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Kinnate Biopharma (NASDAQ: KNTE) said late Monday it would cut its workforce by 70% as part of a reprioritization of its drug development programs.
The biotech company said the cuts will leave it with 28 full-time employees and will have an impact in the separation of all employees at the wholly owned Chinese subsidiary Kinnjiu Biopharma.
Kinnate had $204.3 million in cash at the end of June, which Kinnate said will fund operations through the second quarter of 2026.
As part of the reorganization, Kinnate said it will not continue developing exarafenib as a monotherapy and will explore strategic alternatives to that program and the KIN-3248 program. The company has also suspended plans to initiate clinical trials of KIN-7136.
Instead, Kinnate plans to focus on developing the drug combination of exarafenib with binimetinib, with plans to select two doses for additional development in the fourth quarter. The company also plans to file with the FDA to begin clinical testing of KIN-8741 and choose a drug candidate from its CDK4 program in the fourth quarter.
Shares of Kinnate fell 14% in after-hours trading around 6:50 PM ET on Monday.