In collaboration with Guardant Health, announced initial findings from BRAF Kinase Alteration Genomic Landscape and Real-World Clinical Outcomes Study
Ended the quarter with cash, cash equivalents and investments of $347.9 million, exclusive of its China joint venture's cash
SAN FRANCISCO and SAN DIEGO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Kinnate Biopharma Inc. (NASDAQ:KNTE) ("Kinnate"), a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers, today announced financial results for the quarter ended September 30, 2021.
"With the active recruitment of additional patients at multiple centers in the United States ongoing in the KN-8701 clinical trial, we are pleased with the continued advancement of the KIN-2787 program," said Nima Farzan, Chief Executive Officer of Kinnate. "We believe our recent collaboration with Guardant Health also presents a unique opportunity to assess real-world outcomes and further supports our work to improve the lives of cancer patients with limited treatment options. Unlike currently available treatments that target only Class I BRAF kinase alterations, KIN-2787 targets Class II and Class III BRAF alterations, where it has the potential to be a first-line targeted therapy, in addition to covering Class I BRAF alterations."
Other Recent Business Highlights and Corporate Update:
Third Quarter 2021 Financial Results
About Kinnate
Kinnate is focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Kinnate's mission is to expand the reach of targeted therapeutics by developing products for underserved populations. Kinnate utilizes its deep expertise in structure-based drug discovery, translational research, and patient-driven precision medicine, which it refers to as the Kinnate Discovery Engine, to develop targeted therapies. Based in San Francisco and San Diego, California, the Kinnate team is composed of drug discovery experts supported by a distinguished group of scientific advisors. For more information, please visit www.kinnate.com.
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 opportunities presented by our collaboration with Guardant Health, the potential benefits of our product candidates, the enrollment, recruitment and conduct of our clinical trials, our efforts to characterize the prevalence of patients with BRAF alterations and the expected timing of our regulatory filings. Words such as "believes," "anticipates," "plans," "expects," "intends," "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 risks related to operating as a preclinical-stage biopharmaceutical company with a limited operating history; 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; the potential for any clinical trial results to differ from our preclinical study results; negative impacts of the COVID-19 pandemic on our business, including ongoing and planned clinical trials and ongoing and planned 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 preclinical studies and any ongoing or planned future 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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 that we are concurrently filing with the Securities and Exchange Commission (the "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.
Contacts:
Investors:
Patti Bank
Westwicke, an ICR Company
415-513-1284
investors@kinnate.com
Media:
Colin Sanford
colin@bioscribe.com
| Kinnate Biopharma Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (in thousands, except share and par value amounts) | ||||||||
| September 30, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 135,009 | $ | 365,462 | ||||
| Cash at consolidated joint venture | 34,308 | - | ||||||
| Short-term investments | 88,219 | 31,398 | ||||||
| Prepaid expenses and other current assets | 3,176 | 3,343 | ||||||
| Total current assets | 260,712 | 400,203 | ||||||
| Property and equipment, net | 291 | 368 | ||||||
| Long-term investments | 124,636 | - | ||||||
| Restricted cash | 371 | - | ||||||
| Other non-current assets | 319 | - | ||||||
| Total assets | $ | 386,329 | $ | 400,571 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,724 | $ | 3,940 | ||||
| Accrued expenses | 7,575 | 3,364 | ||||||
| Total current liabilities | 10,299 | 7,304 | ||||||
| Commitments and contingencies (See Note 12) | ||||||||
| Redeemable convertible noncontrolling interests | 35,000 | - | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.0001 par value; 200,000,000 shares authorized | ||||||||
| at September 30, 2021 and December 31, 2020; 0 shares outstanding | ||||||||
| at September 30, 2021 and December 31, 2020 | - | - | ||||||
| Common stock, $0.0001 par value; 1,000,000,000 shares authorized | ||||||||
| at September 30, 2021 and December 31, 2020; 43,682,671 and 43,477,439 | ||||||||
| shares issued and outstanding at September 30, 2021 and December 31, 2020, | ||||||||
| respectively | 4 | 4 | ||||||
| Additional paid-in capital | 457,995 | 446,601 | ||||||
| Accumulated other comprehensive loss | (36 | ) | (9 | ) | ||||
| Accumulated deficit | (116,933 | ) | (53,329 | ) | ||||
| Total stockholders' equity | 341,030 | 393,267 | ||||||
| Total liabilities and equity | $ | 386,329 | $ | 400,571 | ||||
| Kinnate Biopharma Inc. | |||||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (in thousands, except share and per share amounts) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | $ | 18,729 | $ | 8,484 | $ | 47,637 | $ | 17,261 | |||||||||
| General and administrative (includes related party amounts of $0 and $92 for the three and nine months ended September 30, 2020) | 6,073 | 2,019 | 16,215 | 5,021 | |||||||||||||
| Total operating expenses | 24,802 | 10,503 | 63,852 | 22,282 | |||||||||||||
| Loss from operations | (24,802 | ) | (10,503 | ) | (63,852 | ) | (22,282 | ) | |||||||||
| Other income: | |||||||||||||||||
| Interest income | 640 | 4 | 1,715 | 228 | |||||||||||||
| Other expense, net | (540 | ) | - | (1,467 | ) | - | |||||||||||
| Total other income, net | 100 | 4 | 248 | 228 | |||||||||||||
| Net loss | (24,702 | ) | (10,499 | ) | (63,604 | ) | (22,054 | ) | |||||||||
| Net loss attributable to redeemable convertible noncontrolling interests | - | - | - | - | |||||||||||||
| Net loss attributable to Kinnate | $ | (24,702 | ) | $ | (10,499 | ) | $ | (63,604 | ) | $ | (22,054 | ) | |||||
| Weighted-average shares outstanding, basic and diluted | 43,663,985 | 3,748,324 | 43,559,787 | 3,709,020 | |||||||||||||
| Net loss per share, basic and diluted | $ | (0.57 | ) | $ | (2.80 | ) | $ | (1.46 | ) | $ | (5.95 | ) | |||||
| Comprehensive loss: | |||||||||||||||||
| Net loss | $ | (24,702 | ) | $ | (10,499 | ) | $ | (63,604 | ) | $ | (22,054 | ) | |||||
| Other comprehensive loss: | |||||||||||||||||
| Unrealized income (loss) on investments | 38 | - | (27 | ) | - | ||||||||||||
| Total comprehensive loss | (24,664 | ) | (10,499 | ) | (63,631 | ) | (22,054 | ) | |||||||||
| Comprehensive loss attributable to redeemable convertible noncontrolling interests | - | - | - | - | |||||||||||||
| Comprehensive loss attributable to Kinnate | $ | (24,664 | ) | $ | (10,499 | ) | $ | (63,631 | ) | $ | (22,054 | ) | |||||
