Kronos Bio, Inc. (KRON) today Nov. 18, 2020, reported recent business progress and third quarter 2020 financial results.
Recent Business progress
The Company hired Barbara Kosacz as a Chief operating officer and Dr Yasir Al-Wakeel as a Chief financial officer and head of corporate development. Elena Ridloff has been added to the company’s Board of Directors as chair of the audit committee
The Kronos Bio acquired Gilead Sciences’ portfolio of spleen tyrosine kinase (SYK) inhibitors, including entospletinib, which Kronos Bio is developing as a frontline treatment for patients with NPM1-mutated acute myeloid leukemia (AML).
In October 2020, the company earned $287.5 million (before deducting underwriting discounts and commissions and offering expenses) by completing an upsized initial public offering (IPO) of 15,131,579 of common stock.
Third Quarter Financial Highlights
For the third quarter ended September 30, 2020, cash, cash equivalents and short-term investments weretotalled at $211.3 million, excluding approximately $263.9 million in net proceeds from the company’s October 2020 upsized IPO.
The company has a net loss of $39.7 million, or $6.48 per basic and diluted share for the third quarter ended September 30, 2020, including a non-recurring $15.2 million non-cash change in fair value of convertible notes.
The company’s research and development expenses were $16.8 million for the third quarter of 2020, which includes $0.2 million in stock-based compensation expense.For the reported quarter, the company’s general and administrative expenses were $4.1 million including $1.0 million in stock-based compensation expense.