TuHURA Biosciences Reports $9.5 Million Net Loss in Q2 2025, Increases Operating Expenses Following Kineta Merger

TuHURA Biosciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $9.5 million for the quarter, compared to a loss of $5.3 million in the same period last year, marking an increase of 81% year-over-year. For the first half of 2025, TuHURA's net loss reached $16.2 million, up from $10.1 million in the first half of 2024. The increase in losses is attributed to higher research and development expenses, which rose to $4.9 million in Q2 2025 from $2.8 million in Q2 2024, driven by ongoing clinical trials and increased personnel costs.

The company’s total operating expenses for the second quarter of 2025 were $9.9 million, a substantial increase from $3.6 million in the prior year. This rise is largely due to a significant uptick in general and administrative expenses, which soared to $4.9 million from $0.8 million, reflecting costs associated with the recent merger with Kineta, Inc. and increased stock-based compensation. The merger, completed on June 30, 2025, resulted in the acquisition of Kineta's assets, including in-process research and development valued at $8.3 million, contributing to a total asset increase to $34.6 million from $20.0 million at the end of 2024.

In terms of operational metrics, TuHURA's cash and cash equivalents decreased to $8.5 million as of June 30, 2025, down from $12.7 million at the end of 2024. The company has been actively raising capital, having completed a private placement in June 2025 that generated approximately $12.6 million. This funding is expected to support ongoing research and development activities, including the Phase 3 trial of its lead product candidate, IFx-2.0, which targets advanced Merkel cell carcinoma.

The merger with Kineta is anticipated to enhance TuHURA's product pipeline and operational capabilities. The company plans to leverage Kineta's VISTA-inhibiting monoclonal antibody, now named TBS-2025, in upcoming clinical trials. TuHURA's management expressed optimism about the potential synergies from the merger, which they believe will accelerate the development of innovative cancer therapies. However, the company also acknowledged the need for substantial additional funding to sustain operations and advance its product candidates through clinical development.

Looking ahead, TuHURA expects to continue incurring operating losses as it invests heavily in research and development. The company has indicated that it will seek further financing through equity offerings, collaborations, and other capital sources to support its growth strategy. Management has cautioned that there is substantial doubt about the company's ability to continue as a going concern over the next twelve months without additional funding.