Kintara Therapeutics, Inc. [DMPWW], a biopharmaceutical company, announced today its financial results for the year ended June 30, 2023. The company reported a net loss of $14.6 million for the year, compared to a net loss of $22.7 million for the previous year. The annual revenue for 2023 was $14.8 million.
Despite the net loss, Kintara Therapeutics showed improvement in its financial performance compared to the previous year. The operating expenses decreased from $22.7 million to $14.8 million, indicating better cost control. The research and development expenses also decreased from $15.2 million to $9.3 million, reflecting efficiency in drug development.
The company reported an increase in revenue from $0 million in the previous year to $14.8 million for 2023. This growth can be attributed to the milestone payments received during the year, as well as the proceeds from the issuance of shares and warrants, which amounted to $1.9 million.
Kintara Therapeutics maintained a stable financial position during the year. The company had cash and cash equivalents of $1.5 million at the end of the year, compared to $11.8 million in the previous year. The decrease can be attributed to the net loss incurred during the year. However, the company also had clinical trial deposits and property and equipment, net, totaling $2.6 million and $0.7 million, respectively.
The basic and diluted loss per share for the year 2023 was $9.27, compared to a loss per share of $25.80 for the previous year. The increase in the number of shares outstanding, from 974,000 to 1,620,000, contributed to the decrease in loss per share.
Looking ahead, Kintara Therapeutics aims to continue its research and development efforts, focusing on advancing its pipeline of novel therapeutic candidates. The company plans to utilize its existing resources efficiently and explore strategic partnerships to support its growth initiatives.
In conclusion, Kintara Therapeutics reported a net loss of $14.6 million for the year ended June 30, 2023, but showed improvement in its financial performance compared to the previous year. With a stable financial position and a focus on advancing its pipeline, the company is poised for future growth.