Kinnate Biopharma to reduce workforce by 70%, announces reprioritization plan

Kinnate Biopharma announced pipeline updates and a reprioritization plan, as well as a workforce restructuring, based on a strategic review of its business. The review encompassed various factors, including the company’s cash runway, near-term pipeline value creation prospects, the evolving regulatory landscape for targeted therapies, commercial potential, development strategy, and other relevant considerations. As a result, the company is prioritizing the exarafenib combination, KIN-8741, and discovery efforts around its CDK4 selective program. Additionally, Kinnate will pause development of KIN-7136 and explore strategic alternatives for exarafenib monotherapy and KIN-3248, as part of the reprioritization plan. Concurrently, the company will implement a workforce restructuring to align with its refined focus. Kinnate will implement a corporate restructuring by reducing the company’s workforce by approximately 70%. The company expects to have 28 remaining full-time employees. The company is also taking related measures to reduce operating expenses. This includes separating from all employees of its wholly-owned subsidiary in China, Kinnjiu Biopharma. As of June 30, Kinnate had approximately $204.3M in cash, cash equivalents and investments, which is anticipated to fund operations into at least the second quarter of 2026. Considering these results and the Company’s assessment of clinical development timelines for Class II fusion-driven solid tumors, Kinnate will not proceed with further clinical development of exarafenib as a monotherapy agent and will explore strategic alternatives. Kinnate will explore strategic alternatives for the KIN-3248 program. Based on the reprioritization plan, the Company will not initiate a clinical trial for KIN-7136 at this time. Kinnate is exploring drug candidates for a potentially brain-penetrant, selective CDK4 inhibitor and expects to nominate a candidate in the fourth quarter of 2023.