KRSA on Nasdaq

Korsana Biosciences, Inc.

American pharmaceutical preparations company based in Waltham1

In its 2026 annual report the company says: “We focus on building a pipeline of innovative therapeutics to address serious neuropsychiatric disorders with significant unmet medical need.”3 Its shares trade on Nasdaq under the symbol KRSA.1

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with Galmed Pharmaceuticals Ltd., Magenta Therapeutics or Cocrystal Pharma, Inc., or pick any stock.

  • TickerKRSA on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersWaltham, Massachusetts1
  • Incorporated inMA2
  • Business address203 Crescent Street, Bldgs. #3/3A/4, Suite 503, Waltham, Ma 024532
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

We focus on building a pipeline of innovative therapeutics to address serious neuropsychiatric disorders with significant unmet medical need. Our current strategic focus is centered on the development of a novel therapeutic approach for neuropsychiatric conditions, with the lead indication being treatment-resistant depression (“TRD”), which we believe represents a substantial clinical and commercial opportunity.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-239.8%Operating margin4
-170.1%Net margin4
3.7%Revenue growth, 20254
-38.8%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

License Agreement brought in 48% of the revenue Korsana Biosciences, Inc. broke down this way in fiscal 2025.

  1. License Agreement$1.0M448%down 43% from 2024
  2. Purchase agreement$800.0K439%
  3. Option Agreement$274.0K413%up 10% from 2024
Products and services by year
Products and services202320242025
License Agreement$0$1.8M$1.0M
Purchase agreement$0$800.0K
Option Agreement$250.0K$274.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development46¢$959.0K
  • Other costs54¢$1.1M

Out of $2.1M in revenue.4 The company lost money this year.

Financial statements

Revenue56784$2.1M in 2025−54% since 2019
0$2.0M$4.0M$6.0M2019: $4.5M$4.5M20192020: $2.3M$2.3M2020−49%2021: $3.9M$3.9M2021+72%2022: $297.0K$297.0K2022−92%2023: $0$020232024: $2.0M$2.0M20242025: $2.1M$2.1M2025+4%
Operating income596784-$5.0M in 2025−96% since 2019
-$150.0M-$100.0M-$50.0M02019: -$125.0M-$125.0M20192020: -$81.3M-$81.3M2020−35%2021: -$55.2M-$55.2M2021−32%2022: -$18.5M-$18.5M2022−66%2023: -$13.0M-$13.0M2023−30%2024: -$3.6M-$3.6M2024−72%2025: -$5.0M-$5.0M2025+37%
Net income596784-$3.5M in 2025−97% since 2019
-$150.0M-$100.0M-$50.0M02019: -$123.0M-$123.0M20192020: -$77.8M-$77.8M2020−37%2021: -$51.6M-$51.6M2021−34%2022: -$44.1M-$44.1M2022−15%2023: -$5.3M-$5.3M2023−88%2024: -$3.1M-$3.1M2024−42%2025: -$3.5M-$3.5M2025+15%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total revenues$2.1M$2.0M
Research and development$959.0K$286.0K
General and administrative$6.1M$5.3M
Total cost and expenses$7.0M$5.6M
Loss from operations-$5.0M-$3.6M
Interest income$128.0K$208.0K
Gain from settlement of account payable$0$363.0K
Total other income, net$1.4M$571.0K
Gain from insurance recovery$1.3M$0
Net loss per share - Basic-$1.11-$1.21
Net loss per share - Diluted-$1.11-$1.21
Basic shares3.2M shares2.5M shares
Diluted shares3.2M shares2.5M shares
Net loss-$3.5M-$3.1M
Foreign currency translation adjustment loss$0-$6.0K
Comprehensive loss-$3.5M-$3.1M

Compare Korsana Biosciences, Inc. with another company

Corporate structure

Korsana Biosciences, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Korsana Biosciences, Inc.

  • Korsana Biosciences, Inc. Waltham, Massachusetts

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Korsana Biosciences, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$126.0K8 Dec 31, 2024$126.0K8 Dec 31, 20230%
Accumulated depreciation$126.0K8 Dec 31, 2024$126.0K8 Dec 31, 20230%
Property and equipment, net$08 Dec 31, 2024$08 Dec 31, 2023

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.2M4 Dec 31, 2025$3.2M4 Dec 31, 2024+0.2%

Properties, in its own words

In April 2021 we completed our exit from our prior laboratory and office facilities in Cambridge Massachusetts and moved to an operating model under which we outsource our research and development laboratory work, and we are currently leasing office space on an “as-needed” basis.

