Korsana Biosciences, Inc.
KRSAHealthcare|Biotechnology|US
$31.05
+0.62 (+2.04%)
DCF Value
$6.75
Tangible Book / Share
$685.88
Cash / Share
$751.25
Financials
Financial Snapshot
Market Cap
$145.4M
Enterprise Value
-$309.6M
Revenue (TTM)
$1.9M
Net Income (TTM)
-$6.7M
Cash & Investments
$456.2M
Net Cash
$454.9M
Free Cash Flow (TTM)
-$51.3M
Operating CF (TTM)
-$51.0M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$456.2M
Quarterly Burn
$12.8M
Monthly Burn
$4.3M
Est. Runway
~35.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $0.00 | $0.00 | $97.6M | $54.4M | $54.0M | $13.4M | $7.6M | $3.2M | $3.2M | $456.2M | |
| Operating Cash Flow | -$49.9M | -$81.2M | -$97.5M | -$102.2M | -$72.5M | -$36.5M | -$40.6M | -$21.2M | -$4.3M | -$3.3M | -$51.0M | |
| Free Cash Flow | -$51.3M | -$82.6M | -$100.9M | -$109.1M | -$74.0M | -$36.5M | -$40.6M | -$21.2M | -$4.3M | -$3.3M | -$51.3M | |
| Capital Expenditure | -$1.4M | -$1.4M | -$3.4M | -$6.9M | -$1.5M | -$7.0K | $0.00 | $0.00 | $0.00 | $0.00 | -$297.0K | |
| Financing Cash Flow | $51.3M | $82.6M | $100.9M | $211.6M | $28.1M | $30.8M | $29.0K | $5.0M | $0.00 | $3.3M | $352.2M |
R&D Spending
R&D (TTM)
$1.6M
R&D Intensity
84.1%
R&D Growth vs Prior
+66.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $4.5M | $2.3M | $3.3M | $297.0K | $0.00 | $2.0M | $2.1M | $1.9M | |
| R&D Expense | $50.9M | $78.8M | $87.7M | $95.1M | $56.4M | $37.6M | $6.0M | $1.5M | $286.0K | $959.0K | $1.6M | |
| R&D % of Revenue | — | — | — | 2110.9% | 2457.1% | 1133.6% | 2013.1% | — | 14.3% | 46.2% | 84.1% | |
| SG&A | $10.5M | $15.1M | $27.5M | $34.4M | $28.8M | $20.6M | $13.3M | $8.3M | $5.3M | $6.1M | $7.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $4.5M | $2.3M | $3.3M | $297.0K | $0.00 | $2.0M | $2.1M | $1.9M | |
| Cost of Revenue | $2.2M | $1.7M | $1.5M | $95.1M | $56.4M | $0.00 | $5.6M | $1.3M | $0.00 | $0.00 | $730.0K | |
| Gross Profit | -$2.2M | -$1.7M | -$1.5M | -$90.6M | -$54.1M | $3.3M | -$5.3M | -$1.3M | $2.0M | $2.1M | $1.2M | |
| R&D | $50.9M | $78.8M | $87.7M | $95.1M | $56.4M | $37.6M | $6.0M | $1.5M | $286.0K | $959.0K | $1.6M | |
| SG&A | $10.5M | $15.1M | $27.5M | $34.4M | $28.8M | $20.6M | $13.3M | $8.3M | $5.3M | $6.1M | $7.1M | |
| Operating Income | -$63.6M | -$93.9M | -$115.3M | -$125.0M | -$81.3M | -$55.2M | -$18.5M | -$13.0M | -$3.6M | -$5.0M | -$6.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $16.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$63.6M | -$93.9M | -$115.3M | -$123.0M | -$77.8M | -$51.6M | -$18.2M | -$12.6M | -$3.1M | -$3.5M | -$6.7M | |
| Net Income | -$63.6M | -$93.9M | -$115.3M | -$123.0M | -$77.8M | -$51.6M | -$44.1M | -$5.3M | -$3.1M | -$3.5M | -$6.7M | |
| EPS (Diluted) | -324.73 | -481.60 | -590.94 | -618.59 | -334.60 | -184.80 | -141.05 | -62.93 | -8.47 | -7.63 | -12.04 | |
| EBITDA | -$61.4M | -$92.2M | -$113.7M | -$122.3M | -$80.6M | -$53.8M | -$18.2M | -$9.6M | -$3.1M | -$3.5M | -$6.7M | |
| Shares Out. (M) | 0.20 | 0.20 | 0.20 | 0.20 | 0.22 | 0.28 | 0.31 | 0.33 | 0.36 | 0.46 | 0.61 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $0.00 | $0.00 | $97.6M | $54.4M | $54.0M | $13.4M | $7.6M | $3.2M | $3.2M | $456.2M | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | — | $1.3M | $879.0K | $101.2M | $58.5M | $55.5M | $14.8M | $8.0M | $4.2M | $4.6M | $456.2M | |
