Kronos Bio, Inc. (KRON): History, Ownership, Mission, How It Works & Makes Money

How does a biopharmaceutical company like Kronos Bio, Inc. (KRON) navigate a total shift in strategy, especially after a major clinical setback? As of November 2025, the company's story is less about its former $53.65 million market capitalization and more about its pivot following the discontinuation of its lead clinical asset, istisociclib, in late 2024 due to safety concerns. You need to understand the new focus on their preclinical lysine acetyltransferase (KAT) inhibitor programs, KB-9558 and KB-7898, and how that strategic re-evaluation led to the May 2025 acquisition by Concentra Biosciences for roughly $59.7 million, fundamentally changing its ownership and operational model.

Kronos Bio, Inc. (KRON) History

Kronos Bio, Inc.'s journey is a classic biotech story of high-potential science meeting seasoned capital, but with a recent, sharp turn in 2025. The company was built on a mission to tackle historically undruggable cancer targets by focusing on deregulated transcription, the process where genetic information is copied into RNA. This focus led to rapid, significant funding, a strong IPO, and then, ultimately, a strategic acquisition in the middle of the 2025 fiscal year.

You need to understand that the company you're analyzing today, as of November 2025, is no longer a publicly traded entity; it is a subsidiary of Concentra Biosciences, LLC. This shift, finalized in June 2025, is the single most important event in its history and fundamentally changes the investment profile. Exploring Kronos Bio, Inc. (KRON) Investor Profile: Who's Buying and Why?

Given Company's Founding Timeline

Year established

The company was incorporated in 2017, specifically on June 2, 2017.

Original location

Kronos Bio, Inc. established its initial presence in Cambridge, Massachusetts, which was the location of its first major funding announcement, with corporate operations later expanding to a headquarters in San Mateo, California.

Founding team members

The company was founded by a team of experienced biotech entrepreneurs and a key scientific innovator:

• Scientific Founder: Angela Koehler, Ph.D. (Associate Professor at MIT).
• Co-Founders/Initial Team: Arie Belldegrun, Joshua Kazam, David Tanen, and Christopher Wilfong (from Two River Consulting, LLC).

Initial capital/funding

The company secured its first significant capital with an $18 million Seed round, which closed in May 2018. This funding was led by industry leaders and venture capital funds, including Omega Funds and Vida Ventures.

Given Company's Evolution Milestones

Given Company's Transformative Moments

Kronos Bio, Inc.'s trajectory was shaped by three major capital events and one decisive corporate action. Here's the quick math on how the company's value proposition changed:

The 2020 IPO, raising $287.5 million, was a massive validation of its platform for targeting transcription factors (TFs), which are notoriously difficult to hit with small molecules. That amount gave them the financial stability to run multiple Phase 1/2 clinical trials simultaneously for candidates like KB-0742 (CDK9 inhibitor) and lanraplenib (SYK inhibitor). Honestly, that's a huge amount for a Phase 2 biotech.

Still, the most transformative moment was the June 2025 acquisition. This was not a typical pharma buyout at a premium; it was a strategic exit following a period of clinical and financial pressure. The final cash consideration of just $0.57 per share, plus a non-tradeable CVR, shows the market's re-evaluation of the pipeline's near-term value.

The shift from a high-flying, well-funded public company to a private subsidiary of Concentra Biosciences, LLC means the focus is now squarely on the clinical success of the remaining assets, away from quarterly public market scrutiny. That's a defintely different risk profile.

Kronos Bio, Inc. (KRON) Ownership Structure

As of November 2025, Kronos Bio, Inc. is a private entity, having been acquired by Concentra Biosciences, LLC, which means the ownership structure is now straightforward: a single parent company holds 100% of the equity. This shift from a NASDAQ-listed public company (KRON) to a wholly-owned subsidiary fundamentally changes who controls the decision-making and strategic direction.

Kronos Bio, Inc.'s Current Status

Kronos Bio, Inc. is an Acquired/Merged company, no longer trading on the public markets. The company entered into a definitive merger agreement with Concentra Biosciences, LLC in May 2025, with the transaction closing on June 20, 2025. This acquisition took the clinical-stage biopharmaceutical company private, removing it from the NASDAQ exchange. The deal valued each share at $0.57 in cash plus one non-tradeable Contingent Value Right (CVR), which offers former shareholders a stake in potential future proceeds from the disposition of certain drug candidates and cost savings. The merger was contingent on the company having at least $40.0 million of cash, net of transaction costs, at closing.

