SAN DIEGO, Oct. 8, 2024 /PRNewswire/ -- Kintara Therapeutics, Inc. (NASDAQ:KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, today announced financial results for its fiscal fourth quarter ended June 30, 2024, and provided a corporate update.
Recent Corporate Developments
As previously disclosed, in April 2024 Kintara entered into a definitive merger agreement (the "Merger Agreement") with TuHURA Biosciences, Inc. ("TuHURA"), a Phase 3 registration-stage immune-oncology company developing novel technologies to overcome resistance to cancer immunotherapy, and Kayak Mergeco, Inc., Kintara's wholly-owned subsidiary, whereby Kayak Mergeco will merge with and into TuHURA with TuHURA surviving the merger and becoming Kintara's direct, wholly-owned subsidiary (the "Merger").
At Kintara's special meeting of stockholders held on October 4, 2024, Kintara's stockholders approved the requisite proposals to effect the completion of the proposed Merger with TuHURA. The proposed Merger is expected to be consummated in mid-October 2024, subject to the satisfaction of the remaining closing conditions under the Merger Agreement.
As of October 7, 2024, four patients have been dosed in Kintara's open label 15-patient REM-001 study (the "REM-001 Study") in cutaneous metastatic breast cancer (CMBC). The majority of the costs to run the REM-001 Study will be covered by the $2.0 million Small Business Innovation Research grant Kintara was awarded from the National Institutes of Health.
Summary of Financial Results for Fiscal Year 2024 Ended June 30, 2024
As of June 30, 2024, Kintara had cash and cash equivalents of approximately $4.9 million.
For the three months ended June 30, 2024, Kintara reported a net loss of approximately $2.3 million, or $0.04 per share, compared to a net loss of approximately $3.3 million, or $1.97 per share, for the three months ended June 30, 2023. The decreased net loss for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, was largely attributed to lower research and development expenses which was primarily due to lower clinical development costs. General and administrative costs were higher during the same period primarily due to an increase in professional fees related to the proposed transaction with TuHURA.
Selected Balance Sheet Data (in thousands)
June 30, 2024
June 30, 2023
$
$
Cash and cash equivalents
4,909
1,535
Working capital
3,269
188
Total assets
6,202
3,979
Total stockholders' equity
3,757
731
Selected Statement of Operations Data (in thousands, except per share data)
For the year ended
June 30,
