Kintara Therapeutics Reports Q3 FY 2024 Financial Results

Kintara Therapeutics, Inc. (Nasdaq: KTRA), a biopharmaceutical enterprise based in San Diego, has announced its financial results for the fiscal third quarter ending March 31, 2024, alongside notable corporate developments.

Recent Corporate Developments

Kintara has entered a definitive merger agreement with TuHURA Biosciences, Inc., an immuno-oncology company at the Phase 3 registration-stage. TuHURA specializes in developing innovative technologies aimed at overcoming resistance to cancer immunotherapy. According to the agreement, Kintara's subsidiary, Kayak Mergeco, will merge into TuHURA, making TuHURA a wholly-owned subsidiary of Kintara. TuHURA's shareholders will receive Kintara common stock, while Kintara's existing shareholders will gain contingent value rights (CVR). These CVRs entitle them to additional shares upon the successful enrollment and 8-week follow-up of a minimum of 10 patients in the REM-001 study by December 31, 2025. Post-merger, Kintara's existing shareholders will own approximately 2.85% of the combined entity, potentially increasing to 5.45% if the milestone is met. The merger is expected to finalize in the third quarter of 2024.

Kintara also announced the expansion of inclusion criteria for its ongoing open-label 15-patient REM-001 study in cutaneous metastatic breast cancer (CMBC) to include those receiving pembrolizumab (KEYTRUDA) for at least three months by the time of screening. This study aims to evaluate the 0.8 mg dose of REM-001, a second-generation photodynamic therapy (PDT) agent, and optimize the trial design ahead of a Phase 3 trial. The study's primary endpoint is the Best Overall Objective Response Rate (bORR) within 24 weeks post-treatment. A $2.0 million Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH) will largely fund this study.

In February 2024, Kintara regained compliance with Nasdaq's minimum stockholders' equity requirement.

Financial Results for Q3 2024

As of March 31, 2024, Kintara reported having $6.35 million in cash and cash equivalents. The company incurred a net loss of approximately $2.0 million, or $0.05 per share, compared to a net loss of $3.3 million, or $1.94 per share, during the same period in 2023. The reduced net loss is largely due to decreased research and development expenses, primarily resulting from lower clinical development costs. However, general and administrative expenses were higher, mainly due to increased professional fees associated with the TuHURA merger.

About Kintara

Kintara is dedicated to developing new therapies for solid tumors. Its primary program is REM-001 Therapy, aimed at treating cutaneous metastatic breast cancer (CMBC). REM-001 Therapy includes a laser light source, a light delivery device, and the REM-001 drug, which has shown an 80% complete response rate in CMBC across previous trials involving around 1,100 patients.

About TuHURA Biosciences

TuHURA Biosciences is focused on overcoming cancer immunotherapy resistance. Its lead product, IFx-2.0, is a personalized cancer vaccine designed to counteract primary resistance to checkpoint inhibitors. TuHURA is preparing for a Phase 3 trial of IFx-2.0 in conjunction with Keytruda for advanced Merkel Cell Carcinoma. Additionally, TuHURA is developing bi-functional antibody drug conjugates (ADCs) targeting myeloid-derived suppressor cells (MDSCs) to prevent T cell exhaustion and resistance to checkpoint inhibitors.

Conclusion

Kintara's strategic merger with TuHURA aims to bolster its portfolio of cancer therapies, potentially enhancing shareholder value and advancing innovative treatments. The merger and ongoing studies are pivotal steps in achieving the company’s long-term objectives in cancer treatment.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!