Kineta, Inc. reported a net loss of $17.1 million for the year ended December 31, 2024, compared to a net loss of $14.1 million in 2023. Revenue was zero for 2024, a decrease of $5.4 million from 2023, primarily due to the absence of licensing revenue received in 2023 following the achievement of a development milestone under the Merck Neuromuscular License Agreement. Operating expenses decreased by $7.6 million to $13.5 million in 2024, reflecting a workforce reduction of approximately 64% and a pause in patient enrollment for the KVA12123 clinical trial from March to August 2024.
Significant changes in financial performance were driven by the cessation of the Private Placement, which resulted in a $3.8 million loss in the fair value of rights from the Private Placement in 2024. The company's cash balance decreased substantially from $5.8 million at the end of 2023 to $634,000 at the end of 2024. The company's accumulated deficit increased to $182.9 million as of December 31, 2024. As of that date, the company had substantial doubt about its ability to continue as a going concern.
In response to its financial challenges, Kineta initiated a process to explore strategic alternatives, including asset sales, a company sale, licensing, mergers, and liquidation. The company entered into a merger agreement with TuHURA Biosciences, Inc. on December 11, 2024, subject to various closing conditions, including stockholder approval. The agreement outlines a merger consideration based on a combination of TuHURA common stock and cash, with the cash component dependent on Kineta's net working capital at closing. Additionally, Kineta entered into asset purchase agreements with HCRX Investments Holdco, L.P. and Pacira Pharmaceuticals, Inc., selling assets related to partnered programs and KCP506, respectively.
Key operational developments include the completion of enrollment in the monotherapy cohorts of the VISTA-101 Phase 1/2 clinical trial evaluating KVA12123, with continued enrollment in combination therapy cohorts. The company presented updated clinical data at the SITC annual meeting in November 2024. As of December 31, 2024, Kineta employed four full-time employees. The company also terminated its CD27 license agreement with GigaGen, Inc. The company's outlook is contingent upon the successful completion of the merger with TuHURA; if the merger fails, the board may pursue liquidation or bankruptcy. The company cautions that trading in its securities is highly speculative and poses substantial risks.
About KINETA, INC./DE
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