NASDAQ$KRRO
Korro Bio Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Announced business updates and financial results for Q4 and full year 2022.
Frequency Therapeutics reported a net loss of $17.4 million for the fourth quarter ended December 31, 2022, compared to a net loss of $21.5 million for the comparable period in 2021. The company's cash position as of December 31, 2022, was $83.1 million. Frequency is focusing on its program to induce remyelination for individuals living with multiple sclerosis and expects to initiate clinical development in the first half of 2024.
- FX-322-208 study did not achieve its primary endpoint of speech perception.
- Discontinued both the FX-322 program and its second development program for hearing restoration, FX-345.
- Focusing discovery efforts on its program to induce remyelination for individuals living with multiple sclerosis (MS).
- Undertaken actions to reduce expenses and headcount as part of an overall restructuring, downsizing personnel by approximately 55 percent.
Headline financials
Revenue & EPS history
Korro Bio · Revenue · Quarterly
$0
Forward guidance
Frequency Therapeutics is focusing on its remyelination program in MS and believes it has sufficient capital resources to complete a first clinical trial in its MS Program.
Tailwinds
- The Frequency team continues to make important progress with our novel therapeutic program designed to induce remyelination for individuals living with multiple sclerosis
- Remains on track to initiate clinical development for a potentially first-in-class therapy for this debilitating disease in the first half of 2024.
- Our current cash position takes us into Q1 2025, which enables us to advance development of this program through an initial clinical study
- The MS program is independent of the Frequency’s hearing efforts, with a distinct molecular target, mechanism, progenitor cell population, and small molecule drug candidates.
- A well-defined clinical path with objective biomarkers such as visual evoked potential (VEP) and magnetic resonance imaging (MRI) exist for studying the performance of remyelination therapies in MS patients.
Headwinds
- FX-322-208 study, a Phase 2b study for acquired Sensorineural Hearing Loss (SNHL), did not achieve its primary endpoint of speech perception.
- Based on this outcome, Frequency has discontinued both the FX-322 program and its second development program for hearing restoration, FX-345, which had been enrolling a Phase 1b study for acquired SNHL.
- Frequency has undertaken actions to reduce expenses and headcount as part of an overall restructuring, downsizing personnel by approximately 55 percent.
- incurred and will continue to incur significant losses and is not and may never be profitable;
- the lengthy, expensive and uncertain process of clinical drug development and regulatory approval
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
-4.6%
Avg return
Earnings day
+4.3%
Avg return
5 days after
+1.9%
Avg return
30 days after
43%
10 / 23 earnings
Positive
+20.6%
Q4 2023
Best reaction
-79.3%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.3% | -16.3% | -20.5% | |
| Q4 2025 | -0.4% | +14.5% | +20.4% | |
| Q3 2025 | -79.3% | -80.2% | -73.8% | |
| Q1 2025 | +4.1% | -2.0% | -11.8% | |
| Q4 2024 | -5.3% | -5.7% | -1.6% | |
| Q3 2024 | -25.2% | -35.3% | -40.2% | |
| Q2 2024 | +10.4% | +22.1% | +12.4% | |
| Q1 2024 | +5.0% | +8.8% | -15.4% | |
| Q4 2023 | +20.6% | +22.6% | -20.3% | |
| Q3 2023 | +9.4% | +192.6% | +246.3% | |
| Q2 2023 | -4.1% | -1.4% | -39.0% | |
| Q1 2023 | -5.6% | +6.2% | +1.9% | |
| Q4 2022 | +3.1% | -2.4% | -24.2% | |
| Q3 2022 | -5.8% | +4.4% | -11.1% | |
| Q2 2022 | -11.1% | -10.7% | -4.9% | |
| Q1 2022 | +4.0% | +1.6% | -8.0% | |
| Q3 2021 | +3.2% | -3.5% | -17.0% | |
| Q2 2021 | +0.5% | -9.9% | -12.3% | |
| Q1 2021 | -20.3% | -14.6% | -4.6% | |
| Q3 2020 | -6.4% | +4.6% | +59.7% | |
| Q2 2020 | -1.7% | -4.2% | -19.8% | |
| Q1 2020 | -1.1% | +5.1% | +16.0% | |
| Q3 2019 | +4.8% | +3.6% | +11.4% |
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