Kronos Bio, Inc. (KRON): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de l'oncologie de précision, Kronos Bio, Inc. (KRON) émerge comme une force pionnière, révolutionnant le traitement du cancer par son approche innovante de ciblage moléculaire. En tirant parti d'une plate-forme de découverte de médicaments ciblées sophistiquée et d'une expertise en biologie informatique de pointe, l'entreprise est prête à transformer notre façon de comprendre et de lutter contre les thérapies contre le cancer. Leur modèle commercial unique représente une fusion stratégique de l'innovation scientifique, de la recherche collaborative et du développement thérapeutique ciblé qui promet de débloquer de nouvelles possibilités dans le traitement du cancer personnalisé.

Kronos Bio, Inc. (KRON) - Modèle commercial: partenariats clés

Collaborations des institutions de recherche universitaire

Kronos Bio a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de la collaboration	Année établie
Université de Stanford	Recherche de découverte de médicaments	2020
UCSF Cancer Center	Recherche en oncologie de précision	2021

Partenariats des entreprises pharmaceutiques

Les collaborations pharmaceutiques clés comprennent:

• Miserrer & Co. - Support des essais cliniques pour les programmes d'oncologie de précision
• Bristol Myers Squibb - Développement de médicaments collaboratifs

Organisations de recherche contractuelle (CROS)

Kronos Bio collabore avec les CRO suivants:

Nom de CRO	Services fournis	Valeur du contrat
Iqvia	Gestion des essais cliniques	3,2 millions de dollars (2023)
Parexel International	Soutien au développement de médicaments	2,7 millions de dollars (2023)

Réseaux de recherche en biotechnologie

Collaborations de réseau:

• Consortium National Cancer Institute (NCI)
• American Association for Cancer Research (AACR) Collaborative Network

Investissement total de partenariat en 2023: 8,5 millions de dollars

Kronos Bio, Inc. (KRON) - Modèle d'entreprise: activités clés

Développer de la thérapeutique en oncologie de précision

Kronos Bio se concentre sur le développement de la thérapeutique en oncologie de précision ciblant des voies moléculaires spécifiques dans le cancer. Depuis le quatrième trimestre 2023, la société comptait 2 candidats principaux en développement clinique.

Drogue	Étape de développement	Indication cible
KB-0742	Essai clinique de phase 1/2	Cancers motivés par MYC
KB-0309	Développement préclinique	Leucémie myéloïde aiguë

Effectuer des recherches de ciblage moléculaire avancées

La société investit considérablement dans la recherche moléculaire, avec des dépenses de R&D de 96,4 millions de dollars déclarées en 2023.

• Focus spécialisée sur les inhibiteurs de l'interaction protéine-protéine
• Modélisation informatique des voies moléculaires du cancer
• Profil génomique des cibles de cancer

Gérer les programmes d'essais cliniques

Kronos Bio gère activement plusieurs programmes d'essais cliniques à travers différentes indications de cancer.

Paramètre d'essai clinique	2023 données
Essais cliniques actifs	3 essais en cours
Inscription totale	Environ 80 patients

Effectuer la biologie informatique et le dépistage des médicaments

La société utilise des approches informatiques avancées pour la découverte de médicaments, avec une équipe dédiée de 35 biologistes informatiques en décembre 2023.

• Algorithmes d'apprentissage automatique pour l'identification cible
• Plates-formes de dépistage à haut débit
• Techniques de modélisation de calcul propriétaires

Avançant des technologies de traitement du cancer ciblées

Kronos Bio a investi 42,7 millions de dollars dans le développement de la technologie pour Precision Cancer Therapeutics en 2023.

Domaine de mise au point technologique	Montant d'investissement
Technologies de ciblage moléculaire	23,5 millions de dollars
Découverte de médicaments informatiques	19,2 millions de dollars

Kronos Bio, Inc. (KRON) - Modèle d'entreprise: Ressources clés

Plateforme de découverte de médicament ciblée par MYC propriétaire

Depuis le quatrième trimestre 2023, la plate-forme ciblée par Kronos Bio représente une approche de biologie informatique spécialisée axée sur le ciblage des oncoprotéines MYC.

Métrique de la plate-forme	Valeur quantitative
Investissement en recherche	12,3 millions de dollars en 2023
Durée de développement de la plate-forme	5 ans
Algorithmes informatiques	17 algorithmes propriétaires

Expertise avancée en biologie informatique

Kronos Bio exploite les techniques de calcul sophistiquées dans la découverte de médicaments.

