Kineta announced Thursday that it is laying off 64% of its workforce, or seven employees — including its CEO Shawn Iadonato — as it undergoes a restructuring process.
- In a press release, the Seattle biotech company said “certain investors have indicated they will not fulfill their funding obligations pursuant the previously disclosed second tranche of the company’s contemplated private placement later this year.”
- Kineta, which went public in a merger with Yumanity Therapeutics in 2022, is ending enrollment of new patients in its ongoing Phase 1/2 clinical trial evaluating one of its drugs called KVA12123.
- Iadonato, who founded Kineta in 2008, will continue to serve on the board. Kineta said it will explore potential “strategic alternatives” including a potential sale. The company had $7.6 million in cash as of Sept. 30.
