Moleculin Provides Update on Ongoing Clinical Trials and Outlines Expected Upcoming Milestones

On May 10, 2023 Moleculin Biotech, Inc., (Nasdaq: MBRX) (Moleculin or the Company), a clinical stage pharmaceutical company with a growing pipeline, including Phase 2 clinical programs, for hard-to-treat cancers and viruses, reported an update on recent activity and expected near term milestones across its clinical development pipeline (Press release, Moleculin, MAY 10, 2023, View Source [SID1234631394]).

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"While it is important that Annamycin has proven safe in the last eight subjects in MB105 and MB106, we believe of greater significance is the activity shown by Annamycin in AML in subjects mostly heavily pre-treated by anthracyclines and other agents and mainly in elderly subjects. In the last eight subjects treated in those trials, we have had five or 63% respond with two complete responses or CRs and three partial responses or PRs. Two of the PRs had bone marrow aspirates below 5%," commented Walter Klemp, Chairman and Chief Executive Officer of Moleculin. "Couple this with the activity we are seeing in the MB107 Phase 2 portion of our Phase 1b/2 clinical trial of Annamycin for the treatment of soft tissues sarcoma pulmonary metastases and we are excited about the potential for further positive data readouts as we move deeper into 2023."

"I am extremely proud of the progress we demonstrated across our development pipeline and ongoing clinical trials. With three Phase 1b/2 clinical trials underway, we are focused on driving recruitment forward and meeting the milestones ahead for each program. Importantly, these three currently active clinical trials are open label and provide us with the opportunity to announce clinical activity as it is being demonstrated throughout 2023," added Mr. Klemp.

Ongoing Clinical Trial Updates

Next Generation Anthracycline – Annamycin

Annamycin is the Company’s next-generation anthracycline that has been designed to be non-cardiotoxic (unlike currently prescribed anthracyclines) and has been shown in animal models to accumulate in the lungs at up to 30-fold the level of doxorubicin (a commonly prescribed anthracycline), as well as demonstrating the ability to avoid the multidrug resistance mechanisms that typically limit the efficacy of doxorubicin and other currently prescribed anthracyclines. An independent expert has reported no signs of cardiotoxicity in the first 42 subjects in the Company’s three clinical trials, which total includes 32 subjects treated over the lifetime maximum anthracycline dose set by the U.S. Food and Drug Administration (FDA). Annamycin is currently in development for the treatment of STS lung metastases (STS lung mets) and relapsed or refractory acute myeloid leukemia (AML) and the Company believes the drug may have the potential to treat additional indications.

STS Lung Mets

The Company is currently in the Phase 2 portion of its ongoing U.S. Phase 1b/2 clinical trial evaluating Annamycin for the treatment of soft tissue sarcoma lung metastases (MB107). clinicaltrials.gov: NCT04887298

Recent Activity Highlights

As previously announced, in the Phase 1b portion of the MB107 study, 15 subjects were enrolled, and the Company determined the Recommended Phase 2 Dose (RP2D) as safe and tolerable and demonstrated a preliminary response of stable disease or better in 60% (n=15) – defined as stable disease (SD) with STS lung mets or better after two cycles (approximately six weeks) of Annamycin. The median progression free survival (PFS) was 2.6 months for subjects receiving the study drug dose per the protocol in the Phase 1b portion. It is important to note that while most published studies of second line or later therapy in "advanced soft tissue sarcoma" include patients without lung metastases, MB107 includes only subjects with lung metastases, which are generally considered to be less responsive to such therapies. For this reason, the Company believes that the preliminary PFS results are encouraging.
Preliminary Phase 1b data showed no evidence of cardiotoxicity.
In the ongoing Phase 2 portion of the study, to date 13 of the up to 28 subjects have been identified, recruited, or dosed. Ten subjects have been dosed two cycles and received their end of Cycle 2 scans. One subject has received their initial dose and has not received cycle 2 scans.
Up to 28 subjects will be enrolled at the RP2D in Phase 2 to focus more on quantifying efficacy as well as providing additional safety information.
In this Phase 2 portion of the trial to date, Annamycin has demonstrated a progression free response of 60% (6 of 10) of subjects showing SD through 2 or more cycles, with three subjects continuing with the study drug. One such subject has received six cycles after their end of cycle 4 scan and has exhibited stable disease. For the three subjects with SD not continuing with the study drug, they are being followed for progression free survival and, for all subjects, overall survival is being monitored. These data are preliminary and subject to change.
An investigator sponsored Phase 1b/2 clinical trial was initiated in Poland in 2022 to study an alternative dosing regimen for Annamycin in the treatment of STS lung mets. This trial continues to enroll subjects and began dosing subjects in late 2022.
AML

