UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 15, 2024, Kineta, Inc. (the “Company”) issued a press release containing information about the Company’s results of operations for the three months ended March 31, 2024. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Document
99.1 Press release issued by Kineta, Inc., dated May 15, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 15, 2024
Kineta, Inc.
By: |
/s/ Craig Philips |
Name: |
Craig Philips |
Title: |
President |
Exhibit 99.1
Kineta Reports First Quarter 2024 Financial Results and Provides Update on its Ongoing Phase 1/2 VISTA-101 Clinical Trial and Corporate Activities
Partial response and stable disease reported in combination cohort, and durable stable disease observed in monotherapy cohorts
Favorable clinical safety and tolerability profile observed with no dose limiting toxicities and no evidence of CRS-associated cytokines observed at any dose level
Cleared fifth of six monotherapy cohorts and second of four combination cohorts
Kineta is actively exploring strategic alternatives to maximize value for all stakeholders
Received $500,000 investment from an existing investor
SEATTLE — (May 15, 2024) Kineta, Inc. (Nasdaq: KA), a clinical-stage biotechnology company with a mission to develop next-generation immunotherapies in oncology that address cancer immune resistance, announced today financial results for the three months ended March 31, 2024 and provided a corporate update.
In February 2024, the Company announced a significant corporate restructuring to substantially reduce expenses and preserve cash. The restructuring included a significant workforce reduction and the suspension of enrollment of new patients in its ongoing VISTA-101 Phase 1/2 clinical trial evaluating KVA12123 in patients with advanced solid tumors. Patients currently enrolled in the trial will be permitted to continue to participate. The Company announced the restructuring as a result of certain investors indicating that they would not fulfill their April 2024 funding obligation in the previously disclosed private placement financing. In connection with the restructuring, the Company announced that it is exploring strategic alternatives to maximize stockholder value.
“The Company announced additional clinical updates on the progress of the KVA12123 monotherapy and combination therapy results during the first quarter of 2024. We continue to be pleased with these early clinical results as well as the accompanying biomarkers and immune cell data sets. We look forward to sharing additional clinical updates in the second quarter and we will continue to explore strategic alternatives,” said Craig Philips, President of Kineta.
RECENT CORPORATE HIGHLIGHTS
Phase 1/2 VISTA-101 Trial of KVA12123 in Patients with Solid Cancer Tumors (clinical data was announced in March 2024)
Efficacy
· Of 21 patients enrolled, 12 received at least one baseline and one follow up scan.
· Best overall response (BOR) in nine of 12 patients is currently stable disease among patients with at least one follow-up scan with a mean duration of 15 weeks.
· One patient with non-small cell lung cancer that failed six prior lines of therapy, including checkpoint inhibitor (CPI) therapy, has experienced a stable disease lasting 28 weeks.
· Nine participants remain on-treatment.
· Of nine patients enrolled, three received at least one baseline and one follow-up scan.
· BOR in 2 of 3 patients with at least one follow up scan is:
o Stable disease in one CPI-failure renal cell carcinoma patient with a 24% reduction in target lesions.
o Partial response in one patient with a PD-L1 negative mucoepidermoid carcinoma and a 54% reduction in target lesions and a complete response in non-target lesions.
o Eight patients remain on treatment.
Biomarkers
· Dose-dependent induction of on-target pro-inflammatory cytokines and chemokines.
· Dose-dependent increases in non-classical monocytes, CD4+ and CD8+ T cells, and NK cells.
Safety
· No dose limiting toxicities (DLTs) observed in any patient at any dose level.
· No evidence of cytokine release syndrome in any patient at any dose level.
Conference Presentations
ANTICIPATED FUTURE MILESTONES
FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS
About Kineta
Kineta (Nasdaq: KA) is a clinical-stage biotechnology company with a mission to develop next-generation immunotherapies that transform patients’ lives. Kineta has leveraged its expertise in innate immunity and is focused on discovering and developing potentially differentiated immunotherapies that address the mechanisms of cancer immune resistance. For more information on Kineta, please visit www.kinetabio.com, and follow Kineta on X (Twitter), LinkedIn and Facebook.
