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Kintara Therapeutics, Inc. (KTRA)·Q1 2025 Earnings Summary

Executive Summary

  • No dedicated Q1 FY2025 8‑K Item 2.02 earnings release or earnings call transcript was filed; the company (now TuHURA Biosciences, Inc.) instead reported the quarter via a Form 10‑Q and multiple 8‑Ks/press releases around the TuHURA merger and corporate updates .
  • The October 18, 2024 reverse merger closed; Kintara changed its name to TuHURA Biosciences, effected a 1‑for‑35 reverse split, and began trading as HURA on Oct 18, 2024, shifting fiscal year‑end to Dec 31 .
  • For the quarter ended September 30, 2024 (Q1 FY2025), net loss improved year over year to $2.161M (vs. $2.962M prior year) on materially lower R&D after terminating VAL‑083; G&A rose on merger costs; cash fell to $3.020M from $4.909M at 6/30/24 .
  • The combined company guided operations to late 2025 with ~$31M financing tied to the merger; lead program IFx‑2.0 is preparing for a Phase 3 SPA trial in 1H25, a potential stock catalyst as trial initiation approaches .

What Went Well and What Went Wrong

  • What Went Well

    • Closed reverse merger and uplisted identity: effective 10/18/24 the company became TuHURA Biosciences (HURA), post 1‑for‑35 reverse split; fiscal year aligned to Dec 31 .
    • Clear clinical roadmap: IFx‑2.0 Phase 3 SPA in advanced Merkel cell carcinoma targeted to begin in 1H25; corporate materials highlight a near‑term registrational opportunity .
    • Operating runway: press materials tied to the merger cited ~$31M financing expected to fund planned operations into late 2025, reducing near‑term financing overhang .

  • What Went Wrong

    • Thin pre‑close cash and elevated burn in G&A: cash declined to $3.020M at 9/30/24 (from $4.909M at 6/30/24) and G&A rose to $1.957M on merger costs, underscoring reliance on the transaction to sustain operations .
    • Program reprioritization: R&D fell sharply (to $0.252M) due largely to terminating VAL‑083, reflecting pipeline transition risk amid the merger .
    • Execution risk on legacy REM‑001: as of 9/10/24 four of a minimum 10 CMBC patients were enrolled; Kintara had warned pre‑close that without the merger, REM‑001 and operations may be at risk, highlighting dependency on external funding and milestones .

Financial Results

Note: No standalone Q1 FY2025 8‑K Item 2.02 earnings press release or call; data below comes from the company’s Q1 10‑Q narrative (via media summary) and prior press releases.

MetricQ3 FY2024 (Mar 31, 2024)Q4 FY2024 (Jun 30, 2024)Q1 FY2025 (Sep 30, 2024)
Net Loss ($USD Millions)$(2.011)$ $(2.3)$ $(2.161)$
EPS (GAAP)$(0.05)$ $(0.04)$ n/a (not disclosed in sources)
R&D Expense ($USD Millions)$0.592 n/a$0.252
G&A Expense ($USD Millions)$1.493 n/a$1.957
Cash & Equivalents (period end, $USD Millions)$6.351 $4.909 $3.020

Estimates vs. Actuals

  • Wall Street consensus (S&P Global) for EPS/Revenue/EBITDA for Q1 FY2025 was not available for KTRA/HURA at the time of analysis (no CIQ mapping in our S&P Global feed). As such, no beat/miss determination can be made. Values retrieved from S&P Global were unavailable.

KPIs (clinical/operational)

  • REM‑001 CMBC enrollment: 4 patients enrolled by 9/10/24; minimum 10 patients required to assess safety/Phase 3 dose and satisfy CVR milestone baseline .
  • CVR structure: legacy Kintara holders entitled, in aggregate, to ~1,539,918 post‑split shares upon milestone achievement (min. 10 CMBC patients with 8 weeks follow‑up by 12/31/25) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
IFx‑2.0 Phase 3 SPA trial start (MCC, with Keytruda)2025Company “may be in position to initiate in Q1 2025,” subject to FDA CMC/potency assay conditions Preparing to initiate in 1H 2025 per merger close press materials Narrowed timing window (maintained trajectory)
Fiscal year‑endOngoingFY end June 30 (pre‑merger)Changed to Dec 31 effective with merger closing Changed
Trading symbol/nameOct 2024KTRA (Kintara)HURA (TuHURA Biosciences) post 1‑for‑35 reverse split Changed
Financial guidance (revenues/margins)2025NoneNone providedMaintained (no financial guidance)

Earnings Call Themes & Trends

No Q1 FY2025 earnings call transcript was filed. Themes below reflect disclosures across the last three quarters’ filings/press releases.