The move reflects a trend in biotech M&A where platforms like Concentra Biosciences acquire mid-stage assets to de-risk pipelines and leverage centralized operational services, aiming for a 20 percent reduction in overhead for merged entities.

Kronos Bio, Inc.'s Ownership Breakdown

The company's ownership is now entirely concentrated in its acquirer, Concentra Biosciences. This removes the dispersed ownership model of a publicly traded company where institutional investors and the public hold the majority of shares. Before the acquisition, for example, Kronos Bio's officers, directors, and their affiliates represented approximately 27% of the common stock and signed agreements to tender their shares in support of the merger.

Understanding this change is defintely key to assessing the company's future strategy. You can dive deeper into the market reaction and former stakeholder interests at Exploring Kronos Bio, Inc. (KRON) Investor Profile: Who's Buying and Why?

Kronos Bio, Inc.'s Leadership

The company's governance and executive structure have been streamlined and integrated into the Concentra Biosciences platform following the acquisition. The leadership team steering the organization is now operating under the strategic direction of its new private parent company.

The executive transition began before the merger, reflecting the company's strategic shift and cost-reduction focus:

• President and Interim CEO (Pre-Merger): Deborah Knobelman, Ph.D., was appointed to this role, effective December 3, 2024, and served as the principal executive, financial, and accounting officer during the transition period.
• Former CEO: Norbert Bischofberger, Ph.D., stepped down as President & CEO in late 2024 but remained on the Board of Directors as an advisor.
• Streamlined Structure: Earlier in 2024, the company eliminated several executive officer roles, including Chief Medical Officer, Chief Scientific Officer, and Chief Operating Officer and General Counsel, to align with its new operating needs and focus on pipeline advancement.

The current leadership of the acquired entity is now primarily focused on advancing the remaining pipeline assets, such as the clinical programs and preclinical assets, under Concentra's centralized management model.

Kronos Bio, Inc. (KRON) Mission and Values

Kronos Bio, Inc.'s core purpose is to tackle tough-to-treat diseases like cancer through novel drug discovery, a mission that now operates under the financial and strategic umbrella of its 2025 acquisition by Concentra Biosciences, LLC.

This commitment to patients and groundbreaking science is the cultural DNA that drove the company, even as it was acquired on May 1, 2025, for a deal including $0.57 in cash per share plus a Contingent Value Right (CVR). You can see the dedication to innovation in their pipeline, which includes candidates like KB-0742 for MYC-amplified solid tumors.

Kronos Bio, Inc.'s Core Purpose

The company's purpose goes beyond a simple balance sheet, focusing on a patient-centric approach to diseases driven by deregulated transcription (a hallmark of cancer and autoimmune diseases). Even with a full-year 2024 net loss of $86.1 million, the mission is the defintely the driving force for their research.

Official Mission Statement

The mission is clear and patient-focused, guiding every strategic decision and research priority:

• Transform the lives of patients with cancer and other serious diseases.
• Discover and develop innovative therapies.
• Target deregulated transcription, the root cause of many ailments.

This mission is why they raised a total funding of approximately $271 million across 3 rounds before the acquisition, attracting investors who believed in their scientific approach to challenging targets.

Vision Statement

While Kronos Bio, Inc. doesn't publish a separate, formal vision statement, its aspirations are intrinsically linked to its mission: to revolutionize treatment for severe ailments.

• Achieve a future where innovative therapies significantly improve patient outcomes.
• Conquer challenging diseases through groundbreaking science.
• Develop first-in-class therapies to address critical unmet medical needs.

The implicit vision is ambitious, aiming for a substantial impact on global health, which is a big goal for a company with a market capitalization of only $53.73 million. It's a classic biotech story: high-risk science for high-impact results.

Kronos Bio, Inc. Slogan/Tagline

Kronos Bio, Inc. does not use a widely publicized slogan, but its scientific focus serves as its unofficial tagline, summarizing its unique value proposition in the biotech landscape.

• Targeting transcription factors and regulatory networks.
• Developing small-molecule therapeutics for deregulated transcription.

This focus is what sets them apart, and it's what Concentra Biosciences paid for, including the right to a percentage of future proceeds from pipeline candidates like KB-9558 and KB-7898. If you want to dig into the capital structure implications of this deal, you should check out Exploring Kronos Bio, Inc. (KRON) Investor Profile: Who's Buying and Why?. That CVR is a fascinating, complex piece of the valuation.

