Kinnate Biopharma Inc. Provides Full-Year 2022 Financial Results and Recent Corporate Updates
15 Mars 2023 - 9:05PM
Kinnate Biopharma Inc. (Nasdaq: KNTE)
(“Kinnate”), a clinical-stage precision oncology company, today
announced financial results for the year ended December 31, 2022,
and recent corporate updates.
“2023 is shaping up to be a transformational year for Kinnate,
one with several key clinical readouts anticipated, including the
first monotherapy data disclosure on our lead product candidate,
exarafenib, in an oral presentation at the upcoming AACR
conference, initial data for the exarafenib plus binimetinib
combination in the first half of 2023 and initial dose escalation
data from our FGFR program, which is expected in the second half of
this year,” said Nima Farzan, chief executive officer, Kinnate
Biopharma Inc. “We also expect to have a new research program enter
the clinic this year. This progress showcases the strength of our
discovery capabilities and combined with our financial strength,
talented workforce and proven ability to execute will enable us to
continue to invest in innovation. I am confident that the company
is well positioned to support long-term growth.”
Pipeline Updates
- Announced Kinnate will present monotherapy dose escalation data
from KN-8701, a global Phase 1 clinical trial evaluating
exarafenib, in an oral presentation at the American Association for
Cancer Research (AACR) 2023 Annual Meeting. Also announced it has
initiated enrollment of patients into the monotherapy expansion
cohorts of KN-8701 and will discuss the expansion strategy, along
with the AACR results and additional pipeline updates, at a virtual
investor event following the AACR presentation. (View Release)
- Announced initiation of KN-8701 in the People’s Republic of
China (PRC), with trial sites open in PRC and Taiwan. (View
Release)
- Announced that the U.S. Food and Drug Administration granted
Fast Track designation for KIN-3248 for the treatment of patients
with unresectable, locally advanced or metastatic
cholangiocarcinoma harboring fibroblast growth factor receptor 2
gene fusions or other alterations, who have received at least one
prior systemic therapy. (View Release)
- Presented the structure and discovery of exarafenib at the 2023
Winter Conference on Medicinal & Bioorganic Chemistry. (View
Presentation)
- Presented trials in progress poster for KIN-3248 at the 2023
American Society of Clinical Oncology (ASCO) Gastrointestinal
Cancers Symposium and the ASCO Genitourinary Cancers Symposium.
(View Release)
Corporate Updates
- Announced in February 2023 that Kinnate acquired ownership
stake of Kinnjiu Biopharma Inc. (Kinnjiu), the China joint venture
established in May 2021, previously held by the Series A investors
(funds affiliated with OrbiMed and Foresite Capital Management) for
$24 million, using a combination of $9.1 million in cash and 2.2
million shares of common stock of Kinnate. Kinnate retains
Kinnjiu’s cash, intellectual property and other assets, including
key personnel and its legal entity structure. (View Release)
- Appointed a new independent director, Jill DeSimone, effective
March 1, 2023. (View Release)
Financial Results
- As of December 31, 2022, the total of cash and cash equivalents
and investments was $266.3 million, inclusive of cash from Kinnjiu
Biopharma Inc., and is expected to fund current operations into
mid-2024.
- Research and development expenses for 2022 were $88.2 million,
compared to $67.2 million in 2021.
- General and administrative expenses for 2022 were $30.4
million, compared to $22.9 million in 2021.
- Net loss for 2022 was $116.3 million, compared to $89.8 million
in 2021.
About Kinnate Biopharma Inc.
Kinnate Biopharma Inc. is a clinical-stage precision oncology
company focused on expanding on the promise of targeted therapies
for those battling cancer. The company is developing medicines for
known oncogenic drivers where there are no approved targeted drugs
and to overcome the limitations of marketed cancer therapies, such
as non-responsiveness or acquired and intrinsic resistance. Kinnate
has two lead clinical programs being studied in solid tumors with
RAF, NRAS and FGFR-driven alterations, and is rapidly progressing a
pipeline of additional small molecule drug candidates as part of
the Kinnate Discovery Engine. The company is driven by the urgency
and knowledge that patients are waiting for new, effective cancer
medicines. For more information, visit Kinnate.com and follow
us on LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. These forward-looking
statements include, without limitation, the timing and presentation
of clinical data from KN-8701 for exarafenib monotherapy and also
for exarafenib plus binimetinib combination; the timing and
presentation of KN-8701 dose expansion strategy and pipeline
updates; the timing of clinical data from KN-4802, a global Phase 1
clinical trial evaluating KIN-3248, for dose escalation of KIN-3248
monotherapy; the timing of our next research program entry into the
clinic; the sufficiency of our funding to continue to innovate,
support long term growth and progress our pipeline; our anticipated
cash runway; and statements by our Chief Executive Officer. Words
such as “believes,” “anticipates,” “plans,” “expects,” “will,”
“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 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
the United States and other countries; our ability to attract, hire
and retain highly skilled executive officers and employees;
difficulties in managing our growth; our ability to protect our
intellectual property; reliance on third parties to conduct our
ongoing and planned preclinical studies and clinical trials, and to
manufacture our product candidates; general economic and market
conditions; and other risks. These and other risks, uncertainties,
assumptions and other factors are further described under the
heading “Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022 that we are concurrently filing
with the Securities and Exchange Commission (“SEC”), as well as in
our subsequent filings we make with the SEC. New risk factors
emerge from time to time and it is not possible for our management
to predict all risk factors, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in, or implied by, any
forward-looking statements. Investors should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
Our forward-looking statements speak only as of the date of this
release, and except as required by law, we undertake no obligation
to update publicly any forward-looking statements for any reason in
the future.
