Kronos Bio (KRON) just unveiled an update.
Kronos Bio, Inc. is set to reduce its workforce by 21% as a measure to reallocate resources and manage costs more effectively. This cut is expected to be finalized swiftly by March 7, 2024, and will result in approximately $0.5 million in severance costs and an additional $0.1 million for health insurance reimbursements. This decision is part of a broader strategy that aims to extend the company’s financial runway, ensuring its operations are funded well into the second half of 2026.
Find detailed analytics on KRON stock on TipRanks’ Stock Analysis page.