reports
- Andy Smith
Update after half-year results
In a well-received announcement that complied with the recent Swiss restrictions on commentary in business updates, Kinarus has reported its financial results to the end of June 2023. We address that report and provide some additional narrative on what we assume are the many moving parts and corporate activity behind the scenes. For the six months to 30 June 2023, Kinarus’s R&D expense increased slightly to CHF 272k from CHF 236k for the corresponding H1 2022 and which were attributable to th...
- Andy Smith
AGM and recent refinancing
Kinarus’ Therapeutics AG held its AGM on June 28th. Shareholders approved all proposals, re-electing the current members of the Board of Directors for another term. Kinarus also recently received a subordinated CHF1.5m convertible loan investment by CDIM, an investment group in China. This equity-backed financing is intended to support Kinarus with the intention of entering negotiation for regional licenses for KIN001. In addition, the US FDA and other countries continue to facilitate the deve...
- Andy Smith
Full Year 2022 Results
Kinarus has published its Annual Report for 2022. The challenging funding environment has delayed the start of clinical studies for KIN001 in wAMD and IPF, however, the report suggests that Kinarus’ focus is returning to these indications, with hints of interest from potential investors and partners. The KINFAST trial in COVID-19 remains ongoing. Cash at the end of FY 2022 was CHF 1.3m compared to CHF 0.1m at the end of FY 2021. This does not include the recent CHF 1.5m convertible loan from C...
- Andy Smith
First transaction on KIN001
Kinarus have announced the signing of an agreement with ChaoDain (Hangzhou) Investment Management (CDIM) for a CHF 1.5m convertible loan that will form the basis for the development of KIN001 in the treatment of idiopathic pulmonary fibrosis (IPF) in China. This is an important validation of the potential of KIN001 in IPF and could be the first of a sequence of transactions that result in development collaborations on KIN001, and not just in IPF. We regard the investment by ChaoDain Investm...
- Andy Smith
Receptive environment for KIN001
Three years after the start of the pandemic investors might be forgiven for thinking that new product approvals for drugs to treat COVID-19 have come to an end. Running against this perception is Kinarus’ lead drug – the oral p38 MAP kinase inhibitor combination – which remains in a Phase 2 study for the treatment of COVID patients. Moreover, German biotech company InflaRx’s anti-inflammatory drug Gohibic (vilobelimab) was recently approved by the US FDA under an emergency use authorization (EU...
- Andy Smith
Implications of recent news flow
The recent news flow on Kinarus’ lead product KIN001 has bolstered its profile for the treatment of ambulatory COVID-19 patients. In addition, the outlook for the main events for KIN001 – the anti-inflammatory and anti-fibrotic indications – on which most of our valuation is based, have also been boosted by a new US patent allowance. Some investors may wonder why the KINFAST Phase 2 study in mild to moderate ambulatory COVID-19 patients is continuing. There is a good reason, as other approved a...
- Andy Smith
Strategic Update
Kinarus has announced a strategic update on the way forward: its focus (and the majority of our fair value) remains on the Phase 2 studies of KIN001 in wet age-related macular degeneration (wAMD) and idiopathic pulmonary fibrosis (IPF). As we explored in our initiation note, while wAMD is a large and highly competitive therapeutic indication, companies like Roche, Novartis and Regeneron have hit a ceiling with their drugs that target VEGF and are only making incremental improvements via drug d...
- Andy Smith
KINETIC study results
While a disappointment, this was not a large part of our valuation since treating hospitalised COVID-19 patients is a high bar where much of the pathological and immunological damage has already been done. The bulk of our fair value of Kinarus remains the use of KIN001 in wet age-related macular degeneration (wAMD). The discontinuation of the Phase 2 KINETIC study will result in some disappointment since it would have been a ‘quick win’. The bar was, however, very high and patients who have be...
- Andy Smith
Initiation: Kinarus making p38 MAP kinase inhibition viable
That is, until the founders of Kinarus discovered and patented the use of a p38 MAP kinase in combination with another, already-approved, generic drug that does make the mechanism viable. KIN001 is that drug, with pamapimod licensed from Roche Holding AG who retain opt-in rights. Kinarus' licensing strategy has resulted in them becoming a mid-stage clinical development company without the cost and time implications of drug discovery and toxicology programs. This is because Roche (Kinarus’s lic...
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