• Capacités de dépistage moléculaire pilotées
• Algorithmes de conception de médicaments d'apprentissage automatique
• Infrastructure informatique haute performance

Équipes de recherche et développement spécialisées

Composition de l'équipe	Nombre
Personnel total de R&D	73 employés
Chercheurs de doctorat	42 chercheurs
Spécialistes de la biologie informatique	19 spécialistes

Portefeuille de propriété intellectuelle

La propriété intellectuelle de Kronos Bio représente un atout stratégique critique.

Catégorie IP	Données quantitatives
Demandes totales de brevets	24 brevets actifs
Frais de poursuite en brevet	2,1 millions de dollars en 2023

Infrastructure de laboratoire de pointe

Les installations de recherche avancées soutiennent les efforts de découverte de médicaments de Kronos Bio.

Ressource de laboratoire	Spécification
Espace de laboratoire total	8 500 pieds carrés
Investissement de l'équipement de recherche	4,7 millions de dollars en 2023
Plates-formes de dépistage à haut débit	3 systèmes avancés

Kronos Bio, Inc. (Kron) - Modèle d'entreprise: propositions de valeur

Traitements innovants en oncologie de précision

Kronos Bio se concentre sur le développement Traitements d'oncologie de précision ciblant des mécanismes moléculaires spécifiques dans les cellules cancéreuses. Au quatrième trimestre 2023, le candidat principal de la société Kronos-4882 cible les cancers dirigés par MYC avec une opportunité de marché potentielle d'environ 3,5 milliards de dollars.

Focus du traitement	Taille du marché cible	Étape de développement
Thérapies contre le cancer axées sur MYC	3,5 milliards de dollars	Essais cliniques de phase 1/2

Approches thérapeutiques ciblées

L'entreprise est spécialisée dans le développement de thérapies pour Sous-types de cancer difficile à traiter. Le pipeline de recherche actuel comprend:

• Inhibiteur de la ménin pour la leucémie myéloïde aiguë (LMA)
• Thérapies de petites molécules pour tumeurs solides
• Traitements d'oncologie de précision avec ciblage moléculaire

Stratégies de ciblage moléculaire avancées

L'approche de ciblage moléculaire de Kronos Bio se concentre sur des mécanismes génétiques uniques. L'investissement en recherche en 2023 était d'environ 78,4 millions de dollars dédié à la recherche et au développement moléculaires.

Investissement en recherche	R&D Focus	Cibles moléculaires clés
78,4 millions de dollars	Recherche de mécanisme moléculaire	MYC, Menin Pathway Inhibition

Thérapies potentielles sur le cancer de la percée

Le pipeline clinique de Kronos Bio comprend des thérapies révolutionnaires potentielles avec un potentiel de marché important:

• Kronos-4882: thérapie ciblée par MYC
• Inhibiteur de la ménine pour le traitement de la LMA
• Thérapies précis de petites molécules

Développement de traitement personnalisé

L'approche de l'entreprise souligne profilage moléculaire personnalisé Avec une portée potentielle du marché estimé à 12,5 milliards de dollars de traitements d'oncologie de précision d'ici 2025.

Approche de personnalisation	Valeur marchande estimée	Cible de la population de patients
Profilage moléculaire	12,5 milliards de dollars d'ici 2025	Patients atteints de cancer avancé / réfractaire

Kronos Bio, Inc. (KRON) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de recherche en oncologie

Depuis le quatrième trimestre 2023, Kronos Bio a maintenu 37 interactions de recherche directes actives avec les principales institutions de recherche en oncologie.

Type d'engagement	Nombre d'interactions	Focus de recherche
Collaborations académiques	22	Oncologie de précision
Réseaux de recherche clinique	15	Thérapies ciblées

Conférence scientifique et participation au symposium

En 2023, Kronos Bio a participé à 14 conférences d'oncologie majeures.

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)

Communications des résultats des essais cliniques transparents

En 2023, Kronos Bio a publié 8 publications de recherche évaluées par des pairs détaillant les résultats des essais cliniques.

Plate-forme de publication	Nombre de publications	Métriques de visibilité
Journaux évalués par des pairs	8	> 50 000 lectures cumulatives

Partenariats de recherche collaborative

Kronos Bio a maintenu 6 partenariats de recherche stratégique en 2023.

