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Korsana Biosciences, Inc. (KRSA) stock

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NASDAQ: KRSA Nasdaq Biotechnology Next results ~December 21, 2026

D Fundamentals grade

Korsana Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Korsana Biosciences, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: cash-flow, stock-pay or share-count figures missing or out of date. We'll show the comparison once resolved.

Korsana Biosciences, Inc. valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Korsana Biosciences files

Where Korsana Biosciences stands after its latest 10-Q

Korsana Biosciences has little or no product revenue yet; it used $74m of cash in the twelve months to June 2026. The diluted share count is up 45.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 1 financial-health checks.

Our model value for Korsana Biosciences is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 21, 2026 (estimated)

Where it lags: change in share count of 45.4% ranks 142 of 156 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -12.6% (-8.4pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 12.6% over the last 12 months.
  • Growth slowing. The growth rate is 8.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -359.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 186.4 points on a year ago.
  • Burning cash. Free cash flow was -3223.6% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 16.9% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 4, 2026
Share reaction
+28.7% in the first session after the results on September 11, 2026, against +0.4% for the S&P 500

Korsana Biosciences' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.0%
  • 1 week-1.3%
  • 1 month+3.8%
  • This year+256.1%
  • 1 year+141.9%
  • 5 years-91.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9M
Operating margin
-359.2%
Net margin
-353.0%
EPS (TTM, diluted)
$-1.72

Growth

Revenue growth
−12.6%
Change in growth rate
−8.4 pts
Share count change
+45.4%

Cash

Stock pay % of revenue
16.9%

Earnings

Last results
September 11, 2026
Next results (est.)
December 21, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Shareholder vote
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Korsana Biosciences, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Korsana Biosciences, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.23 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.5 ~$1.2–$4.2 Left out: out of range vs price (0.02x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Korsana Biosciences, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$380.80$428.40$240.80$91.84$23.45$22.54$8.89$31.66
Market value$521m$651m$471m$200m$55m$57m$28m$123m
+ Net debt (− = net cash)−$95m−$51m−$50m−$10m−$8m−$3m−$3m−$1m
Enterprise value$426m$600m$421m$190m$47m$54m$25m$122m
Multiples
Price / sales 115.7xn/m119.6xn/m—28.4x13.6x64.8x
Price / earnings ————————
Price / free cash flow ————————
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.70 — — −100%
Next −$3.56 −109% — 0%

Earnings against estimates

Quarter toEstimateActualSurprise
Dec 2025 −$0.38 −$0.19 +50.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 11, 2026

No numeric guidance in Korsana Biosciences, Inc.'s latest earnings release (filed September 11, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202655
  2. Sep 202644

Counts of recommendations published by analysts covering Korsana Biosciences, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
0.26
at average volume
Short interest, 1 month
+436%
to October 15, 2026
Held by institutions
45%
of shares
Held by insiders
6.6%
of shares
Employees
19
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +141.9%

