Here are two brief analogies to describe TuHURA Biosciences:

1. TuHURA is like the 'Microsoft Windows update' for cancer immunotherapy, delivering crucial patches to make existing blockbuster drugs work more reliably and for a wider audience.

2. TuHURA is the 'resistance buster' for cancer immunotherapy, ensuring blockbuster drugs like Merck's Keytruda work where they typically fail.

• IFx-2.0: A lead innate immune response agonist candidate in Phase 3 development to overcome primary resistance to cancer immunotherapy.
• Delta Receptor Technology-derived Therapies: First-in-class bi-specific ADCs and PDCs designed to target Myeloid Derived Suppressor Cells and inhibit their immune-suppressing effects.

TuHURA Biosciences, Inc. (HURA) is a Phase 3 registration-stage immuno-oncology company focused on developing novel technologies and drug candidates. Based on the provided background, TuHURA Biosciences is primarily engaged in drug discovery, clinical development, and regulatory approval processes.

As a company that is still in the clinical development phase, preparing for a Phase 3 registration trial, TuHURA Biosciences does not currently have commercialized products that it sells. Therefore, it does not have major customers or categories of customers in the traditional sense of a revenue-generating enterprise at this stage.

Dr. James A. Bianco, M.D. - President & Chief Executive Officer

Dr. Bianco is a 30-year veteran of the biopharmaceutical industry. He founded CTI Biopharma, Inc. in 1991 and served as its Chief Executive Officer from 1992 to 2016. During his tenure at CTI Biopharma, Dr. Bianco was responsible for strategic portfolio development and the identification, acquisition, licensing, or purchase of five drug candidates, four of which have since received FDA approval. He was instrumental in the purchase of pacritinib and designed and implemented the pacritinib PERSIST-2 phase 3 trial, which led to its accelerated approval and the subsequent acquisition of CTI Biopharma by SOBI for $1.75 billion.

Dan Dearborn, CPA - Executive Vice President of Finance & Chief Financial Officer

Mr. Dearborn is a CPA with over 25 years of finance experience exclusively within healthcare and biotechnology companies. Prior to joining TuHURA, he served as Chief Financial Officer at MYMD Pharmaceuticals from 2015 to 2017. He is an alumnus of Loyola University in Maryland and began his career at Ernst & Young. He spent fifteen years at Pharmerica, a long-term care pharmaceutical company, where he advanced to a Director role, and later served as Controller at BioDelivery Sciences International.

Dr. Bertrand Le Bourdonnec, Ph.D. - Executive Vice President, Head of Drug Discovery, Early Development, and Program Management

Dr. Le Bourdonnec is a seasoned biotech executive with extensive scientific and leadership experience spanning all stages of drug discovery through clinical development and regulatory approval. He has successfully led R&D programs across various therapeutic areas, including oncology, pain, gastro-intestinal disorders, infectious diseases, and neurodegenerative diseases. An expert in opioid receptor biochemistry and pharmacology, he has discovered and developed several drugs targeting members of the opioid receptor family. Before TuHURA, Dr. Le Bourdonnec served as the Chief Scientific Officer and Scientific Advisor for HDAX Therapeutics, where he was responsible for research strategy and managing discovery activities that contributed to the company's oversubscribed seed round in September 2024.

Michael Turner, PhD - Vice President, Immunology

Dr. Turner is an experienced researcher and biotechnology executive with over 20 years of broad immunology experience, including immuno-oncology, inflammation/autoimmune, and allergy indications. Prior to joining TuHURA, he held positions as Vice President of Biology/Immunology at Third Harmonic Bio and Vice President of Exploratory Biology/Immunology at Ventus/SMOC Therapeutics.

Michael Lawman - Co-Founder

Mr. Lawman is a Co-Founder of TuHURA Biosciences, Inc.

The public company TuHURA Biosciences (HURA) faces several key risks, primarily centered on its financial viability and the success of its lead drug candidate.

1. Funding and Dilution Risk: TuHURA Biosciences is identified as a high-risk investment due to severe cash constraints and the imminent risk of shareholder dilution. As of Q3 2025, the company had limited cash reserves, with less than one quarter of operational runway. To fund ongoing trials, TuHURA will likely need to rely on dilutive At-The-Market (ATM) share sales, which could significantly dilute current shareholders. While recent financing has provided some capital, the substantial cash burn rate remains a significant concern.
2. Clinical Trial Failure and Regulatory Approval Risk for IFx-2.0: TuHURA's lead candidate, IFx-2.0, is currently in a Phase 3 registration trial for advanced or metastatic Merkel Cell Carcinoma. The success of this trial, which is pursuing accelerated approval based on overall response rate (ORR) as the primary endpoint, is critical for the company's future. Any failure to meet endpoints, delays in trial completion (topline results are anticipated in Q1 2027), or challenges in obtaining regulatory approval would significantly jeopardize the company.
3. Dependence on Keytruda: The lead product candidate, IFx-2.0, is being developed as an adjunctive therapy to Keytruda (pembrolizumab). This means the commercial success and market adoption of IFx-2.0 are inherently linked to the continued market presence, efficacy, and commercial performance of Keytruda. Potential impacts from Keytruda's eventual patent expiry and the introduction of biosimilars could affect pricing dynamics and the overall market for adjunctive therapies like IFx-2.0.

