Kyntra Bio (KYNB) Status Update summary

Transaction overview and strategic impact

• Sale of China operations to AstraZeneca for $85 million enterprise value plus ~$75 million net cash, totaling ~$160 million, with customary adjustments and holdbacks.

• Proceeds will pay off the Morgan Stanley Tactical Value term loan, simplify capital structure, and extend cash runway into 2027.

• Transaction expected to close by mid-2025, pending regulatory review in China.

• Eluminex license agreement rights are retained by the company.

• AstraZeneca will acquire all rights to roxadustat in China upon closing.

Financial and operational outlook

• Preliminary unaudited cash, cash equivalents, and accounts receivable totaled $121.1 million as of December 31, 2024.

• Cash infusion from the sale enables focus on U.S. pipeline and supports lead asset development.

• No acceleration of clinical timelines for FG-3246 or roxadustat; development plans remain as previously outlined.

• Leaner organization aims to create value for patients and stakeholders through focused execution.

• BofA Securities acted as exclusive financial advisor and Ropes & Gray LLP as legal advisor for the transaction.

Pipeline and development priorities

• Focus on advancing FG-3246 (CD46-targeting ADC) and FG-3180 (companion PET imaging agent) for metastatic castration-resistant prostate cancer (mCRPC), with Phase 2 monotherapy trial to begin in Q2 2025.

• FG-3246 demonstrated clinical activity and a consistent safety profile in Phase 1 studies.

• Study will enroll 75 patients, optimize dosing, and use G-CSF prophylaxis to improve tolerability.

• FG-3180 to be evaluated as a predictive biomarker and commercial companion diagnostic.

• Multiple registrational pathways possible in prostate cancer, including monotherapy and combination approaches, for all-comers or CD46-high populations.