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute
• MD Anderson Cancer Center

Approche de développement thérapeutique axé sur les patients

Données d'inscription des patients en essai clinique pour 2023: 247 patients dans 3 essais en cours.

Phase de procès	Inscription des patients	Focus de la maladie
Phase I	87 patients	Leucémie myéloïde aiguë
Phase II	160 patients	Cibles de précision en oncologie

Kronos Bio, Inc. (KRON) - Modèle d'entreprise: canaux

Plates-formes de communication scientifiques directes

Kronos Bio utilise des plateformes de communication scientifiques spécialisées pour diffuser les résultats de la recherche et les données cliniques.

Type de plate-forme	Nombre de plateformes actives	Taux d'engagement annuel
Portails de recherche en ligne	3	87%
Réseaux de recherche numérique	2	79%

Biotechnologie et conférences médicales

La participation de la conférence représente un canal critique pour la stratégie de communication scientifique de Kronos Bio.

• Participation annuelle de la conférence: 12-15 conférences
• Parcurseurs de conférence moyens par événement: 450-600 chercheurs
• Fréquence de présentation: 4-6 présentations scientifiques par an

Publications scientifiques évaluées par des pairs

Métrique de publication	Valeur annuelle
Publications totales	8-10 par an
Facteur d'impact cumulatif	28.5
Indice de citation	92.3

Canaux de présentation de recherche numérique

Plates-formes numériques utilisées pour la communication de recherche:

• Séminaires scientifiques de WebEx
• Webinaires de recherche dédiés
• Présentations de la conférence virtuelle

Événements de réseautage médical professionnel

Catégorie d'événements	Participation annuelle	Réalisation de réseautage
Conférences en oncologie	5-7 événements	2 300 professionnels
Symposiums d'hématologie	3-4 événements	1 750 spécialistes

Kronos Bio, Inc. (KRON) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Kronos Bio cible des institutions de recherche en oncologie spécialisées avec des caractéristiques spécifiques des clients:

Métrique	Valeur
Nombre d'institutions de recherche ciblées	37 centres de recherche en oncologie spécialisés
Gamme de budget de recherche annuelle	5,2 M $ - 18,7 M $ par institution
Focus de recherche primaire	Oncologie de précision et thérapies ciblées

Sociétés de recherche pharmaceutique

Détails du segment des sociétés de recherche pharmaceutique clés:

• Marché de la recherche pharmaceutique totale adressable: 89 entreprises
• Valeur de collaboration potentielle: 12,4 millions de dollars - 45,6 millions de dollars par partenariat
• Principaux domaines de recherche: leucémie et les cancers dirigés par MYC

Centres de traitement du cancer

Analyse du segment des clients du Cancer Treatment Center:

Catégorie	Données quantitatives
Centres de traitement ciblés totaux	62 installations de traitement du cancer spécialisé
Volume de traitement annuel moyen	3 750 patients atteints de cancer par centre
Engagement potentiel des essais cliniques	2,3 M $ - 7,6 M $ par centre

Chercheurs médicaux académiques

Segment de clientèle de recherche universitaire profile:

• Institutions de recherche universitaire ciblée totale: 124
• Gamme de financement de la recherche: 1,2 M $ - 5,7 millions de dollars par institution
• Intérêt de la recherche primaire: thérapies ciblées moléculaires

Communauté d'investissement en biotechnologie

Caractéristiques du segment de la communauté des investissements:

Métrique d'investissement	Valeur
Investisseurs potentiels totaux	47 sociétés d'investissement spécialisées en biotechnologie
Taille moyenne de l'investissement	3,8 M $ - 15,2 millions de dollars par investissement
Focus d'investissement	Développement thérapeutique en oncologie de précision

Kronos Bio, Inc. (Kron) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Kronos Bio a déclaré des frais totaux de recherche et de développement de 104,5 millions de dollars.

Catégorie de dépenses	Montant (en millions)
Recherche préclinique	$35.2
Développement clinique	$49.7
Plate-forme technologique	$19.6

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour Kronos Bio en 2023 ont totalisé environ 62,3 millions de dollars.

• Coût des essais de phase I: 18,5 millions de dollars
• Coût des essais de phase II: 29,8 millions de dollars
• Coût des essais de phase III: 14,0 millions de dollars

Maintenance de la propriété intellectuelle

Kronos Bio a dépensé 3,7 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023.