The Company is currently conducting its Phase 1b/2 clinical trial evaluating Annamycin in combination with Cytarabine (also known as "Ara-C" and for which the combination of Annamycin and Ara-C is referred to as AnnAraC) for the treatment of subjects with AML who are refractory to or relapsed after induction therapy (MB106). clinicaltrialsregister.eu: EudraCT 2020-005493-10 or clinicaltrials.gov: NCT05319587

Recent Activity Highlights

In 2022 Moleculin completed its Phase 1 single agent trial for Annamycin in AML (MB105), identifying an RP2D and demonstrating an 80% Overall Response Rate (ORR) in the five subjects treated with the RP2D in the final cohort. Three subjects achieved a Partial Response (PR) and one achieved a complete response with incomplete recovery of peripheral blood count (CRi). For purposes of this clinical trial, the protocol defines a CR to mean that the subject’s bone marrow aspirate assessments (BMA) reduced to 5% or less with recovery of neutrophils (or white blood cells) and platelets, CRi means a CR where there was incomplete recovery of neutrophils and/or platelet counts and a PR means the subject’s BMA reduced by 50% and resulted in a blast count of 25% or less.
It is noteworthy that one investigator designated two of the three PR subjects as such even though the subjects achieved BMA’s showing a blast count below 5% at the end of therapy. Notwithstanding this designation by the investigator, our own medical experts consider these subjects to have achieved CRs.
The MB106 clinical trial application (CTA) in Poland for a Phase 1b/2 trial of Annamycin in combination with Cytarabine (AnnAraC) for the treatment of AML was allowed in 2022. This trial was later approved to expand into Italy in 2022 and dosing subjects began in March 2023.
Five clinical sites in Poland and Italy have been recently activated for the MB-106 trial. The Company is planning for a total of up to eleven sites in the European Union (EU).
The Company recently completed the first cohort in the Phase 1b portion of the MB106 study. In the first cohort, three subjects were treated, all of whom are believed to be relapsed from multiple prior therapies. Annamycin was dosed at 190 mg/m2, along with Cytarabine at 2.0 g/m2/day for 5 days (total dose of 10 g/m2), consistent with the familiar 7+3 regimen, combining daunorubicin and Cytarabine, typically used as a first-line induction therapy. In the Company’s study therapy Annamycin replaces daunorubicin. The Company, at the recommendation of the data safety committee, deemed the first cohort dose as safe and opened the second cohort with the Annamycin dose being increased to 230 mg/m2.
Expected Upcoming Milestones

STS (U.S.): Report Phase 2 interim data.
STS (EU): Report Phase 1b/2 interim data.
AML: Present CSR for MB-105 Phase 1 results at an upcoming conference.
Flagship Immune/Transcription Modulator – WP1066

Moleculin is in ongoing discussions with multiple academic institutions in separate programs evaluating WP1066 for the treatment of brain tumors. The Company expects to finalize agreements in the second quarter with at least one investigator-sponsored clinical trial or program for the treatment of adult and pediatric brain tumors to commence in the second half of 2023.

