kron-20230331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to _______

Commission file number: 001-39592

Kronos Bio, Inc.

(Exact name of registrant as specified in its charter)


Delaware			82-1895605
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

1300 So. El Camino Real, Suite 400

San Mateo, California 94402

(650) 781-5200

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.001 par value per share	KRON	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes or ☐ No.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes or ☐ No.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Smaller reporting company	☒
Non-accelerated filer	☒	Accelerated filer	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes or ☒ No

As of May 4, 2023 the registrant had 57,630,464 shares of common stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements:
	Condensed Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022	3
	Condensed Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2023 and 2022 (unaudited)	4
	Condensed Statements of Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2023 and 2022 (unaudited)	5
	Condensed Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022 (unaudited)	7
	Notes to Condensed Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	93
Item 5.	Other Information	93
Item 6.	Exhibits	94
	Signatures	95

PART 1. FINANCIAL INFORMATION

ITEM 1. CONDENSED FINANCIAL STATEMENTS

KRONOS BIO, INC.

Condensed Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)


	March 31, 2023		December 31, 2022(1)
Assets
Current assets:
Cash and cash equivalents	$	61,646	$	75,973
Short-term investments	164,756		162,212
Prepaid expenses and other current assets	5,866		6,106
Total current assets	232,268		244,291
Long-term investments	14,885		9,762
Property and equipment, net	12,529		12,985
Operating lease right-of-use assets	24,123		24,707
Restricted cash	4,051		2,026
Other noncurrent assets	1,169		1,167
Total assets	$	289,025	$	294,938
Liabilities and stockholders' equity (deficit)
Current liabilities:
Accounts payable	$	6,039	$	5,047
Accrued expenses	6,598		12,963
Current portion of operating lease liabilities	3,032		2,347
Current portion of deferred revenue	8,655		—
Current portion of other liabilities	940		1,129
Total current liabilities	25,264		21,486
Noncurrent operating lease liabilities	27,945		28,744
Deferred revenue, net of current portion	10,124		—
Other noncurrent liabilities	87		209
Total liabilities	63,420		50,439
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit):
Common stock, $0.001 par value, 200,000,000 authorized as of March 31, 2023 and December 31, 2022; 57,353,754 and 56,967,436 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.	57		57
Preferred stock, $0.001 par value; 10,000,000 authorized; no

SEC Form 10-Q filed by Kronos Bio Inc.