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Kyntra Bio (KYNB)
NASDAQ:KYNB
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Kyntra Bio
(NASDAQ:KYNB)
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Rating:50Neutral
Price Target:
$7.00
▼(-0.85% Downside)
Action:ReiteratedDate:03/17/26
The score is held back primarily by weak financial performance (shrinking/volatile revenue, ongoing losses, and multi-year cash burn) and bearish technicals (price below key moving averages with negative MACD). These are partially offset by supportive valuation (very low P/E) and an earnings-call backdrop showing improved liquidity/runway and encouraging program progress, though execution and clinical readout risks remain high.
Positive Factors
Balance-sheet strengthening & cash runway
A completed asset sale and debt paydown left the company with ~$109M and a stated runway into 2028. This materially reduces near-term financing pressure, gives management time to complete key 2026–2027 readouts, and improves optionality for partnering or phase‑3 programs without immediate dilutive raises.
Sustained operating cost reductions
Large, multi-line expense cuts (R&D down ~75%, SG&A down ~44%) indicate durable discipline and a streamlined cost base. Lower fixed spend reduces cash burn sensitivity to program timelines, allowing focused investment into priority trials and extending runway while preserving strategic flexibility.
Encouraging clinical signals & companion diagnostic potential
Early efficacy signals plus a correlated PET biomarker create a pathway to patient selection and premium positioning. A validated companion diagnostic can raise trial success probability, support targeted commercial uptake, and justify higher pricing in a multi‑billion dollar addressable market if Phase 2/3 readouts confirm benefit.
Negative Factors
Severe revenue contraction and volatility
A near‑term collapse in topline reduces internal funding capacity and signals loss of prior commercial or licensing contributions. Persistent revenue volatility undermines predictable cash generation, increases reliance on non‑operating financing, and constrains the company's ability to self‑fund late‑stage programs over the medium term.
Persistent negative operating cash flow
Multi‑year negative OCF and FCF mean the business does not convert reported results into sustainable cash, forcing dependence on asset sales, financing, or partnerships. Even with reduced burn in 2025, continued negative cash conversion risks dilutive raises or constrained R&D investment ahead of critical Phase 2/3 milestones.
Readout, regulatory and commercialization execution risk
Material value creation is tied to upcoming trial outcomes, biomarker validation, and FDA feedback. Any negative, delayed, or statistically inconclusive readout would materially impair prospects. Unclear partnering/commercial strategies further heighten execution risk and lengthen timelines to revenue realization.
Kyntra Bio (KYNB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.57M
Dividend YieldN/A
Average Volume (3M)30.76K
Price to Earnings (P/E)0.2
Beta (1Y)1.08
Revenue Growth-95.39%
EPS GrowthN/A
CountryUS
Employees225
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-3.51
Shares Outstanding4,046,827
10 Day Avg. Volume33,010
30 Day Avg. Volume30,760
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)7.93
Price to Sales (P/S)5.51
P/FCF Ratio-7.38
Enterprise Value/Market Cap-0.68
Enterprise Value/Revenue-3.00
Enterprise Value/Gross Profit-3.95
Enterprise Value/Ebitda0.42
Forecast
1Y Price Target
$25.00Price Target Upside254.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-11.95
Revenue Forecast (FY)$6.10M
Kyntra Bio Business Overview & Revenue Model
Company DescriptionKyntra Bio, Inc. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel therapeutics. It focuses on the hypoxia-inducible factor and connective tissue growth factor biology to develop medicines for the treatment of anemia, fibrotic disease, and cancer. The company was founded by Thomas B. Neff on September 29, 1993, and is headquartered in San Francisco, CA.
How the Company Makes MoneyFibroGen generates revenue through several key streams. The primary source of income comes from the sale of its approved products, such as roxadustat, in markets where it is commercially available. Additionally, the company may receive milestone payments and royalties from partnerships and collaborations with other pharmaceutical companies that help develop and market its products. Significant partnerships, such as those with larger biopharmaceutical firms, can also provide upfront payments and shared funding for research and development activities. Furthermore, grants and funding from government and non-profit organizations can supplement its revenue, particularly for the advancement of its pipeline projects.
