Executive Summary

KRON reported Q2 revenue of $2.69M and net loss of $16.2M (-$0.27/share), with R&D of $13.8M and G&A of $6.4M; cash and investments were $136.6M, sustaining runway into 2H 2026 .
Operationally, the first patient was dosed in the 80mg 4-on/3-off istisociclib (KB-0742) HGSOC expansion; data update expected 1H 2025; KB-9558 IND-enabling remains on track for 4Q24 with first-in-human in 1H25 .
Year-over-year OpEx fell sharply (R&D down $7.0M; G&A down $3.9M), reflecting restructuring and cost containment; modest impairments persisted ($0.5M) .
Estimates: S&P Global consensus was unavailable; third-party sources indicated KRON beat on both EPS and revenue in Q2 2024 (Actual EPS -$0.27 vs cons. -$0.32; Actual revenue $2.69M vs cons. ~$1.7–$1.75M) .
Near-term catalysts: KB-0742 HGSOC efficacy update (1H25) and KB-9558 IND package completion (4Q24) with FIH in 1H25; capital runway maintained into 2H26 supports these milestones .

What Went Well and What Went Wrong

What Went Well

Dosed first patient in the 80mg 4-days-on/3-days-off KB-0742 HGSOC expansion; efficacy update expected in 1H25 . CEO: “We continue to make great progress… We are on track to share a clinical update on istisociclib… in the first half of 2025” .
Pipeline breadth advanced: KB-9558 IND-enabling on track for 4Q24; additional potential in HPV-driven tumors; new p300 program for autoimmune indications .
Expense discipline: R&D ($13.8M) and G&A ($6.4M) declined materially YoY; net loss narrowed to $16.2M; cash runway into 2H26 reaffirmed .

What Went Wrong

Continued losses and small top line (collaboration revenue only): Q2 net loss $16.2M on $2.69M revenue underscores dependence on Genentech collaboration revenue .
Ongoing non-cash impairments tied to facilities/lease assets (Q2 impairment ~$0.5M), reflecting footprint adjustments; modest restructuring charges persisted .
Strategic risk highlighted in 10-Q: need for substantial additional funding longer term and execution risk across clinical enrollment, dose optimization, and regulatory pathways (Project Optimus emphasis) .

Financial Results

P&L Snapshot vs prior year and prior quarter

Metric	Q2 2023	Q1 2024	Q2 2024
Revenue ($USD Millions)	$1.86	$2.52	$2.69
Net Loss ($USD Millions)	$(29.74)	$(29.96)	$(16.20)
EPS (Basic & Diluted)	$(0.52)	$(0.50)	$(0.27)

Operating Expenses Detail

Metric ($USD Millions)	Q2 2023	Q1 2024	Q2 2024
R&D	$20.81	$14.22	$13.77
G&A	$10.31	$7.51	$6.37
Impairment & Restructuring	$2.92	$12.79	$0.58
Total OpEx	$34.03	$34.51	$20.71

Balance Sheet / Liquidity

Metric	Dec 31, 2023	Mar 31, 2024	Jun 30, 2024
Cash, Cash Equivalents & Investments ($USD Millions)	$174.99	$151.98	$136.65
Runway Commentary	Runway into 2H 2026	Runway into 2H 2026	Runway into 2H 2026

Q2 2024 Actuals vs Consensus (estimates context below)

Metric	Actual	Consensus	Beat/Miss
Revenue	$2.69M	~$1.70–$1.75M	Beat
EPS (Basic & Diluted)	-$0.27	-$0.32	Beat

Note: S&P Global consensus was unavailable for KRON this quarter; third-party sources referenced above are provided for directional context.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Multi-year	“Into 2H 2026” (Q4’23 PR, Q1’24 PR)	“Into 2H 2026” reaffirmed	Maintained
KB-0742 (CDK9) 80mg 4-on/3-off: clear dose & begin expansion	2H24	“On track to clear in Q3’24; begin enrolling expansion”	Cleared; first HGSOC patient dosed (July)	Achieved (execution milestone)
KB-0742 HGSOC expansion readout	1H25	“Topline in 1H25”	“Data update in 1H25”	Maintained
KB-9558 IND-enabling	4Q24	“Complete in 2024”	“On track for Q4 2024”	Maintained (narrowed timing)
KB-9558 first-in-human	1H25	“1H25 start”	“Expect to enroll first patient 1H25”	Maintained

Earnings Call Themes & Trends

Note: An earnings call transcript for Q2 2024 was not available in the document set. The company issued results by press release and filed the 10-Q; themes below reflect disclosures in those documents.

