Korsana Biosciences, Inc.
KRSA Healthcare Biotechnology
In the quarter to June 2026, revenue fell 43.2%, EPS fell 272.7% and free cash flow fell 184.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Korsana Biosciences, Inc. (KRSA) Altman Z-score
Korsana Biosciences, Inc.'s Altman Z-score for fiscal 2025 is −36.29, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −36.29 | (3.29) |
| FY2024 | −33.00 | (12.29) |
| FY2022 | −20.72 | (17.18) |
| FY2021 | −3.54 | (0.68) |
| FY2020 | −2.86 | (1.06) |
| FY2019 | −1.79 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.45 | |
| Retained earnings / total assets | (27.14) | — | −38.00 | |
| EBIT / total assets | (0.50) | — | −1.64 | |
| Market value of equity / total liabilities | 4.49 | — | 2.69 | |
| Sales / total assets | 0.21 | — | 0.21 | |
| Altman Z-score | Distress zone | −36.29 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −78.78 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| STOK Stoke Therapeutics, Inc. compare | 16.4× |
| ABSI Absci Corporation compare | 5.5× |
| IMCR Immunocore Holdings PLC Sponsored ADR compare | 1.5× |
| QURE uniQure N.V. compare | −0.8× |
| NTLA Intellia Therapeutics, Inc. compare | −1.9× |
| RARE Ultragenyx Pharmaceutical Inc. compare | −3.6× |
| KRSA Korsana Biosciences, Inc. | −36.3× |
| MAZE Maze Therapeutics, Inc. compare | — |
| GPCR Structure Therapeutics Inc. Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets