Kronos Bio Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Kronos Bio (NASDAQ: KRON) has released its Q4 and full year 2024 financial results. The company reported cash, cash equivalents and investments of $112.4 million as of December 31, 2024.

Key financial metrics for Q4 2024 include:

• R&D expenses of $8.4 million (including $0.7M in stock-based compensation)
• G&A expenses of $4.9 million (including $1.0M in stock-based compensation)
• Impairment charges and restructuring costs of $16.1 million
• Net loss of $25.8 million ($0.43 per share)

For full year 2024:

• R&D expenses totaled $48.7 million
• G&A expenses reached $24.6 million
• Total impairment and restructuring charges of $29.5 million
• Net loss of $86.1 million ($1.43 per share)

Positive

• Maintained substantial cash position of $112.4M at year-end

Negative

• Significant net loss of $86.1M in 2024
• Large impairment charges and restructuring costs of $29.5M in 2024
• Increased stock-based compensation expense of $14.1M for 2024

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

Contact:
denise@redhousecomms.com

FAQ

What was Kronos Bio's (KRON) net loss per share in Q4 2024?

Kronos Bio reported a net loss of $0.43 per share in Q4 2024.

How much cash and investments did KRON have at the end of 2024?

Kronos Bio had $112.4 million in cash, cash equivalents and investments as of December 31, 2024.

What were KRON's total impairment and restructuring charges for 2024?

Total impairment and restructuring charges were $29.5 million for the full year 2024.

How much did Kronos Bio (KRON) spend on R&D in 2024?

Kronos Bio spent $48.7 million on research and development in 2024, including $3.4 million in stock-based compensation.