Kinnate slashes workforce, pipeline as exarafenib monotherapy disappoints

2023-09-19

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Shares in Kinnate Biopharma fell as much as 21% on Tuesday after the company said that it will cut 70% of its workforce and significantly trim its pipeline. CEO Nima Farzan said the overhaul reflects “the current financing environment, oncology regulatory landscape and development timelines.”

After the job cuts, Kinnate will be left with 28 full-time employees, while it will also separate from all staff of its wholly-owned subsidiary in China, Kinnjiu Biopharma, a joint venture that it fully acquired earlier this year. The company noted that as of June 30, it had just over $200 million in cash, which is anticipated to fund operations into at least the second quarter of 2026.

Kinnate indicated that it will pause development of the MEK inhibitor KIN-7136, whilst exploring strategic alternatives for the pan-RAF inhibitor exarafenib as monotherapy and the FGFR inhibitor KIN-3248. The drugmaker plans to refocus efforts on exarafenib combined with Pfizer’s MEK inhibitor Mektovi MEK inhibitor Mektovi (binimetinib), the c-MET inhibitor c-MET inhibitor KIN-8741 and discovery efforts around its CDK4 selective programme.

‘Limited’ antitumour activity

According to the company, exarafenib monotherapy showed “limited” antitumour activity in patients with BRAF Class II fusion or non-fusion driven cancers in the KN-8701 study. Meanwhile, a study of exarafenib plus Mektovi is currently under way, with a primary focus on NRAS mutant melanoma. Kinnate noted that as of September 11, among 16 efficacy-evaluable patients with NRAS mutant melanoma who had not received prior RAF, MEK or ERK inhibitors, six achieved confirmed and unconfirmed partial responses, representing an overall response rate of 38%.

In terms of KIN-8741, the company said that it plans to file an investigational new drug application with the FDA in the fourth quarter. Kinnate added that it aims to nominate drug candidates in its CDK4 selective programme before the end of the year.

Kinnate went public at the end of 2020, raising $276 million through the sale of 13.8 million shares priced at $20 a piece. However, on Tuesday, the company’s stock was trading at around $1.40 per share.

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