Revenue volatility remains extreme, with the company reporting zero revenue in 2026Q1 while maintaining fixed R&D expenses that consistently exceed $10 million per quarter.
Korro Bio, Inc. (KRRO) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 2.38M | 6.39M | 2.27M | 0 | 0 | 0 | 36.98M | 28.95M | 0 | 0 |
| Revenue Growth % | -62.08% | 181.46% | - | - | - | -100% | 27.76% | - | - | - |
| Cost of Goods Sold | 1.03M | 4.28M | 0 | 0 | 0 | 0 | 1.58M | 16.81M | 654K | 531K |
| COGS % of Revenue | - | 66.96% | - | - | - | - | 4.27% | 58.08% | - | - |
| Gross Profit | 1.35M | 2.11M | 2.27M | 0 | 0 | 0 | 35.4M | 12.13M | -654K | -531K |
| Gross Margin % | 56.8% | 33.04% | 100% | - | - | - | 95.73% | 41.92% | - | - |
| Gross Profit Growth % | - | -7% | - | - | - | -100% | 191.78% | 1955.35% | -23.16% | - |
| Operating Expenses | 77.02M | 89.45M | 94.18M | 84.53M | 59M | 35.49M | 62.95M | 32.81M | 18.29M | 15.78M |
| OpEx % of Revenue | - | 1399.47% | 4147.12% | - | - | - | 170.22% | 113.34% | - | - |
| Selling, General & Admin | 26.7M | 28.16M | 30.55M | 36.54M | 16.8M | 11.69M | 26.3M | 14.47M | 6.71M | 3.99M |
| SG&A % of Revenue | - | 440.54% | 1345% | - | - | - | 71.11% | 50.01% | - | - |
| Research & Development | 51.34M | 65.58M | 63.64M | 57.25M | 42.2M | 23.8M | 36.66M | 18.33M | 11.58M | 11.79M |
| R&D % of Revenue | - | 1025.89% | 2802.11% | - | - | - | 99.11% | 63.34% | - | - |
| Other Operating Expenses | -1.03M | -4.28M | 0 | -9.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -75.67M | -87.34M | -91.91M | -84.53M | -59M | -35.49M | -27.55M | -20.68M | -18.94M | -16.31M |
| Operating Margin % | -3176.57% | -1366.43% | -4047.12% | - | - | - | -74.49% | -71.42% | - | - |
| Operating Income Growth % | - | 4.97% | -8.73% | -43.28% | -66.22% | -28.83% | -33.25% | -9.14% | -16.18% | - |
| EBITDA | -73.09M | -83.06M | -88.34M | -80.9M | -56.49M | -33.9M | -25.97M | -19.86M | -18.29M | -15.78M |
| EBITDA Margin % | -3068.56% | -1299.47% | -3890.14% | - | - | - | -70.22% | -68.62% | - | - |
| EBITDA Growth % | 22.23% | 5.98% | -9.2% | -43.23% | -66.63% | -30.53% | -30.75% | -8.59% | -15.94% | - |
| D&A (Non-Cash Add-back) | 2.57M | 4.28M | 3.56M | 3.63M | 2.51M | 1.59M | 1.58M | 813K | 654K | 531K |
| EBIT | -73.19M | -87.34M | -91.91M | -84.53M | -59M | -35.49M | -26.48M | -18.75M | -19.06M | -20.06M |
| Net Interest Income | 0 | 0 | 0 | 0 | 829K | 0 | 994K | 1.78M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 947K | 0 | 994K | 1.78M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 118K | 0 | 0 | 0 | 106K | 174K |
| Other Income/Expense | -30.14M | -29.28M | 8.47M | 3.39M | 976K | 13.54M | 1.07M | 1.93M | -224K | -3.93M |
| Pretax Income | -105.81M | -116.62M | -83.44M | -81.14M | -58.02M | -21.96M | -26.48M | -18.75M | -19.17M | -20.24M |
| Pretax Margin % | -4441.86% | -1824.51% | -3674.15% | - | - | - | -71.59% | -64.76% | - | - |
| Income Tax | 839K | 637K | 141K | 27K | 10K | 2K | 35K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.79% | -0.55% | -0.17% | -0.03% | -0.02% | -0.01% | -0.13% | 0% | 0% | 0% |
| Net Income | -106.64M | -117.26M | -83.58M | -81.17M | -58.03M | -21.96M | -26.51M | -18.75M | -19.17M | -20.24M |
| Net Margin % | -4477.08% | -1834.48% | -3680.36% | - | - | - | -71.68% | -64.76% | - | - |
| Net Income Growth % | -16.74% | -40.29% | -2.97% | -39.87% | -164.27% | 17.17% | -41.42% | 2.2% | 5.28% | - |
| Net Income (Continuing) | -106.64M | -117.26M | -83.58M | -81.17M | -58.03M | -21.96M | -26.51M | -18.75M | -19.17M | -20.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.77M | 0 |
| EPS (Diluted) | -6.05 | -12.48 | -9.37 | -53.08 | -227.42 | -4.94 | -41.10 | -30.39 | -30.57 | -32.27 |
