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Common Stock
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Common Stock

8. Common Stock

At the closing of the Merger, the shares of Legacy Korro common stock were converted into shares of the Company's common stock based on the exchange ratio determined in the Merger Agreement.

As of June 30, 2024, the Company was authorized to issue 200,000,000 shares of common stock, $0.001 per value per share. Prior to the Merger, the holders of Legacy Korro’s common stock were subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock. Holders of common stock are entitled to one vote per share. In addition, holders of common stock are entitled to receive dividends, if and when declared by the Company’s Board of Directors. As of June 30, 2024, no dividends had been declared.

As of June 30, 2024 and December 31, 2023, the Company had reserved for future issuance the following number of shares of common stock:

 

 

 

June 30,
2024

 

 

December 31,
2023

 

Exercises of outstanding stock options

 

 

1,298,408

 

 

 

1,323,151

 

Exercise of outstanding warrant

 

 

8,049

 

 

 

8,049

 

Future issuances under 2023 Stock Incentive Plan

 

 

666,976

 

 

 

255,694

 

Future issuances under 2023 ESPP Plan

 

 

168,667

 

 

 

88,502

 

Total reserved for future issuance

 

 

2,142,100

 

 

 

1,675,396

 

 

On April 17, 2024, the Company entered into a subscription agreement with certain new and existing accredited investors to issue and sell an aggregate of 1,249,283 shares of its common stock in a private placement ("PIPE") that resulted in gross proceeds of approximately $70.0 million, before deducting placement agent fees and offering expenses of approximately $2.6 million. The PIPE closed on April 22, 2024.