Kintara Therapeutics Inc. (NASDAQ: KTRA) stock gained by 5.43% at last close while the KTRA stock price rose by 1.14% in the pre-market trading session. Kintara, headquartered in San Diego, California, is committed to the discovery of new cancer treatments for patients with unmet medical needs. Kintara is generating two late-stage, Phase 3-ready medicines with low-risk development programs for unmet medical needs. VAL-083 for GBM and REM-001 for CMBC are the two programs.
KTRA stock’ Financial Highlights
Kintara Therapeutics announced financial results for the fiscal year 2021.
- The Company posted a net loss of about $38.3 million, or $1.60 per share, for the fiscal year ended June 30, 2021, relative to a net loss of nearly $9.1 million, or $0.87 per share, for the fiscal year ended June 30, 2020. The rise in loss for the fiscal year 2021 over the fiscal year 2020 was primarily increasing recognition of $16.1 million in non-cash expenses associated with the acquisition of in-process research and development costs involved in the acquisition of Adgero Biopharmaceuticals Holdings, Inc., as well as an increased rate of expenses with the commencement of the GCAR study and REM-001 development.
- The Company has about $10.5 million in cash and cash equivalents as of June 30, 2021.
Corporate Updates
- KTRA has signed a securities purchase contract with healthcare-focused institutional investors to generate roughly $15 million in net proceeds (September). The money from this registered direct offering, which was offered at a premium to the market, was completed on September 28, 2021, and will be used to fund continuing clinical trials as well as corporate working capital needs.
- Expanded patient enrolment options in the United States by initiating more clinical study sites for glioblastoma (GBM) patients in the VAL-083 arm of the GBM AGILE registrational research, which is funded by the Global Coalition for Adaptive Research (GCAR).
- Recently reported the launch of patient recruiting at the first location (January)
- The activation of 15 clinical sites for the GBM AGILE trial has been reported (May)
- Site activation for 26 clinical locations has been updated (August)
