Shares of the Kintara Therapeutics, Inc. (KTRA) stock were rising in the premarket today on October 12, 2021. KTRA stock price saw a push of 4.80% to reach $0.87 a share at the time of this writing. The stock was performing well in the previous trade and went up by 9.04% at closing. Let’s take a closer look at this stock to understand the reason behind this bullish sentiment.
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What’s happening?
KTRA stock yesterday on October 11, 2021, announced that its Chief Executive Officer, Saiid Zarrabian, will present a corporate overview at the 14th Annual LD Micro Main Event Conference. The conference will hold from October 12 to 14 at Luxe Sunset Bel-Air in Los Angeles.
Kintara Therapeutics is the clinical-stage medical stock that develops and commercializes anticancer therapeutics for the treatment of cancer patients. The stock is currently developing VAL-083 for the treatment of various kinds of tumors and REM-001 to treat metastatic breast cancer. Its strategic partner for the manufacturing and selling of VAL-083 in China is Guangxi Wuzhou Pharmaceutical (Group) Co. Ltd.
KTRA stock announces the fiscal year 2021 financial results:
KTRA stock on September 29, 2021, announced second-quarter 2021 financial results according to which net loss of the company was $38.3 million, or $1.60 per share for the year ended June 30, 2021. The previous year’s net loss was $9.1 million, or $0.87 per share. Kintara stock spent $11.8 million in research and development expenses for the reported year ended June 30, 2021. Research and development expenses for the previous year were $3.6 million. General and administrative expenses reached $9.7 million as compared to $4.5 million in the previous year. Kintara stock had $10.5 million in cash and cash equivalents by the end of June 2021.
$15 million offering by KTRA stock:
On September 29, 2021, Kintara stock closed its registered direct offerings of shares of its common stock, priced at the market under Nasdaq rules. Under the offering, KTRA stock offered 12,000,000 shares of its common to certain healthcare institutional investors along with warrants to purchase up to an aggregate of 12,000,000 shares of common stock. The combined offering price for both per share and an associated warrant was $1.25. The warrants have a $1.25 per share exercise price and are exercisable for three and half years from the issuance date. KTRA stock reported gross proceeds of $15 million under this offering, without deducting placement agent fees and other offering-related expenses.
Wrap Up:
The sentiment is positive for KTRA stock in the stock market so far but it would be interesting to see how long it will persist. The year 2021 has not been so good for KTRA per share price as it lost almost 37% year to date.
