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Jun 30, 2024
Kura Oncology Q2 2024 Earnings Report
Kura Oncology reported second quarter 2024 financial results and provided a corporate update.
Key Takeaways
Kura Oncology reported a net loss of $50.8 million for the second quarter of 2024. The company's cash, cash equivalents, and short-term investments totaled $491.5 million as of June 30, 2024, which is expected to fund operations into 2027.
Completed enrollment in KOMET-001 registration-directed trial of ziftomenib in patients with relapsed/refractory (R/R) NPM1-mutant acute myeloid leukemia (AML).
Ziftomenib received Breakthrough Therapy Designation from the FDA for the treatment of R/R NPM1-mutant AML.
Phase 1b expansion study in KOMET-007 is now enrolling patients in combination with venetoclax and azacitidine (ven/aza) and cytarabine plus daunorubicin (7+3).
IND application cleared for ziftomenib in GIST.
Forward Guidance
Kura Oncology provided several forecasted milestones.
Positive Outlook
- Present updated data from the KOMET-007 trial of ziftomenib in combination with ven/aza and 7+3 at a medical meeting in the fourth quarter of 2024.
- Report topline data from the KOMET-001 registration-directed trial of ziftomenib in NPM1-mutant R/R AML in early 2025.
- Present preclinical data supporting opportunity for ziftomenib in GIST at a scientific meeting in the second half of 2024.
- Initiate proof-of-concept study evaluating ziftomenib and imatinib in patients with advanced GIST in the first half of 2025.
- Nominate a next generation menin inhibitor development candidate in early 2025.
Challenges Ahead
- Identify the maximum tolerated dose for KO-2806 as a monotherapy in the second half of 2024.
- Complete enrollment of two expansion cohorts in KURRENT-HN and identify the optimal biologically active dose of tipifarnib and alpelisib by the end of 2024.
- Present data from the KURRENT-HN trial of tipifarnib in combination with alpelisib in PIK3CA-dependent head and neck squamous cell carcinoma (HNSCC) in the first half of 2025.
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