Kura Oncology (KURA) Investor update summary

Financing and operating model

• Caspian launched in September 2026 with dedicated leadership to advance menin inhibition in diabetes; KO-7246 and related IP and know-how were contributed.

• $50 million financing led by BVF Partners, with participation from T1D Fund, Invus, Montanova, Eli Lilly and Company, and other investors.

• Kura retains ~half ownership; Caspian has board oversight and access to research, development and corporate capabilities through an intercompany services agreement.

• Proceeds are expected to fund KO-7246 through IND-enabling work and initial clinical proof of concept, and advance a second menin inhibitor for diabetes and cardiometabolic disease.

Preclinical findings

• In db/db mice, KO-7246 reduced fasting glucose, raised insulin and expanded beta-cell mass over seven weeks; semaglutide acted rapidly, with combination activity presented as complementary and no hypoglycemia observed.

• In STZ-treated rats, some responders regained normal glucose control; islets reached 40%–90% of healthy-control levels by day 56, with glucose control and elevated stimulated C-peptide persisting one month after treatment stopped.

• KO-7246 induced beta-cell proliferation in human islet samples, including under high-glucose conditions, without increasing proliferation of other cell types.

• Rat-model responses appeared dependent on residual beta-cell capacity; KO-7246 was more active than balomenib, while icovamenib did not reduce fasting glucose or increase beta-cell mass in the tested STZ rat study.

Clinical development

• IND-enabling work is underway to establish toxicology, exposure, manufacturing and drug supply before clinical dosing.

• Initial evaluation is intended to assess safety, tolerability, pharmacokinetics, pharmacodynamics and endogenous insulin production in Type 1 or Type 2 diabetes.

• Stimulated C-peptide is a key measure of biological response; baseline C-peptide and residual beta-cell capacity may help with patient selection and stratification.

• Plans called for healthy-volunteer dosing next year, with initial data guided for late 2028, possibly early 2029.

• Dosing duration remains undetermined; clinical work will assess dose, exposure, response onset and persistence after dosing, with chronic administration among the considerations.