Kineta Q1 2024 net loss $10.2M; cash $1.8M; going concern doubt; exploring strategic alternatives

KINETA, INC./DE

2024-Q1 EPS reported -$0.89

Cash of $1.8M as of March 31, 2024, down from $5.8M at year-end 2023; received $500K from existing investor in April 2024.
Net loss of $10.2M ($0.89 per share) vs. $6.5M ($0.77 per share) in Q1 2023; no revenue in Q1 2024.
Substantial doubt about ability to continue as a going concern; actively exploring strategic alternatives to maximize stockholder value.
Phase 1/2 VISTA-101 trial for KVA12123 shows partial response in combination cohort and durable stable disease; enrollment of new patients suspended.
Company reduced workforce and suspended new patient enrollment after some investors failed to fund April 2024 private placement obligation; litigation pursued against larger non-funding investors.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

KINETA, INC./DE reported the three months ended March 31, 2024 results: revenue zero, net income $10.2 million, EPS $0.89.

Period: the three months ended March 31, 2024
Revenue: zero
Net income: $10.2 million
EPS: $0.89
Result: reported results

Exact text from the filing

Net loss was $10.2 million, or $0.89 per basic and diluted share, for the three months ended March 31, 2024

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Source: SEC EDGAR

accession 0000950170-24-060408

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