Asset Advisors, Balyasny Asset Management, Driehaus Capital Management, Kalehua Capital, Lynx1 Capital Management, Nantahala Capital, and New Enterprise Associates.

Under the subscription agreement terms, Korro is selling 4,501,928 shares of common stock at $11.11 per share and pre-funded warrants to purchase 3,148,836 shares at $11.109 per warrant. The pre-funded warrants carry an exercise price of $0.001 per share.

The Cambridge, Massachusetts-based biopharmaceutical company reported unaudited cash, cash equivalents and marketable securities of $85.2 million as of December 31, 2025. Combined with the new financing proceeds, Korro expects to extend its cash runway into the second half of 2028.

The company plans to use the funds to advance clinical development milestones for pipeline assets including KRRO-121 for hyperammonemia in patients with urea cycle disorders and its GalNAc-conjugated oligonucleotide program for alpha-1 antitrypsin deficiency, subject to regulatory filings. The financing will also support advancement of Korro's longevity and liver health program targeting the AMPKγ1 pathway.

Citigroup, Cantor, Oppenheimer & Co., and William Blair are serving as placement agents for the transaction. The securities are being sold in a private placement not involving a public offering and have not been registered under the Securities Act of 1933.

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