Michail_Petrov-96
Nkarta (NASDAQ:NKTX) shares soared 112% Tuesday after the biotech firm stated the FDA had okayed Part 1 testing of its cell remedy NKX019 for lupus nephritis and that it was reducing prices to increase its money runway into 2026.
The biotech firm stated it has lower its workforce and intends to take care of a “stringent cap” on future headcount development, together with consolidating operations into one location. On account of the cost-cutting measures, the corporate expects to increase its money runway “effectively past” a number of information updates slated for 2024.
Nkarta added that as of Sept. 30, it had money and investments of $278.4M, however that the determine was topic to completion of sure monetary closing procedures.
The biotech firm expects to announce updates for its drug program for NKX101 throughout the first half of 2024 and for NKX019 in mid-2024. An replace on its drug candidate NKX019 can be anticipated for 2024.
“Nkarta will consider choices to advance every program with further funding on the idea of these information readouts,” the corporate stated.
(Updates inventory transfer.)