On February 14, 2024 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 second quarter ended December 31, 2023, and provided a corporate update (Press release, Kintara Therapeutics, FEB 14, 2024, View Source [SID1234640094]).
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RECENT CORPORATE DEVELOPMENTS
Announced the initiation of an open label 15-patient study in cutaneous metastatic breast cancer (CMBC) patients which is evaluating REM-001, a second-generation photodynamic therapy (PDT) photosensitizer agent, and is designed to test the 0.8 mg dose as well as optimize the study design in advance of a Phase 3 trial initiation. The primary endpoint in the study is Best Overall Objective Response Rate (bORR) (complete response or partial response) of the target treatment fields at any time from treatment up to, and including, week 24. The majority of the costs to run this study will be covered by the $2.0 million Small Business Innovation Research (SBIR) grant Kintara was awarded from the National Institutes of Health (NIH). (February 2024)
Announced that Kintara’s Board of Directors has initiated a process to explore and review a range of strategic alternatives focused on maximizing stockholder value and has engaged Ladenburg Thalmann & Co. Inc. to act as financial advisor for this process. (December 2023)
Announced that preliminary topline results from the Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) study showed that VAL-083 did not perform better than the current standards of care in glioblastoma. These topline results included preliminary safety data for VAL-083 that was similar to that of the current standards of care used to treat glioblastoma. As a result, Kintara terminated the development of VAL-083 and turned its focus to its REM-001 program. (October 2023)
"We are pleased to have recently initiated our 15 patient REM-001 study for cutaneous metastatic breast cancer, a disease with little or no current treatment options" commented Robert E. Hoffman, Kintara’s President and Chief Executive Officer. "We have strengthened our balance sheet primarily with net proceeds from our at-the-market (ATM) facility and aggressive cost-cutting efforts. We continue to evaluate strategic options with the goal of maximizing shareholder value."
SUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR 2023 SECOND QUARTER ENDED DECEMBER 31, 2023
As of December 31, 2023, Kintara had cash and cash equivalents of approximately $0.7 million. From January 1, 2024, to February 12, 2024, the Company has received net proceeds of approximately $6.1 million from the sale of common stock, primarily from its ATM facility.
For the three months ended December 31, 2023, Kintara reported a net loss of approximately $1.0 million, or $0.24 per share, compared to a net loss of approximately $3.5 million, or $2.10 per share, for the three months ended December 31, 2022. The decreased net loss for the three months ended December 31, 2023, compared to the three months ended December 31, 2022, was largely attributed to lower research and development expenses which was primarily due to lower clinical development costs. General and administrative costs were also lower during the same period primarily due to a reduction in personnel.
Selected Balance Sheet Data (in thousands)
December 31,
2023
June 30,
2023
$
$
Cash and cash equivalents
658
1,535
Working capital (deficiency)
(684)
188
Total assets
1,885
3,979
Total stockholders’ equity (deficiency)
(164)
731
Selected Statement of Operations Data (in thousands, except per share data)
For the three months ended
December 31,
December 31,
2023
2022
$
$
Research and development
111
2,059
General and administrative
908
1,440
Other loss (income)
4
(45)
Net loss for the period
(1,023)
(3,454)
Series A Preferred cash dividend
(2)
(2)
Net loss for the period attributable to common stockholders
(1,025)
(3,456)
Basic and fully diluted weighted average number of shares
4,337
1,643
Basic and fully diluted loss per share
(0.24)
(2.10)
For the six months ended
December 31,
December 31,
2023
2022
$
$
Research and development
1,970
5,230
General and administrative
2,011
2,915
Other loss (income)
4
(95)
Net loss for the period
(3,985)
(8,050)
Series A Preferred cash dividend
(4)
(4)
Series C Preferred stock dividend
(173)
(362)
Net loss for the period attributable to common stockholders
(4,162)
(8,416)
Basic and fully diluted weighted average number of shares
3,027
1,554
Basic and fully diluted loss per share
(1.37)
(5.42)
Kintara’s financial statements as filed with the U.S. Securities Exchange Commission can be viewed on the Company’s website at: View Source