Kintara Therapeutics, Inc., now operating as TuHURA Biosciences, Inc. following a merger completed on October 18, 2024, reported significant financial changes in its recent 10-Q filing. The company, which focuses on developing novel cancer therapies, particularly the REM-001 treatment for cutaneous metastatic breast cancer, has not generated any revenue to date.

As of September 30, 2024, Kintara's total current assets decreased to $3,483,000 from $5,528,000 as of June 30, 2024. Total assets also fell to $4,140,000 from $6,202,000 in the same period. The company’s total stockholders’ equity decreased to $1,695,000, down from $3,757,000, reflecting ongoing financial challenges.

For the three months ended September 30, 2024, Kintara reported a net loss of $2,161,000, an improvement from a net loss of $2,962,000 for the same period in 2023. The basic and fully diluted loss per share was $(1.37), a significant decrease from $(63.92) in the prior year. Research and development expenses plummeted to $252,000, an 86% decrease from $1,859,000 in the previous year, primarily due to reduced clinical development costs following the termination of the VAL-083 program. Conversely, general and administrative expenses rose to $1,957,000, up 77% from $1,103,000, largely due to increased professional fees related to the merger.

Cash and cash equivalents at the end of the reporting period stood at $3,020,000, down from $4,909,000 at the end of June 2024. The company reported net cash used in operating activities of $1,889,000, compared to $1,317,000 in the same period in 2023.

The merger with TuHURA involved a reverse stock split of 1-for-35, resulting in approximately 40,441,605 shares of Kintara common stock being issued to TuHURA stockholders. Following the merger, Kintara's stock began trading under the new ticker symbol "HURA." The company also entered into a Contingent Value Rights Agreement, which entitles stockholders to receive additional shares upon achieving specific clinical milestones by December 31, 2025.

Kintara's management has expressed substantial doubt regarding the company's ability to continue as a going concern within the next year, emphasizing the need for additional funding to support clinical trials and operations. The company is actively pursuing various financing alternatives, including equity offerings and strategic partnerships, to address its financial needs.