Kronos Bio Inc (KRON) announced it 3Q fiscal results and recent business developments

Kronos Bio, Inc. (KRON) today Nov. 18, 2020, reported recent business progress and third quarter 2020 financial results.

Top 5 Cheap Stocks to Own Right Now

While finding safe stocks with the potential for monster gains isn't always easy, we've found a few that could pay out well. In fact, within our report, "Top 5 Cheap Stock to Own Right Now", we have identified five stocks we believe could appreciate the most even if you just have $1,000 to invest.

Sign up here to get your free report now. .


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.


Please enter your comment!
Please enter your name here