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|
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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||
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Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No
|
Description
|
||
Press Release dated November 10, 2022
|
|||
104 | Cover page interactive data file (embedded within the inline XBRL document). |
KINNATE BIOPHARMA INC.
|
||
By:
|
/s/ Nima Farzan
|
|
Nima Farzan
|
||
President and Chief Executive Officer | ||
Date: November 10, 2022 |
● |
Cash, cash equivalents and investments of $262.1 million as of September 30, 2022; cash runway expected to fund operations into mid-2024
|
●
|
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)
|
● |
Expanded the organization to 86 full-time employees as of September 30, 2022, of which 64 were engaged in research and development activities.
|
● |
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 its China 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.
|
|
September 30, 2022
|
December 31, 2021
|
||||||
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, $0.0001 par value; 200,000,000 shares authorized at
|
||||||||
September 30, 2022 and December 31, 2021; 0 shares outstanding at
|
||||||||
September 30, 2022 and December 31, 2021
|
-
|
-
|
||||||
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at
|
||||||||
September 30, 2022 and December 31, 2021; 44,164,683 and 43,855,944 shares issued
|
||||||||
and outstanding at September 30, 2022 and December 31, 2021, respectively
|
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
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
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
|
)
|