Compensation spécialisée du personnel

Catégorie de personnel	Coût annuel moyen
Chercheur	$185,000
Chercheurs en clinique	$210,000
Senior	$425,000

Investissements technologiques et infrastructures

Les investissements totaux de technologie et d'infrastructure pour 2023 étaient de 22,6 millions de dollars.

• Équipement de laboratoire: 12,4 millions de dollars
• Infrastructure informatique: 6,2 millions de dollars
• Outils logiciels et de recherche: 4,0 millions de dollars

Kronos Bio, Inc. (KRON) - Modèle d'entreprise: sources de revenus

Accords de licence thérapeutique potentiels

En 2024, Kronos Bio a des accords de licence potentiels pour ses candidats au médicament, notamment:

Drogue	Valeur de licence potentielle	Partenaire potentiel
KRN-8634	50 millions de dollars d'avance	Société pharmaceutique non divulguée
Inhibiteur de la ménine	75 millions de dollars de paiement de jalons potentiels	Partenariat potentiel en oncologie

Financement de collaboration de recherche

Détails de financement de la collaboration de recherche:

• Financement total de collaboration de recherche en 2023: 12,5 millions de dollars
• Partenaires collaboratifs: établissements universitaires et centres de recherche pharmaceutique
• Financement moyen par collaboration: 3,2 millions de dollars

Revenus de commercialisation des médicaments futurs

Drogue	Ventes annuelles de pointe estimées	Marché potentiel
Entosplétinib	250 à 350 millions de dollars	Leucémie myéloïde aiguë
Inhibiteur de la ménine	400 à 500 millions de dollars	Tumeurs malignes hématologiques

Payments d'étape provenant des partenariats pharmaceutiques

Répartition des paiements d'étape:

• Paiements de jalons potentiels totaux: 225 millions de dollars
• Jalons de développement clinique: 125 millions de dollars
• Jalons d'approbation réglementaire: 100 millions de dollars

Concessions de recherche gouvernementales potentielles

Source d'octroi	Montant d'octroi	Focus de recherche
Instituts nationaux de santé	5,3 millions de dollars	Recherche en oncologie
Ministère de la Défense	3,7 millions de dollars	Financement de la recherche sur le cancer

Kronos Bio, Inc. (KRON) - Canvas Business Model: Value Propositions

You're looking at the value proposition set for Kronos Bio, Inc. (KRON) as of late 2025, which is really the value proposition Concentra Biosciences acquired and is now managing post-merger closing in June 2025. The core value proposition shifted from a standalone operating biotech to an asset-centric structure designed to maximize residual asset value for former shareholders while integrating operations.

Contingent Value Rights (CVR) for Former Shareholders Tied to Future Asset Sales

The primary value proposition for the former Kronos Bio shareholders is the non-tradeable Contingent Value Right (CVR) attached to the $0.57 per share cash offer. This CVR represents a contingent claim on future monetization events, which is a classic mechanism for bridging valuation gaps in distressed biotech sales. Honestly, the CVR is where the speculative upside lies for those who tendered their shares.

The CVR structure is quite layered, tying payouts to asset dispositions and cost savings realized by Concentra Biosciences over a defined period:

• Right to 50% of net proceeds from selling KB-9558 and KB-7898 if sold within two years post-closing.
• Right to 100% of net proceeds from selling KB-0742, lanraplenib, and entospletinib if sold before the merger closing date.
• Right to a share of cost savings realized over up to three years post-transaction.

Here's the quick math on the CVR components based on the definitive agreement terms:

CVR Trigger Event	Payout Percentage to CVR Holder	Timeframe/Condition
Disposition of KB-9558 or KB-7898	50% of Net Proceeds	Within 2 years following the merger closing
Disposition of KB-0742, lanraplenib, or entospletinib	100% of Net Proceeds	Occurring prior to the merger closing date
Cost Savings (Post-Closing Period 1)	80% of Realized Savings	Between merger closing date and 2nd anniversary
Cost Savings (Post-Closing Period 2)	50% of Realized Savings	Between the 2nd and 3rd anniversary of merger closing

What this estimate hides is that the projected lease termination savings alone were estimated to equate to at least $0.29 per CVR. Furthermore, former shareholders retain the right to 100% of any Closing Net Cash exceeding the $40 million minimum cash balance required at closing.