Investor & Media Contact:
Priyanka Shah | Priyanka.Shah@kinnate.com | +1-908-447-6134
Kinnate
Biopharma Inc. |
Consolidated
Balance Sheets |
(in
thousands, except share and par value amounts) |
|
|
|
|
|
|
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
29,261 |
|
|
$ |
116,096 |
|
Cash at consolidated joint venture |
|
|
25,725 |
|
|
|
33,593 |
|
Short-term investments |
|
|
172,214 |
|
|
|
103,362 |
|
Prepaid expenses and other current assets |
|
|
3,637 |
|
|
|
5,639 |
|
Total current assets |
|
|
230,837 |
|
|
|
258,690 |
|
Property and
equipment, net |
|
|
3,071 |
|
|
|
956 |
|
Right-of-use
lease assets |
|
|
3,377 |
|
|
|
- |
|
Long-term
investments |
|
|
39,139 |
|
|
|
105,449 |
|
Restricted
cash |
|
|
371 |
|
|
|
371 |
|
Deferred
offering costs |
|
|
- |
|
|
|
641 |
|
Other
non-current assets |
|
|
2,031 |
|
|
|
757 |
|
Total assets |
|
$ |
278,826 |
|
|
$ |
366,864 |
|
|
|
|
|
|
Liabilities, Redeemable Convertible Noncontrolling
Interests and Stockholders' Equity |
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
2,970 |
|
|
$ |
3,148 |
|
Accrued expenses |
|
|
13,206 |
|
|
|
9,239 |
|
Current portion of operating lease liabilities |
|
|
991 |
|
|
|
- |
|
Total current liabilities |
|
|
17,167 |
|
|
|
12,387 |
|
Operating
lease liabilities, long-term |
|
|
3,191 |
|
|
|
- |
|
Total liabilities |
|
|
20,358 |
|
|
|
12,387 |
|
Redeemable
convertible noncontrolling interests |
|
|
35,000 |
|
|
|
35,000 |
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.0001 par value; 200,000,000 shares authorized
at |
|
|
|
|
December 31, 2022 and 2021; 0 shares outstanding at December 31,
2022 |
|
|
|
|
and 2021 |
|
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value; 1,000,000,000 shares authorized
at |
|
|
|
|
December 31, 2022 and 2021; 44,342,292 and 43,855,944 shares
issued |
|
|
|
|
and outstanding at December 31, 2022 and 2021, respectively |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
484,237 |
|
|
|
463,089 |
|
Accumulated other comprehensive loss |
|
|
(1,410 |
) |
|
|
(524 |
) |
Accumulated deficit |
|
|
(259,363 |
) |
|
|
(143,092 |
) |
Total stockholders’ equity |
|
|
223,468 |
|
|
|
319,477 |
|
Total
liabilities, redeemable convertible noncontrolling interests and
stockholders' equity |
|
$ |
278,826 |
|
|
$ |
366,864 |
|
|
|
|
|
|
Kinnate
Biopharma Inc. |
Consolidated
Statements of Operations and Comprehensive Loss |
(in
thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and development |
|
|
$ |
88,150 |
|
|
$ |
67,166 |
|
General and administrative |
|
|
|
30,371 |
|
|
|
22,945 |
|
Total operating expenses |
|
|
|
118,521 |
|
|
|
90,111 |
|
Loss from
operations |
|
|
|
(118,521 |
) |
|
|
(90,111 |
) |
Other
income, net |
|
|
|
2,250 |
|
|
|
348 |
|
Net
loss |
|
|
|
(116,271 |
) |
|
|
(89,763 |
) |
Net loss
attributable to redeemable convertible noncontrolling
interests |
|
|
|
- |
|
|
|
- |
|
Net loss
attributable to Kinnate |
|
|
$ |
(116,271 |
) |
|
$ |
(89,763 |
) |
|
|
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
|
|
44,065,749 |
|
|
|
43,601,162 |
|
Net loss per
share, basic and diluted |
|
|
$ |
(2.64 |
) |
|
$ |
(2.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
Net
loss |
|
|
$ |
(116,271 |
) |
|
$ |
(89,763 |
) |
Other
comprehensive loss: |
|
|
|
|
|
Currency translation adjustments |
|
|
|
1 |
|
|
|
- |
|
Unrealized loss on investments |
|
|
|
(887 |
) |
|
|
(515 |
) |
Total
comprehensive loss |
|
|
|
(117,157 |
) |
|
|
(90,278 |
) |
Comprehensive loss attributable to redeemable convertible
noncontrolling interests |
|
|
- |
|
|
|
- |
|
Comprehensive loss attributable to Kinnate |
|
|
$ |
(117,157 |
) |
|
$ |
(90,278 |
) |
|
|
|
|
|
|
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