Kyntra Bio Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business areas, highlighting which segments drive growth and profitability, and identifying potential areas of strength or concern.
Analyzes revenue from different business areas, highlighting which segments drive growth and profitability, and identifying potential areas of strength or concern.
Data provided by:
The Fly
The FlyKyntra Bio Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Neutral
The call emphasizes substantial balance-sheet strengthening (sale, debt paydown), large full-year cost reductions, a clear cash runway into 2028, and encouraging early clinical signals for FG-3246/FG-3180 plus a promising roxadustat signal with orphan designation. However, the company faces sharp revenue declines, a weaker Q4 operating/profitability profile, statistical uncertainty around the imaging biomarker, dependency on upcoming trial readouts (2026–2027), and unresolved partnering/commercial strategies. Overall, the positives center on financing and promising early clinical data, while significant operational and commercialization uncertainties remain.Q4-2025 Updates
Positive Updates
Transformational Corporate Actions and Strengthened Balance Sheet
Completed sale of FibroGen China to AstraZeneca, paid off senior secured term loan, and extended cash runway into 2028. Reported cash, cash equivalents, investments, and accounts receivable of $109.4M as of 12/31/2025.
Significant Full-Year Cost Reductions
Total operating costs and expenses for FY2025 were $52.3M versus $180.0M in FY2024, a decline of approximately 71.0%. R&D expenses declined to $23.5M from $95.7M (-75.4%) and SG&A declined to $27.7M from $49.3M (-43.8%).
Improved Full-Year Net Loss
Net loss from continuing operations for FY2025 was $58.2M, or $14.40 per share, versus $153.1M, or $38.26 per share in FY2024 — an improvement of ~61.9% in absolute net loss and ~62.4% improvement in loss per share.
FG-3246/FG-3180 Clinical Progress — Encouraging Early Efficacy Signals
Investigator-sponsored trial (IST) of FG-3246 + enzalutamide (n=44) showed median radiographic PFS of 7.0 months in biomarker-unselected patients and 10.1 months in patients who progressed on one prior ARPI; PSA50 response was 40% in the one-prior-ARPI subgroup. Phase 1 monotherapy showed median rPFS of 8.7 months and PSA50 in 36% of heavily pretreated, unselected patients.
Biomarker & Companion Diagnostic Potential
Higher tumor uptake of FG-3180 PET correlated with PSA50 response (trend), supporting the prospect of FG-3180 as a companion diagnostic to select CD46-positive patients. Company cites a potential U.S. FG-3246 addressable market >$5B and notes PSMA PET agents generated nearly $2B in 2025 as a commercial precedent.
Phase 2 Monotherapy Trial and Near-Term Catalysts
Initiated FG-3246 phase 2 monotherapy dose-optimization trial (enrolling 75 patients in post-ARPI, pre-chemo setting across three dose levels) with an interim analysis planned in 2026 (PSA50, ORR, safety, PK) and mature rPFS expected in 2027.
Safety Optimization — Neutropenia Mitigation
Use of primary G-CSF prophylaxis in the IST substantially reduced incidence of grade ≥3 neutropenia versus the phase 1 monotherapy trial, informing design elements of the ongoing phase 2 study to maintain ADC exposure and reduce dose interruptions.
Roxadustat Progress and Orphan Designation in MDS
Roxadustat granted Orphan Drug Designation for anemia associated with lower-risk MDS. Post-hoc analysis in high transfusion burden subgroup showed 36% transfusion independence ≥8 weeks vs 7% for placebo (nominal p=0.041), supporting potential efficacy. Final phase 3 protocol submitted to FDA with feedback expected in coming weeks and target initiation in H2 2026.