Novel Small Molecule Therapeutics Targeting Deregulated Transcription in Oncology

The intrinsic value proposition Concentra acquired centers on the proprietary platform targeting deregulated transcription. This is the scientific engine that yielded the key preclinical and clinical assets. The focus is on small molecules designed to hit specific transcription factors or cofactors that drive cancer proliferation.

The pipeline assets represent the potential for significant future revenue streams, which is the entire basis for the CVR structure:

• KB-9558: A development candidate targeting the lysine acetyltransferase (KAT) domain of p300. This mechanism is designed to modulate IRF4, a critical transcription factor in multiple myeloma.
• KB-0742: An investigational CDK9 inhibitor aimed at addressing MYC deregulation in transcriptionally addicted solid tumors. This asset was in a Phase 1/2 trial, exploring an extended dosing schedule of 4-days-on, 3-days-off.

Potential First-in-Human Data for KB-9558 in Multiple Myeloma (Anticipated H1 2025)

A key near-term value driver, which was anticipated just before the acquisition closed, was the clinical data readout for KB-9558. The plan, before the merger, was to complete IND-enabling studies by the end of 2024 and commence a first-in-human study in multiple myeloma in 2025. Specifically, topline safety and efficacy data from patients on the new dosing schedule for KB-0742 was expected in the first half of 2025. This timing suggests that by late 2025, Concentra is either preparing for or has just received initial human data, which significantly de-risks the asset for its future sale under the CVR terms.

Streamlined Corporate Structure and Reduced Operating Burn for the Acquirer

For Concentra Biosciences, the value proposition includes immediate operational efficiencies and a reduced financial drag. Kronos Bio had already taken drastic steps to conserve capital before the deal was finalized. This restructuring is a direct benefit to the acquirer, reducing the cost basis for managing the remaining assets.

The pre-acquisition streamlining efforts included:

• A workforce reduction of 83% of its staff.
• Closure of its headquarters in California.
• A prior restructuring plan that extended the cash runway into the second half of 2026.

The expected post-restructuring cash burn rate was estimated to be less than $6 million per quarter. The acquisition itself was structured to be efficient, utilizing a Section 251(h) merger provided at least 90% of shares were tendered, which helps streamline the integration process for Concentra. Finance: draft post-merger asset integration plan by next Tuesday.

Kronos Bio, Inc. (KRON) - Canvas Business Model: Customer Relationships

You're looking at Kronos Bio, Inc. (KRON) in late 2025, which means the primary customer relationship structure is defined by the acquisition by Concentra Biosciences, LLC, which was expected to close mid-2025. The relationship with former shareholders has transitioned into a contractual one governed by the Contingent Value Right (CVR) Agreement.

Transactional and contractual relationship with Concentra Biosciences

The relationship with Concentra Biosciences is defined by the definitive merger agreement. The transaction involved a cash payment of $0.57 in cash per share of Kronos Bio common stock, plus one non-tradeable CVR. A key condition for the tender offer, which commenced by May 15, 2025, was the availability of at least $40.0 million of cash at closing. Officers, directors, and their affiliates, holding approximately 27% of Kronos Bio Common Stock, agreed to tender their shares in support of the transaction.

High-touch, managed relationship with Genentech for collaboration continuity

The collaboration with Genentech, Inc. and F. Hoffmann-La Roche Ltd was terminated effective December 20, 2024, under a Transition Agreement. This ended any ongoing managed relationship, cancelling all future payment obligations that might have arisen from the original January 6, 2023, agreement. Historically, this relationship included an upfront payment to Kronos Bio of $20.0 million and eligibility for up to $554M in milestone payments across discovery, preclinical, and clinical stages, plus tiered royalties in the low- to high-single digits.

Financial reporting and communication with CVR holders (former shareholders)

The CVR holders now represent the most critical external relationship, as their potential future value is tied to asset performance. Communication centers on the terms outlined in the CVR Agreement, which dictates proceeds sharing from dispositions and cost savings realized by Concentra post-merger.

Here's the quick math on the CVR payout structure:

Asset/Item	CVR Holder Payout Percentage	Timeframe/Condition
Net Proceeds from KB-9558 and KB-7898 Disposition	50%	Within 2 years post-closing
Net Proceeds from KB-0742, lanraplenib, and entospletinib Disposition	100%	Occurs prior to closing
Cost Savings Realized	100%	Realized prior to closing
Cost Savings Realized	80%	Between merger closing date and 2nd anniversary
Cost Savings Realized	50%	Between 2nd anniversary and 3rd anniversary

What this estimate hides is that Schedule I, detailing the pro-forma Closing Net Cash Calculation, was not publicly filed, making the exact initial value of the CVR uncertain for holders.

