Kinnate to let go of 70% of employees

Sept. 19, 2023

California-based Kinnate Biopharma, a precision oncology company, announced this week that it would let go of 70% of its employees as part of a strategic review of its business. 

The review, which considered cash reserves, near-term pipeline potential and regulatory trends, led to the decision to streamline the company's workforce to better align its resources. Kinnate is now looking to prioritize its combination therapy of exarafenib and binimetinib in NRAS mutant melanoma, and advancing KIN-8741, a selective c-MET inhibitor for non-small cell lung cancer.

As a result of its restructuring, Kinnate will also explore alternatives for development programs that are not central to its pipeline, such as partnerships or licensing. With the announcement, Kinnate also reported having approximately $204.3 million in cash and investments as of June of 2023, which is expected to fund operations at least the until second quarter of 2026.