$13.09 on October 31, 2025 to $31.66

ThenNowEffect
Revenue (last 12 months) $2m $2m −12.6%
P/S multiple 16.1x 64.8x +302.4%
Share count 3m 4m −31.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KRSA−44%−62%−75%−4%−61%+256%
Industry peers (median)−35%−56%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KRSA42%33%25%33%25%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KRSA−70%−80%−89%−66%−78%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 18, 2019: 100% from April 1, 2019 to February 5, 2026. Getting back needed a 42215% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.56 – $44.66
From 52-week high
−29.1%
vs 50-day average
+1.6%
vs 200-day average
+43.5%
Volatility (1 year)
328%
Beta vs S&P 500
2.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±13.3%
After a week
3 up, 9 down
typical move ±18.0%
After a month
4 up, 8 down
typical move ±26.9%
Results releasedNext dayS&P 500 next day5 days21 days
September 11, 2026 +28.7% +0.4% +42.5% +38.6%
May 12, 2023 −35.9% +0.2% −11.7% −23.8%
March 22, 2023 −14.2% −1.4% −16.0% −44.4%
August 9, 2022 −16.5% +1.7% −20.9% −20.5%
May 4, 2022 +2.7% −0.6% −21.1% −13.9%
February 24, 2022 −3.1% +3.7% +22.0% +19.0%
November 9, 2021 −8.7% −1.1% −8.7% −32.8%
July 29, 2021 −13.1% −0.1% −3.9% −1.2%
April 27, 2021 −21.8% −0.1% −25.6% −2.2%
January 13, 2021 +2.1% −0.1% −0.6% +28.4%
August 3, 2020 +7.5% +1.1% +28.0% +75.1%
July 9, 2020 −5.6% +0.4% −15.4% −23.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Korsana Biosciences, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Korsana Biosciences, Inc.
$0 $1M $2M $3M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $0 Revenue (TTM), FY23 Q4: $0 Revenue (TTM), FY24 Q1: $0 Revenue (TTM), FY24 Q2: $0 Revenue (TTM), FY24 Q3: $194K Revenue (TTM), FY24 Q4: $2M Revenue (TTM), FY25 Q1: $2.1M Revenue (TTM), FY25 Q2: $2.2M Revenue (TTM), FY25 Q3: $2.9M Revenue (TTM), FY25 Q4: $2.1M Revenue (TTM), FY26 Q1: $2M Revenue (TTM), FY26 Q2: $1.9M $1.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $0
FY23 Q4 $0
FY24 Q1 $0
FY24 Q2 $0
FY24 Q3 $194K
FY24 Q4 $2M
FY25 Q1 $2.1M
FY25 Q2 $2.2M
FY25 Q3 $2.9M
FY25 Q4 $2.1M
FY26 Q1 $2M
FY26 Q2 $1.9M
Revenue growth, TTM YoY Korsana Biosciences, Inc.
-500% 0% 500% 1000% 1500% FY22 Q2 FY23 Q1 FY23 Q4 FY26 Q2 Revenue growth, TTM YoY, FY22 Q2: -47.2% Revenue growth, TTM YoY, FY22 Q3: -56.3% Revenue growth, TTM YoY, FY22 Q4: -74.2% Revenue growth, TTM YoY, FY23 Q1: -93.3% Revenue growth, TTM YoY, FY23 Q2: -100.0% Revenue growth, TTM YoY, FY23 Q3: -100.0% Revenue growth, TTM YoY, FY23 Q4: -100.0% Revenue growth, TTM YoY, FY24 Q1: -100.0% Revenue growth, TTM YoY, FY25 Q3: 1371.6% Revenue growth, TTM YoY, FY25 Q4: 3.7% Revenue growth, TTM YoY, FY26 Q1: -4.2% Revenue growth, TTM YoY, FY26 Q2: -12.6% -12.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q2 -47.2%
FY22 Q3 -56.3%
FY22 Q4 -74.2%
FY23 Q1 -93.3%
FY23 Q2 -100.0%
FY23 Q3 -100.0%
FY23 Q4 -100.0%
FY24 Q1 -100.0%
FY25 Q3 1371.6%
FY25 Q4 3.7%
FY26 Q1 -4.2%
FY26 Q2 -12.6%
Operating margin (TTM) Korsana Biosciences, Inc.
-10000% -5000% 0% FY22 Q2 FY23 Q1 FY25 Q1 FY26 Q2 Operating margin (TTM), FY22 Q2: -2741.8% Operating margin (TTM), FY22 Q3: -2920.8% Operating margin (TTM), FY22 Q4: -3479.8% Operating margin (TTM), FY23 Q1: -8392.5% Operating margin (TTM), FY24 Q3: -3054.1% Operating margin (TTM), FY24 Q4: -181.4% Operating margin (TTM), FY25 Q1: -166.6% Operating margin (TTM), FY25 Q2: -172.7% Operating margin (TTM), FY25 Q3: -127.3% Operating margin (TTM), FY25 Q4: -239.8% Operating margin (TTM), FY26 Q1: -337.4% Operating margin (TTM), FY26 Q2: -359.2% -359.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q2 -2741.8%
FY22 Q3 -2920.8%
FY22 Q4 -3479.8%
FY23 Q1 -8392.5%
FY24 Q3 -3054.1%
FY24 Q4 -181.4%
FY25 Q1 -166.6%
FY25 Q2 -172.7%
FY25 Q3 -127.3%
FY25 Q4 -239.8%
FY26 Q1 -337.4%
FY26 Q2 -359.2%
FCF margin (TTM) Korsana Biosciences, Inc.
-4000% -3000% -2000% -1000% 0% FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FCF margin (TTM), FY20 Q1: -1876.5% FCF margin (TTM), FY20 Q2: -1975.1% FCF margin (TTM), FY20 Q3: -2257.8% FCF margin (TTM), FY20 Q4: -3223.6% -3223.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q1 -1876.5%
FY20 Q2 -1975.1%
FY20 Q3 -2257.8%
FY20 Q4 -3223.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5 2 4 0 0 2 2 2
EBITDA −122 −79 −55 −18 −13 — — —
Operating income −125 −81 −55 −19 −13 −4 −5 −7
Net income −123 −78 −52 −44 −5 −3 −4 −7
Diluted EPS −$89.80 −$2.56 −$1.32 −$20.28 −$2.25 −$1.21 −$1.11 −$1.72
Growth (year on year)
Revenue — −49.1% +71.7% −92.5% −100.0% — +3.7% −12.6%
Margins
EBITDA margin <−999% <−999% <−999% <−999% — — — —
Operating margin <−999% <−999% <−999% <−999% — −181.4% −239.8% −359.2%
Net margin <−999% <−999% <−999% <−999% — −152.8% −170.1% −353.0%
Free-cash-flow margin <−999% <−999% −926.5% <−999% — −216.7% −159.8% −234.3%
Cash flow
Cash from operations −102 −72 −37 −41 −21 −4 −3 −4
Capital spending 7 2 0 0 0 0 0 0
Free cash flow −109 −74 −37 −41 −21 −4 −3 −4
Stock-based pay 20 15 10 6 1 1 0 0
Free cash flow after stock pay −129 −89 −46 −47 −22 −5 −4 −5
Balance sheet
Cash 95 54 54 13 8 3 3 1
Total debt 0 4 4 4 0 0 0 0
Net debt (negative = net cash) −95 −51 −50 −10 −8 −3 −3 −1
Diluted shares 1m 2m 2m 2m 2m 3m 3m 4m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 1 checks passed · June 30, 2026
What it owns · $7m
Short-term assets $2mLonger-term assets $5m
What it owes, and who funded it · $7m
Short-term liabilities $2mShareholders' equity $5m
  • Short-term assets cover short-term liabilities $2m of assets due within a year against $2m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Korsana Biosciences, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+45.4%
year over year
R&D spending
84.1%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated KRSA MCRB OVID ABSI CLGN KRRO Median
Revenue, last 12 months $2m $2m $2m $2m $2m $2m $56m
Revenue growth, last 12 months −12.6% 100.0% −76.2% −62.3% 360.4% −62.1% 12.6%
Revenue growth, 3-year average — −75.6% 99.8% −43.3% — −53.7% 13.7%
Revenue growth, latest quarter −100.0% 100.0% −88.3% −46.4% — −100.0% 10.2%
Operating margin −359.2% <−999% <−999% <−999% −484.3% <−999% −189.4%
Operating margin, 3-year average <−999% <−999% <−999% <−999% — <−999% −363.5%
Net margin −353.0% <−999% <−999% <−999% −484.6% <−999% −169.8%
Cash from operations / revenue −234.3% <−999% <−999% <−999% −397.3% <−999% −168.0%
Free-cash-flow margin <−999% <−999% <−999% <−999% −398.4% <−999% −162.4%
Free-cash-flow margin, 3-year average — −900.2% <−999% <−999% — <−999% −310.0%
Stock pay / revenue 16.9% 487.8% 302.0% >999% 42.1% 391.7% 20.0%
Change in share count 45.4% 11.0% 0.5% 26.0% 6.5% 28.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -12.6% 12.6% 120 of 172
Change in growth rate Growth -8.4pp -0.1pp 111 of 172
Operating margin Profitability -359.2% -189.4% 113 of 175
Net margin Profitability -353.0% -157.3% 116 of 180
Stock pay as % of revenue Cash generation 16.9% 19.2% 84 of 179
Change in share count Balance sheet 45.4% 7.9% 142 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
License Agreement $1M 48.2% ▼ 42.9%
Purchase Agreement $800,000 38.6% —
Option Agreement $274,000 13.2% ▲ 9.6%