Negative Updates
Sharp Revenue Declines
Revenue fell markedly: Q4 2025 revenue $1.3M vs $3.1M in Q4 2024 (-58.1%), and FY2025 revenue $6.4M vs $29.6M in FY2024 (-78.4%), reflecting significantly lower topline commercial/licensing contributions post-transaction.
Worsening Q4 Profitability Despite FY Improvement
Q4 2025 net loss from continuing operations was $14.6M ($3.61 per share) versus $8.7M ($2.15 per share) in Q4 2024 — a Q4 deterioration of ~67.8% in absolute net loss and ~67.4% increase in loss per share. Q4 total operating costs rose to $14.8M from $10.3M (+43.7%).
Clinical Data Limitations and Statistical Uncertainty
Correlation between FG-3180 uptake (SUV) and clinical response showed a trend but 'just missed' statistical significance (nominal p-value not reaching conventional significance), indicating the biomarker hypothesis requires further validation in the phase 2 trial.
Timing and Readout Risk for Key Programs
Material value creation depends on future readouts: interim phase 2 results in 2026 and mature rPFS in 2027 for FG-3246; phase 3 start for roxadustat targeted H2 2026 but depends on FDA feedback and potential partnering decisions. These timelines create execution and clinical risk.
Uncertain Commercial Strategy and Partnering for Roxadustat and PET Agent
Company is exploring internal development versus strategic partnerships for roxadustat and acknowledges limited commercial expertise for PET diagnostics relative to established players (e.g., Lantheus, Telix). No binding BD updates were disclosed, creating uncertainty about commercialization pathways.
Competitive Landscape and Sequencing Complexity
PSMA-targeted agents (and existing RLTs) are established in the market; positioning a CD46-targeted ADC plus companion PET will require clear differentiation and defined sequencing strategies. KOLs noted potential benefit for both high- and low-SUV patients, complicating patient selection strategies.
Company Guidance
Kyntra guided that it finished 2025 with $109.4M in cash, cash equivalents, investments and receivables and a cash runway into 2028, and outlined near‑term clinical and regulatory milestones: for FG‑3246/FG‑3180 in mCRPC, IST topline (n=44) showed median rPFS 7.0 months overall and 10.1 months in patients progressed on one prior ARPI with PSA50 = 40% (phase 1 monotherapy rPFS 8.7 months, PSA50 36%); the phase 2 monotherapy trial will enroll 75 post‑ARPI/pre‑chemo patients across three dose levels, incorporate FG‑3180 SUV biomarker analyses (nominal p ~ NS), use G‑CSF prophylaxis to reduce grade ≥3 neutropenia, target an interim readout in 2026 and mature rPFS in 2027 with a commercial rPFS benchmark ≥10 months and a U.S. TAM >$5B; for roxadustat, target population ≈49,000 U.S. patients, MATTERHORN high‑transfusion subgroup showed 36% transfusion independence ≥8 weeks vs 7% placebo (p=0.041), orphan designation (≈7 years exclusivity), FDA protocol feedback expected in the coming weeks (60–90 days) and phase 3 initiation targeted in H2 2026; FY2025 revenue was $6.4M (Q4 $1.3M), total operating expenses $52.3M, R&D $23.5M, SG&A $27.7M, and net loss $58.2M ($14.40/share).Kyntra Bio Financial Statement Overview
Summary
Weak fundamentals dominate: revenue contracted sharply in 2025 ($6.4M vs $29.6M in 2024) and operating profitability remains poor (deeply negative EBIT/EBITDA), while multi-year operating cash flow and free cash flow are negative. Balance sheet risk has been elevated historically (negative equity in 2022–2024), partially offset by the notable 2025 improvement showing no reported debt and reduced cash burn.Income Statement
