Kinarus Therapeutics Announces FY2023 Financial Results and Upcoming Business Changes

Kinarus Therapeutics Holding AG reported significant financial developments and strategic corporate transitions in their recent announcement. The company disclosed its audited financial results for FY2023, which highlighted a consolidated net loss of CHF 49.4 million, with total assets at CHF 0.1 million and negative equity of CHF 0.3 million. These figures reflect the challenging conditions the company faced, leading up to the bankruptcy filings of Kinarus Holding and its subsidiary, Kinarus AG, in October 2023.

The announcement also outlined the upcoming business combination with Curatis AG and a reverse share split. Curatis AG will merge with Kinarus Holding, and shareholders of Curatis will exchange their shares for new Kinarus Holding shares in a deal structured around a reverse share split of 4,480:1. This business combination is aimed at restructuring the financial and operational foundation of Kinarus.

Additionally, Kinarus Therapeutics has secured an extension for publishing its annual report for 2023 until 31 May 2024, due to the ongoing finalization of this merger and other related internal reviews. This postponement has been sanctioned by the SIX Exchange Regulation AG to accommodate the comprehensive reporting needs arising from the merger's complexities.