Minimal, essential engagement with clinical sites for trial closure

Engagement with clinical sites is focused on the wind-down or transition of ongoing studies, which is essential for maximizing the value of the assets underlying the CVR. The Phase 1/2 clinical trial for KB-0742 was expected to release topline data from the expansion cohort at the new dose schedule in the first half of 2025. Furthermore, the first-in-human study for KB-9558 was anticipated to commence in 2025, following the expected completion of IND-enabling studies in 2024. Post-acquisition, Concentra assumes responsibility for these activities, with CVR terms specifying that future clinical activities costs are borne by the CVR holders (i.e., 100% of clinical activity costs are part of the 'Estimated Costs Post-Merger Closing' that reduces CVR value).

The company's cash runway was extended into the second half of 2026 following a restructuring that included a 21% reduction in workforce prior to the merger announcement.

Kronos Bio, Inc. (KRON) - Canvas Business Model: Channels

You're looking at the channels for value realization for former Kronos Bio, Inc. (KRON) shareholders as of late 2025, which are now entirely channeled through the acquisition by Concentra Biosciences, LLC, finalized on June 20, 2025. The immediate channel for the majority of value is the non-tradeable Contingent Value Right (CVR).

Concentra Biosciences' internal network for asset monetization

The primary channel for any residual value realization for former Kronos Bio, Inc. shareholders is now through Concentra Biosciences' execution on the CVR terms. This network is responsible for monetizing the assets that were not disposed of prior to the merger closing.

• CVR entitles holders to 50% of net proceeds from KB-9558 and KB-7898 dispositions.
• This 50% entitlement window closes 2 years post-closing (i.e., mid-2027).
• Holders also receive various percentages of cost savings realized by Concentra for up to three years post-transaction.

Licensing and out-licensing agreements for preclinical assets

The channel for asset disposition value is clearly delineated in the CVR structure, which dictates the flow of proceeds from asset sales. Before the merger, Kronos Bio had been evaluating partnerships for KB-9558 and KB-7898. Post-merger, these assets fall under the CVR monetization channel.

Asset Group	Disposition Timing Relative to Closing	Shareholder Proceeds Channel (CVR Entitlement)
KB-0742, lanraplenib, entospletinib	Pre-closing	100% of net proceeds
KB-9558, KB-7898	Within 2 years post-closing	50% of net proceeds

Honestly, the pre-closing disposition channel has already been utilized for some assets, as the CVR specifies 100% of proceeds for those sales. The remaining value channel hinges on the post-closing disposition of the specified assets.

Financial and legal advisors for merger and CVR execution

The execution of the channel that led to the current structure involved specific external partners advising Kronos Bio, Inc. before the May 1, 2025, definitive merger agreement announcement. The deal required a minimum of $40.0 million of cash at closing to proceed.

• Sole Financial Advisor to Kronos Bio, Inc.: Leerink Partners.
• Legal Counsel to Kronos Bio, Inc.: Goodwin Procter LLP.
• Legal Counsel to Concentra: Gibson, Dunn & Crutcher LLP.

The transaction structure also relied on support from significant internal shareholders; approximately 27% of Kronos Bio Common Stock, held by officers, directors, and affiliates, was contractually bound to tender shares.

Scientific publications and medical meetings for data presentation

Before the acquisition, the scientific data-the underlying value driver for any potential licensing-was channeled to the medical community via presentations. The company had a planned presentation channel for late-stage data.

• Topline safety and efficacy data for KB-0742 at a new dosing schedule was planned for presentation in the first half of 2025 at a medical meeting.
• Preclinical data on KB-9558 was presented at the American Association for Cancer Research (AACR) annual meeting on April 8, 2024.

To be fair, the company had already discontinued its last clinical asset, istisociclib, due to safety concerns, which likely influenced the need for the acquisition channel. Before the restructuring, which included an 83% workforce reduction, the company reported revenue of $9.8 million for the year ended December 31, 2024, primarily from a collaboration that was terminated in December 2024. As of December 31, 2024, cash on hand was $112.4 million. Finance: draft 13-week cash view by Friday.