TopicPrevious Mentions (Q3 FY2024)Previous Mentions (Q4 FY2024)Current Period (Q1 FY2025)Trend
Merger/Corporate StructureSigned definitive merger with TuHURA; legacy holders expected ~2.85%–5.45% with CVR Shareholders approved; PR on FY2024 results reiterated mid‑Oct close expectation Merger closed; rebrand to TuHURA; HURA ticker; reverse split Executed
Funding runwayCash $6.35M at 3/31/24 [PR link above]Cash $4.91M at 6/30/24 ~$31M financing cited with merger to fund into late 2025 Strengthened
IFx‑2.0 (SPA, MCC)n/a (pre‑merger focus)n/a (Kintara update focused on REM‑001 & merger) Preparing Phase 3 SPA initiation in 1H25 Advancing
REM‑001 CMBCStudy active; NIH SBIR grant covers majority costs 4 patients dosed as of 10/7/24; majority funded by $2.0M NIH grant 4 enrolled as of 9/10/24; dependency on merger capital disclosed Steady but milestone outstanding
Operating disciplineR&D and net loss down YoY in Q3 FY2024 [PR link]Q4 FY2024 net loss $2.3M; YoY improvement vs prior quarters noted qualitatively Q1 FY2025: R&D down (VAL‑083 termination); G&A up (merger costs); net loss improved YoY Mixed (shift from legacy to new pipeline)

Management Commentary

  • Strategic focus (post‑merger): The combined company positions itself as a clinical‑stage immuno‑oncology platform advancing personalized cancer vaccines (IFx‑2.0/IFx‑3.0) and bifunctional ADCs to overcome primary and acquired resistance to checkpoint inhibitors .
  • Near‑term objective: Initiate the IFx‑2.0 Phase 3 SPA trial in advanced/MCC in 1H25, contingent on satisfying FDA CMC and potency assay items referenced in a prior partial clinical hold letter .
  • Legacy program: REM‑001 will continue with up to ~$700k company spend plus NIH grant support; evaluation of future value contingent on study completion and outcomes .

Q&A Highlights

  • No earnings call transcript was filed for Q1 FY2025; there are no Q&A disclosures to summarize [ListDocuments returned zero earnings-call-transcript for period].

Estimates Context

  • S&P Global (Capital IQ) consensus EPS, revenue, and EBITDA estimates were unavailable for KTRA/HURA for Q1 FY2025 in our feed (no CIQ mapping found). As a result, we cannot provide beat/miss analysis versus Wall Street consensus for the quarter. Values retrieved from S&P Global were unavailable.

Key Takeaways for Investors

  • Structural reset complete: The reverse merger closed, fiscal year shifted to Dec 31, and the company trades as HURA post 1‑for‑35 reverse split—removing key overhangs and clarifying the path forward .
  • Clinical catalyst path: IFx‑2.0 Phase 3 SPA initiation in 1H25 is the next major inflection; trial start and early enrollment updates could be meaningful trading catalysts .
  • Runway improved: ~$31M merger‑related financing supports operations into late 2025, giving line‑of‑sight to at least initial Phase 3 execution without immediate dilutive raises, though execution risk remains .
  • Expense mix shifting: Q1 FY2025 showed lower R&D (legacy program wind‑down) and higher G&A (transaction costs); post‑close, investors should monitor operating expense cadence as the Phase 3 moves toward initiation .
  • Legacy asset milestone optionality: REM‑001 enrollment progress remains a watch item given the CVR milestone structure and limited incremental company spend; success could provide non‑core value but is not the primary driver post‑merger .
  • No revenue/estimate framework: With no product revenues and limited Street coverage, trading is likely to focus on clinical/regulatory milestones and financing updates rather than quarterly “beats/misses.” Estimates via S&P Global were unavailable this quarter.

References

  • Q1 FY2025 10‑Q summary (quarter ended 9/30/24): net loss, R&D/G&A, cash, VAL‑083 termination .
  • FY2024 8‑K/press release (10/8/24): Q4 FY2024 net loss/EPS; cash at 6/30/24; REM‑001 status .
  • Merger close 8‑K (10/21/24): name/ticker change, reverse split, fiscal year change, business/strategy, REM‑001 continuation terms .
  • TuHURA merger PR (10/17–18/24): $31M financing; 1H25 Phase 3 timing; listing under HURA .
  • Corporate update 8‑K (9/11/24): REM‑001 enrollment and pre‑close funding risk disclosure .