Kronos Bio has announced third-quarter 2024 results and a significant shift in strategy, halting further development of istisociclib, a CDK9 inhibitor tested in patients with platinum-resistant high-grade serous ovarian cancer.
The decision, prompted by safety concerns in phase 1/2 trials where patients experienced neurological side effects, marks a pivotal point in the company’s direction. With istisociclib no longer a focus, Kronos Bio's board approved a plan to explore strategic alternatives, potentially through mergers, acquisitions, or other transactions.
Kronos' remaining pipeline includes two promising p300 KAT inhibitors: KB-9558 for multiple myeloma and HPV-driven cancers, and KB-7898 for Sjögren’s disease, both in preclinical stages.
Financially, the company reported $124.9 million in cash and investments as of September 30, 2024, while quarterly research and development costs reached $12.3 million, with administrative expenses totaling $5.8 million, resulting in a $14.1 million net loss.