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Yumanity Therapeutics announced a special dividend between $1.34 and $1.43 per share, contingent on the completion of an asset sale to Janssen Pharmaceutica and a merger with Kineta. The dividend is scheduled for payment on or before December 29, 2022, with stockholders of record by December 15, 2022. The merger’s cash requirement was recently adjusted from $10 million to $7.5 million. A special meeting for stockholders to approve the transactions is set for December 13, 2022.
Yumanity Therapeutics (YMTX) reported its Q3 2022 financial results, reflecting a net loss of $3.4 million ($0.31 per share), significantly reduced from a $10 million loss in Q3 2021. Cash reserves dropped to $8.4 million from $36.5 million at year-end 2021, mainly due to a $12.8 million debt repayment and clinical expenses. R&D spending plummeted to $0.7 million from $6.6 million YoY, owing to staff reductions and paused development on YTX-7739 amid a partial clinical hold. A merger and asset sale to Janssen for $26 million are in process, with stockholder voting scheduled for December 13, 2022.
Yumanity Therapeutics (Nasdaq: YMTX) announced a special meeting on December 13, 2022, to approve its asset sale to Janssen Pharmaceutica NV for $26 million and a merger with Kineta, Inc.. The SEC declared effective the registration statement for these transactions. After the sale, Yumanity intends to distribute cash proceeds as a one-time dividend to stockholders. Post-merger, Kineta will operate as a wholly-owned subsidiary, focusing on cancer immunotherapies. Current ownership structures indicate 68.2% for Kineta stockholders and 12.0% for Yumanity stockholders in the new entity.
Yumanity Therapeutics (Nasdaq: YMTX) has filed a registration statement on Form S-4 with the SEC, detailing a proposed asset sale to Janssen Pharmaceutica NV and a merger with Kineta, Inc. This follows the announcement of definitive agreements on June 6, 2022. The transactions are expected to close in Q4 2022, pending stockholder approval. The Registration Statement, which includes a preliminary proxy statement, offers crucial insights into Yumanity and the planned transactions, aimed at advancing innovative therapies for neurodegenerative diseases.
Yumanity Therapeutics (Nasdaq: YMTX) reported its Q2 2022 financial results, showing a net loss of $4.8 million, down from $10.5 million a year prior. Cash reserves decreased to $11.8 million due to debt extinguishment and clinical development costs. The company announced a $26 million asset sale to Janssen Pharmaceutica for its lead product YTX-7739 and plans to merge with Kineta, Inc. These strategic transactions are aimed at enhancing focus on immuno-oncology and neurodegenerative disease therapies, pending shareholder approval.
Yumanity Therapeutics has entered into two strategic transactions. One involves selling its clinical-stage product candidate YTX-7739 and other discovery-stage candidates to Janssen Pharmaceutica for $26 million. The other is a merger with Kineta, where Kineta stockholders will own approximately 85% of the new entity, which will focus on immuno-oncology. Yumanity plans to distribute remaining cash to stockholders as a one-time dividend. Both transactions are expected to close in the second half of 2022, pending stockholder approval.
Yumanity Therapeutics (Nasdaq: YMTX) announced its first-quarter financial results for 2022, reporting a net loss of $13.4 million, or $1.24 per share. This compares to a loss of $8.7 million, or $0.85 per share in Q1 2021. Significant changes include a $5 million milestone payment received from Merck for ongoing research in ALS and frontotemporal lobar dementia. However, the FDA has placed a partial clinical hold on YTX-7739 trials, affecting future studies. The company ended Q1 2022 with $17.5 million in cash, down from $36.5 million at the end of 2021, raising concerns about cash runway.
Yumanity Therapeutics (YMTX) reported its financial results for 2021, highlighting a net loss of $39.5 million, down from a loss of $50.8 million in 2020. The company maintains a cash position of $36.5 million, substantially reduced from $85.3 million in 2020. Significant developments include receiving a $5 million milestone payment from Merck for an ALS collaboration and successful Phase 1b trial results for YTX-7739 in Parkinson's patients. However, a partial clinical hold by the FDA on YTX-7739 trials remains a concern.
Yumanity Therapeutics (Nasdaq: YMTX) announced plans to explore strategic alternatives aimed at enhancing shareholder value, engaging H.C. Wainwright as its financial advisor. Potential options include mergers, acquisitions, or licensing agreements. Concurrently, the company will restructure, reducing its workforce by approximately 60% by April and incurring a one-time charge of $0.4 million in Q1 2022. This restructuring aims to preserve capital while exploring strategic options.
Yumanity Therapeutics (NASDAQ: YMTX) announced the grant of non-statutory stock options to two employees to purchase a total of 6,000 shares of common stock. The options vest over four years and have an exercise price of $2.19 per share, matching the closing price on February 1, 2022. This grant is part of the company's 2021 Inducement Plan and complies with Nasdaq Listing Rule 5635(c)(4). The company is focused on developing therapies for neurodegenerative diseases, with its leading candidate, YTX-7739, in Phase 1 for Parkinson's disease.