Item 2 of the 10-K filed Mar 30, 2026.3

Leadership

Who has led Korsana Biosciences, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (27)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorErrol M. De Souza named May 25, 202343

Former names

  • Cyclerion Therapeutics, Inc.Oct 9, 2018 to Aug 27, 20262

Timeline

  1. Sep 11, 20268-K Entered a material agreement; Completed an acquisition or sale; Results of operations44
  2. Aug 27, 20268-K Shareholder vote; Other events45
  3. Aug 25, 20268-K Other events46
  4. Apr 1, 20268-K Entered a material agreement; Change in control; Executive or director change47
  5. Feb 17, 20268-K Regulation FD disclosure48
  6. Jan 6, 20268-K Entered a material agreement; Regulation FD disclosure49
  7. Dec 1, 20258-K Other events50
  8. Sep 23, 20258-K Entered a material agreement; Regulation FD disclosure51
  9. Jun 18, 20258-K Shareholder vote52
  10. May 7, 20258-K Entered a material agreement53
  11. Mar 25, 20258-K Entered a material agreement; Unregistered sale of shares54
  12. Dec 17, 20248-K Entered a material agreement; Regulation FD disclosure55
  13. Apr 3, 2019New chief executive Peter M. Hecht becomes CEO13

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($2.10) a share, on Nov 12, 2025.56

When it reported results

  1. Sep 11, 2026Reported quarterly or annual results44
  2. May 12, 2023Reported quarterly or annual results57
  3. Mar 22, 2023Reported quarterly or annual results58
  4. Aug 9, 2022Reported quarterly or annual results59
  5. May 4, 2022Reported quarterly or annual results60
  6. Feb 24, 2022Reported quarterly or annual results61
  7. Nov 9, 2021Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

195 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 42 major events, 50 insider forms, 36 large holders, 1 private raises, 44 other. The latest 20:

  1. Oct 15, 2026SCHEDULE 13G/A EDGAR
  2. Oct 15, 2026DEF 14A EDGAR
  3. Oct 7, 2026SCHEDULE 13G/A EDGAR
  4. Oct 5, 2026PRE 14A EDGAR
  5. Sep 23, 2026144 EDGAR
  6. Sep 22, 2026144 EDGAR
  7. Sep 18, 2026144 EDGAR
  8. Sep 18, 2026SCHEDULE 13G EDGAR
  9. Sep 16, 2026SCHEDULE 13G EDGAR
  10. Sep 15, 2026SCHEDULE 13D EDGAR
  11. Sep 11, 2026SCHEDULE 13D EDGAR
  12. Sep 11, 20268-K EDGAR
  13. Sep 10, 20264 EDGAR
  14. Sep 10, 20264 EDGAR
  15. Sep 10, 20264 EDGAR
  16. Sep 10, 20264 EDGAR
  17. Sep 10, 20263 EDGAR
  18. Sep 10, 20263 EDGAR
  19. Sep 10, 20263 EDGAR
  20. Sep 10, 20263 EDGAR

The 195 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 0 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 21, 2024Greenspan David Gerald10% ownerSale357,880$1.55$554.7KForm 4
Aug 9, 2023MCGUIRE TERRANCEDirectorSale8$3.40$27Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$5.0M 2023–2023
Money received by yearMoney received by year, 2023–2023: $5.0M in all. Private raises (Form D) $5.0M.$0$2M$4M$6M2023 · Private raises (Form D): $5.0M2023
Figures by year
YearPrivate raises (Form D)Total
2023$5.0M$5.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. May 19, 2023Raised $5 million in a private offering of equity43 Form D: 1 investor so far Form D

SEC filer profile

How Korsana Biosciences, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKorsana Biosciences, Inc.1
  • CIK0001755237
  • Employer ID (EIN)83-18953703
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inMassachusetts3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address203 Crescent Street, Bldgs. #3/3A/4, Suite 503, Waltham, MA 024531
  • Phone(781) 516-23251
  • Shares outstanding4,681,351 as of Aug 4, 202611
  • Public float$5.7M as of Jun 30, 20253
  • AuditorErnst & Young LLP, Boston, Massachusetts PCAOB ID 42; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceOct 9, 20181
  • Filings388 in all: 4 (95), 8-K (69), 3 (32), 10-Q (23), SC 13G/A (16), UPLOAD (13), SC 13G (11), CORRESP (9)1
    All 45 form types

    SCHEDULE 13G/A (8), 10-K (7), 425 (7), DEF 14A (7), DEFA14A (7), EFFECT (7), 4/A (6), SC 13D/A (6), SCHEDULE 13G (6), S-3 (5), S-8 (5), D (4), 10-K/A (3), 144 (3), DRSLTR (3), S-4/A (3), 10-12B/A (2), 10-Q/A (2), 424B3 (2), 424B4 (2), 424B5 (2), DRS (2), DRS/A (2), PRE 14A (2), S-3/A (2), SC 13D (2), SCHEDULE 13D (2), SCHEDULE 13D/A (2), 10-12B (1), 3/A (1), 8-K/A (1), CERT (1), DEFM14A (1), PREM14A (1), S-1 (1), S-4 (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Oct 15, 2026
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, no par valueCYCNNasdaq

