Kindred Biosciences Inc (KIN) stock had a good Tuesday. It gained 1.29% in the normal trading and further, it jumped 5.94% in the after-hours session on Tuesday, April 20, 2021. KIN shares have risen by 16.30% over the last 12 months, and they have lost 4.46% in the past week. Over the past three months, the stock has gained 3.74%.
Let’s have a look at the latest news about the KIN stock.
Interleukin-31 Antibody PK Study results
On April 20, 2021, Kindred Biosciences Inc. reported positive results in a new long-acting interleukin (IL)-31 antibody program (KIND-039) which has KIN half-life extension technology. Results showed that the fully canonized, the high-affinity antibody has up to a three-fold longer half-life compared to tirnovetmab. This extended half-life is expected to allow for up to three-fold longer interval between dosing.
Recent financial results
On March 16, 2021, Kindred Biosciences announced financial results for the fourth quarter and the full-year ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights
- KindredBio reported a net loss of $10.9 million, or $0.28per share for the quarter ended December 31, 2020, compared to a net loss of $15.7 million, or $0.40 per share, for the Q4 in 2019.
- It earned $1.0 million of net product revenues for the fourth quarter of 2020, compared to $1.4 million in the prior-year period.
- For Q4 2020, Research and development expenses were $7.6 million compared to $7.1 million for the same period in 2019.
- For Q4 2020, Selling, general, and administrative expenses were $3.3 million compared to $9.6 million for Q4 in 2019.
The full Year 2020 Financial Highlights
- Kindred Biosciences suffered a net loss of 8 million, or $0.55per share in 2020 compared to a net loss of $61.4 million, or $1.59 per share, in 2019.
- Full-year 2020 net product revenues were $42.2 million, compared with $4.3 million for FY 2019.
- For the full year 2020, research and development expenses were $31.3 million, compared to $28.3 million in 2019.
- Selling, general and administrative expenses were $22.0 million in FY 2020, compared to $37.9 million for 2019.
- KindredBio had $59.9 million in cash, cash equivalents, and investmentsonDecember 31, 2020, compared to $73.5 million on December 31, 2019.
Efficacy data submission of KIND-030 As Prophylactic Option
On February 25, 2021, Kindred Biosciences Inc submitted efficacy data of prophylactic indication for KIND-030. The data was submitted to the United States Department of Agriculture Center for Veterinary Biologics for review.