Korro Bio, Inc. (KRRO) announced on Monday that it has entered into a subscription agreement for a private investment in public equity or PIPE financing with expected gross proceeds of approximately $85 million.
As per the terms of the subscription agreement, Korro will be selling an aggregate of 4.50 million shares at a purchase price of $11.11 per share and pre-funded warrants to purchase 3.15 million shares at a price of $11.109 per pre-funded warrant.The pre-funded warrants have an exercise price of $0.001 per share.
Following the news, KRRO is up 4.92%, at $11.73.
Proceeds from the placement are intended to support clinical development milestones for key pipeline assets, including clinical data for KRRO-121 for hyperammonemia in patients with urea cycle disorders and Korro's GalNAc-conjugated alpha-1 antitrypsin deficiency program, subject to regulatory filings.
In addition, the firm added that the funding enables the advancement of Korro's longevity and liver health program targeting activation of the AMPK1 pathway.
The PIPE financing is expected to close on or about Tuesday, March 10, 2026.
According to the firm, 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.
Citigroup, along with Cantor, Oppenheimer & Co., and William Blair, are acting as a placement agent for the PIPE financing.
KRRO has traded between $5.20 and $55.89 in the last year. The stock closed Friday's trade at $11.18.
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