Kronos Bio, Inc. (KRON) How It Works

Kronos Bio, Inc., following its acquisition by Concentra Biosciences in May 2025, has fundamentally shifted its operational focus from a clinical-stage oncology drug developer to an entity primarily focused on asset and intellectual property management to maximize shareholder value. This means the company's current value creation comes from the strategic disposition of its remaining resources, not from active drug development.

The company's scientific foundation was built on its proprietary discovery engine, which targeted dysregulated transcription (the process of turning DNA into RNA) in cancer, but all clinical and research activities have been suspended after the discontinuation of its lead programs. You can read more about the original focus here: Mission Statement, Vision, & Core Values of Kronos Bio, Inc. (KRON).

Given Company's Product/Service Portfolio

As of November 2025, Kronos Bio's 'portfolio' consists of its corporate shell, cash reserves, and intellectual property, as its clinical assets have been sold. The table below reflects the status of its former key pipeline assets which defined its pre-acquisition value.

Given Company's Operational Framework

The company's operations have been streamlined to a minimum, reflecting its status as an acquired entity focused on winding down and monetization. The workforce was reduced to just 8 employees by Q1 2025, a significant cut from its previous size.

The core operational processes now revolve around administrative and financial management related to the acquisition and asset disposition:

• Manage the merger with Concentra Biosciences, which closed in May 2025, and the subsequent tender offer.
• Handle the financial and administrative aspects of the pipeline sale to Ignota Labs, which occurred in October 2025 for a value less than $300,000.
• Maximize the value of remaining intellectual property (IP) and non-core assets through potential licensing or sale.
• Maintain a cash runway, which was projected to extend into the second half of 2026 based on the cash and equivalents of $136.6 million as of June 30, 2024.

Honestly, the company is now in a holding pattern, not an active development cycle. The value proposition has shifted from delivering innovative cancer therapeutics to maximizing stockholder returns through strategic asset disposition.

Given Company's Strategic Advantages

The company's strategic advantages are no longer rooted in its drug discovery platform, which was the original core strength, but in its financial structure and the terms of its acquisition.

• Clean Balance Sheet Post-Acquisition: The merger provided shareholders with immediate liquidity of $0.57 per share in cash, plus a Contingent Value Right (CVR) tied to net cash and cost savings, which is a clear, near-term payout.
• Contingent Value Upside: The CVRs offer a potential supplemental payment, primarily tied to projected lease termination savings of $18.2 million, which equates to at least $0.29 per CVR. This aligns former shareholder interests with the acquirer's ability to realize cost efficiencies.
• High Liquidity: With a Current Ratio of 12.93 and a Debt/Equity ratio of 0.30 as of August 2025, the company's financial position is extremely liquid, reflecting a significant cash balance relative to its liabilities.
• Intellectual Property Potential: While the clinical pipeline was sold, the underlying technology and know-how related to targeting deregulated transcription remain a potential asset for future monetization or internal use by the new parent company, Concentra Biosciences.

The reality is that the company's primary advantage in November 2025 is the cash it holds and the financial structure of the acquisition, which offered a premium of 35 percent over the prior 30-day volume-weighted average price at the time of the announcement. That's the defintely most important number right now.

Kronos Bio, Inc. (KRON) How It Makes Money

Kronos Bio, Inc. no longer generates revenue from traditional product sales or ongoing clinical development; its financial engine, as of November 2025, is primarily driven by the strategic monetization of its remaining drug assets and intellectual property (IP), structured through a Contingent Value Right (CVR) agreement following its acquisition by Concentra Biosciences in June 2025. The company's focus has shifted entirely to maximizing the value of its pipeline candidates and minimizing operational costs to return value to former shareholders.

Kronos Bio's Revenue Breakdown

The company's revenue streams are now entirely contingent and non-recurring, tied directly to the CVR agreement. The table below outlines the potential value streams for former shareholders based on the terms of the merger, which closed on June 20, 2025. This structure replaces the previous model of collaboration revenue from partners like Genentech.

The core of the business model is now a financial wind-down, so the 'growth trend' for these streams is a time-bound race to realize value from the assets before the CVR expires.

Business Economics

The economic fundamentals for Kronos Bio have fundamentally changed from a capital-intensive research and development (R&D) model to an asset-harvesting and cost-management model. The new owner, Concentra Biosciences, is a specialist in this type of asset monetization, aiming to extract value from the remaining IP.

