Kura Oncology, Inc., a clinical-stage biopharmaceutical company focused on precision medicines for cancer treatment, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company had 77,763,750 shares of common stock outstanding, with a par value of $0.0001.
As of September 30, 2024, Kura's cash and cash equivalents totaled $49.5 million, an increase from $37.3 million at the end of 2023. Total current assets rose to $463.2 million from $432.5 million, while total assets increased to $478.8 million from $448.9 million. However, total current liabilities also grew to $40.4 million from $35.3 million, leading to total stockholders’ equity of $423.8 million, up from $397.3 million.
The company reported a net loss of $54.4 million for the third quarter of 2024, compared to a loss of $38.6 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $154.8 million, up from $109.8 million in the prior year. Research and development expenses surged to $41.7 million for the quarter, compared to $29.3 million in 2023, driven by increased costs associated with clinical trials for its lead product candidate, ziftomenib, and the next-generation FTI, KO-2806. Total operating expenses for the quarter reached $59.9 million, up from $42.5 million in the previous year.
Kura's financing activities showed a positive trend, with net cash provided by financing activities amounting to $153.6 million for the nine months ended September 30, 2024, compared to $94.1 million in 2023. This increase was primarily due to a private placement completed in January 2024, which raised approximately $145.8 million by selling shares at $17.25 each. The company also completed a public offering in June 2023, generating $93.6 million.
Strategically, Kura continues to focus on its clinical pipeline, which includes ziftomenib, KO-2806, and tipifarnib, with ongoing trials and collaborations aimed at advancing these candidates. The company has not yet generated revenue from product sales and does not have any approved products, indicating a reliance on future financing to support its operations and development efforts. As of September 30, 2024, Kura's accumulated deficit stood at $876.2 million, reflecting its ongoing investment in research and development.
About Kura Oncology, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.