| Total Assets | — | $5.5M | $7.4M | $186.5M | $115.4M | $59.3M | $18.1M | $13.4M | $9.6M | $10.0M | $462.1M | |
| Total Current Liabilities | — | $14.0M | $17.8M | $18.2M | $17.0M | $11.1M | $7.6M | $2.1M | $725.0K | $900.0K | $44.2M | |
| Long-Term Debt | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $984.0K | |
| Total Liabilities | — | $14.0M | $17.8M | $88.7M | $55.9M | $11.1M | $7.6M | $2.1M | $725.0K | $900.0K | $45.6M | |
| Stockholders' Equity | — | -$8.6M | -$10.4M | $97.7M | $59.5M | $48.2M | $10.5M | $11.3M | $8.8M | $9.1M | $391.6M | |
| Retained Earnings | — | $0.00 | $0.00 | -$85.6M | -$163.4M | -$215.1M | -$259.2M | -$264.4M | -$267.5M | -$271.0M | -$113.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$49.9M | -$81.2M | -$97.5M | -$102.2M | -$72.5M | -$36.5M | -$40.6M | -$21.2M | -$4.3M | -$3.3M | -$51.0M | |
| Capital Expenditure | -$1.4M | -$1.4M | -$3.4M | -$6.9M | -$1.5M | -$7.0K | $0.00 | $0.00 | $0.00 | $0.00 | -$297.0K | |
| Free Cash Flow | -$51.3M | -$82.6M | -$100.9M | -$109.1M | -$74.0M | -$36.5M | -$40.6M | -$21.2M | -$4.3M | -$3.3M | -$51.3M | |
| Investing Cash Flow | -$1.4M | -$1.4M | -$3.4M | -$6.7M | $18.0K | $1.5M | $0.00 | $10.4M | $0.00 | $0.00 | -$297.0K | |
| Financing Cash Flow | $51.3M | $82.6M | $100.9M | $211.6M | $28.1M | $30.8M | $29.0K | $5.0M | $0.00 | $3.3M | $352.2M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $175.0M | $24.3M | $30.5M | $29.0K | $5.0M | $0.00 | $1.4M | $251.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$130.0K | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $3.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $9.5M | $12.4M | $19.6M | $15.0M | $9.6M | $0.00 | $0.00 | $625.0K | $441.0K | $17.4M | |
| Net Change in Cash | $0.00 | $0.00 | $0.00 | $102.6M | -$44.4M | -$4.3M | -$40.6M | -$5.8M | -$4.3M | $8.0K | $451.8M |
Dilution Tracker
Shares outstanding grew 112.2% over 5 years — significant dilution
Shares Outstanding
5M
5-Year Share Growth
+112.2%
Stock Issuance (TTM)
$251.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.20 | 0.20 | 0.20 | 0.20 | 0.22 | 0.28 | 0.31 | 0.33 | 0.36 | 0.46 | 0.61 | |
| Change vs Prior % | — | -0.4% | 0.0% | 0.3% | 11.0% | 28.8% | 11.0% | 7.6% | 7.7% | 28.1% | 31.8% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $175.0M | $24.3M | $30.5M | $29.0K | $5.0M | $0.00 | $1.4M | $251.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$130.0K | $0.00 | |
| Stock Based Comp. | $0.00 | $9.5M | $12.4M | $19.6M | $15.0M | $9.6M | $0.00 | $0.00 | $625.0K | $441.0K | $17.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | -2010.9% | -2357.1% | 100.0% | -1778.5% | — | 100.0% | 100.0% | 61.6% | |
| Operating Margin % | — | — | — | -2774.3% | -3539.4% | -1662.5% | -6242.4% | — | -181.4% | -239.8% | -359.2% | |
| Net Margin % | — | — | — | -2729.3% | -3388.6% | -1555.6% | -14841.1% | — | -152.8% | -170.1% | -353.0% | |
| EBITDA Margin % | — | — | — | -2714.4% | -3512.1% | -1621.7% | -6121.5% | — | -152.8% | -170.1% | -353.0% | |
