Korsana Biosciences, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(77,295) | $(21,948) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 17,420 | 245 |
| Depreciation expense | 33 | — |
| Non-cash lease expense | 167 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (3,830) | (240) |
| Accounts payable (1) | 1,432 | 9,852 |
| Accrued expenses and other liabilities (2) | 12,636 | 292 |
| Net cash used in operating activities | (49,437) | (11,799) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (297) | — |
| Net cash used in investing activities | (297) | — |
| Cash flows from financing activities: | ||
| Proceeds from the Pre-Closing Financing (3) | 379,996 | — |
| Payment of Pre-Closing Financing and reverse recapitalization issuance costs | (28,156) | — |
| Cash acquired in connection with the reverse recapitalization | 81 | — |
| Proceeds from issuance of Series Seed convertible preferred stock, net of issuance costs (4) | — | 15,000 |
| Proceeds from issuance of Series A convertible preferred stock, net of issuance costs (5) | — | 150,573 |
| Net cash provided by financing activities | 351,921 | 165,573 |
| Net increase in cash, cash equivalents, and restricted cash | 302,187 | 153,774 |
| Cash, cash equivalents, and restricted cash at beginning of period | 154,135 | 10,108 |
| Cash, cash equivalents, and restricted cash at end of period | $456,322 | $163,882 |
| Supplemental disclosure of non-cash financing activities: | ||
| Operating lease liability arising from obtaining right-of-use asset | $1,081 | $— |
| Non-cash exchange of Pre-Merger Korsana Series Seed Preferred Stock for Series B Non-Voting Convertible Preferred Stock | $24,964 | $— |
| Non-cash exchange of Pre-Merger Korsana Series A Preferred Stock for common stock and pre-funded warrants | $150,573 | $— |
| Purchases of property and equipment included in accounts payable and accrued expenses | $103 | $— |
| Other liabilities assumed in connection with the reverse recapitalization | $3,363 | $— |
| Pre-Closing Financing and reverse recapitalization issuance costs included in accounts payable and accrued expenses | $486 | $— |
(1)
Includes change in related party amount of $0 and $9,757 for thenine months ended September 30, 2026 and September 30, 2025, respectively.
(2)
Includes change in related party amount of $443 and $0 for thenine months ended September 30, 2026 and September 30, 2025, respectively (see Note 9).
(3)
Includes related party proceeds of $134,999 and $0 for thenine months ended September 30, 2026 and September 30, 2025, respectively.
(4)
Includes related party proceeds of $0 and $15,000 for thenine months ended September 30, 2026 and September 30, 2025, respectively.
(5)
Includes related party proceeds of $0 and $50,000 for thenine months ended September 30, 2026 and September 30, 2025, respectively.
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