Recent Activity Highlights

The Company supplied drug product to an externally funded pediatric brain tumor trial with WP1066 up to its conclusion in February 2023 and expects additional externally funded clinically trials for WP1066 (in combination with radiation) in 2023 in the U.S. and, possibly, in Southeast Asia.
Expected Upcoming Milestones

Report topline results from investigator-initiated Phase 1 study in pediatric brain tumors.
Seek external funding opportunities for an investigator-initiated clinical trial in adult and pediatric cancer patients in 2023.
Metabolism/Glycosylation Inhibitor – WP1122 Portfolio

WP1122 was developed as a prodrug of 2 deoxy-D-Glucose (2-DG) to provide a more favorable pharmacological profile and was found to have greater potency than 2-DG monotherapy in preclinical models where tumor cells require higher glycolytic activity than normal cells. WP1122 has also been shown to have a greater antiviral effect than 2-DG against SARS-CoV-2 in MRC-5 cells in culture. The improved pharmacokinetic and pharmacodynamic (PK/PD) profile of WP1122 compared to 2-DG was noted in mice following oral dosing at equimolar (i.e., equivalent levels of 2-DG) doses. The WP1122 Portfolio includes numerous analogs, including WP1096, which has demonstrated the potential for broad antiviral capabilities in a wide range of in vitro models including multiple arenaviruses, Zika virus, and HIV. The Company looks forward to the potential of externally funded research to confirm such activity.

Expected Upcoming Milestones

Report preliminary findings of National Institutes of Health (NIH) funded animal testing of WP1096 in the Tacaribe Arenavirus.
Identify investigators interested in initiating a clinical trial to study the safety, pharmacokinetics and efficacy of oral WP1122 in adult patients with GBM.
General Information on the Company’s Core Technologies

Annamycin currently has Fast Track Status (FTS) and Orphan Drug Designation (ODD) from the FDA for the treatment of soft tissue sarcoma, in addition to ODD for the treatment of acute myeloid leukemia. WP1066 has ODD for the treatment of GBM and has four indications designated for the FDA Rare Pediatric Disease Priority Review Voucher (PRV) Program. WP1122 has ODD and FTS for GBM, as well. For more information about our trials, please visit clinicaltrials.gov.

MaxCyte Reports First Quarter 2023 Financial Results and Updates Full Year 2023 Guidance

On May 10, 2023 MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development, and commercialization of next-generation cell therapeutics and to support innovative, cell-based research, reported its financial results for the first quarter ended March 31, 2023, and updated 2023 revenue guidance (Press release, MaxCyte, MAY 10, 2023, View Source [SID1234631393]).

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First Quarter Highlights

●Total revenue of $8.6 million in the first quarter of 2023, a decrease of 26% compared to the first quarter of 2022.
●Core business revenue of $7.8 million in the first quarter of 2023, a decrease of 19% compared to the first quarter of 2022.
●We now expect total revenue for 2023 to grow between 8% and 12% compared to 2022, with core revenue growth of 5% to 10% and Strategic Platform License ("SPL") program-related revenue expectations remaining the same at approximately $6 million for the year.
●Two SPL partnerships signed year-to-date. Walking Fish Therapeutics partnership signed in May and Catamaran Bio partnership signed in January. The total number of SPL partners now stands at 20.
●Douglas J. Swirsky appointed MaxCyte’s Chief Financial Officer, bringing over two decades of experience in the healthcare sector, including as a public company executive at Nasdaq-listed organizations.
●Total cash, cash equivalents and short-term investments were $224.7 million as of March 31, 2023.
"Given the evolving operating environment, we are pleased with our first quarter results and the progress we have made towards delivering on our long-term financial and strategic initiatives," said Doug Doerfler, President and CEO of MaxCyte. "2023 continues to develop into a challenging year for the industry, as companies prioritize their internal development assets within an evolving funding environment, and we are updating our guidance accordingly. We continue to make important progress in 2023, highlighted by expanding our partnership portfolio with two new partners announced including Walking Fish Therapeutics in May and Catamaran Bio in January. Our partnership pipeline continues to develop, with a number of potential partners operating across a variety of cell types, indications, and gene-editing modalities.

