Demo
KA Nasdaq· Kineta Inc.
FundamentalsNews digest Peer analysis
Login
KA Nasdaq· Kineta Inc.
Earnings report Q3 2023

Kineta, Inc. Reports Decline in Revenues for the Latest Quarter

Segments of Revenue

Kineta, Inc. reported a decline in revenues for the latest quarter. The company's collaboration revenues were zero for the three months ended September 30, 2023, compared to zero for the same period in 2022. This decrease can be attributed to the completion of the Merger, resulting in no collaboration revenues during the quarter. Additionally, licensing revenues were also zero for the quarter, compared to $5 million in the previous year. Grant revenues amounted to $200,000 for the quarter, compared to $501,000 in the same period last year. Overall, the company's total revenues for the quarter amounted to $200,000, a significant decrease from $5.44 million in the previous year.

Strengths

Despite the decline in revenues, Kineta, Inc. has demonstrated strength in its research and development efforts, with expenses in this area amounting to $1.91 million for the quarter, compared to $2.61 million in the previous year. This indicates a strategic focus on advancing its pipeline and developing innovative therapies. The company's management has also highlighted the progress made in its ongoing research services provided under the Merck Neuromuscular License Agreement, which has contributed to the deferred revenue of $442,000.

Challenges

The decline in revenues for the latest quarter poses a significant challenge for Kineta, Inc. The absence of collaboration and licensing revenues, which were present in the previous year, has impacted the company's overall financial performance. Additionally, general and administrative expenses remained relatively stable at $2.08 million for the quarter, compared to $2.05 million in the previous year. This indicates the need for cost management and efficiency improvements in this area.

Noteworthy

It is worth noting that Kineta, Inc. reported a net loss of $5.38 million for the quarter, compared to a net loss of $5.58 million in the previous year. The company's net loss attributable to noncontrolling interest amounted to $69,000, compared to a loss of $82,000 in the previous year. Despite the decline in revenues, the company has managed to reduce its net loss, which may be attributed to cost-saving measures and improved operational efficiencies.

Summary

Kineta, Inc. faced a decline in revenues for the latest quarter, primarily due to the absence of collaboration and licensing revenues. However, the company has demonstrated strength in its research and development efforts, indicating a focus on advancing its pipeline. The decline in revenues poses a challenge for the company, highlighting the need for cost management and efficiency improvements. Despite the decline in revenues, Kineta, Inc. has managed to reduce its net loss, which may be attributed to cost-saving measures. Overall, the company's financial performance in the latest quarter reflects a mixed outcome, with both strengths and challenges to address in the future.

Source documents

Form 10-Q  filed on Nov 03, 2023
24 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by -41.37%
Sign up to Fey

Get in-depth analysis on thousands of stocks for just $30/month. Cancel anytime.