On September 18, 2023 Kintara Therapeutics, Inc. (NASDAQ: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, reported financial results for its fiscal year ended June 30, 2023 and provided a corporate update (Press release, Kintara Therapeutics, SEP 18, 2023, View Source [SID1234635222]).
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RECENT CORPORATE DEVELOPMENTS
Awarded a $2.0 million Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH) to support the clinical development of REM-001, a second-generation photodynamic therapy (PDT) photosensitizer agent for the treatment of cutaneous metastatic breast cancer (CMBC). (June 2023)
Hosted a Key Opinion Leader (KOL) event featuring Patrick Y. Wen, M.D. (Harvard Medical School) and John de Groot, M.D. (UCSF Health) who discussed the current treatment landscape for patients suffering from glioblastoma (GBM), the most common and lethal form of brain cancer, along with Kintara’s potential treatment solution with VAL-083, a potential first-in-class small molecule chemotherapeutic. (August 2023)
Announced that the Company will be presenting a poster at the 2023 European Association of Neuro-Oncology (EANO) Annual Meeting taking place in Rotterdam, Netherlands, September 21-24, 2023. The presentation will include data from its lead program, VAL-083, for the treatment of recurrent GBM. (September 2023)
"We are looking forward to presenting additional compelling VAL-083 data at the EANO Annual Meeting later this month and continue to anticipate announcing top-line data in the international registrational GBM AGILE Study before the end of calendar 2023," commented Robert E. Hoffman, Kintara’s President and Chief Executive Officer. "We were thrilled to be awarded a $2.0 million grant from the NIH to support the further development of REM-001 in CMBC and expect to enroll the first patient in our planned 15-patient study in the fourth quarter of calendar year 2023."
SUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR 2023 YEAR ENDED JUNE 30, 2023
As of June 30, 2023, Kintara had cash and cash equivalents of approximately $1.5 million.
For the year ended June 30, 2023, Kintara reported a net loss of approximately $14.6 million, or $9.27 per share, compared to a net loss of approximately $22.7 million, or $25.80 per share, for the year ended June 30, 2022. The decreased net losses for the year ended June 30, 2023 compared to the year ended June 30, 2022 was largely due to lower research and development expenses, primarily lower clinical development costs. General and administrative costs were also lower during the same period primarily due to reduced level of staffing.
Selected Balance Sheet Data (in thousands)
June 30,
2023
June 30,
2022
$
$
Cash and cash equivalents
1,535
11,780
Working capital
188
9,268
Total assets
3,979
15,948
Total stockholders’ equity
731
11,795
Selected Statement of Operations Data (in thousands, except per share data)
For the year ended
June 30,
June 30,
2023
2022
$
$
Research and development
9,311
15,173
General and administrative
5,485
7,509
Other income
(147)
(21)
Net loss for the year
(14,649)
(22,661)
Series A Preferred cash dividend
(8)
(8)
Series C Preferred stock dividend
(362)
(2,462)
Net loss for the period attributable to common stockholders
(15,019)
(25,131)
Basic and fully diluted weighted average number of shares
1,620
974
Basic and fully diluted loss per share
(9.27)
(25.80)
Kintara’s financial statements as filed with the U.S. Securities Exchange Commission can be viewed on the Company’s website at: View Source