"We also look forward to a potentially first commercially approved product enabled by our platform, Vertex and CRISPR’s exa-cel program, which recently announced completion of their rolling Biologics License Applications (BLAs) to the U.S. Food and Drug Administration (FDA) for sickle cell disease and transfusion-dependent beta thalassemia with request for Priority Review. MaxCyte’s technology continues to play a key role enabling the development of lifesaving therapeutics across various disease types. We are excited to see our partners’ progress in 2023 and beyond as the cell therapy industry moves forward."

The following table provides details regarding the sources of our revenue for the periods presented.

Three Months Ended

March 31,

(Unaudited)

2023

2022

%

(in thousands, except percentages)

Cell therapy

$

5,975

$

7,416

(19%)

Drug discovery

1,797

2,167

(17%)

Program-related

804

2,004

(60%)

Total revenue

$

8,576

$

11,587

(26%)

First Quarter 2023 Financial Results

Total revenue for the first quarter of 2023 was $8.6 million, compared to $11.6 million in the first quarter of 2022, representing a decline of 26%.

Core business revenue (sales and leases of instruments and disposables to cell therapy and drug discovery customers but excluding program-related revenue) for the first quarter of 2023 was $7.8 million, compared to $9.6 million in the first quarter of 2022, representing a decline of 19%.

Cell therapy revenue for the first quarter of 2023 was $6.0 million, compared to $7.4 million in the first quarter of 2022, representing a decline of 19%. Drug discovery revenue for the first quarter was $1.8 million, compared to $2.2 million in the first quarter 2022, representing a decline of 17%.

SPL program-related revenue was $0.8 million in the first quarter of 2023 as compared to $2.0 million SPL program-related revenue in the first quarter of 2022.

Gross profit for the first quarter of 2023 was $7.6 million (88% gross margin), compared to $10.5 million (91% gross margin) in the first quarter of 2022.

Operating expenses for the first quarter of 2023 were $20.8 million, compared to operating expenses of $14.7 million in the first quarter of 2022.

First quarter 2023 net loss was $10.9 million compared to net loss of $4.1 million for the same period in 2022. EBITDA, a non-GAAP measure, was a loss of $12.2 million for the first quarter of 2023, compared to a loss of $3.7 million for the first quarter of 2022. Stock-based compensation expense was $3.3 million in the first quarter of 2023 compared to $2.5 million in the first quarter of 2022.

2023 Revenue Guidance

We now expect total revenue for 2023 to grow between 8% and 12% compared to 2022, with core revenue growth of 5% to 10% and Strategic Platform License ("SPL") program-related revenue expectations remaining the same at approximately $6 million for the year.

Webcast and Conference Call Details

MaxCyte will host a conference call today, May 10, 2023, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events" section of the MaxCyte website at View Source

Decibel Therapeutics to Present at the American Society of Gene and Cell Therapy (ASGCT) 26th Annual Meeting

On May 10, 2023 Decibel Therapeutics (Nasdaq: DBTX), a clinical-stage biotechnology company dedicated to discovering and developing transformative treatments to restore and improve hearing and balance, reported that it will present at the American Society of Gene and Cell Therapy (ASGCT) (Free ASGCT Whitepaper) 25th Annual Meeting, being held in Los Angeles, California May 16 – 20th, 2023 (Press release, Decibel Therapeutics, MAY 10, 2023, View Source [SID1234631392]).

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The Company will deliver podium presentations on its lead gene therapy product candidate, DB-OTO, a gene therapy designed to provide hearing to individuals with hearing loss caused by mutations of the otoferlin gene, and its AAV.103 product candidate, a gene therapy designed to restore hearing in individuals with hearing loss caused by mutations of the gap junction beta-2 (GJB2) gene. Decibel will also present posters related to its preclinical pipeline and its platform.

