SAN MATEO, Calif. and CAMBRIDGE, Mass., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Kronos Bio, Inc. (Nasdaq: KRON), a company dedicated to transforming the lives of those affected by cancer, today reported recent business progress and second-quarter 2023 financial results.
“KB-0742 is the first molecule to emerge from our discovery platform and we are looking forward to presenting data from the Phase 1 dose escalation portion of the Phase 1/2 KB-0742 study at the upcoming AACR-NCI-EORTC International Conference,” said Norbert Bischofberger, Ph.D., president and chief executive officer of Kronos Bio. “We’ve observed target engagement and have opened expansion cohorts at the 60 milligram dose. Simultaneously, we are further dose escalating to identify the maximum tolerated dose. Strong investigator engagement and patient enrollment in our KB-0742 and lanraplenib clinical programs reinforce the significant unmet need for new and innovative therapies for these difficult-to-treat cancers.”
Bischofberger continued, “Our lanraplenib program recently progressed onto the third dosing cohort at 60 milligrams, and we are on track to reach our recommended Phase 2 dose by year end or early 2024. In addition, as a result of strong investigator interest, we will be allowing additional patients to enroll at dose levels that have previously been cleared. We look forward to sharing data from the escalation cohorts in mid-2024.”
Second Quarter and Recent Company Updates
Second 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 plans to report data for the Phase 1/2 KB-0742 study and the expected timing thereof, Kronos Bio’s plan to achieve a recommended Phase 2 dose and report 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the SEC on May 10, 2023, and in its Quarterly Report on Form 10-Q for the quarter ended June 30, 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.
Contacts for Investors and Media:
Company Contact:
Sarah Connors, Vice President of Investor Relations and Corporate Communications
Kronos Bio
857-290-7305
sconnors@kronosbio.com
Agency Contact:
Brendan Strong, Managing Director
Argot Partners
212-600-1902
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 June 30, | Six months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | $ | 1,864 | $ | — | $ | 3,084 | $ | — | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 22,673 | $ | 22,706 | $ | 42,331 | $ | 47,142 | ||||||||
| General and administrative | 11,359 | 10,824 | 21,415 | 22,752 | ||||||||||||
| Total operating expenses | 34,032 | 33,530 | 63,746 | 69,894 | ||||||||||||
| Loss from operations | (32,168 | ) | (33,530 | ) | (60,662 | ) | (69,894 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest and other income, net | 2,427 | 627 | 4,683 | 728 | ||||||||||||
| Total other income (expense), net | 2,427 | 627 | 4,683 | 728 | ||||||||||||
| Net loss | (29,741 | ) | (32,903 | ) | (55,979 | ) | (69,166 | ) | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Net unrealized gain (loss) on available-for-sale securities | (109 | ) | (491 | ) | 323 | (622 | ) | |||||||||
| Net comprehensive loss | $ | (29,850 | ) | $ | (33,394 | ) | $ | (55,656 | ) | $ | (69,788 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.52 | ) | $ | (0.59 | ) | $ | (0.98 | ) | $ | (1.24 | ) | ||||
| Weighted-average shares of common stock, basic and diluted | 57,397,931 | 56,116,070 | 57,273,284 | 55,978,482 | ||||||||||||
Kronos Bio, Inc.
Selected Balance Sheet Data
(in thousands)
(Unaudited)
| June 30, 2023 | December 31, 2022 | |||||
| Cash, cash equivalents and investments | $ | 219,704 | $ | 247,947 | ||
| Total assets | 260,615 | 294,938 | ||||
| Total liabilities | 57,273 | 50,439 | ||||
| Total stockholders’ equity | 203,342 | 244,499 | ||||
| Last Trade: | US$0.71 |
| Daily Change: | -0.0094 -1.32 |
| Daily Volume: | 2,647,092 |
| Market Cap: | US$42.540M |
November 27, 2024 November 14, 2024 November 13, 2024 | |
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