On December 27, 2022, Kineta, Inc. (the "Company"), through its subsidiary, Kineta Chronic Pain, LLC ("KCP"), reported that it has received written notice (the "Notice") from Genentech, Inc. ("Genentech") of its termination of the Exclusive Option and License Agreement dated April 11, 2018, as amended on November 27, 2019 and October 1, 2020 (as amended, the "Agreement"), by and between the Company and Genentech (Filing, 8-K, Yumanity Therapeutics, DEC 27, 2022, View Source [SID1234625688]). The termination of the Agreement is effective 60 days from receipt of the Notice, or February 25, 2023. Pursuant to the Agreement, the Company out-licensed certain intellectual property rights to Genentech for the Company’s KCP506 program. KCP506 is an α9α10 nicotinic acetylcholine receptor antagonist developed by the Company for the treatment of neuropathic pain and neurogenic inflammation. The termination of the Agreement does not affect the development of any of the Company’s core oncology products, and no revenue or expenses from this Agreement were expected for the years ending December 31, 2023 or 2024. The Company intends to evaluate strategic alternatives for the development of this program.

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