| EPS Growth % | -2.67% | -33.19% | 82.35% | 76.66% | -4503.64% | 87.98% | -35.24% | 0.59% | 5.27% | - |
| EPS (Basic) | - | -12.48 | -9.37 | -53.09 | -227.58 | -4.94 | -41.10 | -30.39 | -30.57 | -32.27 |
| Diluted Shares Outstanding | 17.62M | 9.4M | 8.92M | 1.53M | 255.17K | 4.45M | 645.06K | 616.89K | 627.09K | 627.09K |
| Basic Shares Outstanding | 17.62M | 9.4M | 8.92M | 1.53M | 255K | 4.45M | 645.06K | 616.89K | 627.09K | 627.09K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KRRO stock.
For fiscal year 2025, Korro Bio, Inc. (KRRO) reported total revenue of $6.4M.
Korro Bio, Inc. (KRRO) reported a net loss of $117.3M for the fiscal year ending 2025.
Korro Bio, Inc. (KRRO) reported an operating income of $-87.3M, resulting in an operating profit margin of -1366.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Korro Bio, Inc. (KRRO) generated $2.1M in gross profit for the year, representing a gross profit margin of 33.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Project Dependence
As reported in recent financial filings, KRRO's top-line performance remains entirely dependent on sporadic milestone payments, with revenue dropping to zero in 2026Q1, highlighting the lack of a predictable commercial trajectory and the inherent instability of a pre-revenue biotechnology business model reliant on external collaborations.
The absence of recurring revenue streams suggests that the company's growth profile is binary and tied to specific research milestones rather than market adoption. Investors should interpret the 100% revenue decline in the most recent quarter as a clear indicator that the current business model lacks the scale to support its existing cost structure.
Fixed R&D Costs Outpace Revenue
Based on the provided income statement data, KRRO maintains a high fixed-cost base with R&D expenses consistently exceeding $10 million per quarter, which, when combined with SG&A, creates a structural deficit that necessitates frequent external financing to sustain ongoing laboratory and clinical development activities.
The company's cost structure is heavily weighted toward specialized labor and infrastructure, which are non-discretionary in the context of clinical trial progression. This rigid expense profile implies that management has limited flexibility to reduce burn without compromising the development of the OPERA platform.
Operating Leverage Remains Deeply Negative
According to the quarterly income statement, KRRO's operating losses have remained consistently elevated, often exceeding $20 million per quarter, demonstrating a lack of operating leverage as the company continues to scale its research efforts without a corresponding increase in sustainable, high-margin revenue to offset these costs.
The persistent gap between operating expenses and revenue suggests that the company is currently in a phase of pure capital consumption. Without a transition to a commercial model or significant new partnership inflows, the operating margin will likely remain under severe pressure for the foreseeable future.
Sustainability Risks of Current Burn
Financial statements indicate that with a cash position of $21.8 million and quarterly operating losses frequently exceeding $20 million, KRRO faces a critical liquidity risk that may force management to seek dilutive equity financing or unfavorable debt terms to maintain its current clinical development timeline.
The current cash-to-burn ratio suggests that the company's runway is extremely limited, potentially forcing a capital raise in the near term. Investors should monitor whether the company can secure additional non-dilutive partnership capital, as the alternative appears to be significant shareholder dilution that could impair long-term value.