Kura Oncology (KURA) Q4 2025 earnings summary

Executive summary

• KOMZIFTI (ziftomenib) received FDA approval and launched commercially in 2025, generating $2.1M in net product revenue in the final weeks of the year, with rapid payer coverage and strong early physician and payer feedback.

• The product is positioned as a differentiated menin inhibitor for relapsed/refractory NPM1-mutated AML, with early market feedback highlighting its safety, combinability, and convenience.

• NCCN Category 2A guideline inclusion and broad payer coverage were achieved quickly, with some payers requiring step-edit use before competitors.

• The company is advancing a broad pipeline, including frontline AML, FLT3 combinations, and solid tumor programs, with multiple 2026 clinical data milestones expected.

Financial highlights

• Q4 2025 net product revenue was $2.1M, compared to none in Q4 2024.

• Collaboration revenue from Kyowa Kirin was $15.2M, down from $53.9M in Q4 2024.

• R&D expenses rose to $64.4M (from $52.3M), driven by ziftomenib combination trials.

• SG&A expenses increased to $39.1M (from $24.1M), reflecting commercialization investments.

• Net loss for Q4 2025 was $81M, up from $19.2M in Q4 2024.

• Cash, equivalents, and short-term investments were $667.2M at year-end 2025.

Outlook and guidance

• Collaboration revenue guidance: $45M-$55M in 2026, $90M-$110M in 2027 and 2028.

• Cash and anticipated collaboration payments expected to fund operations into Q4 2027 and support the AML program through topline Phase 3 results in 2028.

• Focus remains on accelerating KOMZIFTI uptake, quarter-over-quarter revenue growth, and advancing combination and frontline strategies.

• 2026 expected to be data-rich with multiple clinical milestones in AML and solid tumor programs.