Kronos Bio, Inc. (KRON): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that's fundamentally changed its game plan, moving from discovery to divestiture after the Concentra Biosciences acquisition. Honestly, when a company shrinks its workforce by 83% and shifts its focus entirely to managing Contingent Value Rights (CVRs) and selling off remaining assets like KB-9558, the old business model is defintely gone. We need to see exactly how the remaining $112.4 million in cash, as of the end of 2024, is being managed against wind-down costs and the Genentech collaboration, especially since 2024 G&A ran at $24.6 million. Dive into this Business Model Canvas breakdown below to see the precise structure governing the final payouts for former shareholders and the path to closing out the books.

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

You're looking at the structure of Kronos Bio, Inc. following its acquisition, so the 'Key Partnerships' block is really about asset disposition and residual operational support as of late 2025. The core relationship has shifted from active collaboration to post-merger management.

Let's break down the specifics of these arrangements, as they define how the remaining value is being managed.

Concentra Biosciences (Acquirer) for Merger and Asset Management

The definitive merger agreement, approved by the Kronos Bio Board of Directors, saw Concentra Biosciences acquire Kronos Bio, Inc. The deal was structured to close by mid-2025. This isn't a typical partnership; it's an asset disposition strategy. The acquisition valuation was approximately $35 million total. You should note that executives, holding about 27% of the company, entered tender and support agreements to back the transaction.

The CVR component is key for any residual value capture. It dictates payouts based on future asset success:

• 50% of net proceeds from disposition of KB-9558 and KB-7898 within 2 years post-closing.
• 100% of net proceeds from disposition of KB-0742, lanraplenib, and entospletinib if sold prior to closing.
• 100% of cost savings realized prior to closing.
• 80% of cost savings realized between closing and the second anniversary.
• 50% of cost savings realized between the second and third anniversary.

Genentech (Roche) for Ongoing Discovery Collaboration Activities

This is a historical partnership now, not an ongoing one. The Collaboration and License Agreement, effective January 6, 2023, was terminated on December 20, 2024. Kronos Bio transferred all small molecule compounds, materials, data, and intellectual property from the joint research programs back to Genentech. This move cancelled all future downstream payment obligations that might have accrued. The original deal involved two discovery research programs, with Genentech having the exclusive right to development post-preclinical stage. Kronos Bio retained its proprietary drug discovery platform, which is a critical resource remaining post-acquisition. The total potential milestone payments under the original agreement could have reached up to $554 million across all programs, plus tiered royalties.

Contract Research Organizations (CROs) for Minimal Clinical Trial Maintenance

Given the termination of the Genentech collaboration and the shelving of the last clinical asset, istisociclib, in November 2024, the need for CRO support for active trials is defintely minimal. Any remaining CRO engagement would be focused on data archival, transfer, or minimal maintenance of prior study records. In the broader market context, emerging biopharma companies were responsible for 63% of trial starts in 2024, up from 56% in 2019, showing a heavy reliance on outsourcing for development execution.

Tempus for Genomic and Transcriptomic Data Access and Analytics

The multi-year collaboration provides access to Tempus' real-world genomic and transcriptomic data and analytics tools. This access was instrumental in generating biomarker hypotheses and defining virtual patient cohorts. The value proposition here is leveraging Tempus' extensive, multimodal database-which contains over 8M+ de-identified research records-to inform R&D strategy. This type of data access helps in target enrichment studies and validating biomarker strategies, which is crucial even as the company transitions under Concentra's ownership to maximize asset value.

Finance: draft CVR realization tracking schedule by end of Q3 2025.

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

You're looking at the activities of Kronos Bio, Inc. as it transitioned following the acquisition by Concentra Biosciences in May 2025. The focus shifted entirely to managing the remaining obligations and realizing value from the pipeline assets under the new structure.

Executing the divestiture of remaining preclinical assets (e.g., KB-9558)

The primary activity here is the management of the pipeline assets under the terms of the acquisition. KB-9558, the p300 KAT inhibitor, was slated to enter first-in-human studies in the first half of 2025, but this progression is now governed by the divestiture terms. The Contingent Value Right (CVR) dictates that shareholders receive 50% of net proceeds from the sale of KB-9558 if that sale occurs within two years after the May 2025 deal closing. Before the acquisition, Kronos Bio had noted that IND-enabling studies for KB-9558 were expected to complete in 2024. The company's cash, cash equivalents, and investments stood at $112.4 million as of December 31, 2024, which was a key factor in the deal structure requiring a minimum of $40 million in net cash at closing.

