Kinnate Biopharma Inc. Announces Pipeline Updates, Strategic Reprioritization And Workforce Restructuring; Kinnate Will Implement A Corporate Restructuring By Reducing The Company's Workforce By ~70%
Portfolio Pulse from Benzinga Newsdesk
Kinnate Biopharma Inc. (NASDAQ:KNTE) announced pipeline updates, a strategic reprioritization plan, and a workforce restructuring. The company will reduce its workforce by approximately 70% and focus on the development of exarafenib combination, KIN-8741, and its CDK4 selective program. Kinnate will pause the development of KIN-7136 and explore strategic alternatives for exarafenib monotherapy and KIN-3248. The company had approximately $204.3 million in cash, cash equivalents, and investments as of June 30, 2023, which is anticipated to fund operations into at least the second quarter of 2026.
September 18, 2023 | 8:13 pm
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Kinnate Biopharma's strategic reprioritization and workforce restructuring could potentially impact the company's stock price. The company's focus on the development of exarafenib combination, KIN-8741, and its CDK4 selective program, along with the pause in the development of KIN-7136 and exploration of strategic alternatives for exarafenib monotherapy and KIN-3248, could influence investor sentiment.
The announcement of a workforce reduction of approximately 70% could negatively impact investor sentiment, potentially leading to a decrease in the company's stock price. Additionally, the company's strategic reprioritization and focus on certain development programs could also influence investor sentiment and the stock price.
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