TuHURA Biosciences Inc (HURA)
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TuHURA Biosciences is building a cancer immunotherapy that makes tumors look to the immune system like bacteria — a fascinating idea now being tested in Phase 3 against rare Merkel cell skin cancer. Only, at the turn of the year the company had just $3.6 million left in the till, and the auditor wrote a going-concern qualification into its opinion. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: not a cent of revenue, $141 million in accumulated losses — and a rescue in April 2026 that comes from a company attributable to the major shareholder, at 12 percent interest, secured against everything, including a perpetual royalty on the lead drug. Not investment advice — just a cash count before you bet on the all-clear.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.09 | – | – | – | – | -3 | -3 |
| 2025: Q1 | -0.10 | – | 0 | – | – | -5 | -5 |
| 2025: Q2 | -0.15 | – | 0 | – | – | -6 | -6 |
| 2025: Q3 | -0.11 | – | 0 | – | – | -11 | -11 |
| 2025: Q4 | -0.11 | – | 0 | – | – | -6 | -6 |
| 2026: Q1 | -0.12 | – | 0 | – | – | -4 | -5 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The ImmuneFx idea is fascinating: IFx-2.0 makes tumors look to the immune system like bacteria. For the lead candidate there is an unusually clear regulatory path — a Phase 3 trial agreed with the FDA (Special Protocol Assessment) in Merkel cell carcinoma via the accelerated approval pathway, Phase 3 since June 2025 (annual report 10-K 2025).
The auditor gave the 10-K 2025 a going-concern qualification; cash stood at only $3.6 million as of December 31, 2025, against $27.6 million of annual cash outflow. The $50 million credit facility of April 2026 defuses the acute distress (runway per the 10-Q "through the end of 2028"), but presupposes the facility can be drawn.
The credit facility comes from an insider (Parkview/K&V, an entity owned by major shareholder Vijay Patel, stake over 5%): 12% interest (plus 6% on default), secured by virtually all assets, including a 75-percent profit sweep and a perpetual royalty on future IFx-2.0 revenue. A rescue that secures survival and at the same time makes it more expensive.
No product revenue since inception; net loss up from $21.7 to $30.1 million, accumulated deficit $141.2 million. The share count multiplied within a year from 12.2 to 63.6 million — ongoing, heavy dilution, most recently intensified by the Kineta acquisition.
Plus 178 percent in six months and plus 532 percent above the 52-week low, carried by approval and rescue hope; technical scanners read the rally as a top formation (Weinstein Stage 3). Only about 15 percent institutional and about 35 percent insider ownership — a thinly traded micro-cap paper with a binary outcome.
TuHURA is not a case of substance versus story, but a pure bet with clear conditions: a fascinating cancer technology with a clear Phase 3 path on one side — on the other an auditor who doubted the company could survive for 2025, not a cent of revenue, $141 million in accumulated losses and a rescue that comes from a major shareholder: $50 million at 12 percent, secured against everything, including a perpetual royalty on the lead drug. The acute bankruptcy danger is defused — the price for it is a new, expensive clock that ticks. Not investment advice.
- TuHURA emerged in October 2024 from the reverse merger with Kintara Therapeutics (1-for-35 reverse stock split, name change from KTRA to HURA); price and share history before October 2024 belong to the predecessor shell. The 2013 IPO year listed in databases refers to this shell.
- The disappearance of the going-concern qualification in the 10-Q as of March 31, 2026 rests on the $50 million credit facility agreed only after the 10-K (April 2026); its runway "through the end of 2028" presupposes, per the report, that the facility can be drawn.
- Price, valuation and scanner figures dated to July 8, 2026 (about $2.60); analyses are evergreen, daily prices are not a buy argument.
About the Company
TuHURA Biosciences, Inc., ein immunonkologisches Unternehmen in der klinischen Phase, entwickelt neuartige Technologien zur Behandlung mit Krebsimmuntherapien.
| IPO Year | 2013 |
|---|---|
| Next Earnings | 13. Aug 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.