Benzinga - by Vandana Singh, Benzinga Editor.
Kronos Bio Inc (NASDAQ: KRON) says that after the review of data from the phase 1b portion of its phase 1b/2 trial of lanraplenib in combination with gilteritinib in FLT3-mutated relapsed/refractory acute myeloid leukemia (AML), the company has decided not to proceed to phase 2.
This decision was based on a review of the data from 24 patients across the four dose cohorts (20 – 90 mg lanraplenib in combination with 120 mg gilteritinib).
While there were blast reductions in some patients, no complete response (CR) or CR with partial hematologic recovery (CRh) was observed, with several patients discontinuing early in treatment.
The company is open to further development of lanraplenib, a SYK inhibitor, with a partner.
Kronos Bio also announced the designation of a new development candidate, KB-9558, which targets the lysine acetyltransferase domain of p300, a critical IRF4 transcription regulatory network node. IRF4 is a key driver in multiple myeloma.
KB-9558 is the second molecule to emerge from Kronos Bio's proprietary product engine and is currently in IND-enabling studies, which are expected to be completed in Q4 of 2024.
Kronos Bio's first internally discovered molecule, KB-0742, an inhibitor of CDK9, has demonstrated on-mechanism, single-agent anti-tumor activity, and a manageable safety profile in pre-treated patients with transcriptionally addicted solid tumors.
KB-0742 recently cleared the 80 mg dose in the dose escalation portion of the ongoing phase 1/2 trial. Patients currently in the two expansion cohorts can now receive the 80 mg dose. The company expects to provide data from the expansion phase of the trial in mid-2024.
In November, Kronos Bio announced resource allocation optimization to focus on KB-0742. Kronos Bio expects that these restructuring efforts, which include a 19% reduction in force, will extend its cash runway into 2026.
Piper Sandler reiterates the Overweight rating; however, the analyst decreased the price target to $6 from $7 by removing the value for lanraplenib.
HC Wainwright says that risk-adjusted KB-9558 sales are not included in the model; as such, the analyst views it as a driver of potential future upside to forecasts. The analyst reiterates the Buy rating while lowering the price target to $2.50 from the prior $9.
Price Action: KRON shares are down 14.50% at $1.25 on the last check Tuesday.
Latest Ratings for KRON
| Feb 2022 | Piper Sandler | Maintains | Overweight | |
| Nov 2021 | HC Wainwright & Co. | Maintains | Buy | |
| Jun 2021 | HC Wainwright & Co. | Initiates Coverage On | Buy |
View the Latest Analyst Ratings
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