Kronos Bio(US:KRON)2024-11-13 21:06Financial Performance - Kronos Bio reported a net loss of $14.1 million for Q3 2024, or $0.23 per share, compared to a net loss of $31.4 million in Q3 2023[4]. - Total operating expenses for Q3 2024 were $18.1 million, compared to $34.7 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 $175 million at the end of 2023[3][11]. - Kronos Bio's total assets decreased to $150.0 million as of September 30, 2024, from $213.3 million at the end of 2023[11]. Expenses - Research and development expenses for Q3 2024 were $12.3 million, including $0.8 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].