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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kronos Bio Inc | NASDAQ:KRON | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.04 | 1.00 | 1.04 | 1.04 | 1.02 | 1.04 | 79,181 | 22:30:02 |
"This quarter, we made significant strides in our KB-0742 and lanraplenib clinical studies, and on the discovery side, our collaboration with Genentech is now well underway," said Norbert Bischofberger, Ph.D., president and chief executive officer of Kronos Bio. "We remain unwavering in our commitment to deliver meaningful therapies for patients with difficult to treat cancers, and we have the innovative science and people, as well as cash runway, necessary to do so. We continue to recruit significant talent, most recently with the addition of Katherine and Roger to our Board of Directors. We will benefit from their industry experience and clinical development expertise and guidance as we progress our portfolio of product candidates that target deregulated transcription.”
First Quarter and Recent Company Updates
First Quarter 2023 Financial Highlights
About Kronos Bio, Inc.
Kronos Bio is a biopharmaceutical company that is advancing two investigational compounds in clinical trials for patients with cancer. The company is developing the CDK9 inhibitor KB-0742 as a treatment for MYC-amplified solid tumors and other transcriptionally addicted solid tumors and lanraplenib, a next-generation SYK inhibitor, for patients with FLT3-mutated acute myeloid leukemia. The company’s scientific focus is on developing medicines that target the deregulated transcription that is the hallmark of cancer and other serious diseases.
Kronos Bio is based in San Mateo, Calif., and has a research facility in Cambridge, Mass. For more information, visit www.kronosbio.com or follow the company on LinkedIn.
Forward-Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release, in some cases, uses terms such as “on track to,” “plan,” “potential,” “will,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding Kronos Bio’s intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, Kronos Bio’s plan to report initial efficacy data for the Phase 1/2 KB-0742 study and the expected timing thereof, Kronos Bio’s plan to report a recommended Phase 2 dose and initial data for the Phase 1b/2 study of lanraplenib and the timing thereof, Kronos Bio’s expected cash runway, and other statements that are not historical fact. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation: whether Kronos Bio will be able to progress its clinical trials on the timelines anticipated, including due to risks inherent in the clinical development of novel therapeutics; risks related to Kronos Bio’s lack of experience as a company in conducting clinical trials; the risk that results of preclinical studies and early clinical trials are not necessarily predictive of future results; and risks associated with the sufficiency of Kronos Bio’s cash resources and need for additional capital. These and other risks are described in greater detail in Kronos Bio’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 15, 2023, and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, being filed with the SEC today. Any forward-looking statements that are made in this press release speak only as of the date of this press release and are based on management’s assumptions and estimates as of such date. Except as required by law, Kronos Bio assumes no obligation to update the forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
Company Contact:Sarah Connors, Vice President of Investor Relations and Corporate CommunicationsKronos Bio857-290-7305sconnors@kronosbio.com
Investors:Claudia StyslingerArgot Partners212-600-1902kronosbio@argotpartners.com
Media:Leo Vartorella/David Rosen Argot Partners 212-600-1494 kronosbio@argotpartners.com
Kronos Bio, Inc. | ||||||||
Condensed Statements of Operations and Comprehensive Loss | ||||||||
(in thousands, except share and per share amounts) | ||||||||
(Unaudited) | ||||||||
Three months ended March 31, | ||||||||
2023 | 2022 | |||||||
Revenue | $ | 1,221 | — | |||||
Operating expenses: | ||||||||
Research and development | $ | 19,658 | $ | 24,438 | ||||
General and administrative | 10,056 | 11,927 | ||||||
Total operating expenses | 29,714 | 36,365 | ||||||
Loss from operations | (28,493 | ) | (36,365 | ) | ||||
Other income (expense), net: | ||||||||
Interest and other income, net | 2,255 | 102 | ||||||
Total other income (expense), net | 2,255 | 102 | ||||||
Net loss | (26,238 | ) | (36,263 | ) | ||||
Other comprehensive income (loss): | ||||||||
Net unrealized gain (loss) on available-for-sale securities | 432 | (131 | ) | |||||
Net comprehensive loss | $ | (25,806 | ) | $ | (36,394 | ) | ||
Net loss per share, basic and diluted | $ | (0.46 | ) | $ | (0.65 | ) | ||
Weighted-average shares of common stock, basic and diluted | 57,147,253 | 55,839,336 |
Kronos Bio, Inc. | ||||||
Selected Balance Sheet Data | ||||||
(in thousands, except share and per share amounts) | ||||||
(Unaudited) | ||||||
March 31, 2023 | December 31, 2022 | |||||
Cash, cash equivalents and investments | $ | 241,287 | $ | 247,947 | ||
Total assets | 289,025 | 294,938 | ||||
Total liabilities | 63,420 | 50,439 | ||||
Total stockholders’ equity | 225,605 | 244,499 |
1 Year Kronos Bio Chart |
1 Month Kronos Bio Chart |
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