Podium Presentations

Nonclinical Pharmacology, Biodistribution, and Safety Studies Supporting the Clinical Development of DB-OTO (AAV1-Myo15-hOTOFv5) for Hearing Loss Due to Genetic Otoferlin Protein Deficiency
Presenter: Vassili Valayannopoulos, M.D., Ph.D., MBA
Session Title: Pharmacology/Toxicology Studies: Bio Distribution
Date & Time: Friday, May 19, 5:15 – 5:30 p.m. PT
Location: Petree Hall C

Precise Targeting of GJB2 Cells Results in Safe and Efficacious Gene Therapy in a Rodent Model of Hearing Loss Due to GJB2 Deficiency
Presenter: Gabriela Pregernig, Ph.D.
Session Title: Ophthalmic and Auditory Diseases
Date & Time: Saturday, May 20, 9:15 – 9:30 a.m. PT
Location: Room 502 AB

Poster Presentations

Development of a Platform for Parallel Functional Evaluation of Cell Type Specific Synthetic Promoters for Gene Therapy
Poster Board Number: 432
Date & Time: Wednesday, May 17, 12:00 – 2:00 p.m. PT

Restoration of Auditory Function with Otoferlin Gene Transfer Therapy in Nonsense (Q828X) and Missense (pR1934Q and Deaf5) Models of OTOF Deficiency
Poster Board Number: 1115
Date & Time: Thursday, May 18, 12:00 – 2:00 p.m. PT

Rescue of Hearing Loss in a STRC KO Mouse Using Multiple Dual Vector Gene Therapy Strategies
Poster Board Number: 1533
Date & Time: Friday, May 18, 12:00 – 2:00 p.m. PT

Kura Oncology Reports First Quarter 2023 Financial Results

On May 10, 2023 Kura Oncology, Inc. (Nasdaq: KURA), a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer, reported its first quarter 2023 financial results and provided a corporate update (Press release, Kura Oncology, MAY 10, 2023, View Source [SID1234631382]).

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"Our conviction in ziftomenib and its potential to be the best-in-class menin inhibitor continues to increase," said Troy Wilson, Ph.D., J.D., President and Chief Executive Officer of Kura Oncology. "This confidence is supported by one of the highest complete response rates reported for a targeted therapy in the setting of relapsed/refractory leukemia and is reinforced by the rapid pace of enrollment in our ongoing registration-directed trial in NPM1-mutant acute myeloid leukemia (AML). We are also encouraged by the durable remissions in our Phase 1 trial, driven primarily by the single-agent activity of ziftomenib, and we look forward to presenting an update at the European Hematology Association (EHA) (Free EHA Whitepaper) Congress next month. In parallel, we aim to broaden the opportunity for ziftomenib through a series of combination studies and remain on track to initiate the first of these studies, KOMET-007, later this quarter."

