K
ronos Bio Inc. is abandoning its Cambridge research facility at 301 Binney Street, a move that highlights the life sciences sector's ongoing contraction in the Greater Boston area. The biotech company has agreed to terminate its lease early, paying approximately $22.5 million to landlord BioMed Realty to exit the space by June 30, 2025, more than five years ahead of schedule.

    Kronos leased about 40,500 square feet at the Binney Street location in November 2020 after vacating its California headquarters earlier this year. The decision comes amid significant organizational upheaval, including the cessation of development for its lead ovarian cancer drug and widespread layoffs that left only a small percentage of the workforce intact.

    The company's acquisition by Concentra Biosciences in May 2025 was also tied to cost-reduction efforts and the future of three experimental drug candidates still in development. The move adds to a growing volume of vacant lab space in Cambridge and Greater Boston, where biotech firms have been scaling back amid a tougher funding environment and rising operational costs.

    Lab vacancy in the region reached 25% in Q1 2025, a sharp contrast from near-zero vacancy levels just three years ago. This surplus of available space underscores the recalibration happening across the life sciences sector, as startups and mid-stage biotechs prioritize survival over expansion. Kronos' exit is emblematic of broader industry trends, highlighting the vulnerability of even promising pipeline companies in today's capital-constrained environment.