Executive Summary

Q1 2024 was primarily an operational update quarter: revenue rose to $2.52M, while net loss widened to $30.0M ($0.50/share) due to $12.8M of impairment and restructuring charges; cash and investments were $152.0M with runway “into the second half of 2026” .
Against third-party consensus, KRON missed EPS (actual -$0.50 vs. -$0.43) and beat revenue (actual $2.52M vs. $1.50M), driven by higher collaboration revenue and non-cash/one-time charges that pressured EPS .
Pipeline timelines were reiterated: ASCO update for KB-0742 in June, expansion cohorts at new dosing schedule targeted to open in Q3 2024, and KB-9558 IND-enabling completion in 2024 with first-in-human in H1 2025 .
Near-term stock catalysts center on clinical visibility (ASCO data, opening expansion cohorts) and preservation of cash runway; no financial guidance (revenue/EPS) was provided .

What Went Well and What Went Wrong

What Went Well

Revenue increased to $2.52M, up y/y and q/q, supported by collaboration activity .
Clear pipeline milestones: ASCO study update for KB-0742 in June; expansion cohorts at the 4-days-on/3-days-off schedule on track to initiate in Q3 2024; KB-9558 on track for IND-enabling completion in 2024 and first-in-human in H1 2025 .
Management reiterated cash runway into 2H26, supporting operational continuity: “$152.0 million cash runway into the second half of 2026” .

Quote: “We have continued to make good progress towards our goals. We are looking forward to sharing a clinical update on the KB-0742 data to date at ASCO in June.” — Norbert Bischofberger, Ph.D., President & CEO .

What Went Wrong

EPS came in weaker than third-party consensus (-$0.50 vs. -$0.43), with the miss explained by impairment and restructuring charges recognized in the quarter .
Elevated operating expenses driven by one-time items: impairment of long-lived assets ($6.6M) and restructuring ($6.2M), pushing total operating expenses to $34.5M .
Continued net losses typical of development-stage biotech (net loss $30.0M), highlighting dependence on collaboration revenue and future clinical milestones for value inflection .

Financial Results

Quarterly P&L and Cash (oldest → newest)

Metric	Q3 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$0.917	$2.286	$2.520
Net Loss ($USD Millions)	$(31.374)	$(25.320)	$(29.958)
Net Loss per Share (USD)	$(0.54)	$(0.43)	$(0.50)
R&D Expense ($USD Millions)	$25.344	$18.704	$14.222
G&A Expense ($USD Millions)	$9.398	$10.926	$7.506
Impairment + Restructuring ($USD Millions)	—	—	$12.786
Total Operating Expenses ($USD Millions)	$34.742	$29.630	$34.514
Cash, Cash Equivalents & Investments ($USD Millions, period-end)	$198.383	$174.986	$151.984

Notes: Impairment and restructuring charges in Q1 2024 drove higher total operating expenses and pressured EPS .

Q1 2024 vs. Estimates

S&P Global consensus was unavailable for KRON. The following third-party aggregator values are shown; see note in Estimates Context.

Metric (Q1 2024)	Actual	Consensus	Surprise
Revenue ($USD Millions)	$2.520	$1.50	+$1.02M
EPS (USD)	$(0.50)	$(0.43)	Miss $(0.07)

Segment breakdown: KRON does not report segments; revenue is presented on a single line in the press release .

KPIs (selected)

Cash runway: “into the second half of 2026” .
Collaboration and R&D progress: ASCO update for KB-0742 in June; expansion cohorts expected to open Q3 2024 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Multi-year	Into 2026 (as of Nov 13, 2023)	Into the second half of 2026 (as of Mar 21, 2024) and reaffirmed May 9, 2024	Maintained/Refined timing
KB-0742: Clinical update	Mid-2024	Planned mid-2024 updates	ASCO update in June 2024	Maintained (timing specified)
KB-0742: Expansion cohorts at 4/3 schedule	Q3 2024	On track to clear 80mg 4/3 in Q3 2024	Expansion cohorts at new schedule remain on track to open in Q3 2024	Maintained
KB-9558: IND-enabling	2024	Expected to complete in 2024	Expected to complete in 2024	Maintained
KB-9558: First-in-human	H1 2025	Anticipated H1 2025	Anticipated H1 2025	Maintained
Financial Guidance (Revenue/EPS/OpEx)	2024	Not provided	Not provided	No change

Earnings Call Themes & Trends

Note: We did not find a Q1 2024 earnings call transcript in our document set; themes below reflect company press releases and 8-K disclosures.