Revenue has been highly volatile and ultimately contracted sharply into 2025 (annual revenue down to $6.4M from $29.6M in 2024 and $46.8M in 2023), which is a major quality and sustainability concern. While 2025 shows a strong net profit margin driven by positive net income, operating performance remains weak with deeply negative EBIT/EBITDA, indicating the core business is still loss-making. Earlier years also show persistent heavy operating losses and mostly negative net margins, pointing to limited earnings consistency despite periods of strong gross margin.28
Negative
Balance Sheet
The balance sheet shows meaningful instability in the capital structure across years, including periods of negative shareholders’ equity (2022–2024), which raises financial risk and reduces flexibility. Debt levels were elevated in 2023–2024 (up to ~$170M in 2023) but drop to zero in 2025, a notable improvement; however, the sharp swing suggests significant balance sheet actions rather than steady operating strengthening. Total assets have also declined materially from 2020–2021 levels, indicating a smaller asset base supporting the business today.22
Negative
Cash Flow
Cash generation is weak: operating cash flow and free cash flow are negative in 2021–2025, including very large cash burn in 2023–2024, which is challenging for a pharmaceutical business that typically requires sustained R&D investment. Although cash burn moderates substantially in 2025 (operating cash flow around -$4.8M), free cash flow remains negative and the multi-year trend still reflects dependence on external funding or balance sheet actions. The mix of positive net income in 2025 alongside negative operating cash flow also suggests earnings are not translating into cash in the period.18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.44M | 29.62M | 46.80M | 140.73M | 235.31M |
| Gross Profit | 0.00 | 14.06M | 42.84M | 120.45M | -213.88M |
| EBITDA | -45.90M | -142.43M | -305.20M | -282.82M | -333.72M |
| Net Income | 183.45M | -47.58M | -284.23M | -293.65M | -290.02M |
Balance Sheet | |||||
| Total Assets | 119.59M | 214.53M | 423.53M | 610.09M | 773.82M |
| Cash, Cash Equivalents and Short-Term Investments | 88.98M | 50.48M | 235.59M | 422.01M | 405.19M |
| Total Debt | 0.00 | 90.17M | 170.46M | 89.89M | 99.72M |
| Total Liabilities | 115.12M | 398.16M | 585.73M | 611.57M | 544.71M |
| Stockholders Equity | 4.47M | -225.60M | -204.17M | -21.45M | 209.15M |
Cash Flow | |||||
| Free Cash Flow | -4.81M | -138.26M | -317.54M | -184.67M | -112.42M |
| Operating Cash Flow | -4.77M | -138.00M | -315.02M | -145.93M | -82.23M |
| Investing Cash Flow | 35.42M | 125.99M | 153.66M | 89.12M | -426.97M |
| Financing Cash Flow | -86.03M | -255.00K | 122.75M | 46.78M | -563.00K |
Kyntra Bio Technical Analysis
Negative
7.06
Price Trends
7.87
Negative
8.56
Negative
8.87
Negative
Market Momentum
-0.18
Negative
45.96
Neutral
51.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KYNB, the sentiment is Negative. The current price of 7.06 is below the 20-day moving average (MA) of 7.12, below the 50-day MA of 7.87, and below the 200-day MA of 8.87, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 45.96 is Neutral, neither overbought nor oversold. The STOCH value of 51.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KYNB.
Kyntra Bio Risk Analysis
Kyntra Bio disclosed 56 risk factors in its most recent earnings report. Kyntra Bio reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kyntra Bio Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $28.57M | 0.19 | ― | ― | -95.39% | ― | |
50 Neutral | $68.55M | -4.61 | -10.61% | ― | ― | 45.97% | |
49 Neutral | $41.24M | -1.86 | -857.86% | ― | 588.40% | 61.76% | |
48 Neutral | $23.66M | -0.51 | -197.68% | ― | ― | 78.60% | |
47 Neutral | $54.42M | -0.66 | -115.64% | ― | ― | 46.20% |
* Healthcare Sector Average
KYNB
Kyntra Bio
7.06
-2.16
-23.46%
GRCE
Grace Therapeutics
4.43
1.90
75.10%
OKUR
OnKure Therapeutics
3.98
-0.98
-19.76%
SNTI
Senti Biosciences
0.90
-2.82
-75.81%
XLO
Xilio Therapeutics
7.86
-3.14
-28.54%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.