Frequency Therapeutics discontinues hearing programs, cuts 55% staff after Phase 2b miss, shifts to MS remyelination

Korro Bio, Inc.

FX-322-208 Phase 2b for hearing loss failed primary endpoint; company ends both FX-322 and FX-345 programs.
New focus on MS remyelination program; targets clinical development initiation in first half of 2024.
Restructuring reduces workforce by ~55%, completed by end of April 2023; cash runway extended into 2025.
Q4 2022 net loss $17.4M; full year net loss $81.6M; cash, equivalents & marketable securities $83.1M at Dec 31, 2022.
CEO David Lucchino returned from medical leave on March 1, 2023 and resumed all prior duties.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Korro Bio, Inc. reported Fourth Quarter and Full Year 2022 results: net income Net loss was $17.4 million for the three months ended December 31, 2022, as compared to $21.5 million for the comparable.

Period: Fourth Quarter and Full Year 2022
Net income: Net loss was $17.4 million for the three months ended December 31, 2022, as compared to $21.5 million for the comparable
Result: reported results

Exact text from the filing

Net loss was $17.4 million for the three months ended December 31, 2022, as compared to $21.5 million for the comparable period of 2021. Net loss was $81.6 million for the full year ended December 31, 2022, as compared to $84.7 million for the comparable period of 2021.

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Korro Bio, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-007138

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