TuHURA Biosciences, Inc. (NASDAQ: HURA) is developing IFx-2.0, an innate immune response agonist, for the first-line treatment of advanced or metastatic Merkel Cell Carcinoma (MCC). The addressable market for Merkel Cell Carcinoma therapeutics is substantial and projected to grow globally.

• The global Merkel Cell Carcinoma therapeutics market was valued at approximately USD 1.97 billion in 2025.
• This market is projected to grow to about USD 3.71 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 7.29% during the forecast period of 2026 to 2034.
• Another estimate places the global market at USD 2.62 billion in 2025, with an expected growth to USD 3.52 billion by 2032, at a CAGR of 4.3% from 2025 to 2032.
• North America is a dominant region in the Merkel Cell Carcinoma therapeutics market, holding 42% of the global market share. This is attributed to its advanced oncology infrastructure, high rates of diagnosis, and strong adoption of immune checkpoint inhibitors.

For TuHURA's other pipeline candidates, such as those leveraging Delta receptor technology for bi-specific ADCs and PDCs targeting Myeloid Derived Suppressor Cells, and TBS-2025 (a VISTA inhibiting antibody) for relapsed or refractory NPM1-mutated Acute Myeloid Leukemia (AML), specific addressable market sizes are not readily available in the provided information. These technologies are in earlier stages of development, with TBS-2025 moving into Phase 2 development and the Delta receptor technology platform being in discovery and preclinical programs.

TuHURA Biosciences, Inc. (NASDAQ: HURA) is poised for potential revenue growth over the next 2-3 years, driven primarily by the advancement and prospective commercialization of its lead product candidates and pipeline expansion.

Here are 3-5 expected drivers of future revenue growth for TuHURA Biosciences:

1. Regulatory Approval and Commercialization of IFx-2.0 in Merkel Cell Carcinoma (MCC): TuHURA's most immediate and significant potential revenue driver is the successful completion of its Phase 3 registration trial for IFx-2.0, administered as an adjunctive therapy to Keytruda® (pembrolizumab) in first-line treatment for advanced or metastatic MCC. Topline data from this trial, conducted under a Special Protocol Assessment (SPA) agreement with the FDA, is anticipated in the first half of 2027. Enrollment for this pivotal trial is targeted for completion in the fourth quarter of 2026. A successful outcome and subsequent accelerated approval would pave the way for commercialization, marking TuHURA’s entry into the oncology market.
2. Expansion of IFx-2.0 into Broader Melanoma Indications: Beyond MCC, IFx-2.0 has received Orphan Drug Designation from the FDA for Stage IIB–IV cutaneous melanoma, highlighting its potential in a wider melanoma patient population. While current analyst models often do not yet incorporate these potential revenues, successful development and market expansion into these additional indications could provide significant incremental upside. The company is also exploring a Phase 2 trial for IFx-2.0 in MSI-low deep-seated tumors, which could further broaden its commercial opportunity.
3. Advancement and Potential Commercialization of TBS-2025 in Acute Myeloid Leukemia (AML): Acquired through the merger with Kineta, TBS-2025 is a VISTA inhibiting antibody targeting NPM1-mutated relapsed/refractory AML. TuHURA plans to initiate a randomized Phase 2 trial for TBS-2025 in combination with a menin inhibitor in Q2 2026, with preliminary results expected in Q3 2026. Positive data and progression through clinical development could lead to a new revenue stream through eventual commercialization or strategic partnerships.
4. Development and Potential Partnerships for Delta Receptor Technology (ADCs and PDCs): TuHURA is leveraging its Delta receptor technology to develop first-in-class bi-specific Antibody Drug Conjugates (ADCs) and Peptide Drug Conjugates (PDCs). Proof-of-concept data for its lead ADC is anticipated in 2026. While currently in earlier stages, successful preclinical and early clinical development could attract licensing agreements or collaborations, providing an additional source of future revenue, potentially within the 2-3 year timeframe.

Share Issuance

• In a registered direct offering expected to close in three tranches between December 2025 and February 2026, TuHURA Biosciences plans to issue 9,462,423 shares of common stock and accompanying warrants at $1.65 per share, projecting gross proceeds of approximately $15.6 million.
• The company completed a private placement in June 2025, issuing approximately 4.6 million shares of common stock and warrants for $12.5 million, and additionally secured $3.0 million from warrant exercises.
• TuHURA established a "shelf" registration statement on Form S-3 in November 2025, allowing for the potential offer and sale of up to $250,000,000 of various securities, including an at-the-market (ATM) offering program for up to $50,000,000 of common stock.

Inbound Investments

• A registered direct offering anticipated between December 2025 and February 2026 is expected to bring in approximately $15.6 million in gross proceeds.
• In June 2025, TuHURA secured $12.5 million through a private placement of common stock and warrants, supplemented by an additional $3.0 million from warrant exercises.

Outbound Investments

• TuHURA Biosciences completed the acquisition of Kineta, Inc. on June 30, 2025, thereby adding the VISTA inhibiting antibody, now designated TBS-2025, to its development pipeline.
• The company underwent a reverse merger with Kintara Therapeutics, Inc. which closed on October 18, 2024.

Capital Expenditures

• Capital expenditures for the last 12 months amounted to approximately $69,641.