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Kronos Bio Reports Fourth Quarter and Full Year 2024 Financial Results

1. KRON reported Q4 2024 net loss of $25.8 million. 2. Total cash and investments decreased to $112.4 million. 3. R&D expenses were $48.7 million for 2024, down from $84.5 million. 4. Impairment charges for long-lived assets exceeded $29 million in 2024. 5. Company to evaluate strategic alternatives for enhancing stockholder value.

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$0.932303/18 04:08 PM EDTEvent Start
$0.895103/19 10:32 PM EDTLatest Updated
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FAQ

Why Bearish?

KRON's significant net losses and decreasing cash reserves signal ongoing financial challenges, similar to past biotech firms struggling with cash flow.

How important is it?

High relevance to KRON's financial health and future strategic direction affects investor sentiment.

Why Short Term?

Immediate impact due to Q4 results; future strategic alternatives may take time to materialize.

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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 BioKronos 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) $(1.95)Weighted-average number of shares used to compute net loss per share, basic and diluted 60,344   58,268   60,070   57,744   Kronos Bio, Inc.Selected Balance Sheet Data(in thousands)(Unaudited) December 31, 2024 December 31, 2023Cash, cash equivalents and investments$        112,422 $        174,986Total assets$        124,363 $        213,279Total liabilities$        36,783 $        54,201Total stockholders’ equity$        87,580 $        159,078      

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