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CHINOOK THERAPEUTICS, INC.

chinooktx.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 7, 2023. Its latest SEC filing is a SC 13D/A from Nov 22, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Developed medicines for rare, severe kidney diseases, including IgA nephropathy and hyperoxaluria, for patients with kidney disorders.

How Did They Make Money?

Revenue came mainly from collaboration and licensing agreements: partners paid for licenses, research and development services, and manufacturing supply, while agreements also provided milestone payments and royalties on licensed-product sales.

FY2022 revenue

Who Were Their Customers?

License and collaboration partners, including SanReno, were counterparties to agreements for kidney-drug licenses, research and development services, and manufacturing supply.

Did Revenues Turn Into Profits?

No. It lost $187.9M in FY2022.

Operating income, FY2022
−3020% of revenue
▲ +87% (Loss) vs FY2021 (−$99M, −192%)
Net income, FY2022
−3066% of revenue
▲ +83% (Loss) vs FY2021 (−$102.9M, −199%)
Free cash flow, FY2022
−1944% of revenue
▲ +14% (Loss) vs FY2021 (−$104.6M, −203%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q2 FY2023, the three months to Jun 30, 2023
Revenue
▲ +141%
vs $418K in Q2 FY2022
Net income
▲ +78% (Loss)
vs −$37.6M in Q2 FY2022
  • Aug 11, 2023 Chinook completed its merger with Novartis Each share converted into the right to receive $40.00 in cash and one contingent value right tied to possible atrasentan approvals.

Shrank. Revenue fell 59% in 4 years, from $15.1M in FY2018 to $6.1M in FY2022, about 20% a year.

From immunotherapy to kidney medicines The older report described an immunotherapy pipeline based on STING and APRIL pathways for cancer, autoimmune and inflammatory diseases; the later report centered on precision medicines for rare, severe kidney diseases.

Who Did They Compete With?

Competes with Calliditas Therapeutics, Travere Therapeutics, Alnylam Pharmaceuticals, AstraZeneca, Ionis Pharmaceuticals, F. Hoffman-La Roche, Novartis, Omeros, Vera Therapeutics, RemeGen, Alpine Immune Sciences, and Otsuka Pharmaceutical

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