TuHURA Biosciences (HURA) Q3 2024 earnings summary

Executive summary

• Completed a merger with TuHURA Biosciences, Inc. on October 18, 2024, including a 1-for-35 reverse stock split and a name change to TuHURA Biosciences, Inc.

• TuHURA stockholders now own approximately 97.15% of the combined company on a fully diluted basis.

• Lead clinical program is REM-001 for cutaneous metastatic breast cancer, supported by a $2,000 NIH grant; enrollment ongoing.

• Terminated development of VAL-083 following negative clinical results.

Financial highlights

• Cash and cash equivalents were $3,020,000 as of September 30, 2024, down from $4,909,000 at June 30, 2024.

• Net loss for the quarter was $2,161,000, compared to $2,962,000 for the same quarter last year.

• Research and development expenses decreased to $252,000 from $1,859,000 year-over-year, mainly due to the termination of VAL-083.

• General and administrative expenses increased to $1,957,000 from $1,103,000, driven by merger-related costs.

• Accumulated deficit reached $162,052,000 as of September 30, 2024.

• Stockholders’ equity declined to $1,695,000 from $3,757,000 at June 30, 2024.

Outlook and guidance

• Management expects to complete enrollment in the REM-001 study in Q4 2024.

• Substantial doubt exists about the ability to continue as a going concern within one year without additional funding.

• Actively pursuing financing alternatives, including equity, debt, and strategic partnerships.