Chinook Therapeutics, Inc. - KDNY STOCK NEWS

Chinook Therapeutics, Inc. (Nasdaq: KDNY) announced participation in a virtual fireside chat at the RBC Capital Markets Global Healthcare Conference on May 19, 2021, at 10:55 am ET. The event will provide insights into Chinook's focus on precision medicines for kidney diseases, including its lead program, atrasentan, a phase 3 endothelin receptor antagonist for IgA nephropathy. Archived recordings will be available on their website for 90 days. Chinook is developing innovative treatments for severe chronic kidney disorders, advancing several promising candidates.

Chinook Therapeutics (Nasdaq: KDNY) provided a business update and financial results for Q1 2021, showing robust advances in kidney disease therapies. The company initiated phase 3 and phase 2 trials for atrasentan and presented promising clinical data for BION-1301. Despite these developments, they reported a net loss of $37.2 million, compared to $5.1 million in Q1 2020. Cash reserves as of March 31, 2021, were $222.6 million. Operational cash usage was $28.1 million, indicating increased investments in clinical programs.

Chinook Therapeutics, Inc. (Nasdaq: KDNY) announced the approval of employment inducement grants of stock options totaling 125,267 shares for two new employees. These options, issued under terms similar to the company's 2015 Equity Incentive Plan, have an exercise price of $17.95 per share and vest over four years. The grant aims to incentivize the new hires as per Nasdaq listing Rule 5635(c)(4). Chinook focuses on developing precision medicines for kidney diseases, including programs targeting IgA nephropathy and primary hyperoxaluria.

Chinook Therapeutics, NASDAQ: KDNY, presented six posters at the ISN World Congress of Nephrology 2021, highlighting advancements in kidney disease treatments. Key data included BION-1301's significant reduction of Gd-IgA1 levels, with sustained effects observed in healthy volunteers. Atrasentan showed potential in reducing albuminuria and reversing kidney inflammation in preclinical models. Upcoming studies, including Phase 3 ALIGN and Phase 2 AFFINITY trials, will assess the efficacy of atrasentan in IgA nephropathy and proteinuric glomerular diseases. The company aims to advance its innovative pipeline.

Chinook Therapeutics (NASDAQ: KDNY) will participate in two upcoming virtual investor conferences. The first is the 20th Annual Needham Virtual Healthcare Conference on April 14, 2021, at 10:15 am EDT, featuring a fireside chat. The second event is the Bloom Burton & Co. Healthcare Investor Conference on April 20, 2021, at 3:30 pm EDT, where Chinook will present.

Archived recordings of both presentations will be available on Chinook’s website for 90 days. The company focuses on developing precision medicines for kidney diseases, including programs targeting IgA nephropathy and primary hyperoxaluria.

Chinook Therapeutics (Nasdaq: KDNY) reported significant progress in 2020, including in-licensing atrasentan and completing a $115 million financing. Key milestones include initiating phase 3 trials for atrasentan and progressing BION-1301 through its pipeline. Chinook's cash position was robust at $250.4 million as of December 31, 2020, but it recorded a net loss of $81.6 million for the year, resulting from increased R&D and administrative expenses. The company expects to fund operations through mid-2023 while anticipating multiple data announcements in 2021.

Chinook Therapeutics (NASDAQ: KDNY) announced the dosing of the first patient in the Phase 2 AFFINITY Study, evaluating atrasentan for proteinuric glomerular diseases. This study targets patients at risk of renal function loss, with cohorts including IgA nephropathy and diabetic kidney disease. The primary efficacy endpoint is the proteinuria reduction in participants over 12 weeks. Data from initial cohorts is expected in 2022, which will guide future development strategies for atrasentan alongside ongoing Phase 3 trials.

Chinook Therapeutics (NASDAQ: KDNY) announced the formation of Sairopa, a new company focused on developing non-renal monoclonal antibodies, in partnership with Van Herk Investments. Chinook will own 40% of Sairopa and hold a seat on its Board. The announcement follows the discontinuation of Novartis's collaboration on a STING pathway program. As part of the merger with Aduro Biotech, Chinook has various financial agreements related to CVRs, which will distribute proceeds from non-renal assets and future milestone payments to CVR holders during a ten-year period.

Chinook Therapeutics (Nasdaq: KDNY) announced the approval of employment inducement grants involving stock options for two new employees, totaling 83,599 shares. These options have an exercise price of $15.54, aligned with the closing stock price on March 31, 2021. The options vest over four years, with an initial 25% vesting upon starting and subsequent monthly vesting. This decision aligns with Nasdaq listing Rule 5635(c)(4). Chinook focuses on precision medicines for kidney diseases, currently developing treatments for conditions like IgA nephropathy.