Kura Oncology Inc (KURA) Reports Q3 2023 Financial Results
Kura Oncology Inc (NASDAQ:KURA) reported a net loss of $38.6 million for Q3 2023, compared to a net loss of $35.5 million for the same period in 2022.
Research and development expenses for Q3 2023 were $29.3 million, up from $25.0 million in Q3 2022.
As of September 30, 2023, the company had cash, cash equivalents, and short-term investments of $452.6 million.
Kura expects to complete enrollment of all 85 patients in the Phase 2 registration-directed trial no later than mid-2024.
On November 2, 2023, Kura Oncology Inc (NASDAQ:KURA), a clinical-stage biopharmaceutical company, released its third-quarter 2023 financial results and provided a corporate update. The company reported a net loss of $38.6 million for Q3 2023, compared to a net loss of $35.5 million for the same period in 2022. This includes non-cash share-based compensation expense of $7.1 million, compared to $6.4 million for the same period in 2022.
Financial Highlights
Research and development expenses for the third quarter of 2023 were $29.3 million, compared to $25.0 million for the third quarter of 2022. General and administrative expenses for the third quarter of 2023 were $13.1 million, compared to $11.6 million for the third quarter of 2022.
As of September 30, 2023, Kura had cash, cash equivalents, and short-term investments of $452.6 million, compared to $438.0 million as of December 31, 2022. Based on its operating plan, management expects that cash, cash equivalents, and short-term investments will fund current operations to mid-2026.
Company's Performance and Future Plans
Kura Oncology's CEO, Dr. Troy Wilson, expressed pride in the team's progress and highlighted the company's lead drug candidate, ziftomenib, which is well-positioned for market leadership with multibillion-dollar global revenue potential in acute leukemias and beyond. The company expects to complete enrollment of all 85 patients in the Phase 2 registration-directed trial no later than mid-2024.
The company also announced a clinical collaboration with Mirati Therapeutics to evaluate KO-2806 and adagrasib in patients with KRASG12C-mutated NSCLC. Under the terms of the agreement, Kura will sponsor the Phase 1 study and Mirati will supply adagrasib for the study.
Forecasted Milestones
Kura Oncology has outlined several forecasted milestones, including reporting preliminary data from 20 patients in the KOMET-007 trial of ziftomenib in combination with venetoclax and azacitidine or 7+3 early in the first quarter of 2024. The company also plans to dose the first patients in the FIT-001 dose-escalation trial of KO-2806 in combination with adagrasib in KRASG12C-mutated NSCLC by mid-2024.
Explore the complete 8-K earnings release (here) from Kura Oncology Inc for further details.
This article first appeared on GuruFocus.
