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Kronos Bio(KRON) - 2024 Q3 - Quarterly Results
KRONKronos Bio(KRON)2024-11-13 21:06

Financial Performance - Kronos Bio reported a net loss of 14.1millionforQ32024,or14.1 million for Q3 2024, or 0.23 per share, compared to a net loss of 31.4millioninQ32023[4].−TotaloperatingexpensesforQ32024were31.4 million in Q3 2023[4]. - Total operating expenses for Q3 2024 were 18.1 million, compared to 34.7millioninQ32023[10].CashandAssets−AsofSeptember30,2024,KronosBiohad34.7 million in Q3 2023[10]. Cash and Assets - As of September 30, 2024, Kronos Bio had 124.9 million in cash, cash equivalents, and investments, down from 175millionattheendof2023[3][11].−KronosBio′stotalassetsdecreasedto175 million at the end of 2023[3][11]. - Kronos Bio's total assets decreased to 150.0 million as of September 30, 2024, from 213.3millionattheendof2023[11].Expenses−ResearchanddevelopmentexpensesforQ32024were213.3 million at the end of 2023[11]. Expenses - Research and development expenses for Q3 2024 were 12.3 million, including 0.8millioninnon−cashstock−basedcompensation[3].−GeneralandadministrativeexpensesforQ32024were0.8 million in non-cash stock-based compensation[3]. - General and administrative expenses for Q3 2024 were 5.8 million, which included $1.2 million in non-cash stock-based compensation[4]. Strategic Decisions - The company has decided to discontinue the development of istisociclib due to an unfavorable risk-benefit profile observed in clinical trials[1][2]. - Kronos Bio is exploring strategic alternatives to maximize stockholder value, which may include acquisitions or mergers[5]. - The company plans to implement significant expense reduction strategies while evaluating options for its remaining preclinical assets[1]. Product Development - The oncology candidate KB-9558 is expected to be IND-ready by the end of 2024, while KB-7898 for autoimmune disease has begun IND-enabling studies[1].