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TAMPA/SEATTLE - Stockholders of TuHURA Biosciences, Inc. (NASDAQ:HURA), a biotechnology company with a market capitalization of $108.33 million, and Kineta, Inc. (OTC Pink:KANT) have approved all proposals related to their planned merger during special meetings held today. According to InvestingPro data, TuHURA’s stock is currently trading at $2.53, having declined nearly 38% year-to-date.
TuHURA stockholders approved increasing the company’s authorized shares to 200 million and reincorporating in Delaware. Kineta stockholders approved the proposed merger between the two biotechnology companies. InvestingPro analysis shows TuHURA maintains a healthy liquidity position with a current ratio of 3.0, indicating strong ability to meet short-term obligations.
The companies expect to complete the merger "as soon as possible" following satisfaction of any remaining closing conditions, according to a press release statement. Final voting results will be reported in Current Reports on Form 8-K filed with the Securities and Exchange Commission. Despite current market challenges, analyst price targets for TuHURA range from $9.25 to $15, suggesting potential upside. Get more detailed analysis and 7 additional key insights with InvestingPro.
TuHURA is a Phase 3 immuno-oncology company developing technologies to overcome resistance to cancer immunotherapy. Its lead product, IFx-2.0, is being prepared for a Phase 3 registration trial as an adjunctive therapy to Keytruda for Merkel Cell Carcinoma treatment.
Kineta, which focuses on developing immunotherapies for cancer, has a VISTA blocking immunotherapy (KVA12123) currently in clinical trials. In February, Kineta announced a corporate restructuring that included workforce reductions and suspension of new patient enrollment in its VISTA-101 clinical trial.
The merger agreement between the two companies was previously announced, with registration statements filed with the SEC in February 2025 and declared effective on May 14, 2025.
In other recent news, TuHURA Biosciences has made significant strides in its cancer treatment initiatives. The company recently announced the lifting of a partial clinical hold by the FDA on its Phase 3 trial for IFx-2.0, a therapy for advanced and metastatic Merkel cell carcinoma. This development enables the trial to proceed under a Special Protocol Assessment with the FDA, aiming to enroll 118 patients. Concurrently, TuHURA has secured $15.5 million in funding through private placements and warrant exercises, intended to support its cancer treatment pipeline, including the IFx-2.0 trial and a Phase 2 trial for a VISTA-inhibiting antibody post-merger with Kineta, Inc.
Brookline Capital Markets initiated coverage on TuHURA with a buy rating, citing the company’s advancement in cancer treatments as a key factor. The merger with Kineta, expected to complete in the first half of 2025, aims to expand TuHURA’s portfolio with promising new therapies. Additionally, TuHURA disclosed executive salary increases, aligning compensation with industry trends. The company also reported a $2.23 million financial boost linked to the FDA’s lifting of the clinical hold. These developments are part of TuHURA’s ongoing efforts to innovate in cancer immunotherapy.
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