Cautionary Statements Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as, but not limited to, “believe,” “expect,” “estimate,” “project,” “intend,” “future,” “potential,” “continue,” “may,” “might,” “plan,” “will,” “should,” “seek,” “anticipate,” or “could” and other similar words or expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to exploring strategic alternatives that may include sale of assets of the Company, a sale of the Company, a merger or other strategic action. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Kineta’s current beliefs, expectations and assumptions regarding the future of Kineta’s business, future plans and strategies, clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Such forward-looking statements are subject to a number of material risks and uncertainties including, but not limited to: Kineta’s ability to successfully initiate and complete clinical trials; the difficulty in predicting the time and cost of development of Kineta’s product candidates; Kineta’s plans to research, develop and commercialize its current and future product candidates, including, but not limited to, KVA12123; the timing and anticipated results of Kineta’s planned pre-clinical studies and clinical trials and the risk that the results of Kineta’s pre-clinical studies and clinical trials may not be predictive of future results in connection with future studies or clinical trials; the timing of the availability of data from Kineta’s clinical trials; the timing of any planned investigational new drug application or new drug application; the risk of cessation or delay of any ongoing or planned clinical trials of Kineta or its collaborators; the clinical utility, potential benefits and market acceptance of Kineta’s product candidates; Kineta’s commercialization, marketing and manufacturing capabilities and strategy; developments and projections relating to Kineta’s competitors and its industry; the impact of government laws and regulations; the timing and outcome of Kineta’s planned interactions with regulatory authorities; Kineta’s ability to protect its intellectual property position; risks relating to volatility and uncertainty in the capital markets for biotechnology companies; availability of suitable third parties with which to conduct contemplated strategic transactions; whether Kineta will be able to pursue a strategic transaction, or whether any transaction, if pursued, will be completed on attractive terms or at all; whether Kineta’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital requirements; and those risks set forth under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the SEC on March 21, 2024, as well as discussions of potential risks, uncertainties and other important factors in Kineta’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Except as required by law, Kineta undertakes no obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise.
KINETA, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
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Three Months Ended March 31, |
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2024 |
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2023 |
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Revenues: |
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Collaboration revenues |
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$ |
— |
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$ |
281 |
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Total revenues |
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— |
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281 |
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Operating expenses: |
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Research and development |
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2,726 |
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2,843 |
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General and administrative |
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3,680 |
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3,924 |
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Total operating expenses |
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6,406 |
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6,767 |
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Loss from operations |
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(6,406 |
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(6,486 |
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Other (expense) income: |
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Interest income |
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48 |
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54 |
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Interest expense |
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(42 |
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(23 |
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Change in fair value of rights from Private Placement |
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(3,832 |
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— |
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Change in fair value measurement of notes payable |
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(9 |
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(6 |
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Other income (expense), net |
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(8 |
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(19 |
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Total other (expense) income, net |
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(3,843 |
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6 |
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Net loss |
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$ |
(10,249 |
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$ |
(6,480 |
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Net loss attributable to noncontrolling interest |
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(11 |
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(29 |
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Net loss attributable to Kineta, Inc. |
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$ |
(10,238 |
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$ |
(6,451 |
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Net loss per share, basic and diluted |
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$ |
(0.89 |
) |
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$ |
(0.77 |
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Weighted-average shares outstanding, basic and diluted |
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11,443 |
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8,361 |
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SELECTED CONSOLIDATED BALANCE SHEET DATA
(in thousands)
(unaudited)
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March 31, 2024 |
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December 31, 2023 |
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(in thousands) |
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Cash |
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$ |
1,773 |
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$ |
5,783 |
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Total current assets |
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2,160 |
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5,977 |
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Working capital (deficit) |
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(6,366 |
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(1,095 |
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Total assets |
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2,433 |
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10,281 |
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Total debt |
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779 |
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770 |
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Total stockholders' equity (deficit) |
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(6,243 |
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3,059 |
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FOR FURTHER INFORMATION, PLEASE CONTACT:
Investor Relations:
info@kineta.us
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Document and Entity Information |
May 15, 2024 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | KINETA, INC./DE |
Amendment Flag | false |
Entity Central Index Key | 0001445283 |
Document Type | 8-K |
Document Period End Date | May 15, 2024 |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-37695 |
Entity Tax Identification Number | 20-8436652 |
Entity Address, Address Line One | 7683 SE 27th Street |
Entity Address, Address Line Two | Suite 481 |
Entity Address, City or Town | Mercer Island |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98040 |
City Area Code | (206) |
Local Phone Number | 378-0400 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $0.001 per share |
Trading Symbol | KA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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