Value Investor
Start free

Korsana Biosciences

KRSA on Nasdaq. Korsana Biosciences develops treatments for treatment-resistant depression for patients. Market value $141m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$31.31 a share, 336% above its 1-year low

Over the past year the price has ranged from $7.19 to $59.36.

Pays no dividend

Price from Friday’s close (23 October).

Five years of cash, in billions

-0.0
-0.0
n/a
n/a
n/a
20212022202320242025
Revenue
$4m$297,000$0$2m$2m
Operating margin
-1400.2%-6242.4%n/a-181.4%-239.8%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.04bn0.00bn0.00bn0.00bn0.00bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)1 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 2.0% a year
  • Buying back its own sharesYes, 89% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $0 last quarter, down 100% on a year ago.
  • A loss of $2 million, compared with a loss of $324,000 a year ago.
  • It loses 359 cents on each $1 of sales, compared with 173 cents a year earlier.
  • 38% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$194,000
December 2024$2m
March 2025$81,000
June 2025$93,000
September 2025$875,000
December 2025$1m
March 2026$0
June 2026$0
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$723,000
December 2024$530,000
March 2025-$1m
June 2025-$324,000
September 2025-$976,000
December 2025-$799,000
March 2026-$3m
June 2026-$2m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 March 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

We don't have fund holdings for this stock yet.

Big holders and activists

8 investors own more than 5%.

  • at least 20.0%
    (filed with 4 related holders)
    Since 8 September 2026
    What they said

    The Reporting Persons own 19.99% of the Company in the aggregate, based upon the Company's aggregate outstanding shares as of September 8, 2026. The Reporting Persons' securities include (a) 2,691 shares of Common Stock issuable upon the exercise of options held directly by Mr.…

    Read the filing
  • Peter M. Hecht
    Insider or founder
    19.4%−8.5 pts
    Since 16 July 2026
  • Venrock Healthcare Capital Partners III, L.P.
    Passive investor
    at least 9.9%
    (filed with 8 related holders)
    Since 8 September 2026
    What they said

    The Reporting Persons purchased the aforementioned securities for investment purposes with the aim of increasing the value of their investments and the Issuer. Subject to applicable legal requirements, one or more of the Reporting Persons may purchase additional securities of…

    Read the filing
  • at least 7.3%
    (filed with 4 related holders)
    Since 30 June 2026
  • at least 7.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • FMR LLC
    Passive investor
    at least 6.9%−8.1 pts
    (filed with 1 related holder)
    Since 30 September 2026
  • GENERAL ATLANTIC, L.P.
    Passive investor
    at least 6.8%
    (filed with 16 related holders)
    Since 8 September 2026
  • Wellington Biomedical Innovation Master Investors (Cayman) II, L.P.
    Passive investor
    6.1%
    Since 9 September 2026
  • American Endowment Foundation
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 30 June 2025
  • J. Wood Capital Advisors LLC
    Passive investor
    Sold down below 5%
    Since 30 September 2026
  • MFN Partners, LP
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • Sales have shrunk: 2.0% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.