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Korro Bio, Inc. (NASDAQ:KRRO), a biotechnology company with a market capitalization of $458 million, announced Tuesday that Chief Financial Officer Vineet Agarwal has notified the company of his intention to resign from his position, effective October 17, to pursue another opportunity. According to InvestingPro data, the company has been rapidly burning through cash, though it maintains more cash than debt on its balance sheet. The company disclosed the information in a statement based on a filing with the Securities and Exchange Commission.
Following his departure, Agarwal has agreed to serve as an advisor to Korro Bio for a 30-day transition period. The company stated that Agarwal’s exit is not related to any disagreement regarding the management or operations of Korro Bio.
In connection with the transition, Korro Bio and Agarwal entered into a separation agreement effective Tuesday. Under the terms of the agreement, Agarwal’s employment will be treated as ending under Section 3(d) of his employment agreement dated November 8, 2023. The separation agreement provides for certain benefits outside of a change in control period, as described in the company’s proxy statement filed with the SEC on April 29, 2024. Additionally, the company has extended the post-termination exercise period for any vested stock options as of October 17, 2025, through March 31, 2027.
The company’s board has appointed Dr. Ram Aiyar, currently serving as President and Chief Executive Officer, as interim Chief Financial Officer and principal financial officer, effective October 17. Dr. Aiyar will assume these additional responsibilities without receiving extra compensation. According to the filing, there are no arrangements or understandings with other parties that led to Dr. Aiyar’s selection, and there are no family relationships among the company’s directors or executive officers and Dr. Aiyar.
Korro Bio’s common stock is listed on the Nasdaq Capital Market under the ticker symbol KRRO. The company is based in Cambridge, Massachusetts.
All information is based on statements made in the company’s SEC filing.
In other recent news, Korro Bio has been the subject of several analyst updates and company announcements. Raymond James recently lowered its price target for Korro Bio to $147 from $153, maintaining a Strong Buy rating, following the company’s second-quarter 2025 earnings report. H.C. Wainwright adjusted its price target to $90 from $100, while maintaining a Buy rating, after Korro Bio provided updates on its Phase 1/2a REWRITE study of KRRO-110, which is focused on treating PiZZ alpha-1 antitrypsin deficiency. BMO Capital reiterated an Outperform rating with a price target of $80, citing promising preclinical data on RNA editing efficiency.
Additionally, Korro Bio’s approach to treating Alpha-1 Antitrypsin Deficiency (AATD) has been highlighted by H.C. Wainwright, which maintained its Buy rating and $100 price target. The company’s RNA therapy approach is noted for its high specificity in restoring normal protein levels. Furthermore, Korro Bio announced that the European Medicines Agency granted orphan drug designation to its lead candidate, KRRO-110, for the treatment of AATD. This designation could potentially facilitate the development and approval process within the European Union.
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