SAN MATEO, Calif., and CAMBRIDGE, Mass., March 18, 2025 (GLOBE NEWSWIRE) -- Kronos Bio, Inc. (Nasdaq: KRON), a biopharmaceutical company, today reported fourth quarter and full year 2024 financial results.
Fourth Quarter and Full Year 2024 Financial Results
- Cash, cash equivalents and investments: Cash, cash equivalents and investments as of December 31, 2024, were $112.4 million.
- R&D Expenses: Research and development expenses were $8.4 million for the fourth quarter of 2024, which includes non-cash stock-based compensation expense of $0.7 million. For the full year of 2024, research and development expenses were $48.7 million, which includes non-cash stock-based compensation expense of $3.4 million.
- G&A Expenses: General and administrative expenses were $4.9 million for the fourth quarter of 2024, which includes non-cash stock-based compensation expense of $1.0 million. For the full year of 2024, general and administrative expenses were $24.6 million, which includes non-cash stock-based compensation expense of $5.8 million.
- Impairment of long-lived assets and restructuring: Impairment of long-lived assets and restructuring charges were $16.1 million for the fourth quarter of 2024, which includes non-cash impairment charges of $11.6 million and non-cash stock-based compensation expense of $0.5 million. For the full year of 2024, Impairment of long-lived assets and restructuring charges were $29.5 million, which includes non-cash impairment charges of $18.7 million and non-cash stock-based compensation expense of $4.9 million.
- Net loss: Net loss for the fourth quarter of 2024 was $25.8 million, or $0.43 per share, including non-cash stock-based compensation expense of $2.2 million. Net loss for the full-year 2024 was $86.1 million, or $1.43 per share, including non-cash stock-based compensation expense of $14.1 million.
About Kronos Bio
Kronos Bio is a biopharmaceutical company that has historically focused on the discovery and development of small molecule therapeutics to address deregulated transcription, a hallmark of cancer and autoimmune diseases. In November 2024, we announced a process to evaluate potential strategic alternatives focused on maximizing stockholder value, including, but not limited to, an acquisition, merger, reverse merger, other business combination, sales of assets, or other strategic transactions. Our activities to evaluate and pursue potential strategic alternatives may not result in any transaction or enhance stockholder value. Kronos Bio is based in San Mateo, Calif., and has a research facility in Cambridge, Mass. For more information, visit https://www.kronosbio.com or follow the Company on LinkedIn.
| Kronos Bio, Inc. Condensed Statements of Operations and Comprehensive Loss (in thousands, except per share data) (Unaudited) | |||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 2,270 | $ | 2,286 | $ | 9,848 | $ | 6,288 | |||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 8,409 | 18,704 | 48,664 | 84,515 | |||||||||||||
| General and administrative | 4,924 | 9,213 | 24,616 | 38,974 | |||||||||||||
| Impairment of long-lived assets and restructuring | 16,091 | 1,960 | 29,455 | 4,876 | |||||||||||||
| Total operating expenses | 29,424 | 29,877 | 102,735 | 128,365 | |||||||||||||
| Loss from operations | (27,154 | ) | (27,591 | ) | (92,887 | ) | (122,077 | ) | |||||||||
| Other income (expense), net: | |||||||||||||||||
| Interest income and other expense, net | 1,341 | 2,271 | 6,808 | 9,404 | |||||||||||||
| Total other income (expense), net | 1,341 | 2,271 | 6,808 | 9,404 | |||||||||||||
| Net loss | (25,813 | ) | (25,320 | ) | (86,079 | ) | (112,673 | ) | |||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Net unrealized gain (loss) on available-for-sale securities | (15 | ) | 274 | (10 | ) | 811 | |||||||||||
| Net comprehensive loss | $ | (25,828 | ) | $ | (25,046 | ) | $ | (86,089 | ) | $ | (111,862 | ) | |||||
| Net loss per share, basic and diluted | $ | (0.43 | ) | $ | (0.43 | ) | $ | (1.43 | ) | $ | (1.95 | ) | |||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 60,344 | 58,268 | 60,070 | 57,744 | |||||||||||||
| Kronos Bio, Inc. Selected Balance Sheet Data (in thousands) (Unaudited) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| Cash, cash equivalents and investments | $ | 112,422 | $ | 174,986 | |
| Total assets | $ | 124,363 | $ | 213,279 | |
| Total liabilities | $ | 36,783 | $ | 54,201 | |
| Total stockholders' equity | $ | 87,580 | $ | 159,078 | |