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Korsana Biosciences, Inc. names in Item 1A of its 10-K filed Mar 30, 2026: 57 risks under these headings, as written.3

  • Risks Related to our Financial Position and Capital Needs
  • Risks Related to Development and Clinical Testing of Our Products and Product Candidates
  • Risks Related to Reliance on Licensees, Tisento and Third Parties
  • Risks Related to Intellectual Property
  • Risks Related to the Future Commercialization of our Potential Future Product Candidates
  • Risks Related to the holders of Our Common Stock
  • Risks Related to Our Financial Position and Capital Needs
  • As we are a biopharmaceutical company with a limited operating history and no products approved for commercial sale, valuing our business and predicting our prospects are challenging.
  • Our business has incurred significant losses and we anticipate that we will continue to incur significant losses for the foreseeable future. We have never generated revenue from product sales and may never be profitable.
  • There is substantial doubt about our ability to continue as a going concern. We will need to raise additional funding in the near term, which may not be available on acceptable terms, if at all to continue as a going concern and advance our product candidates. Failure to obtain capital when needed may force us to delay, limit or terminate our product development efforts or operations altogether. Raising additional capital would dilute our existing shareholders, restrict our operations or cause us to relinquish valuable rights.
  • Our approach to the discovery and development of product candidates for the treatment of serious diseases may never lead to marketable products.
  • Research and development of biopharmaceutical products is inherently risky. We may encounter substantial delays in our activities, including our planned clinical studies, or we may fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities in the development of products to treat patients with serious diseases.
The other 52 risks
  • In the event of difficulties in enrolling participants in any clinical studies conducted on our product candidates, those clinical trials could be delayed or prevented from proceeding.
  • The regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, time-consuming and inherently unpredictable. If we, Tisento, Akebia and any other future licensees, as applicable, are ultimately unable to obtain regulatory approval for the product candidates, we will be unable to generate product revenue and our business will be substantially harmed.
  • Our product candidates may cause side effects or adverse events that are presented in the product labeling approved by regulatory authorities. Some may result in label restrictions.
  • Changes in regulatory requirements, FDA guidance or unanticipated events during nonclinical studies and clinical studies of our product candidates, which may result in changes to nonclinical or clinical study protocols or additional nonclinical or clinical study requirements, which could result in increased costs and could delay development timelines.
  • Obtaining and maintaining regulatory approval of product candidates in one jurisdiction does not mean that there will be success in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Data/market exclusivity may be more limited than we expect based upon the competitive landscape and other factors outside of our control that may occur during development or after approval.
  • Risks Related to Reliance on Licensees, Tisento and Other Third Parties
  • We may not succeed in our pursuit of capital, capabilities, and transactions for the development and commercialization of our future clinical stage assets, which would affect our financial condition.
  • Akebia may not be successful in developing any therapies through the praliciguat out-license and we may not realize any future revenue from the out-license.
  • Tisento may not be successful in developing any therapies and we may not realize any future value from the Tisento common stock we received under the Asset Purchase Agreement with Tisento.
  • We lack operational control over Tisento.
  • Any collaboration or license arrangements that we enter into in the future may not be successful, which could impede our ability to develop and commercialize our product candidates.
  • We expect in the future to rely on third parties to conduct any nonclinical or clinical studies for any existing or potential future product candidates. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, necessary regulatory approvals for or commercialization of any potential future product candidates may not be obtainable and our business could be substantially harmed.
  • Except as out-licensed, we must rely completely on third-party suppliers to manufacture any nonclinical and clinical drug supplies for our product candidates, and we intend to rely on third parties to produce commercial supplies of any product candidates that are approved.
  • Our anticipated reliance on third parties requires us to share our confidential information, including trade secrets and know-how, which increases the possibility that our confidential information will be misappropriated or disclosed.
  • Risks Related to Our Intellectual Property Rights
  • If we or our licensors, licensees or Tisento are unable to adequately protect proprietary technologies, or obtain and maintain issued patents that are sufficient to protect their respective product candidates, others could compete against us, our licensees and Tisento more directly, which would have a material adverse impact on our business, prospects, financial condition and results of operations.
  • We may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from commercializing or increase the costs of commercializing our product candidates, if approved.
  • We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property we own or license from third parties.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies and patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We and our licensees and Tisento may not seek to protect our intellectual property rights in all jurisdictions throughout the world and we may not be able to adequately enforce our intellectual property rights even in the jurisdictions where we seek protection.
  • If we, or our licensees, do not obtain additional protection under the Drug Price Competition and Patent Term Restoration Act of 1984, or the Hatch-Waxman Act, and similar foreign legislation by extending the patent terms and obtaining data exclusivity for our product candidates, our business, prospects, financial condition and results of operations may be materially harmed.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • We may be subject to damages resulting from claims that we or our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers.
