Kintara Therapeutics Inc (NASDAQ:KTRA), which is focused on the development of new solid tumor cancer therapies, said it closed its fiscal third quarter with cash and cash equivalents of about $15.7 million.
That capital, the company said, is expected to be sufficient to fund its planned operations to the second quarter of calendar year 2022.
Kintara said it achieved the healthy cash runway primarily due to the exercise of previously issued warrants as well as operational and resource synergies realized through the Adgero Biopharmaceuticals Holdings Inc acquisition in August 2020.
READ: Kintara Therapeutics appoints corporate finance veteran Tamara Seymour as its board director
In addition, the company noted that during the quarter ended March 31, 2021, it achieved a major milestone as it commenced patient recruitment for its VAL-083 arm of the glioblastoma multiforme (GBM) AGILE registrational study sponsored by the Global Coalition for Adaptive Research (GCAR).
VAL-083 is currently the only therapeutic agent being evaluated in all three GBM patient subtypes -- newly diagnosed methylated MGMT, newly diagnosed unmethylated MGMT, and recurrent.
"As we head into the final fiscal quarter of 2021, we continue to make steady progress on our late-stage clinical pipeline, as well as making valuable additions to our leadership and advisory teams, and continuing to secure our foothold as a leader in oncology indications with clear unmet medical needs," said Kintara CEO Saiid Zarrabian in a statement.
"Commencing VAL-083's enrollment in the GBM AGILE registrational study was a significant milestone during the period, along with continued progress with both of our ongoing Phase 2 clinical trials, of which the MD Anderson study is anticipated to report topline results in the second quarter of calendar 2021."
For fiscal 3Q the company posted a net loss of about $6.6 million, or $0.23 per share, compared to a net loss of about $2 million, or $0.17 per share, in the year-ago period. For the nine months ended March 31, 2021, the company reported a net loss of about $31.6 million, or $1.47 per share, compared to a net loss of about $5.3 million, or $0.52 per share, in the prior 2020 quarter.
Kintara said the increase in its net loss for the nine months was largely due to the recognition of $16.1 million of non-cash expenses related to the acquisition of in-process research and development costs associated with the merger with Adgero, and an expanded rate of expenditures with the initiation of the GCAR study, and REM-001 development.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham