On August 11, 2022 Kinnate Biopharma Inc. (Nasdaq: KNTE) ("Kinnate"), a clinical-stage precision oncology company, reported financial results for the quarter ended June 30, 2022, and recent corporate updates (Press release, Kinnate Biopharma, AUG 11, 2022, View Source [SID1234618129]).
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"Kinnate is making meaningful progress with its proprietary clinical and preclinical precision oncology programs," said Nima Farzan, chief executive officer, Kinnate Biopharma Inc. "We continue to expand the global footprint of clinical trial sites for our pan-RAF inhibitor, KIN-2787, for which we expect to share initial clinical data later this year. The Kinnate Discovery Engine is actively generating new research leads, and with our financial strength, we’re well positioned to invest in breakthrough science and long-term growth of the company."
Pipeline Updates
KIN-2787, pan-RAF Inhibitor
Announced that KN-8701, a Phase 1 clinical trial to evaluate KIN-2787, was initiated in Taiwan by Kinnjiu Biopharma Inc., Kinnate’s China joint venture to develop and commercialize its most advanced kinase inhibitors in the People’s Republic of China, Hong Kong, Macau and Taiwan.
Granted Orphan Drug Designation (ODD) by the U.S. Food and Drug Administration for KIN-2787 for the treatment of stage IIb-IV melanoma. An ODD is granted to investigational therapies addressing rare medical diseases or conditions that affect fewer than 200,000 people in the U.S.
Published online abstract as part of the 2022 Annual Meeting of the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) meeting proceedings on the in vitro and in vivo preclinical studies evaluating KIN-2787 in combination with binimetinib in NRAS-mutant melanoma models. (View release)
Enrolling patients in the ongoing Phase 1 dose escalation portion of KN-8701 evaluating KIN-2787 at approximately 18 active trial sites, including in the U.S., Spain, France and Australia. Initial monotherapy data is expected in the fourth quarter of 2022, and data for the binimetinib combination in the first half of 2023.
KIN-3248, FGFR Inhibitor
Presented the design and rationale of KN-4802, a Phase 1 clinical trial evaluating KIN-3248, the company’s investigational FGFR inhibitor, at the 2022 ASCO (Free ASCO Whitepaper) Annual Meeting. (View release)
Enrolling patients in the Phase 1 dose escalation portion of KN-4802, with initial clinical data for KIN-3248 expected in the second half of 2023.
Corporate Highlights
Expanded the organization to 82 full-time employees as of June 30, 2022, of which 61 were engaged in research and development activities.
The following senior leaders joined the company in the second quarter:
Robert Pelham, PhD, Vice President, Translational Medicine
Cheng Quah, MBBS, Vice President, Clinical Development
Second Quarter 2022 Financial Results
Cash and Cash Equivalents and Investments Position: As of June 30, 2022, the total of cash and cash equivalents and investments was $279.6 million, exclusive of Kinnjiu’s cash.
Research and Development Expenses: Second quarter research and development expenses for 2022 were $19.8 million, compared to $16.2 million for the same period in 2021.
General and Administrative Expenses: Second quarter general and administrative expenses for 2022 were $7.6 million, compared to $5.3 million for the same period in 2021.
Net Loss: Second quarter net loss for 2022 was $27.1 million, compared to $21.4 million for the same period in 2021.