Kineta Q3 2023 EPS $(0.46) Up From $(1.14) YoY
Portfolio Pulse from Benzinga Newsdesk
Kineta's Q3 2023 earnings per share (EPS) was $(0.46), up from $(1.14) YoY. The company's cash position decreased to $7.6 million from $13.1 million due to clinical trial development and general corporate purposes. However, this was offset by $5.5 million net proceeds from a direct offering and $5.0 million from a Merck milestone payment. Total revenues were zero for Q3 2023, compared to $0.2 million for Q3 2022. R&D expenses decreased, while general and administrative expenses increased due to higher personnel-related costs.
November 03, 2023 | 8:04 pm
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NEUTRAL IMPACT
Kineta's improved EPS and the offset of decreased cash position by direct offering and Merck milestone payment could potentially stabilize the stock. However, zero revenues for Q3 2023 and increased administrative expenses might negatively impact the stock.
Kineta's improved EPS indicates better profitability, which is a positive signal for investors. The offset of decreased cash position by direct offering and Merck milestone payment shows the company's ability to raise funds, which could stabilize the stock. However, zero revenues for Q3 2023 and increased administrative expenses might worry investors, potentially leading to a negative impact on the stock.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100