  • Risks Related to the Future Commercialization of Our Current or Potential Future Product Candidates
  • The incidence and prevalence for target patient populations of our current and any potential future product candidates we may acquire have not been established with precision. If the market opportunities for our current and potential future product candidates are smaller than we estimate, or if any approval that we obtain is based on a narrower definition of the patient population, our revenue and ability to achieve profitability may be harmed.
  • If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market any product candidates, if approved, we may not be successful in commercializing those product candidates if and when they are approved.
  • Even if we obtain regulatory approval for our product candidates, our product candidates may not achieve broad market acceptance by patients, physicians, healthcare payors or others in the medical community, which would limit the revenue that we generate from their sales.
  • Reimbursement may be limited or unavailable in certain market segments for our product candidates, which could make it difficult for us to sell our product candidates profitably. Price controls may be imposed in certain markets, which may harm our future profitability.
  • If we fail to comply with healthcare and other regulations, we could face substantial penalties and our business, prospects, financial condition and results of operations could be harmed.
  • We face significant competition in an environment of rapid technological and scientific change, and our competitors may achieve regulatory approval before us or develop therapies that are safer, more advanced or more effective than ours, which may harm our ability, or a licensee's ability, to successfully market or commercialize any product candidates we may develop and ultimately harm our financial condition.
  • The impact of healthcare reform and other governmental and private payor initiatives, as well as the Inflation Reduction Act of 2022, may harm our business.
  • Our future growth may depend, in part, on our, or a licensee's, ability to commercialize any current and potential future product candidates outside the United States, where we would be subject to additional regulatory burdens and other risks and uncertainties.
  • Our ability to generate meaningful revenues in jurisdictions outside of the United States may be limited due to the strict price controls and reimbursement limitations imposed by governments outside of the United States.
  • If any of our product candidates obtain regulatory approval, additional competitors could enter the market with generic versions of such drugs, which may result in a material decline in sales of affected products.
  • Risks Related to Our Business Operations
  • Our prospects for success depend on our ability to retain Regina Graul, our President and Chief Executive Officer and in the future to attract, retain and motivate qualified personnel.
  • We face potential product liability exposure, and, if claims are brought against us, we may incur substantial liability.
  • If we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements could be impaired, which could result in sanctions or other penalties that would harm our business.
  • Unfavorable global economic and political conditions could harm our business, prospects, financial condition and results of operations.
  • If our information technology systems or data, or those of CRO and other third parties upon which we rely, are or were compromised, we could experience adverse impacts resulting from such compromise, including, but not limited to, regulatory investigations or actions; litigation; fines and penalties; interruptions to our commercial operations, clinical trials or other operations; harm to our reputation; loss of revenue or profits; loss of sales and other adverse consequences.
  • Our employee or future employees may engage in misconduct or other improper activities, including violating applicable regulatory standards and requirements or engaging in insider trading, which could significantly harm our business.
  • If we or any contract manufacturers and suppliers we engage fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act, or the FCPA, and other worldwide anti-bribery laws.
  • Risks Related to Ownership of Our Common Stock
  • We could be delisted from Nasdaq, which would seriously harm the liquidity of our stock and ability to raise capital.
  • The market price of our common stock may fluctuate widely and you could lose all or part of your investment in our common stock as a result.
  • The market price for our common stock is particularly volatile.
  • We run the risk of inadvertently being deemed an investment company required to register under the Investment Company Act of 1940.
  • Uncertainties in the interpretation and application of existing, new and proposed tax laws and regulations could materially affect our tax obligations and effective tax rate.
  • Our ability to use net operating loss carryforwards and certain other tax attributes to offset future taxable income and taxes may be subject to limitations.
  • We maintain our cash at financial institutions, often in balances that exceed federally insured limits.
  • If securities or industry analysts fail to initiate or maintain coverage of our stock, publish a negative report or change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
  • We do not expect to pay any cash dividends for the foreseeable future.
  • We have anti-takeover provisions in our articles of organization and bylaws and are subject to provisions of Massachusetts law that may frustrate any attempt to remove or replace our current board of directors or to effect a change of control or other business combination involving our company.
  • Our articles of organization designate the state and federal courts located within the Commonwealth of Massachusetts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could discourage lawsuits against us and our directors and officers.

Legal proceedings

We are not a party to any material legal proceedings at this time. From time to time, we may be subject to various legal proceedings and claims, which may have a material adverse effect on our financial position or results of operations.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
    SEC EDGAROther events
  47. 47
  48. 48
  49. 49
  50. 50
    SEC EDGAROther events
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77