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Finance Watch: Kronos Reveals Second Round Of Job Cuts In Five Months

SQZ’s Shareholders Approve Plan To Liquidate

 
• By Mandy Jackson

Restructuring Edition: Kronos restructured and cut 19% of its workforce in November and now will cut 21% of its remaining jobs. Also, Gritstone cut 40% of its workforce after missing out on an expected external funding payment and Kineta implemented a 64% workforce reduction.

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Kronos Bio, Inc. implemented a restructuring plan in November that resulted in a 19% workforce reduction but extended its cash runway into 2026 and the company unveiled further cost cuts on 7 March that will reduce its remaining headcount by 21% and make the firm’s cash last into late 2026. As with the prior cuts, Kronos said it came up with the new restructuring plan after reviewing additional data from the ongoing Phase I/II clinical trial of lead drug candidate KB-0742.

The company said its plan to optimize its resource allocation will allow it to explore an extended dosing schedule for KB-0742, a CDK9 inhibitor, while continuing investigational new drug (IND) application-enabling studies for the p300 KAT inhibitor KB-9558 with the goal of moving the drug into the clinic in 2025

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