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Kazia Therapeutics (KZIA): Q123 Cash Flows in Line with Our Estimates

LONDON, UK / ACCESSWIRE / November 2, 2022 / Kazia Therapeutics' Q123 cash flow report provided an update on the company's financial position and business progress. While the quarter was dominated by lead asset paxalisib hitting a roadblock (failing to graduate to stage two of the GBM AGILE study), the period was also marked by clinical progress across other serious indications such as pediatric brain cancers and brain metastases. With multiple studies expected to read-out in CY23, the next few quarters will be crucial for the company. Period-end cash balance of AU$5.3m (c US$3.4m) was supported by an AU$3.7m equity injection and should be sufficient to extend the runway to end CY22 at current burn rates (A$6.1m in Q123). Further support is expected from drawing down on the outstanding at-the-market funding facility. We anticipate the capital requirements to come down materially as the GBM study approaches completion in H2 CY23. Our estimates and valuation remain unchanged at US$146.6m or US$9.79 per basic ADR.

R&D related expenses (A$4.3m) made up the majority of cash expenses during the period although with enrollment for the GBM AGILE study now complete, we expect future expenditure to be significantly reduced (management has disclosed that the remaining part of the trial is fully funded). Cash used in operations for the quarter was A$6.1m and the company received A$3.7m in proceeds from the issue of equity during the period, resulting in a net cash outflow (including FX movements) of AU$2.1m. At current burn rates, the company has sufficient cash to last to end CY22, although management's internal projections suggest the funds lasting into Q1 CY23. In light of the current release, our forecasts and valuation of Kazia Therapeutics remains unchanged, pending disclosure of full accounts.

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All reports published by Edison are available to download free of charge from its website www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

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Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Soo Romanoff +44 (0)20 3077 5700 healthcare@edisongroup.com
Dr Harry Shrives +44 (0)20 3077 5700 healthcare@edisongroup.com
Jyoti Prakash +44 (0)20 3077 5700 healthcare@edisongroup.com

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SOURCE: Edison Investment Research Limited



View source version on accesswire.com:
https://www.accesswire.com/723474/Kazia-Therapeutics-KZIA-Q123-Cash-Flows-in-Line-with-Our-Estimates

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