On August 8, 2023 Kinnate Biopharma Inc. (Nasdaq: KNTE) ("Kinnate" or the "Company"), a clinical-stage precision oncology company, reported financial results for the second quarter of 2023 and recent corporate updates (Press release, Kinnate Biopharma, AUG 8, 2023, View Source [SID1234633979]).

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Nima Farzan, chief executive officer of Kinnate Biopharma Inc., stated, "We are pleased to receive FDA clearance of the IND application for our internally developed brain-penetrant MEK inhibitor, KIN-7136. This achievement underscores the rapid progress of Kinnate’s in-house research efforts, which have effectively generated multiple clinical programs within only five years of our founding. In the balance of the year, we look forward to providing initial dose escalation data for KIN-3248, our investigational FGFR inhibitor, as well as additional data for the combination of exarafenib and binimetinib in NRAS-mutant melanoma. With an exciting array of catalysts on the horizon, we are confident in Kinnate’s pipeline growth."

Pipeline Updates

Received clearance from the U.S. Food and Drug Administration (FDA) for the Investigational New Drug (IND) application of KIN-7136, a potentially brain-penetrant mitogen-activated protein kinase (MEK) inhibitor. The Company expects to enter the clinic in the second half of 2023 with KN-3603, a Phase 1 trial, to evaluate KIN-7136 in adult participants with advanced solid tumors that are driven by the mitogen-activated protein kinase pathway, primarily non-small cell lung cancer, including in participants with brain metastases. KIN-7136 will be evaluated as monotherapy and in combination with Kinnate’s investigational pan-RAF inhibitor, exarafenib.
First presentation on the structure and discovery of FGFR inhibitor, KIN-3248, upcoming at the 2023 American Chemical Society on August 16. (View Presentation Details)
Presented a poster at the 2023 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting on circulating tumor DNA-based genomic landscape analysis for evaluating molecular brake and gatekeeper mutations in FGFR2. (View Poster).
Financial Results

As of June 30, 2023, total cash, cash equivalents and investments were $204.3 million, which is expected to fund current operations into early 2025.
Second quarter research and development expenses for 2023 were $26.3 million, compared to $19.8 million for the same period in 2022.
Second quarter general and administrative expenses for 2023 were $7.8 million, compared to $7.6 million for the same period in 2022.
Second quarter net loss for 2023 was $31.9 million, compared to $27.1 million for the same period in 2022.