• Pricing Strategy: The value is not derived from a product price, but from the negotiated sale or licensing fees for the clinical-stage assets, specifically the p300 KAT inhibitors KB-9558 and KB-7898. Former shareholders are entitled to 50% of the net proceeds from any disposition of these two assets that occurs within two years of the merger closing date.

• Cost-Saving Incentive: A significant portion of the CVR value comes from cost reduction. Former shareholders receive 80% of the cost savings realized between the June 20, 2025, closing date and the second anniversary of the merger. This creates a direct incentive to drastically cut all R&D and general/administrative expenses.

• Cash Floor: The merger agreement was contingent on Kronos Bio holding at least $40 million in cash at closing. This minimum cash balance acts as the true floor of the company's remaining value, protecting the acquirer and providing a base for the CVR mechanism to operate.

The entire operation is a special situation play, defintely not a traditional biotech growth story. You should read Exploring Kronos Bio, Inc. (KRON) Investor Profile: Who's Buying and Why? for more context on the shareholder base.

Kronos Bio's Financial Performance

Since the company was acquired and delisted in June 2025, traditional financial metrics like quarterly revenue growth and net loss are no longer publicly reported under the same structure. The last available full-year data provides the context for why the acquisition occurred.

• 2024 Full-Year Revenue: The company reported total revenue of only $9.85 million for the full fiscal year 2024, an amount primarily derived from its collaboration agreement with Genentech.

• Net Loss (2024): Kronos Bio incurred a substantial net loss of $86.1 million in 2024, reflecting the high cost of clinical-stage drug development. This high cash burn rate was the catalyst for the strategic pivot and subsequent sale.

• Cash Position & Burn: The company's cash and equivalents position was approximately $112.4 million as of December 31, 2024. The rapid cash depletion from R&D expenses, which were $48.7 million for the full year 2024, made the wind-down and asset sale the most viable option.

• New Financial Metric: The key metric now is the CVR's potential payout, which depends on the Concentra Biosciences team's ability to sell the remaining assets and realize cost savings, with 80% of the post-merger cost savings accruing to the former shareholders.

Kronos Bio, Inc. (KRON) Market Position & Future Outlook

Kronos Bio's market position as an independent, publicly-traded entity ended in June 2025 when it was acquired by Concentra Biosciences for $0.57 per share in cash plus a Contingent Value Right (CVR). The company's future outlook is now entirely tied to the success of its remaining preclinical assets and cost savings, which determine the value of the CVRs for former shareholders.

The core value now rests in its proprietary transcription factor (TF) drug discovery platform and the potential for its preclinical candidates to be out-licensed or sold, plus any proceeds from the Genentech collaboration. It's defintely an asset-play now, not a commercial-product-pipeline play.

Competitive Landscape

Kronos Bio's competitive position is no longer measured by product market share but by the distinctiveness of its TF-targeting platform, which aims to modulate transcription regulatory networks (TRNs) to treat cancer and autoimmune diseases. The company's clinical pipeline was sold to Ignota Labs in October 2025, so the remaining competitive value is purely in the preclinical engine and its lead candidates.

Opportunities & Challenges

The opportunities and risks are directly mapped to the CVR agreement, which dictates the potential for future payouts to former shareholders. The primary near-term opportunity is the disposition of the two preclinical p300 KAT inhibitors.

Industry Position

The company's industry standing has shifted from a high-potential, clinical-stage biotech to a successful technology incubator whose value was realized through acquisition and asset distribution. Its proprietary drug discovery engine, focused on decoding complex transcription factor (TF) regulatory networks, remains the key differentiator. Mission Statement, Vision, & Core Values of Kronos Bio, Inc. (KRON).

• Platform Validation: The Genentech collaboration and the successful nomination of two distinct preclinical candidates, KB-9558 and KB-7898, validate the platform's ability to identify druggable cofactors in the transcription process.
• Preclinical Focus: The remaining value is concentrated on the p300 KAT inhibitor programs: KB-9558 for multiple myeloma and KB-7898 for Sjögren's disease.
• Financial Reality: The acquisition by Concentra Biosciences in June 2025, following the discontinuation of lead clinical assets and a workforce reduction of approximately 83% by year-end 2024, underscores the financial pressures faced by early-stage biotechs reliant on a single-asset pipeline.
• Future Payout: For former shareholders, the company's future performance is now a function of Concentra's ability to maximize cost savings and successfully sell the remaining preclinical assets for a premium within the next two years.

Here's the quick math: The CVR's floor value is about $0.29 from cost savings, but the real upside is the 50% cut of any sale of KB-9558 or KB-7898. That's the only game left.