Managing Contingent Value Right (CVR) obligations and cost savings

Managing the CVR is a critical, ongoing activity. Besides the proceeds from asset sales, the CVR also covers cost savings realized by Concentra. Shareholders are entitled to various percentages of these cost savings for up to three years post-transaction. This activity is a direct result of the financial pressure Kronos Bio faced, which saw its stock price fall to $0.57 by June 2025. The company had previously implemented a restructuring plan, including a 21% reduction in force, to extend its cash runway into the second half of 2026.

Winding down and closing discontinued clinical programs (e.g., KB-0742)

The wind-down of the lead clinical asset, istisociclib (KB-0742), was a major preceding event. Development was discontinued following safety reviews in late 2024/early 2025 due to neurological adverse events. The CVR terms specify that shareholders receive 100% of proceeds from the sale of KB-0742 if sold before the acquisition closed. Any residual administrative or legal costs related to closing this program fall under the general wind-down expenses. The company reported a net loss of $86.1 million for the full year 2024.

Maintaining core Intellectual Property (IP) and proprietary discovery engine

Even in a wind-down phase, maintaining the core IP is essential to protect the value tied up in the CVR. This includes managing the collaboration with Roche's Genentech, which was in place for several undisclosed discovery programs. The company's focus remains on therapeutics targeting deregulated transcription. The operational scale supporting this activity has shrunk significantly; for instance, General and Administrative (G&A) expenses for the full year 2024 were $24.6 million, and the employee count was reported as 10 in some late-stage data points. Research and development (R&D) expenses for the full year 2024 totaled $48.7 million.

Here's a quick look at the financial context driving these activities:

The shift in focus is clear: it's about maximizing the payout from the CVR structure, not funding new clinical trials.

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

You're looking at the core assets that underpinned Kronos Bio, Inc. (KRON) right up until its acquisition by Concentra Biosciences in mid-2025. Even after the massive restructuring, the remaining value was concentrated in a few key areas, primarily intellectual property and a lean operational structure focused on managing those assets.

The most immediate resource was the capital base, though it was significantly depleted by late 2024 as the company navigated its strategic review process. The balance sheet strength, or lack thereof, dictated the pace of operations.

• Cash, cash equivalents, and investments were approximately $112.4 million as of December 31, 2024.
• This cash position was critical for funding the minimal operations required to maintain the preclinical pipeline while exploring strategic alternatives.
• To be fair, by the time the definitive agreement for the Concentra Biosciences acquisition was announced in May 2025, the cash balance had dropped further, requiring a minimum of $40 million in net cash at closing for the deal to proceed.

The intellectual property, specifically the pipeline assets, represented the primary long-term value proposition, especially as they became the subject of the Contingent Value Right (CVR) post-merger. These were the remaining tangible R&D outputs.

These preclinical assets, KB-9558 and KB-7898, were the specific components underpinning the CVR structure, where Kronos Bio shareholders were entitled to 50% of net proceeds if these assets were sold within two years after the deal closed in mid-2025.

The platform technology, while perhaps less central after the workforce reduction, was the engine that created the pipeline in the first place. This proprietary capability was key to the initial value proposition.

• Proprietary small molecule microarray (SMM) screening platform.
• This platform was designed to decode complex transcription factor (TF) regulatory networks.
• It was used to screen for and optimize small molecules targeting these cofactors.

Finally, the human capital was drastically streamlined to conserve cash, shifting the resource focus from active R&D execution to asset stewardship and financial management. This was a necessary, albeit painful, move to extend the cash runway.

The team structure reflected this pivot:

• 83% workforce reduction approved by the Board of Directors in November 2024, expected to be substantially complete by December 31, 2024.
• This massive cut followed earlier reductions of 19% (November 2023) and 21% (March 2024).
• The remaining staff was a reduced, specialized team focused on asset management and finance, supporting the interim CEO, Dr. Deborah Knobelman.
• As of March 2024, the company employed 62 full-time staffers before the final 83% cut, suggesting the post-reduction team size was around a dozen employees or less.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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.

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:

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.

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.