On March 15, 2023 Kinnate Biopharma Inc. (Nasdaq: KNTE) ("Kinnate"), a clinical-stage precision oncology company, reported financial results for the year ended December 31, 2022, and recent corporate updates (Press release, Kinnate Biopharma, MAR 15, 2023, View Source [SID1234628785]).

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"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 (Free AACR Whitepaper) 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) (Free AACR Whitepaper) 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 (Free AACR Whitepaper) results and additional pipeline updates, at a virtual investor event following the AACR (Free AACR Whitepaper) 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) (Free ASCO Whitepaper) Gastrointestinal Cancers Symposium and the ASCO (Free ASCO Whitepaper) 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.