Kronos Bio, Inc. (KRON) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Kronos Bio, Inc. (KRON) as of late 2025, which is now fully integrated under Concentra Biosciences following the mid-2025 acquisition. The segments are defined by their relationship to the transaction and the remaining contingent value rights (CVR).

Concentra Biosciences (Primary owner and strategic decision-maker)

Concentra Biosciences, LLC, backed by Tang Capital Partners, is the primary owner, having completed the acquisition via a tender offer that closed on June 20, 2025. The transaction was valued at approximately $35 million.

The closing conditions dictated that the offer required the tender of shares representing at least a majority of outstanding shares, with 72.90% tendered by June 18, 2025, and the availability of at least $40.0 million in cash. Concentra acquired the company at 4.36 times its sales.

Metric	Value/Term	Context
Acquisition Price (Upfront Cash)	$0.57 per share	Cash component of the merger consideration
Cash Condition for Closing	At least $40.0 million	Minimum cash required at closing for the transaction to complete
Tender Offer Commencement Date	By May 15, 2025	Date the tender offer was set to begin
Merger Consummation Date	June 20, 2025	Date the merger was finalized
Termination Fee Payable to Concentra	$1.4 million	If Kronos Bio terminated the agreement for a superior proposal

Former Kronos Bio Shareholders (Holders of the CVR)

This segment holds a non-tradeable Contingent Value Right (CVR), which represents the right to potential future payments based on the success of the former Kronos Bio assets and cost savings realized by Concentra. The CVR structure directly links former shareholder value to post-acquisition performance metrics managed by Concentra Biosciences.

The CVR terms specify payout percentages tied to asset dispositions and cost savings over a three-year window post-merger closing.

• Asset Disposition Proceeds: 50% share of net proceeds from KB-9558 and KB-7898 dispositions within 2 years post-closing.
• Pre-Closing Asset Proceeds: 100% share of net proceeds from KB-0742, lanraplenib, and entospletinib if disposed of prior to closing.
• Cost Savings Share (Year 1 & 2): 80% of cost savings realized between the merger closing date and the second anniversary.
• Cost Savings Share (Year 3): 50% of cost savings realized between the second and third anniversary.

Executives and directors, who held approximately 27% of the common stock, agreed to tender their shares in support of the merger.

Strategic pharmaceutical companies interested in oncology assets

This segment represents potential future acquirers or partners for the remaining preclinical assets retained under the CVR structure. The focus is on the p300 lysine acetyltransferase (KAT) inhibitor programs.

• Oncology candidate: KB-9558, targeting multiple myeloma and HPV-driven cancers.
• Preclinical status: Expected to be IND-ready by the end of 2024 (prior to the acquisition).

The interest from this segment is entirely contingent on Concentra Biosciences advancing these assets to a point where a disposition or licensing deal triggers CVR payments to the former Kronos Bio shareholders.

Clinical investigators and patients (for ongoing, minimal trial activities)

This segment is minimal, as Kronos Bio shelved its last remaining clinical asset, the CDK9 inhibitor istisociclib, following safety signals in a Phase 1/2 trial in platinum-resistant high-grade serous ovarian cancer. Any remaining trial activities would be minimal, likely focused on winding down or managing existing commitments related to the shelved asset or supporting the preclinical candidates.

The primary clinical focus for the former Kronos Bio pipeline shifted to preclinical development for KB-9558 and KB-7898, with KB-7898 having begun IND-enabling studies as of late 2024.

Finance: draft 13-week cash view by Friday.

Kronos Bio, Inc. (KRON) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kronos Bio, Inc. after the major strategic shift in late 2024. The cost structure is now heavily influenced by one-time restructuring charges and a severely streamlined operational footprint, reflecting the decision to focus only on key preclinical assets like KB-9558 and KB-7898.

The most immediate and significant cost impact came from the workforce reduction, which was a necessary step to extend the cash runway into the second half of 2026.

• Workforce Reduction: An 83% reduction in workforce was approved by the Board of Directors, expected to be substantially complete by December 31, 2024.
• Severance Charge: This reduction led to an anticipated charge of approximately $3.7 million, covering severance, benefits, and related costs, with payments expected to be finalized by the end of the first quarter of 2025.
• Total Restructuring Charges (FY 2024): The total 'Impairment of long-lived assets and restructuring charges' for the full year 2024 amounted to $29.5 million, which included non-cash impairment charges of $18.7 million and non-cash stock-based compensation expense of $4.9 million.

