Mon, Oct 7, 9:20 PM (86 days ago)
Kintara Therapeutics, Inc. (KTRA) reported a net loss of approximately $8,501,000 for the fiscal year ending June 30, 2024, down from $15,019,000 in 2023, reflecting reduced research and development expenses which decreased from $9,311,000 to $2,663,000. General and administrative expenses rose slightly to $5,788,000 from $5,485,000. The company ended the fiscal year with cash and cash equivalents of $4,909,000, a significant increase from $1,535,000 in the previous year, driven by net proceeds from equity offerings totaling $10,471,000. Kintara's strategic focus is on its lead candidate, REM-001, for treating cutaneous metastatic breast cancer (CMBC). The company is also pursuing a merger with TuHURA Biosciences, anticipated to close in mid-October 2024, subject to regulatory approval. This merger could significantly alter the company's capital structure and market position, with TuHURA stockholders expected to own approximately 97.15% of the combined entity. Risk factors include reliance on third-party manufacturers, ongoing losses, and the need for additional funding to sustain operations. The company is classified as a smaller reporting company and is currently not in compliance with Nasdaq's minimum bid price requirement.