On August 8, 2024 Kronos Bio, Inc. (Nasdaq: KRON), a company dedicated to developing small molecule therapeutics that address cancers and other diseases driven by deregulated transcription, reported recent business progress and financial results for the second quarter of 2024 (Press release, Kronos Bio, AUG 8, 2024, View Source [SID1234645610]).
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"We continue to make great progress, both in the clinic and in expanding our pipeline targeting deregulated transcription. We are on track to share a clinical update on istisociclib in platinum-resistant high-grade serous ovarian cancer patients in the first half of 2025," said Nobert Bischofberger, Ph.D., president and chief executive officer of Kronos Bio. "In addition, we expect to dose our first relapsed/refractory multiple myeloma patient with KB-9558 in the first half of 2025 and are excited to announce HPV-driven tumors as another potential program for KB-9558. Our collaboration with Genentech and our internal discovery programs, including a new p300 program focused on autoimmune indications, continue to advance and we look forward to sharing our progress later this year."
Company and Pipeline Updates
Deborah Knobelman, Ph.D., appointed as chief operating officer and chief financial officer
•Dr. Knobelman joined the Company on June 3, 2024 and oversees the finance, accounting, business development, investor relations and corporate strategy functions.
Istisociclib (KB-0742), a CDK9 inhibitor for platinum-resistant high-grade serous ovarian cancer
•Istisociclib cleared the 80mg four-days-on, three-days-off dose and schedule, and the first patient with platinum-resistant high-grade serous ovarian cancer was enrolled in July (link to press release); data expected in first half of 2025.
•At American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) in June 2024, the Company presented updated study data from KB-0742-1001, the ongoing Phase 1/2 trial of istisociclib (KB-0742), an oral CDK9 inhibitor in relapsed or refractory transcriptionally addicted advanced solid tumors (link to poster).
KB-9558, a p300 lysine acetyltransferase (KAT) inhibitor for oncology indications
•p300 was identified as a critical cofactor of the interferon regulatory factor 4 (IRF4) transcription regulatory network in multiple myeloma, which led to the discovery of KB-9558, an inhibitor of the lysine acetyltransferase (KAT) domain of p300.
•Development of KB-9558 remains on track to complete IND-enabling studies in 2024 and the Company expects to enroll the first patient in a dose escalation study in relapsed/refractory multiple myeloma in the first half of 2025.
•Today the Company announced an additional opportunity for the potential use of KB-9558 in HPV-driven tumors. Data supporting p300 KAT inhibition in HPV-driven tumors will be presented later this year.
Novel p300 KAT inhibitor for autoimmune indications
•Given the role of IRF4 and p300 in B cells, T cells and other immune cells, the Company has begun exploring the utility of a p300 KAT inhibitor for autoimmune indications. The Company expects to provide an update on the role of p300 in inflammatory indications and announce a development candidate by the end of the year.
Second Quarter 2024 Financial Highlights
•Cash, cash equivalents and investments: With its ongoing and currently planned clinical programs and $136.6 million in cash, cash equivalents and investments as of June 30, 2024, the Company anticipates sufficient resources to fund its planned operations into the second half of 2026.
•R&D expenses: Research and development expenses were $13.8 million for the second quarter of 2024, which includes non-cash stock-based compensation expense of $0.8 million.
•G&A expenses: General and administrative expenses were $6.4 million for the second quarter of 2024, which includes non-cash stock-based compensation expense of $1.4 million.
•Impairment of long-lived assets and restructuring: For the second quarter of 2024, the Company incurred impairment of long-lived assets expense of $0.5 million and restructuring expense of less than $0.1 million.
•Net loss: Net loss for the second quarter of 2024 was $16.2 million, or $0.27 per share, including non-cash stock-based compensation expense of $2.2 million.