TuHURA Biosciences, Inc.(HURA) - 2024 Q2 - Quarterly Report

Financial Performance - As of December 31, 2023, Kintara reported cash and cash equivalents of $658,000, down from$1,535,000 on June 30, 2023[87]. - The company incurred a net loss of $1,023,000 for the three months ended December 31, 2023, compared to a net loss of$3,454,000 for the same period in 2022[88]. - Net loss for the six months ended December 31, 2023, was $3,985, compared to a net loss of$8,050 for the same period in 2022, representing an improvement of 50%[99]. - For the six months ended December 31, 2023, the company reported a loss of $3,985 and a negative cash flow from operations of$3,434[106]. - The company has an accumulated deficit of $155,537 and cash and cash equivalents of$658 as of December 31, 2023[106]. Research and Development - Kintara announced the termination of the VAL-083 development program after preliminary results showed it did not perform better than current standards of care for glioblastoma[76]. - Research and development expenses decreased to $111,000 for the three months ended December 31, 2023, from$2,059,000 in the same period of 2022[88]. - Research and development expenses decreased to $1,970 for the six months ended December 31, 2023, from$5,230 for the same period in 2022, a reduction of 62%[99]. - The company plans to initiate a 15-patient open-label study for REM-001 in CMBC patients in the first quarter of 2024[78]. - The company received $2 million in grant funding for the REM-001 program, which is expected to ramp up in the first calendar quarter of 2024[95]. Funding and Grants - Kintara Therapeutics received a$2.0 million grant from the NIH to fund the REM-001 CMBC clinical study over a two-year period[76]. - The company was awarded approximately $2.0 million in grant funding for the REM-001 project on June 28, 2023[106]. - The company received$210 in clinical grant funding during the six months ended December 31, 2023[104]. - The company raised approximately $2,579 in net proceeds from the sale of 8,013 shares of common stock under the ATM Facility from October 31, 2023, to December 31, 2023[106]. - An additional$6,108 in net proceeds was raised from the sale of 28,870 shares of common stock under the ATM Facility from January 1, 2024, to February 12, 2024[106]. Operational Challenges - Kintara received a Notice from Nasdaq regarding non-compliance with the Stockholders' Equity Requirement, with a compliance plan submitted and an extension until March 18, 2024[76]. - The company is exploring strategic alternatives to maximize stockholder value as of December 2023[77]. - The company is exploring various financing alternatives to fund operations and maximize shareholder value[106]. - The company may need to delay, reduce, or eliminate clinical trials or research programs if additional funding is not secured[107]. - Future funding requirements will depend on the progress and costs of clinical studies and other factors[106]. Assets and Equity - Kintara's total assets decreased to $1,885,000 as of December 31, 2023, from$3,979,000 on June 30, 2023[87]. - The company has 39,038 shares of common stock issued and outstanding as of February 12, 2024[85]. - The company has no off-balance sheet arrangements[110]. Expenses - General and administrative expenses were $2,011 for the six months ended December 31, 2023, compared to$2,915 for the same period in 2022, a decrease of 31%[100]. - Non-cash, share-based compensation expense decreased to $301 for the six months ended December 31, 2023, from$680 for the same period in 2022[100]. - Net cash used in operating activities was $3,434 for the six months ended December 31, 2023, compared to$8,530 for the same period in 2022, a reduction of 60%[102]. - Clinical trial deposit usage for settling expenses was $961 during the six months ended December 31, 2023[102].