Frequency Therapeutics

Frequency Therapeutics is a clinical-stage biotech company focused on developing small molecule drugs to reverse the degenerative damage that occurs over time and leads to hearing loss.

Its key approach, progenitor cell activation (PCA), uses small molecules to activate progenitor cells within the body to create functional tissue. The company believes that the PCA approach overcomes many challenges presented by cell and gene therapies due to its ability to activate progenitor cells in the right location, ease of manufacturing, and avoid permanent genetic changes.

As of October 2023, the company’s therapeutic focus aims to activate existing progenitor cells in patients with multiple sclerosis to remyelinate axons and restore signal transmission. This program is in preclinical stages. 

In July 2023, the company entered a definitive merger agreement with Korro Bio, an RNA-editing company focused on the discovery and development of novel genetic medicines. The combined company was to focus on the advancement of Korro Bio’s portfolio of RNA-editing programs and operate under Korro Bio.

The merged company was also expected to have approximately USD 170 million in cash and equivalents at the close of the transaction also it is expected to provide a cash runway into 2026. The merger and related financing were expected to close in the fourth quarter of 2023, subject to approval by Frequency Therapeutics’ stockholders and other customary closing conditions.

Funding and financials

As of November 2023, its latest funding was in August 2022 from a post-IPO equity round from investor Taiwania Capital Management Corporation. 

Frequency Therapeutics reported nil revenue in 2022, while the revenue reported in 2021 amounted to USD 14,068. The company reported a net loss of USD 81.6 million in 2022 compared to USD 84.7 million in 2021.