Topic	Previous Mentions (Q4’23, Q1’24)	Current Period (Q2’24)	Trend
KB-0742 dose schedule and expansion	On track to clear 80mg 4-on/3-off in Q3’24; plan expansion; 1H25 topline	80mg 4-on/3-off cleared; first HGSOC patient dosed; 1H25 data update	Positive execution vs plan
R&D execution/cost discipline	Restructuring to extend runway; R&D $14.2M in Q1	R&D $13.8M; G&A $6.4M; net loss narrowed	Improving OpEx trajectory
Collaboration revenue (Genentech)	Primary revenue source; $20M upfront recognized over service period	Q2 revenue $2.69M; $8.5M deferred balance remains	Stable recognition cadence
Facilities/impairments	2023 non-cash impairments noted	Q2 impairment $0.5M; focus on subleasing strategy	Continuing, smaller magnitude
Leadership/ops	Restructuring; exec departures (early 2024)	Deborah Knobelman appointed COO & CFO effective June 3, 2024	Strengthened finance/ops leadership

Management Commentary

CEO perspective: “We continue to make great progress… 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… We expect to dose our first relapsed/refractory multiple myeloma patient with KB-9558 in the first half of 2025…” .
On KB-0742 dosing rationale: “KB-0742 has a safety database of over 100 patients, with no grade 3 or 4 neutropenia observed… PK modeling of 80mg four-days-on, three-days-off shows a 1.8x increase in AUC over seven days vs 60mg three-days-on, four-days-off… we believe KB-0742 will deliver therapeutic responses…” .
Liquidity: “$136.6 million in cash, cash equivalents and investments as of June 30, 2024… sufficient resources to fund planned operations into the second half of 2026” .

Q&A Highlights

An earnings call transcript was not available in the document set for Q2 2024; as such, Q&A themes and any guidance clarifications from live remarks cannot be summarized. The company disclosed all key updates via press release and 10-Q, including timelines for KB-0742 HGSOC data (1H25) and KB-9558 IND/FIH timing, and reaffirmed runway into 2H26 .

Estimates Context

S&P Global (Capital IQ) consensus estimates were unavailable for KRON this quarter (no CIQ mapping returned when queried).
Third-party sources indicate KRON beat on both revenue and EPS: Actual revenue $2.69M vs ~$1.70–$1.75M consensus; Actual EPS -$0.27 vs -$0.32 consensus .
Given the unavailability of S&P Global data for KRON, investors should treat third-party figures as indicative rather than definitive benchmarks.

Key Takeaways for Investors

Execution against clinical milestones improved: KB-0742 HGSOC expansion dosing initiated on the optimized schedule; 1H25 efficacy update is the primary data catalyst .
Operating discipline is visible: YoY declines in R&D and G&A with narrowed net loss; watch for continued OpEx control as programs progress .
Liquidity supports planned catalysts: $136.6M cash/investments and runway into 2H26 reduce near-term financing risk while KB-0742 and KB-9558 progress .
Revenue remains non-product and collaboration-based (Genentech); timing of recognition and remaining $8.5M deferred revenue should continue to drive modest quarterly revenue .
Non-cash impairment tied to facilities persisted, but at lower magnitude; continued efforts to optimize footprint may reduce future charges .
Risk profile remains typical for early clinical biotech: clinical execution (enrollment, dose optimization), regulatory (Project Optimus), and financing needs beyond current runway if timelines extend .
Trading setup: next major stock-moving events likely tied to KB-0742 HGSOC efficacy update (1H25) and KB-9558 IND/FIH progress through 1H25; absent interim data, shares may track sector risk and financing expectations .

Appendix: Source Documents

Q2 2024 8-K (Item 2.02) with Exhibit 99.1 press release and financial statements .
Q2 2024 10-Q (financials, MD&A, risks, revenue recognition, liquidity) .
Q1 2024 8-K press release (prior quarter baseline) .
Q4 2023 8-K press release (two quarters prior baseline) .
July 23, 2024 press release: first patient dosed at 80mg 4-on/3-off in HGSOC expansion; PK and safety context .
Third-party estimate context (non-SPGI): MarketBeat and InvestorPlace summary pages .

Kronos Bio, Inc. (KRON)·Q2 2024 Earnings Summary