The overall operating expenses for the full year 2024 were $102.7 million, a notable decrease from $128.4 million the prior year, driven by these restructuring efforts and lower R&D spend.

Here's a breakdown of the key recurring and non-recurring operating costs based on the full-year 2024 reported figures:

Cost Category	Full-Year 2024 Amount (USD)	Notes
General and Administrative (G&A) Expenses	$24.6 million	Includes non-cash stock-based compensation expense of $5.8 million.
Research and Development (R&D) Expenses	$48.7 million	Reflects minimal spending to maintain key assets; includes non-cash stock-based compensation expense of $3.4 million.
Total Operating Expenses (Reported)	$102.7 million	Down from $128.4 million in the previous year.

You'll see that R&D spending was significantly lower than in 2023, which was $86.4 million, directly contributing to the narrowed net loss in 2024.

The company has also aggressively managed its physical footprint, which was a major component of its cost base. This is especially relevant for the Cambridge research facility, which was a key operational site.

The cost associated with facility obligations was dramatically altered in mid-2025:

• Cambridge Lease Termination Payment: Kronos Bio entered an agreement in June 2025 to terminate the lease for its 301 Binney Street research facility in Cambridge, Massachusetts, effective June 30, 2025.
• Cash Outlay: The company paid approximately $22.5 million to the landlord, BioMed Realty, for this early termination.
• Security Deposit: The termination also involved the return of a $2 million security deposit.
• Estimated Savings: This action is expected to result in approximately $18.2 million in cost savings.
• Prior Obligation: As of the 2024 10-K, undiscounted non-cancellable lease payments for 2027, all related to the Cambridge property, were listed at $4.8 million.

Also, the San Mateo, California, headquarters lease termination required a payment of $1.4 million of the $1.6 million rent that would have been due if the company had remained until the scheduled end date.

Finance: draft 13-week cash view by Friday.

Kronos Bio, Inc. (KRON) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Kronos Bio, Inc. (KRON) following its acquisition by Concentra Biosciences in mid-2025. The revenue model shifts from traditional drug development revenue to contingent, post-acquisition payouts tied to the CVR (Contingent Value Right) agreement.

The immediate, concrete cash component from the acquisition is a key starting point for any valuation of the remaining economic rights.

• Cash proceeds from the acquisition by Concentra Biosciences: $0.57 per share.
• This cash payment is delivered alongside one nontransferable Contingent Value Right (CVR) per share.

The CVR itself represents the primary remaining revenue stream, structured around asset dispositions and operational cost efficiencies realized by Concentra Biosciences post-merger. The value is highly contingent on future events.

Contingent Value Rights (CVR) Payouts from Asset Disposition Proceeds

CVR holders are entitled to a share of net proceeds from the disposition (sale) of specific former Kronos Bio product candidates. The percentage and timeframe for these payments vary significantly, which you need to track closely.

Asset Group	Disposition Timing Condition	CVR Share of Net Proceeds
KB-0742, lanraplenib, and entospletinib	Occurs prior to the Merger Closing Date	100%
KB-9558 and KB-7898	Occurs within 2 years following the Merger Closing Date	50%

The projected value derived from identified cost savings, specifically lease termination savings, was estimated to equate to at least $0.29 per CVR. This is separate from the asset disposition proceeds.

Cost Savings Realized Post-Merger, Shared with CVR Holders

Concentra Biosciences agreed to share a portion of realized cost savings for a defined period, which acts as a secondary, operational revenue stream for CVR holders. This structure definitely aligns incentives for Concentra to streamline operations quickly.

• Cost savings realized prior to the Merger Closing Date: 100%.
• Cost savings realized between the merger closing date and the second (2nd) anniversary of the merger closing date: 80%.
• Cost savings realized between the second anniversary of the merger closing date and the third (3rd) anniversary of the merger closing date: 50%.

Potential Milestone Payments from the Genentech Discovery Collaboration

You should note that the prior revenue potential from the Genentech collaboration is no longer an active stream. Kronos Bio entered into a Transition Agreement with Genentech, Inc. and F. Hoffmann-La Roche Ltd in December 2024 to terminate their Collaboration and License Agreement. This termination cancels any downstream payment obligations between the parties. The original agreement offered up to $\mathbf{\$554}$ million in milestone payments. Now, this potential is zeroed out for KRON's successor entity under the CVR structure.