Recent Highlights

Evolving data from Phase 1 trial of ziftomenib in NPM1-mutant AML to be presented at EHA (Free EHA Whitepaper) – Kura expects to present updated data as of an early April data cutoff at EHA (Free EHA Whitepaper) in June. Ziftomenib continues to demonstrate significant clinical activity in patients with heavily pretreated and co-mutated relapsed or refractory NPM1-mutant AML. As of a January 31st data cutoff, six of the 20 NPM1-mutant patients treated at the recommended Phase 2 dose achieved a complete response (CR) with full count recovery. The median duration of response (DoR) was 8.2 months with a median follow-up of approximately 8 months; four patients were still ongoing at the time of data cutoff. Ziftomenib is well tolerated, and the on-target effect of differentiation syndrome is manageable.
Rapid enrollment in Phase 2 registration-directed trial of ziftomenib in NPM1-mutant AML – In February, Kura announced that the first patients had been dosed in its Phase 2 registration-directed trial of ziftomenib in NPM1-mutant relapsed or refractory AML. To date, site activation and patient enrollment in the Phase 2 study are outperforming projections. The study is expected to enroll a total of 85 patients at 62 U.S. and European sites. The primary endpoint is CR or CR with partial hematologic recovery (CRh), and key secondary endpoints include DoR, transfusion independence, safety and tolerability. NPM1-mutant AML accounts for approximately 30% of new AML cases annually and represents a disease of significant unmet need for which no approved targeted therapy exists.
First combination study of ziftomenib in NPM1-mutant and KMT2A-rearranged AML to dose first patients this quarter – Kura is preparing to initiate a series of studies to evaluate ziftomenib in combination with current standards of care in earlier lines of therapy and across multiple patient populations, including NPM1-mutant and KMT2A-rearranged AML. The Company intends to establish ziftomenib as a foundational therapy that can be combined safely with various commonly used regimens, such as venetoclax plus azacitidine, FLT3 inhibitors and standard induction cytarabine plus daunorubicin (7+3) chemotherapy, and will prioritize those combinations that represent the largest patient benefit, unmet medical need and potential commercial value. Kura has begun site activation in the first of these studies, KOMET-007, and is on track to dose the first patients this quarter.
Preclinical data highlighting potential use of FTIs in combination with multiple targeted therapies presented at AACR (Free AACR Whitepaper) – Kura has generated a growing body of preclinical and clinical data that support the combination of FTIs with multiple classes of targeted therapies, including EGFR inhibitors and PI3 kinase alpha inhibitors. In April, the Company presented additional preclinical data at AACR (Free AACR Whitepaper) supporting the potential use of FTIs in combination with two additional, distinct classes of targeted therapies. The first of two posters revealed robust synergy between tipifarnib and the standard-of-care antiangiogenic tyrosine kinase inhibitor axitinib in cell- and patient-derived xenograft models of clear cell renal cell carcinoma. The second poster reported regression of multiple models of KRAS inhibitor-resistant non-small cell lung cancer by addition of tipifarnib to adagrasib or sotorasib therapy. These preclinical data illustrate the potential for FTIs to drive enhanced anti-tumor activity and address mechanisms of innate and adaptive resistance to targeted therapies.
IND for KO-2806, a next-generation farnesyl transferase inhibitor (FTI) – In January, Kura announced FDA clearance of its Investigational New Drug (IND) application for KO-2806 for the treatment of advanced solid tumors. KO-2806 is a potent inhibitor of farnesyl transferase designed to improve upon potency, pharmacokinetic and physicochemical properties of earlier FTI drug candidates. The Company is now preparing to initiate a Phase 1 dose-escalation trial (FIT-001) of KO-2806 and expects to dose the first patients in the trial in the second half of 2023. Concurrent with dose escalation as a monotherapy, Kura also plans to evaluate KO-2806 in dose escalation combination cohorts in advanced solid tumors.
Financial Results

Research and development expenses for the first quarter of 2023 were $25.2 million, compared to $20.9 million for the first quarter of 2022.
General and administrative expenses for the first quarter of 2023 were $11.4 million, compared to $11.9 million for the first quarter of 2022.
Net loss for the first quarter of 2023 was $34.1 million, compared to a net loss of $32.5 million for the first quarter of 2022. This included non-cash share-based compensation expense of $6.8 million, compared to $6.7 million for the same period in 2022.
Cash, cash equivalents and short-term investments totaled $405.9 million as of March 31, 2023, compared to $438.0 million as of December 31, 2022. Based on its operating plan, management expects that cash, cash equivalents and short-term investments will fund current operations into the fourth quarter of 2025.
Forecasted Milestones

Dose the first patients in the KOMET-007 combination trial of ziftomenib in the first half of 2023.
Present updated data from the KOMET-001 trial of ziftomenib in NPM1-mutant AML at EHA (Free EHA Whitepaper) in June 2023.
Dose the first patients in the KOMET-008 combination trial of ziftomenib in the second half of 2023.
Determine the optimal biologically active dose in the KURRENT-HN trial of tipifarnib in combination with alpelisib in mid-2023.
Dose the first patients in the FIT-001 dose-escalation trial of KO-2806 in the second half of 2023.
Conference Call and Webcast

Kura’s management will host a webcast and conference call at 4:30 p.m. ET / 1:30 p.m. PT today, May 10, 2023, to discuss the financial results for the first quarter 2023 and to provide a corporate update. The live call may be accessed by dialing (888) 886-7786 for domestic callers and (416) 764-8658 for international callers and entering the conference ID: 52214288. A live webcast and archive of the call will be available online from the investor relations section of the company website at www.kuraoncology.com.

