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Kineta (Nasdaq: KA) announced its Q1 2024 financial results and updates on the Phase 1/2 VISTA-101 clinical trial for its immunotherapy, KVA12123, targeting advanced solid tumors.
The trial showed partial responses and stable disease in combination cohorts, and durable stable disease in monotherapy cohorts. Safety and tolerability are favorable with no limiting toxicities or cytokine release syndrome observed.
Corporate restructuring in February 2024 aimed to reduce expenses and preserve cash, including workforce cuts and suspending new patient enrollment in the trial. The company received a $500,000 investment but is pursuing litigation for unfulfilled funding from other investors.
Financially, Kineta reported a net loss of $10.2 million for Q1 2024 compared to $6.5 million in Q1 2023. Cash reserves dropped to $1.8 million from $5.8 million at the end of 2023, raising concerns about the company's ability to continue as a going concern.