- Cash, cash equivalents and investments of
$262.1 million as ofSeptember 30, 2022 ; cash runway expected to fund operations into mid-2024
“We continue to make advances with our proprietary programs, and are encouraged by what we’re seeing thus far in the ongoing dose escalation for KIN-2787 monotherapy, our pan-RAF inhibitor,” said
Pipeline Updates
- Announced an update from the ongoing dose escalation for KIN-2787 monotherapy in the global Phase 1 clinical trial, KN-8701. Detailed dose escalation data is expected in the first half of 2023. (View Release)
- Subsequent to the KIN-2787 data release, the company anticipates disclosing its next program from the Kinnate Discovery Engine, which is expected to enter the clinic in 2023.
- Announced that the
U.S. Food and Drug Administration (FDA) granted Fast Track designation for KIN-2787 for treatment of patients with BRAF Class II or III alteration-positive and/or NRAS mutation-positive stage IIb to IV malignant melanoma that is metastatic or unresectable. (View Release)
Corporate Highlights
- Expanded the organization to 86 full-time employees as of
September 30, 2022 , of which 64 were engaged in research and development activities.
Third Quarter 2022 Financial Results
- Cash and Cash Equivalents and Investments Position: As of
September 30, 2022 , the total of cash and cash equivalents and investments was$262.1 million , excluding cash from itsChina joint venture, Kinnjiu, and is expected to fund current operations into mid-2024. - Research and Development Expenses: Third quarter research and development expenses for 2022 were
$23.5 million , compared to$18.7 million for the same period in 2021. - General and Administrative Expenses: Third quarter general and administrative expenses for 2022 were
$7.8 million , compared to$6.1 million for the same period in 2021. - Net Loss: Third quarter net loss for 2022 was
$30.7 million , compared to$24.7 million for the same period in 2021.
About
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the potential benefits of KIN-2787; our expectations of dose escalation of KIN-2787 monotherapy and the timing of clinical data from KN-8701; the announcement of our next pipeline program, and the timing of such pipeline program entering the clinic; the sufficiency of our funding to continue to innovate and progress our pipeline; our anticipated cash runway; and statements by our Chief Executive Officer. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “remain,” “will,” “goal,” “potential” and similar expressions are also intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. Such expectations and projections may never materialize or may prove to be incorrect. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors, including recently transitioning to operating as a clinical-stage biopharmaceutical company with a limited operating history; the timing, progress and results of ongoing and planned preclinical studies and clinical trials for our current product candidates; that our assessment that initial responses from KN-8701 are encouraging will bear out over time; that continued dose escalation in our clinical trials could increase the risk of the occurrence of adverse events; the potential for future clinical trial results to differ from initial results or from our preclinical studies; our ability to timely enroll a sufficient number of patients in our clinical trials; our ability to raise additional capital to finance our operations; our ability to discover, advance through the preclinical and clinical development of, obtain regulatory approval for and commercialize our product candidates; the novel approach we are taking to discover and develop drugs; our ability to timely file and obtain approval of investigational new drug applications for our planned clinical trials; negative impacts of the COVID-19 pandemic on our business, including ongoing and planned clinical trials and preclinical studies; competition in our industry; regulatory developments in
Investor & Media Contact:
Condensed Consolidated Balance Sheets | |||||||
(in thousands, except share and par value amounts) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 34,502 | $ | 116,096 | |||
Cash at consolidated joint venture | 26,469 | 33,593 | |||||
Short-term investments | 196,477 | 103,362 | |||||
Prepaid expenses and other current assets | 3,727 | 5,639 | |||||
Total current assets | 261,175 | 258,690 | |||||
Property and equipment, net | 3,171 | 956 | |||||
Right-of-use lease assets | 3,581 | - | |||||
Long-term investments | 31,097 | 105,449 | |||||
Restricted cash | 371 | 371 | |||||
Deferred offering costs | 641 | 641 | |||||
Other non-current assets | 2,097 | 757 | |||||
Total assets | $ | 302,133 | $ | 366,864 | |||
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,058 | $ | 3,148 | |||
Accrued expenses | 11,319 | 9,239 | |||||
Current portion of operating lease liabilities | 966 | - | |||||
Total current liabilities | 15,343 | 12,387 | |||||
Operating lease liabilities, long-term | 3,449 | - | |||||
Total liabilities | 18,792 | 12,387 | |||||
Redeemable convertible noncontrolling interests | 35,000 | 35,000 | |||||
Stockholders’ equity: | |||||||
Preferred stock, | |||||||
September 30, 2022 and | |||||||
September 30, 2022 and | - | - | |||||
Common stock, | |||||||
September 30, 2022 and | |||||||
and outstanding at | 4 | 4 | |||||
Additional paid-in capital | 478,696 | 463,089 | |||||
Accumulated other comprehensive loss | (2,559 | ) | (524 | ) | |||
Accumulated deficit | (227,800 | ) | (143,092 | ) | |||
Total stockholders’ equity | 248,341 | 319,477 | |||||
Total liabilities, redeemable convertible noncontrolling interests and stockholders' equity | $ | 302,133 | $ | 366,864 |
Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 23,548 | $ | 18,729 | $ | 62,962 | $ | 47,637 | |||||||
General and administrative | 7,824 | 6,073 | 22,875 | 16,215 | |||||||||||
Total operating expenses | 31,372 | 24,802 | 85,837 | 63,852 | |||||||||||
Loss from operations | (31,372 | ) | (24,802 | ) | (85,837 | ) | (63,852 | ) | |||||||
Other income, net | 635 | 100 | 1,129 | 248 | |||||||||||
Net loss | (30,737 | ) | (24,702 | ) | (84,708 | ) | (63,604 | ) | |||||||
Net loss attributable to redeemable convertible noncontrolling interests | - | - | - | - | |||||||||||
Net loss attributable to Kinnate | $ | (30,737 | ) | $ | (24,702 | ) | $ | (84,708 | ) | $ | (63,604 | ) | |||
Weighted-average shares outstanding, basic and diluted | 44,151,034 | 43,663,985 | 44,013,097 | 43,559,787 | |||||||||||
Net loss per share, basic and diluted | $ | (0.70 | ) | $ | (0.57 | ) | $ | (1.92 | ) | $ | (1.46 | ) | |||
Comprehensive loss: | |||||||||||||||
Net loss | $ | (30,737 | ) | $ | (24,702 | ) | $ | (84,708 | ) | $ | (63,604 | ) | |||
Other comprehensive loss: | |||||||||||||||
Unrealized gain (loss) on investments | 178 | 38 | (2,035 | ) | (27 | ) | |||||||||
Total comprehensive loss | (30,559 | ) | (24,664 | ) | (86,743 | ) | (63,631 | ) | |||||||
Comprehensive loss attributable to redeemable convertible noncontrolling interests | - | - | - | - | |||||||||||
Comprehensive loss attributable to Kinnate | $ | (30,559 | ) | $ | (24,664 | ) | $ | (86,743 | ) | $ | (63,631 | ) |
Source:
2022 GlobeNewswire, Inc., source