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TuHURA Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the completion of a merger with Kintara Therapeutics, Inc. (KTRA), effective October 18, 2024. The merger involved a 1-for-35 reverse stock split of Kintara's common stock and the issuance of approximately 40,441,605 shares of common stock to TuHURA stockholders.
The financial statements indicate a net loss of $2,161,000 for the quarter, compared to a net loss of $2,962,000 in the same quarter the previous year. The decrease in loss is attributed to reduced research and development expenses.
Research and development expenses decreased to $252,000 from $1,859,000 in the previous year, primarily due to the termination of the development of VAL-083.
General and administrative expenses increased to $1,957,000 from $1,103,000, largely due to higher professional fees and costs related to the merger with TuHURA.
Cash and cash equivalents as of September 30, 2024, were $3,020,000, down from $4,909,000 as of June 30, 2024.
The company reported an accumulated deficit of $162,052,000 as of September 30, 2024, and acknowledges the need for additional funding to continue operations.
The filing also notes the issuance of contingent value rights, entitling stockholders to additional shares upon achieving certain clinical milestones in the REM-001 study.
TuHURA is focused on the development of REM-001 for cutaneous metastatic breast cancer, with ongoing clinical trials supported by a $2,000,000 grant from the National Institutes of Health.
The company highlights its dependence on future financing and strategic partnerships to meet operational and development goals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TuHURA Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.