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Korro Bio, Inc. (NASDAQ:KRRO) announced today that Vineet Agarwal has resumed his role as Chief Financial Officer after returning from a medical leave that began on February 11, 2025. The company’s Board of Directors reinstated Agarwal as the principal financial officer effective today. Agarwal’s biographical details are available in the definitive proxy statement filed on April 29, 2024. No additional compensation will be provided to Agarwal for his reappointment. According to InvestingPro data, Agarwal returns to oversee a company with a strong liquidity position, maintaining a current ratio of 8.79 and more cash than debt on its balance sheet, though the company faces challenges with rapid cash burn.
Concurrently, Oliver Dolan, 42, who has been serving as interim principal accounting officer since February 11, 2025, has been officially appointed as the principal accounting officer. Dolan’s background information was detailed in a Current Report on Form 8-K filed on February 11, 2025. Dolan’s appointment comes with a stock option award to purchase 20,000 shares of Korro Bio’s common stock, which will be effective April 1, 2025, under the company’s amended and restated equity award grant policy. The appointment comes as the company’s stock trades near its 52-week low of $17.14, down significantly from its high of $98. InvestingPro analysis suggests the stock may be undervalued at current levels.
Dr. Ram Aiyar, who filled in as the interim principal financial officer during Agarwal’s absence, will continue to serve as President and Chief Executive Officer. The company has confirmed there are no familial relationships or material transactions involving either Agarwal or Dolan that would require disclosure under SEC regulations.
The information in this article is based on a press release statement.
In other recent news, Korro Bio has reported several significant developments. The company recently announced the completion of dosing for the first two cohorts in their Phase 1/2 trial of KRRO-110, a treatment for alpha-1 antitrypsin deficiency (AATD). This trial, known as REWRITE, is progressing on schedule with interim results expected in the latter half of 2025. Additionally, the U.S. Food and Drug Administration has granted orphan drug designation to KRRO-110, which provides benefits such as tax credits and potential market exclusivity, further supporting the treatment’s development.
H.C. Wainwright has maintained a Buy rating for Korro Bio, with a price target of $115, citing progress in the clinical trial as a positive indicator. In corporate news, Korro Bio’s Chief Financial Officer, Vineet Agarwal, is on a temporary medical leave, with Dr. Ram Aiyar and Oliver Dolan stepping into interim financial roles. Dr. Aiyar, who is also the company’s President and CEO, will not receive additional compensation for his interim duties. These developments underscore Korro Bio’s ongoing efforts in advancing its pharmaceutical initiatives.
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