Kinarus AG
Ticker: KNRS Exchange: SIX
Kinarus AG is a clinical-stage pharmaceutical company focused on bringing novel treatments to patients suffering from viral, respiratory, and ophthalmic diseases. Kinarus’s unique and innovative combinatorial therapeutic candidate has broad potential to transform numerous therapeutic areas.

KINETIC study results

Kinarus have announced the discontinuation of the Phase 2 KINETIC study of its anti-inflammatory combination drug KIN001 in the treatment of hospitalised COVID-19 patients. While a disappointment, this was not a large part of our valuation since treating hospitalised COVID-19 patients is a high bar where much of the pathological and immunological damage has already been done. The bulk of our fair value of Kinarus remains the use of KIN001 in wet age-related macular degeneration (wAMD).

The discontinuation of the Phase 2 KINETIC study will result in some disappointment since it would have been a ‘quick win’. The bar was, however, very high and patients who have been admitted to hospital with COVID-19 have advanced disease where much of the inflammatory mediation that KIN001 was designed to reduce is already fulminant, requiring hospital support.

We are encouraged that the Phase 2 KINFAST study in ambulatory patients continues and have adjusted our valuation for this news: increasing the discount rate for KIN001 in the treatment of COVID-19 from 15% (which we apply to Kinarus’s other programs) to 30%, and modestly reducing FY2022 R&D spend.

These changes result in our fair valuation of Kinarus Therapeutics moving from CHF107.6m to CHF96.0m, equivalent to CHF 0.09 per share.


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