Kronos Bio, Inc. reported a net loss of $86.1 million for the fiscal year ending December 31, 2024, a decrease from the $112.7 million loss recorded in the previous year. The company's revenue increased to $9.8 million, up from $6.3 million in 2023, primarily attributed to a collaboration agreement with Genentech. However, total operating expenses decreased to $102.7 million from $128.4 million, driven by significant reductions in research and development costs following the discontinuation of the istisociclib clinical trial and a substantial workforce reduction of approximately 83% as part of a strategic restructuring plan.
The restructuring efforts, which included the elimination of executive roles and a significant workforce cut, resulted in total impairment and restructuring costs of $29.5 million for 2024. This included $18.7 million in non-cash impairment charges related to long-lived assets. The company is currently exploring strategic alternatives, including potential mergers or asset sales, as it seeks to maximize stockholder value. The board of directors has indicated that if these alternatives do not yield favorable outcomes, the company may consider dissolution and liquidation.
Kronos Bio's operational focus has shifted to its remaining product candidates, KB-9558 and KB-7898, both of which are in preclinical development. KB-9558 targets multiple myeloma, while KB-7898 is aimed at treating Sjogren’s disease. The company has paused further development of its lead candidate, istisociclib, due to adverse events observed during clinical trials. The decision to halt this program has prompted a reevaluation of its research and development strategy, with an emphasis on conserving capital and exploring partnerships for its remaining assets.
As of December 31, 2024, Kronos Bio had cash, cash equivalents, and investments totaling $112.4 million, which the company believes will fund its operations for at least the next 12 months. However, the company anticipates continued net losses as it navigates the complexities of its strategic review process and the ongoing development of its product candidates. The future financial outlook remains uncertain, hinging on the successful execution of its strategic alternatives and the potential for regulatory approvals of its remaining assets.
About Kronos Bio, Inc.
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