Core Viewpoint - Kintara Therapeutics is advancing its business through a merger with TuHURA Biosciences, aiming to enhance its capabilities in developing cancer therapies while reporting improved financial results for the fiscal year 2024. Recent Corporate Developments - Kintara entered into a definitive merger agreement with TuHURA Biosciences, which is focused on immune-oncology and developing technologies to overcome resistance to cancer immunotherapy [2] - The merger is expected to be completed in mid-October 2024, following stockholder approval received on October 4, 2024 [3] Financial Results Summary - As of June 30, 2024, Kintara reported cash and cash equivalents of approximately $4.9 million, an increase from $1.5 million in the previous year [5][7] - For the three months ended June 30, 2024, Kintara reported a net loss of approximately $2.3 million, a decrease from a net loss of $3.3 million for the same period in 2023, attributed to lower research and development expenses [6] - For the fiscal year ended June 30, 2024, the total net loss was approximately $8.3 million, down from $14.6 million in the previous year [8] Selected Balance Sheet Data - Working capital increased to $3.3 million as of June 30, 2024, compared to $0.2 million in the prior year [7] - Total assets rose to $6.2 million from $4.0 million year-over-year [7] Clinical Development Update - Kintara has initiated an open-label study involving 15 patients for its REM-001 therapy in cutaneous metastatic breast cancer, with four patients dosed as of October 7, 2024 [4] - The majority of the costs for the REM-001 study will be funded by a $2.0 million grant from the National Institutes of Health [4] About Kintara - Kintara is dedicated to developing novel cancer therapies, with its lead program being REM-001 Therapy for cutaneous metastatic breast cancer, which has shown an 80% clinical efficacy in previous trials [10][11]
Kintara Therapeutics Announces Fiscal 2024 Financial Results and Provides Corporate Update