TuHURA Biosciences Reports Increased Net Loss of $6.7 Million in Q1 2025

TuHURA Biosciences, Inc. reported a net loss of $6.7 million for the first quarter of 2025, an increase from a net loss of $4.8 million during the same period in 2024. The company's operating loss for the quarter was $7.0 million, compared to $4.6 million in the prior year. This increase in losses is attributed to higher research and development expenses, which rose to $4.6 million from $3.6 million, and general and administrative expenses, which increased to $2.4 million from $1.0 million. The company did not generate any revenue during the quarter, consistent with its ongoing status as a clinical-stage immuno-oncology firm.

In terms of financial position, TuHURA's total assets decreased to $14.6 million as of March 31, 2025, down from $20.0 million at the end of 2024. The decline in cash and cash equivalents was significant, dropping to $6.2 million from $12.7 million. The company’s accumulated deficit also increased to $117.8 million, reflecting its ongoing investment in product development without corresponding revenue generation. The increase in operating expenses was primarily driven by costs associated with the development of its lead product candidate, IFx-2.0, and the costs related to the merger with Kintara Therapeutics.

Strategically, TuHURA is advancing its merger with Kineta, Inc., which is expected to close in the second quarter of 2025. The merger is part of a broader strategy to enhance its product pipeline and market position. The company has also entered into a Clinical Trial Funding Agreement with Kineta, committing to fund clinical trial expenses for Kineta’s KVA12123 program. This merger and associated agreements are anticipated to bolster TuHURA's capabilities in developing innovative cancer therapies.

Operationally, TuHURA has seen an increase in its employee headcount, reflecting its growth and expansion efforts. The company is preparing to initiate a Phase 3 clinical trial for IFx-2.0, which is designed to treat advanced Merkel cell carcinoma. The trial is expected to utilize the FDA’s accelerated approval pathway, indicating the company's commitment to advancing its product candidates through clinical development. However, the company acknowledges the need for substantial additional funding to support its operations and product development initiatives, with plans to raise capital through various means, including equity offerings and collaborations.

Looking ahead, TuHURA's management has expressed caution regarding its ability to continue as a going concern, given the substantial losses and the need for additional funding. The company anticipates that its existing capital resources will be sufficient to fund operations into late 2025, but it faces significant uncertainty regarding future fundraising efforts. The successful completion of the Kineta merger and the initiation of clinical trials are critical milestones that could influence the company's financial stability and growth trajectory in the coming months.