Topic	Previous Mentions (Q3 2023 → Q4 2023)	Current Period (Q1 2024)	Trend
KB-0742 clinical progress	Positive preliminary activity; plan to share dose-escalation and expansion data mid-2024 . Q4: On track to clear 80mg 4/3 in Q3 2024; topline expansion data expected H1 2025 .	ASCO study update in June; expansion cohorts at 4/3 schedule to open Q3 2024 .	Steady execution; timeline reiterated
KB-9558 (p300 KAT inhibitor)	Development candidate nomination; plan to present data at AACR; FIH in H1 2025 post IND-enabling completion in 2024 .	IND-enabling expected to complete in 2024; first-in-human anticipated H1 2025 .	On track
Cost discipline & runway	Announced restructuring/optimization; runway into 2026 .	Runway into 2H26 reiterated; Q1 included impairment/restructuring charges .	Runway sustained; one-time charges recognized
Collaboration (Genentech)	Collaboration activities ongoing .	Collaboration “continues to advance” .	Stable
Conference/data flow	KB-0742 data at AACR-NCI-EORTC/CTOS .	ASCO KB-0742 update; multiple posters at AACR (including p300 program) .	Increased visibility

Management Commentary

“We have continued to make good progress towards our goals. We are looking forward to sharing a clinical update on the KB-0742 data to date at ASCO in June.” — Norbert Bischofberger, Ph.D., President & CEO .
“We expect to complete the IND-enabling studies for KB-9558 by the end of 2024 and expect to dose our first patients in the first half of 2025.” — Norbert Bischofberger, Ph.D. .
Prior quarter framing: “We demonstrated that KB-0742 has a safety profile that is clearly differentiated from all other CDK9 inhibitors… We also announced our second development candidate, KB-9558…” — Norbert Bischofberger, Ph.D. (Q4 2023 release) .

Q&A Highlights

No public Q1 2024 earnings call transcript was located in our document set; no Q&A highlights are available to summarize.

Estimates Context

S&P Global consensus was unavailable for KRON via our data connector for Q1 2024.
Third-party aggregator indicates: EPS actual -$0.50 vs. -$0.43 consensus (miss), Revenue actual $2.52M vs. $1.50M consensus (beat) .
Why the EPS miss: Q1 recognized $12.8M of impairment and restructuring charges that increased operating expenses and compressed EPS despite revenue outperformance .
Directionally, estimates may need to reflect: near-term non-GAAP adjustments/one-time items, collaboration revenue cadence, and timeline-driven R&D spend; no change to runway guidance .

Key Takeaways for Investors

Collaboration-led revenue climbed to $2.52M; however, one-time impairment/restructuring charges weighed on EPS (-$0.50) .
Cash runway into 2H26 provides funding for upcoming clinical catalysts (ASCO update; opening KB-0742 expansion cohorts; KB-9558 IND-enabling completion) .
The near-term stock narrative hinges on clinical read-through from ASCO and initiation of expansion cohorts on the 4/3 dosing schedule for KB-0742 .
Expense trajectory should normalize without recurring impairment/restructuring charges; R&D and G&A were lower y/y in Q1 even before special items .
Absent financial guidance, watch collaboration milestones and conference data flow for revenue cadence and sentiment inflection .
Maintain focus on execution against timelines reiterated across Q3 2023, Q4 2023, and Q1 2024 communications; consistent delivery could de-risk the medium-term thesis .
Risk remains typical of development-stage biotech (clinical risk, dependence on collaboration revenue); cash runway and cost discipline partially mitigate operating risk .

Sources:

Q1 2024 8-K and press release, including financials and pipeline updates .
Q4 2023 press release for prior-period context and timelines .
Q3 2023 press release for additional trend context .
Third-party consensus snapshot (S&P Global unavailable): MarketBeat — KRON Q1 2024 EPS and revenue expectations and surprise .

Kronos Bio, Inc. (KRON)·Q1 2024 Earnings Summary