Kyntra Bio cuts royalty financing cap to $65 million after upfront payment
The company paid $42.6 million upfront to NQ Project Phoebus, L.P. and reduced its maximum obligation under the agreement from $125 million to $65 million.
Kyntra Bio (Nasdaq: KYNB) announced on August 31, 2026 that it signed an amended and restated agreement with NQ Project Phoebus, L.P. that changes the terms of its existing royalty financing arrangement, originally dated November 4, 2022.
Under the amendment, the reduces the maximum aggregate payments under the agreement from $125 million to $65 million, resulting in a material reduction of Kyntra Bio's payment obligations under the agreement by $60 million and eliminating all future true-up payments.1 In exchange, Kyntra Bio paid NQ Project Phoebus a $42.6 million accelerated upfront payment upon signature of the amended agreement, which brought cumulative payments to NQ Project Phoebus to $50 million, fully returning the investor's original invested capital.1
Going forward, Kyntra Bio will have $15 million in remaining payment obligations to NQ Project Phoebus, to be paid as 50% of the EVRENZO (roxadustat) revenue Kyntra Bio receives from partner Astellas Pharma, Inc. on a quarterly basis, for sales in Europe and other Astellas territories excluding Japan.1 Once that $15 million cap is reached, the agreement will expire, with Kyntra Bio retaining all subsequent EVRENZO royalties in the Astellas territories.1 Royalties from Japan sales are no longer subject to the royalty-based payments, and related intellectual property and collateral tied to those Japan royalties have been released under the amendment.1
Separately, the company noted its subsidiary FibroGen Europe filed for bankruptcy in Finland in April 2026, and in June 2026 the company settled all related obligations for approximately $0.1 million, producing a significant non-operating gain in the second quarter of 2026.1 Combined, the amendment and the FibroGen Europe bankruptcy have reduced the company's future liabilities by approximately $80 million.1
On a pro forma basis for the upfront payment, Kyntra Bio held cash, cash equivalents, investments, and accounts receivable of $53.1 million as of June 30, 2026, with cash runway expected into the fourth quarter of 2027.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.