Korro Announces Oversubscribed $85 Million Private Placement

• Financing led by new investor Venrock Healthcare Capital Partners, with participation from new and existing investors
  

• Proceeds support the achievement of value inflection points for multiple RNA editing programs including reporting clinical data for:
  • KRRO-121 for hyperammonemia in patients with urea cycle disorders
  • Korro’s GalNAc-conjugated oligonucleotide intended for patients with alpha-1 antitrypsin deficiency
    

• Company expects proceeds to extend cash runway into the second half of 2028

CAMBRIDGE, Mass., March 09, 2026 (GLOBE NEWSWIRE) -- Korro Bio, Inc. (Korro) (Nasdaq: KRRO), a biopharmaceutical company developing a new class of genetic medicines based on editing RNA for rare and highly prevalent diseases, today announced it has entered into a subscription agreement for a private investment in public equity (PIPE) financing that is expected to result in gross proceeds of approximately $85 million to the Company, before placement agent fees and offering expenses. The PIPE financing is expected to close on or about Tuesday, March 10, 2026, subject to satisfaction of customary closing conditions.

The PIPE financing was led by Venrock Healthcare Capital Partners, and 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.

Pursuant to the terms of the subscription agreement, Korro is selling an aggregate of (i) 4,501,928 shares of its common stock at a purchase price of $11.11 per share and (ii) pre-funded warrants to purchase 3,148,836 shares of its common stock at a price of $11.109 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.001 per share.

The net proceeds from the PIPE financing, together with Korro’s unaudited cash, cash equivalents and marketable securities of $85.2 million as of December 31, 2025, will extend Korro’s cash runway into the second half of 2028 and advance its pipeline of potentially transformational therapies for genetic diseases being discovered by OPERA

, the Company’s novel RNA editing platform, with the remainder used for working capital and general corporate purposes. The PIPE funds clinical development milestones for key pipeline assets including clinical data for KRRO-121 and Korro’s GalNAc-conjugated alpha-1 antitrypsin deficiency (AATD) program, subject to regulatory filings. In addition, the funding enables the advancement of Korro’s longevity and liver health program targeting activation of the AMPKγ1 pathway.

Citigroup along with Cantor, Oppenheimer & Co., and William Blair are acting as placement agents for the PIPE financing.

The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the execution of the subscription agreement, Korro and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission (the SEC) registering the resale of the shares of Korro’s common stock and the shares of common stock issuable upon exercise of the pre-funded warrants, in each case sold in the PIPE financing.

About Korro

Korro is a biopharmaceutical company focused on developing a new class of genetic medicines based on editing RNA for both rare and highly prevalent diseases. Korro is generating a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process, enabling a precise yet transient single base edit. By editing RNA instead of DNA, Korro is 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, Korro expects to bring its medicines to patients by leveraging its proprietary platform with precedented delivery modalities, manufacturing know-how, and established regulatory pathways of approved oligonucleotide drugs. Korro is based in Cambridge, Massachusetts.

Forward-Looking Statements