Kronos Bio Reports Recent Business Progress and First-Quarter 2023 Financial Results

On May 10, 2023 Kronos Bio, Inc. (Nasdaq: KRON), a company dedicated to transforming the lives of those affected by cancer, reported recent business progress and first-quarter 2023 financial results (Press release, Kronos Bio, MAY 10, 2023, View Source [SID1234631381]).

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"This quarter, we made significant strides in our KB-0742 and lanraplenib clinical studies, and on the discovery side, our collaboration with Genentech is now well underway," said Norbert Bischofberger, Ph.D., president and chief executive officer of Kronos Bio. "We remain unwavering in our commitment to deliver meaningful therapies for patients with difficult to treat cancers, and we have the innovative science and people, as well as cash runway, necessary to do so. We continue to recruit significant talent, most recently with the addition of Katherine and Roger to our Board of Directors. We will benefit from their industry experience and clinical development expertise and guidance as we progress our portfolio of product candidates that target deregulated transcription."

First Quarter and Recent Company Updates
•KB-0742
◦Dosed first patient in expansion portion of Phase 1/2 study of KB-0742 in solid tumors. Enrollment is ongoing in both Cohort A, for patients with MYC-dependent tumors, such as triple negative breast cancer, non-small cell lung cancer and ovarian cancer, and Cohort B, for patients with transcriptionally addicted cancers, including chordomas, sarcomas and small cell lung cancer.
◦Dose escalation portion of the study remains ongoing to determine maximum tolerated oral dose.
◦Additional data from the Phase 1/2 study, including initial anti-tumor activity, are expected in the second half of 2023.
•Lanraplenib
◦Initial data, including recommended Phase 2 dose (RP2D), from the combination study of lanraplenib with gilteritinib in patients with relapsed/refractory FLT3-mutated acute myeloid leukemia (AML) are expected in the fourth quarter of 2023 or first quarter of 2024.
▪Corporate Updates
◦In April 2023, Kronos Bio announced the appointment of Katherine Vega Stultz and Roger Dansey, M.D., to its Board of Directors.

◦Ms. Stultz brings more than 25 years of biopharmaceutical experience and currently serves as the President and Chief Executive Officer of Ocelot Bio. Previously, Ms. Stultz was the Chief Operating Officer at Graphite Bio, where she successfully advanced the company’s clinical development program and helped take the company public. She has also held leadership roles at Celgene, Eli Lilly & Company and ConvaTec, a Bristol-Myers Squibb company.
◦Dr. Dansey brings more than 20 years of biopharmaceutical experience and currently serves as President, Research and Development of Seagen Inc. At Seagen, Dr. Dansey has leveraged his extensive drug development experience to progress the company from a single product U.S.-based company to a four-product company with a U.S. and European presence. Previously, Dr. Dansey was Senior Vice President at Merck & Co., Inc., where he led the company’s late-stage oncology development efforts. Earlier in his career, he led oncology clinical research at Gilead Sciences and had multiple oncology and hematology roles at Amgen.

First Quarter 2023 Financial Highlights

•Cash, Cash Equivalents and Investments: With its ongoing and currently planned clinical programs and $241.3 million in cash, cash equivalents and investments as of March 31, 2023, the company reiterates its expected cash runway into the second half of 2025.

•R&D Expenses: Research and development expenses were $19.7 million for the first quarter of 2023, which includes non-cash stock-based compensation expense of $3.1 million.

•G&A Expenses: General and administrative expenses were $10.1 million for the first quarter of 2023, which includes non-cash stock-based compensation expense of $3.5 million.

•Net Loss: Net loss for the first quarter of 2023 was $26.2 million, or $0.46 per share, including non-cash stock-based compensation expense of $6.6 million.