Korro Bio shares fell 11% to $14.88 at midday Thursday after the company disclosed that Novo Nordisk had elected to terminate their research collaboration and license agreement. The stock is still up about 86% year to date.
Korro said in a securities filing that it received notice of the decision on Nov. 3. The termination is to take effect Feb. 1, 2027. The agreement, signed in 2024, covered two undisclosed targets, initially for cardiometabolic diseases; Novo Nordisk did not nominate a second target, Korro said Thursday.
Under the deal, Korro had been eligible for up to $530 million in upfront, development and commercial milestone payments. In November 2025, the company reported a 12-month pause in the agreement and said it would cut its workforce by 34%.
Korro reported a third-quarter net loss of $17.5 million, or 98 cents a share, compared with a loss of $18.1 million, or $1.92 a share, a year earlier. As of Sept. 30, it held $124.8 million in cash, cash equivalents and marketable securities. The company expects those funds to cover operating expenses and capital expenditure requirements into the second half of 2028.
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