Kronos Bio(US:KRON)2024-05-09 20:12Financial Performance - The net loss for Q1 2024 was $30.0 million, or $0.50 per share, compared to a net loss of $26.2 million, or $0.46 per share in Q1 2023[11]. - Total operating expenses for Q1 2024 were $34.5 million, an increase of approximately 16.0% from $29.7 million in Q1 2023[11]. - Research and development expenses for Q1 2024 were $14.2 million, down from $19.7 million in Q1 2023, reflecting a decrease of approximately 27.5%[9]. - General and administrative expenses for Q1 2024 were $7.5 million, compared to $10.1 million in Q1 2023, a reduction of about 25.0%[11]. - The company incurred an impairment of long-lived assets expense of $6.6 million and restructuring expenses of $6.2 million in Q1 2024[9]. Cash Position - Kronos Bio reported a cash runway of $152.0 million, expected to last into the second half of 2026[1]. Assets and Equity - Total assets as of March 31, 2024, were $182.98 million, down from $213.28 million as of December 31, 2023[13]. - Total stockholders' equity decreased to $136.97 million as of March 31, 2024, from $159.08 million at the end of 2023[13]. Future Plans - The company anticipates completing IND-enabling studies for KB-9558 by the end of 2024, with the first patient dosing expected in the first half of 2025[2]. - Kronos Bio plans to present updated study data from the ongoing Phase 1/2 trial of KB-0742 at the upcoming ASCO conference in June 2024[4].