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Kronos Bio Inc. (KRON-4.29%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing highlights the company's decision to discontinue the clinical trial of istisociclib, a CDK9 inhibitor, due to an unfavorable benefit-risk profile. This decision was made following adverse events observed in the Phase 1/2 clinical trial.
Kronos Bio is exploring strategic alternatives to maximize stockholder value, which may include an acquisition, merger, or sale of assets. The company has also announced a significant workforce reduction of approximately 83% to optimize resource allocation.
The company reported a net loss of $86.1 million for the year ended December 31, 2024, compared to a net loss of $112.7 million for the prior year. The decrease in net loss was primarily due to reduced research and development expenses.
Revenue for the year was $9.8 million, generated from a collaboration and license agreement with Genentech. However, this agreement was terminated in December 2024, resulting in a one-time payment to Genentech.
Total operating expenses were $102.7 million, down from $128.4 million in the previous year. This decrease was driven by lower research and development costs and restructuring efforts.
The company recognized impairment charges of $18.7 million related to long-lived assets, including operating lease right-of-use assets and leasehold improvements.
As of December 31, 2024, Kronos Bio had cash, cash equivalents, and investments totaling $112.4 million. The company believes this will fund its operations for at least 12 months.
Kronos Bio's strategic focus includes the potential development of KB-9558 and KB-7898, targeting multiple myeloma and Sjogren’s disease, respectively. However, the company is currently evaluating partnerships and other strategic options for these assets.
The filing also details the company's restructuring efforts, which resulted in total charges of $29.5 million for the year, including severance and stock-based compensation expenses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kronos Bio Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.