ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement and the accompanying prospectus dated April 14, 2021, are part of a registration statement that we filed with the Securities
and Exchange Commission (the SEC), utilizing a shelf registration process. This prospectus supplement and the accompanying prospectus relate to the offer by us of shares of our common stock and pre-funded warrants to certain
investors. We provide information to you about this offering of shares of our common stock and pre-funded warrants in two separate documents that are bound together: (1) this prospectus supplement, including the documents incorporated by
reference herein, which describes the specific details regarding this offering; and (2) the accompanying prospectus, including the documents incorporated by reference therein, which provides general information, some of which may not apply to
this offering. Generally, when we refer to this prospectus, we are referring to both documents combined. Under this shelf registration process, we may from time to time sell shares of our common stock having an aggregate offering price
of up to $275,000,000 under the accompanying prospectus at prices and on terms to be determined by market conditions at the time of the offering.
Before
buying any of the common stock and pre-funded warrants that we are offering, we urge you to carefully read this prospectus supplement, the accompanying prospectus and any free writing prospectus and all of the information incorporated by reference
herein and therein, as well as the additional information described under the headings Where You Can Find More Information and Incorporation of Documents by Reference. These documents contain important information that you
should consider when making your investment decision.
To the extent there is a conflict between the information contained in this prospectus supplement,
on the one hand, and the information contained in the accompanying prospectus or any document incorporated by reference herein filed prior to the date of this prospectus supplement, on the other hand, you should rely on the information in this
prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date (for example, a document incorporated by reference in this prospectus supplement), the statement in the
document having the later date modifies or supersedes the earlier statement.
Neither we nor the underwriters have authorized anyone to provide you with
any information or to make any representation, other than those contained or incorporated by reference in this prospectus supplement and the accompanying prospectus or in any free writing prospectus prepared by us or on our behalf or to which we
have referred you. Neither we nor the underwriters take any responsibility for, and provide no assurance as to the reliability of, any other information that others may give you. You should assume that the information appearing in this prospectus
supplement, the accompanying prospectus, the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, and any free writing prospectus is accurate only as of the date of those respective documents. Our
business, financial condition, results of operations and prospects may have changed since those dates.
We are offering to sell, and seeking offers to
buy, shares of our common stock and pre-funded warrants only in jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement and the offering of the common stock and pre-funded warrants in certain jurisdictions
may be restricted by law. Persons outside the United States who come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating to, the offering of the common stock and pre-funded warrants, and
the distribution of this prospectus supplement outside the United States. This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this
prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.
Unless the context
indicates otherwise, as used in this prospectus supplement, the terms Chinook, Chinook Therapeutics, the Company, we, us, and our refer to Chinook Therapeutics, Inc., a Delaware
corporation, and its subsidiaries, taken as a whole, unless otherwise noted. The mark Chinook Therapeutics, Inc., the Chinook Therapeutics logo and all product candidate names are our common law trademarks. Solely
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