TuHURA Biosciences (HURA) Q4 2025 earnings summary

Executive summary

• Advanced clinical pipeline with ongoing Phase 3 trial for IFx-2.0 in Merkel Cell Carcinoma and strategic acquisition of Kineta, adding TBS-2025 to the portfolio.

• Strengthened leadership with the addition of Dr. Craig Tendler to oversee clinical development.

• Continued progress in immune modulating ADC program, with new data expected later in 2026.

Financial highlights

• Research and development expenses rose to $20.5M in 2025 from $13.3M in 2024; pro forma R&D including Kineta was $22.1M in 2025.

• General and administrative expenses increased to $7.6M in 2025 from $3.9M in 2024.

• Cash and cash equivalents were $3.6M at year-end 2025, with an additional $7.5M received in Q1 2026.

• Net cash outflows from operating activities were ($27.7M) in 2025, up from ($14.7M) in 2024.

• Raised $21.2M in gross proceeds from registered direct offerings and private placements in 2025.

Outlook and guidance

• Anticipates Orphan Drug Designation for IFx-2.0 in MCC in 1H 2026 and preliminary Phase 1b/2a data in 2H 2026.

• Expects topline Phase 3 results for IFx-2.0 in 2H 2027.

• Plans to initiate Phase 1b/2 trial for TBS-2025 in NPM1 mut r/r AML in 2H 2026.

• Lead ADC selection in AML expected in 1H 2026, with in vivo proof of concept studies and data in 2H 2026.