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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chinook Therapeutics Inc | NASDAQ:KDNY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.39 | 40.39 | 38.38 | 0 | 01:00:00 |
“During the first quarter of 2021, Chinook made strong progress with its pipeline of programs for kidney diseases, including initiating the phase 3 ALIGN and phase 2 AFFINITY trials of atrasentan, presenting encouraging clinical data from the BION-1301 program and entering into a strategic collaboration with Evotec,” said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. “We are well-capitalized and resourced to execute across our programs to generate additional data catalysts and continue building Chinook into a leading kidney disease company.”
Recent Highlights
Anticipated Upcoming Catalysts
First Quarter 2021 Financial Results
About Chinook Therapeutics, Inc.
Chinook Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing precision medicines for kidney diseases. Chinook’s product candidates are being investigated in rare, severe chronic kidney disorders with opportunities for well-defined clinical pathways. Chinook’s lead program is atrasentan, a phase 3 endothelin receptor antagonist for the treatment of IgA nephropathy and other proteinuric glomerular diseases. BION-1301, an anti-APRIL monoclonal antibody is being evaluated in a phase 1b trial for IgA nephropathy. In addition, Chinook is advancing CHK-336, an oral small molecule LDHA inhibitor for the treatment of primary hyperoxaluria, as well as research programs for other rare, severe chronic kidney diseases. Chinook is building its pipeline by leveraging insights in kidney single cell RNA sequencing, human-derived organoids and new translational models, to discover and develop therapeutics with differentiating mechanisms of action against key kidney disease pathways. To learn more, visit www.chinooktx.com.
Cautionary Note on Forward-Looking Statements Certain of the statements made in this press release are forward looking, including those relating to Chinook’s business, future operations, advancement of its product candidates and product pipeline, clinical development of its product candidates, including expectations regarding cash forecasts and timing of initiation and results of clinical trials. In some cases, you can identify these statements by forward-looking words such as “may,” “will,” “continue,” “anticipate,” “intend,” “could,” “project,” “expect” or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our ability to develop and commercialize our product candidates, including initiation of clinical trials of our existing product candidates or those developed as part of the Evotec collaboration, whether results of early clinical trials or preclinical studies will be indicative of the results of future trials, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that may be more advanced or have greater resources than we do, our ability to obtain and adequately protect intellectual property rights for our product candidates and the effects of COVID-19 on our clinical programs and business operations. Many of these risks are described in greater detail in our filings with the SEC. Any forward-looking statements in this press release speak only as of the date of this press release. Chinook assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
Contact:Noopur LiffickVice President, Investor Relations & Corporate Communicationsinvestors@chinooktx.com media@chinooktx.com
CHINOOK THERAPEUTICS, INC.Consolidated Statements of Operations(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Collaboration and license revenue | $ | 351 | $ | - | ||||
Operating expenses: | ||||||||
Research and development | 25,697 | 2,818 | ||||||
General and administrative | 9,543 | 1,271 | ||||||
Change in fair value of contingent consideration | 1,839 | - | ||||||
Amortization of intangible assets | 420 | - | ||||||
Total operating expenses | 37,499 | 4,089 | ||||||
Loss from operations | (37,148 | ) | (4,089 | ) | ||||
Other expense, net | 67 | 1,060 | ||||||
Net loss | $ | (37,215 | ) | $ | (5,149 | ) | ||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.88 | ) | $ | (1.25 | ) | ||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 42,136 | 4,104 | ||||||
CHINOOK THERAPEUTICS, INC.Consolidated Balance Sheets(In thousands) | ||||||||
March 31, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 168,092 | $ | 187,750 | ||||
Marketable securities | 51,478 | 59,622 | ||||||
Accounts receivable | 256 | 262 | ||||||
Prepaid expenses and other current assets | 6,174 | 6,447 | ||||||
Total current assets | 226,000 | 254,081 | ||||||
Marketable securities | 2,999 | 3,000 | ||||||
Property and equipment, net | 19,860 | 20,626 | ||||||
Restricted cash | 1,750 | 1,750 | ||||||
Operating lease right-of-use assets | 54,420 | 55,673 | ||||||
Intangible assets, net | 27,277 | 27,696 | ||||||
In process research & development | 39,295 | 39,295 | ||||||
Goodwill | 22,441 | 22,441 | ||||||
Other assets | 4,731 | 4,440 | ||||||
Total assets | $ | 398,773 | $ | 429,002 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | 7,363 | 3,995 | ||||||
Accrued and other current liabilities | 14,486 | 15,674 | ||||||
Operating lease liabilities | 3,135 | 3,045 | ||||||
Deferred revenue | — | 95 | ||||||
Total current liabilities | 24,984 | 22,809 | ||||||
Contingent value right liability | 15,589 | 13,780 | ||||||
Contingent consideration related to acquisition | 1,830 | 1,800 | ||||||
Deferred tax liabilities | 16,377 | 16,377 | ||||||
Operating lease liabilities | 37,966 | 38,709 | ||||||
Other long-term liabilities | 1,508 | 905 | ||||||
Total liabilities | 98,254 | 94,380 | ||||||
Stockholders’ equity | 300,519 | 334,622 | ||||||
Total liabilities and stockholders’ equity | $ | 398,773 | $ | 429,002 | ||||
1 Year Chinook Therapeutics Chart |
1 Month Chinook Therapeutics Chart |
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