| FCF Margin % | — | — | — | -2420.7% | -3223.6% | -1100.1% | -13673.7% | — | -216.7% | -159.8% | -2700.7% | |
| ROE % | 0.0% | 1096.3% | 1103.4% | -125.9% | -130.8% | -107.0% | -421.7% | -46.6% | -34.5% | -38.8% | -6.5% | |
| ROA % | 0.0% | -1717.0% | -1557.2% | -66.0% | -67.4% | -87.0% | -243.8% | -39.4% | -31.9% | -35.3% | -1.5% | |
| ROIC % | 0.0% | 1096.3% | 1103.4% | -72.8% | -77.2% | -114.4% | -177.4% | -114.7% | -41.0% | -54.7% | -1.6% | |
| R&D / Revenue % | — | — | — | 2110.9% | 2457.1% | 1133.6% | 2013.1% | — | 14.3% | 46.2% | 84.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | -49.1% | 44.6% | -91.1% | -100.0% | 0.0% | 3.7% | |
| Gross Profit | 0.0% | 19.7% | 12.4% | -5831.5% | 40.3% | 106.1% | -259.1% | 75.1% | 252.1% | 3.7% | |
| Operating Income | 0.0% | -47.8% | -22.7% | -8.5% | 35.0% | 32.1% | 66.4% | 30.1% | 72.0% | -37.1% | |
| Net Income | 0.0% | -47.8% | -22.7% | -6.7% | 36.8% | 33.6% | 14.7% | 88.1% | 41.9% | -15.4% | |
| EPS (Diluted) | 0.0% | -48.3% | -22.7% | -4.7% | 45.9% | 44.8% | 23.7% | 55.4% | 86.5% | 9.9% | |
| Operating Cash Flow | 0.0% | -62.8% | -20.1% | -4.8% | 29.1% | 49.6% | -11.2% | 47.7% | 79.6% | 23.5% | |
| Free Cash Flow | 0.0% | -61.0% | -22.2% | -8.1% | 32.2% | 50.7% | -11.2% | 47.7% | 79.6% | 23.5% | |
| R&D Expense | 0.0% | 54.8% | 11.3% | 8.5% | -40.7% | -33.3% | -84.1% | -74.7% | -81.1% | 235.3% | |
| SG&A Expense | 0.0% | 44.3% | 82.1% | 24.9% | -16.2% | -28.4% | -35.7% | -37.2% | -35.9% | 14.0% | |
| Total Assets | 0.0% | 0.0% | 35.3% | 2419.6% | -38.1% | -48.6% | -69.5% | -26.0% | -28.4% | 4.3% | |
| Book Value / Share | 0.0% | 0.0% | -21.9% | 1033.1% | -45.2% | -37.0% | -80.5% | 0.4% | -27.2% | -19.8% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -38.1% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 0.0% | -0.4% | 0.0% | 0.3% | 11.0% | 28.8% | 11.0% | 7.6% | 7.7% | 28.1% |
Valuation
P/E (TTM)At Loss
P/S76.50
10Y Low / Med / High1.97 / 20.28 / 95.99
P/B0.05
10Y Low / Med / High0.45 / 0.92 / 2.73
EV/EBITDA46.16
EV/Revenue-162.94
10Y Low / Med / High0.41 / 11.27 / 50.94
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$6.75
Tangible Book / Share
$685.88
Net Current Assets / Share
$87.72
Graham Net-Net
$676.23
Cash / Share
$751.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.39 | -3.63 | -2.96 | -0.62 | -1.28 | -1.30 | -0.65 | -0.37 | -2.66 | -1.17 | -2.58 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 16.52 | 40.52 | 20.28 | 95.99 | 0.00 | 4.05 | 1.97 | 76.50 | |
| P/B Ratio | 0.00 | -39.84 | -32.68 | 0.76 | 1.56 | 1.40 | 2.73 | 0.69 | 0.92 | 0.45 | 0.05 | |
| EV/EBITDA | 0.00 | -3.70 | -3.00 | -0.42 | -1.05 | -0.25 | -0.83 | -0.03 | -1.60 | -0.24 | 46.16 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 11.27 | 36.75 | 4.03 | 50.94 | 0.00 | 2.44 | 0.41 | -162.94 |
Analyst Estimates & Quality
Altman Z-Score
2.60
Grey Zone
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.1M | $586.1K | $311.6K |
| Net Income | -$1.9M | -$1.6M | -$1.4M |
| EPS | $-4.09 | $-3.41 | $-2.95 |
| # Analysts (EPS) | 2 | 3 | 5 |
Revenue Segments
By Product
| Segment | 2024 |
|---|---|
| License Agreement | $1.8M |
| License | $250.0K |