Clinical Development - Kintara Therapeutics announced preliminary topline results for VAL-083, which did not perform better than current standards of care in glioblastoma, leading to the termination of its development[107]. - The company received a $2,000 grant from the NIH to support the clinical development of REM-001, which will fund the majority of expenses related to a 15-patient study[109]. - In clinical studies, REM-001 Therapy achieved a complete response in approximately 80% of evaluable tumor sites treated for cutaneous metastatic breast cancer[111]. - The FDA granted Fast Track Designation for REM-001 in CMBC, indicating its potential significance in treating this condition[117]. - The company initiated an open label study for REM-001, evaluating a 0.8 mg dose in CMBC patients, with the primary endpoint being the Best Overall Objective Response Rate[108]. - Kintara has opened enrollment for the REM-001 Study at Memorial Sloan Kettering Cancer Center, having treated 2 patients as of May 14, 2024[109]. Financial Performance - As of March 31, 2024, cash and cash equivalents increased to $6,351,000 from $1,535,000 as of June 30, 2023, representing a growth of 314%[127]. - Research and development expenses decreased by 70% to $592,000 for the three months ended March 31, 2024, compared to $2,005,000 for the same period in 2023[135]. - General and administrative expenses increased by 15% to $1,493,000 for the three months ended March 31, 2024, compared to $1,297,000 for the same period in 2023[135]. - The net loss for the three months ended March 31, 2024, was $2,011,000, a reduction of 38% from the net loss of $3,264,000 for the same period in 2023[135]. - For the nine months ended March 31, 2024, research and development expenses decreased by 65% to $2,562,000 from $7,235,000 for the same period in 2023[142]. - The net loss for the nine months ended March 31, 2024, was $5,996,000, a decrease of 53% compared to the net loss of $11,314,000 for the same period in 2023[142]. - Cash flows from operating activities improved by 45%, with a cash outflow of $5,734,000 for the nine months ended March 31, 2024, compared to $10,357,000 for the same period in 2023[148]. - Cash flows from financing activities significantly increased by 470% to $10,570,000 for the nine months ended March 31, 2024, compared to $1,854,000 for the same period in 2023[148]. - Non-cash, share-based compensation expense for the three months ended March 31, 2024, decreased to $63,000 from $115,000 for the same period in 2023[139]. - The company received $194,000 in grant proceeds during the three months ended March 31, 2024, compared to nil in the same period in 2023[139]. - Net cash used in operating activities was $5,734 for the nine months ended March 31, 2024, a decrease from $10,357 for the same period in 2023[149]. - The company reported net losses of $5,996 for the nine months ended March 31, 2024, compared to $11,314 for the same period in 2023[149]. - Cash and cash equivalents were $6,351 as of March 31, 2024, with an accumulated deficit of $157,550[153]. - Net cash received from financing activities was $10,570 for the nine months ended March 31, 2024, significantly up from $1,854 in the same period in 2023[151]. - The company raised $10,471 in net proceeds from the sale of shares under its ATM Facility during the nine months ended March 31, 2024[154]. - The company has not generated any revenues to date and is in the clinical stage[153]. Corporate Actions - Kintara's stockholders are expected to own approximately 2.85% of the post-merger combined company, with TuHURA stockholders owning approximately 97.15% on a pro forma fully diluted basis[120]. - The merger with TuHURA is expected to close in the third calendar quarter of 2024, subject to stockholder and regulatory approval[121]. - A one-time special bonus of $327 was approved for the CEO for his service, and $93 in accrued fees was agreed to be paid to non-employee directors[122]. - The company is pursuing various financing alternatives to fund operations and maximize shareholder value, including a proposed merger with TuHURA[156]. - The company may require significant additional funding to maintain clinical trials and research and development projects[155]. - The company has no off-balance sheet arrangements[167]. - The company received approximately $2,000 in grant funding for its REM-001 project on June 28, 2023[153]. - The company received a Bid Price Notice from Nasdaq, giving it until June 10, 2024, to regain compliance with the minimum bid price requirement[107].
Kintara Therapeutics(KTRA) - 2024 Q3 - Quarterly Report