Kyntra Bio Cuts Royalty Payments to NQ Project Phoebus for Accelerated Upfront Payment
MT Newswires Live
Yesterday
Kyntra Bio (KYNB) said late Monday it has amended its royalty financing deal with NQ Project Phoebus to reduce its payment obligations in exchange for an accelerated upfront payment.
The biopharmaceutical company has lowered the maximum aggregate payments to $65 million from $125 million and made an accelerated upfront payment of $42.6 million, taking the total payments to $50 million.
The remaining payments to NQ Project Phoebus, capped at $15 million, will be from 50% of the revenue received from Astellas in certain territories, the company said.
As of June 30, the company said it had $53.1 million in cash, cash equivalents, investments, and accounts receivable, expected to fund operations into Q4 2027.
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