From Korsana Biosciences, Inc.'s 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 21, 2026 estimated from the company's past filing pattern, not announced

  • September 11, 2026
  • May 12, 2023
  • March 22, 2023
  • August 9, 2022
  • May 4, 2022
  • February 24, 2022

Recent SEC filings

Data status

When each part of this page on Korsana Biosciences, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Korsana Biosciences, Inc. in brief

What does Korsana Biosciences, Inc. do?
Korsana Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Korsana Biosciences, Inc.'s stock ticker?
Korsana Biosciences, Inc. trades under the ticker KRSA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Korsana Biosciences, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Korsana Biosciences, Inc. reported revenue of $1.9M, 12.6% lower than a year earlier, according to its SEC filings.
What is Korsana Biosciences, Inc.'s market cap?
On November 2, 2026, Korsana Biosciences, Inc.'s market capitalisation was about $123M and net debt of -$1.4M. Market figures come from third-party market data and may be delayed.
Who are Korsana Biosciences, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Korsana Biosciences, Inc. are Seres Therapeutics, Inc., Ovid Therapeutics Inc., Absci Corp, Collplant Biotechnologies Ltd and Korro Bio, Inc. The side-by-side comparison below sets their revenue, margins and growth against Korsana Biosciences, Inc.'s.
When is Korsana Biosciences, Inc.'s next earnings date?
Around December 21, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Korsana Biosciences, Inc. announces its own schedule.