KRRO

Korro Bio is a pre-commercial RNA-editing biopharma whose entire value rests on unproven pipeline assets, chiefly KRRO-121, for which management targets a regulatory application in the second half of 2026. The 'revenue' line ($6.39M FY2025, up 181.5%) is collaboration income, not product sales — it is dwarfed by a -$122M operating loss and -$1,906% operating margin, so conventional valuation (P/S of 31.6x) is meaningless. This is a clinical-outcome bet, and the numbers only frame how much runway there is to reach that bet.

The balance sheet is the disqualifier. Cash & equivalents fell 60.8% to $21.8M while operating cash burn ran -$78.6M for the year; even counting the full $82.4M of current assets (i.e. including short-term investments) against ~$79M annual burn, the company has roughly one year of runway and is structurally dependent on dilutive financing. Shares already grew 53.6% in a single year, stockholders' equity dropped 67.9% to $51.4M against a -$384M accumulated deficit, and the tiny 14.4M share count means any raise at $14 is heavily dilutive to today's holders. The 10-K's own forward-looking section flags 'cash runway,' an 'organizational streamlining and workforce reduction,' and — critically — the 'recent pause' of the Novo Nordisk collaboration, which removes a validating partner and a likely funding source at the worst possible time.