Kura Oncology — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net product revenue was $13.9 million for the quarter, a 53% increase from $9.1 million in the second quarter of 2026 and compared to $0 in the third quarter of 2025.
• Collaboration revenue was $8.9 million for the quarter, a decrease from $20.8 million in the third quarter of 2025.
• Total revenue was $22.8 million for the quarter, compared to $20.8 million in the third quarter of 2025.
• Research and development expenses were $66.9 million for the quarter, compared to $67.9 million in the third quarter of 2025.
• Selling, general, and administrative expenses were $30.2 million for the quarter, compared to $32.8 million in the third quarter of 2025.
• Net loss was $70.2 million for the quarter, compared to $74.1 million in the third quarter of 2025; this includes $8.2 million in non-cash share-based compensation expense, down from $11.0 million in the same period in 2025.
• As of September 30, 2026, cash, cash equivalents, and short-term investments totaled $492.1 million, down from $667.2 million as of December 31, 2025.
• Long-term liabilities were $399.8 million as of September 30, 2026, compared to $447.3 million as of December 31, 2025.
• Stockholders' equity was $18.0 million as of September 30, 2026, compared to $174.1 million as of December 31, 2025.

Guidance and Future Outlook:

• Updated 2026 collaboration revenue guidance to a range of $40 million to $45 million.
• Maintained 2027 and 2028 collaboration revenue guidance at $90 million to $110 million for each year.
• Anticipates initial topline results from the Phase 3 KOMET-017 frontline registrational program in 2028.
• Expects financial resources to support operations beyond the anticipated initial topline results from the KOMET-017 study in 2028.
• Targets initiation of the darlifarnib monotherapy registrational study in HRAS-mutant salivary gland cancer in the first half of 2027.
• Expects key development milestones for darlifarnib combination studies in renal cell and pancreatic cancers to be reached in 2027.

Business Segments and Product Lines:

• KOMZIFTI (ziftomenib) net product revenue grew 53% sequentially to $13.9 million.
• New patient starts for KOMZIFTI increased 30% to approximately 150, and total prescriptions grew 65% to more than 420 in the third quarter of 2026.
• KOMZIFTI maintained a majority share of new patient starts in the R/R NPM1-mutated AML menin inhibitor class.
• Eight abstracts regarding ziftomenib were accepted for ASH 2026, including two oral presentations on FLT3 inhibitor combinations.
• Advancing the Phase 3 KOMET-017 program with ziftomenib-based combinations in newly diagnosed AML, with site activation and patient enrollment continuing.
• Reached FDA alignment for a 40-patient monotherapy registrational study of darlifarnib in HRAS-mutated salivary gland cancer.
• Launched Caspian Therapeutics, Inc., a separately financed company to advance menin inhibitors for diabetes and cardiometabolic diseases, which completed a $50 million financing.

Market and Competitive Landscape:

• KOMZIFTI holds a majority share of new patient starts in the R/R NPM1-mutated AML menin inhibitor market.
• The company is pursuing expansion of ziftomenib into the substantially larger frontline AML opportunity.
• Kura is evaluating ziftomenib in additional molecularly defined AML populations beyond the current FDA-approved indication.
• Development is ongoing for ziftomenib in pediatric patients with R/R acute leukemias.

Risks and Challenges:

• Differentiation syndrome, which can be fatal, is a boxed warning associated with KOMZIFTI; it occurred in 26% of patients in the R/R AML trial and was fatal in two patients.
• QTc interval prolongation is a warning associated with KOMZIFTI, reported in 12% of patients in the R/R AML trial.
• Embryo-fetal toxicity is a risk associated with KOMZIFTI based on animal findings and mechanism of action.
• Forward-looking statements involve risks including market competition, market acceptance, clinical trial conduct, regulatory approval uncertainty, and the potential for unexpected adverse side effects.
• Risks exist regarding the ability to obtain additional financing if conditions under the Oberland Capital agreement are not satisfied.
• Risks include the potential for the FDA not to permit planned trials to proceed or for product candidates to fail to receive approval.

Management Commentary and Tone:

• CEO Troy Wilson stated that KOMZIFTI delivered strong commercial performance with 53% sequential revenue growth and a 30% increase in new patient starts.
• Management believes the results demonstrate the growing commercial potential of KOMZIFTI and provide a foundation for advancing ziftomenib into frontline AML.
• Management expressed confidence in the path to a second product approval via the darlifarnib salivary gland cancer study and the pursuit of broader opportunities in solid tumors.
• Management described the financial position as strengthened, citing the strategic financing agreement and anticipated collaboration payments.
• The tone indicates a focus on executing priorities to build two differentiated precision oncology franchises.

Other Key Points:

• Entered a strategic financing agreement with affiliates of Oberland Capital providing up to $300 million in potential funding, including up to $275 million in debt and $25 million in equity.
• Received $55 million at closing of the Oberland financing, comprised of $50 million in debt funding and a $5 million equity investment.
• The debt financing has a seven-year term with interest rates between 6.95% and 8.95%, with 50% of interest capitalized during the first three years.
• The financing includes a single-digit royalty tied to U.S. KOMZIFTI net sales, capped at 20% of the aggregate principal amount of term loans.
• Jennifer Fulk joined Kura in September 2026 as Chief Financial Officer.
• Anticipated collaboration milestone payments from Kyowa Kirin total $180 million.
• The 2026 collaboration revenue guidance reflects non-cash accounting recognition and does not reflect the timing of cash receipts.