Here are 1-3 brief analogies to describe Kura Oncology (KURA):

• An early-stage Amgen or Genentech, specializing in developing new cancer drugs.
• A biotech company aiming to develop breakthrough cancer treatments, similar to how Moderna pioneered cutting-edge vaccines.
• A specialized biotech aiming to develop highly targeted cancer treatments, much like Vertex Pharmaceuticals focuses on specific diseases with groundbreaking therapies.

• Ziftomenib (KO-539): An investigational, oral menin-MLL inhibitor currently in clinical development for the treatment of acute myeloid leukemia (AML).
• KO-2806: An investigational farnesyl transferase inhibitor being developed as a potential treatment for certain cancers by targeting the MAPK pathway.

Kura Oncology (KURA) - Major Customers

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Troy Wilson, Ph.D., J.D. President, Chief Executive Officer and Chairman

Dr. Wilson co-founded Kura Oncology and has served as its President, Chief Executive Officer, and Chairman of the Board of Directors since August 2014. He is a serial entrepreneur, having co-founded several biopharmaceutical companies. He co-founded Avidity Biosciences (NASDAQ: RNA) and has served as Chairman of its Board of Directors since 2013. Dr. Wilson also co-founded and served as President and CEO of Araxes Pharma LLC and Wellspring Biosciences, Inc. Earlier in his career, he co-founded and served as President and CEO of Intellikine, a private biopharmaceutical company that was acquired by Takeda Pharmaceutical Company Limited in 2011. He also co-founded and served as Chief Business Officer of Ambrx (NASDAQ: AMAM), which was acquired by Johnson & Johnson Innovative Medicines in 2024. He currently serves as a director of Puma Biotechnology and Cartography Biosciences. Dr. Wilson holds a J.D. from New York University and a Ph.D. in bioorganic chemistry and a B.A. in biophysics from the University of California, Berkeley.

Tom Doyle Senior Vice President, Finance & Accounting

Mr. Doyle joined Kura Oncology as Vice President, Finance in June 2021 and was promoted to Senior Vice President, Finance and Accounting in February 2022, at which time he also assumed the role of Principal Accounting Officer. He brings over 20 years of experience in the biopharma industry, leading finance teams from early-stage development through commercialization. Before joining Kura, Mr. Doyle was the Vice President of Finance at Zogenix, where he supported clinical trials and the launch of multiple therapies. His previous roles include Controller for Peregrine Pharmaceuticals, an oncology development and biomanufacturing company, and Director of Revenue and Cost Accounting at ISTA Pharmaceuticals, and Director of Internal Audit and R&D Finance at Valeant Pharmaceuticals. Mr. Doyle is a certified public accountant and holds an MBA from California State University San Marcos and a Bachelor of Science in finance from San Diego State University.

Kathleen Ford Chief Operating Officer

Ms. Ford joined Kura Oncology as Chief Operating Officer in August 2019, bringing over 30 years of biopharmaceutical experience in pipeline development. She was most recently Senior Vice President, Head of Global Clinical Operations, at Merck Serono, a division of Merck KGaA, where she successfully led clinical and development operations for drug registrations in the U.S. and Europe. Prior to that, Ms. Ford held various roles of increasing responsibility at Millennium Pharmaceuticals, including Vice President, Clinical Operations, where she managed global operational clinical trial activities across all development phases. She also served as Director of Clinical Operations at Alkermes, where she oversaw clinical development for two product approvals. Ms. Ford founded Ford Clinical Consulting. She earned her R.N. from Massachusetts General Hospital School of Nursing and her B.S.N. from Fitchburg State College.

Teresa Bair, J.D. Chief Legal Officer

Ms. Bair has served as Kura Oncology's Chief Legal Officer since October 2021, bringing over 25 years of combined in-house and law firm experience. Before joining Kura, she was General Counsel and Senior Vice President, Administration at Athenex Inc., where she played a key role in the company's transition from a private, preclinical-stage entity to a global, publicly traded biopharmaceutical company, contributing to multiple NDA filings and an FDA approval. Earlier in her career, Ms. Bair was a partner at Harris Beach PLLC, providing counsel on commercial litigation matters to business clients, including Fortune 500 companies. She serves on several Boards of Directors and Advisory Boards. Ms. Bair earned her J.D. from the State University of New York at Buffalo School of Law and her B.S. in administration from Bowling Green State University.

Francis Burrows, Ph.D. Chief Scientific Officer

Dr. Burrows was promoted to Chief Scientific Officer in January 2025. He joined Kura Oncology in July 2014 as Vice President of Translational Biology. With over two decades of experience in drug discovery and development in both small and large biotech companies, Dr. Burrows has focused his career on cancer biology and the discovery and development of small molecule drugs. He founded two biotech startups, one of which, Conforma Therapeutics, was acquired by Biogen in 2006. At Biogen, he led oncology discovery efforts, managing multiple programs and exploring Hsp90 inhibitors for neurodegenerative and autoimmune diseases. He also founded Aarden Pharmaceutical in 2008 and served as Head of Oncology Biology at Tragara Pharmaceuticals in 2009. Dr. Burrows holds a Ph.D. in immunology and completed his training in London and Dallas, specializing in antibody-based therapeutics for cancer.

1. Clinical Trial and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Kura Oncology's future and success are heavily dependent on the favorable outcomes of its drug candidates, most notably ziftomenib. Any delays in clinical trials, the generation of negative or inconclusive data, or the failure to secure regulatory approvals from bodies like the FDA, would significantly and adversely impact the company's prospects and valuation. For example, pivotal data from the KOMET-001 trial for ziftomenib is a critical milestone, and if it fails to meet expectations or shows safety concerns, it could lead to delays in regulatory approval or require additional studies.
2. Unprofitability and Financial Health: Kura Oncology is currently operating at a loss, with persistent unprofitability and widening losses over the past five years. While the company maintains a strong cash position that is expected to fund its operations into 2027, its financial health is challenged, with a negative net margin and an Altman Z-Score that places it in a distress zone, suggesting a potential risk of bankruptcy within two years if a turnaround in profitability is not achieved. Analysts express disagreement about the company's path to profitability and its timeline.
3. Commercialization Challenges: Even if Kura Oncology's lead product candidate, ziftomenib, receives FDA approval, the company will face substantial challenges in commercializing the drug. Kura Oncology has limited experience in bringing products to market, and establishing the necessary sales and marketing infrastructure will require considerable investment. Additionally, the acute myeloid leukemia (AML) treatment landscape is highly competitive and rapidly evolving, meaning ziftomenib will need to demonstrate clear clinical advantages over existing and emerging therapies to gain market share.

The primary clear emerging threat for Kura Oncology comes from direct competition in the development of menin inhibitors for acute myeloid leukemia (AML), specifically Syndax Pharmaceuticals' (SNDX) revumenib. Both Kura's ziftomenib and Syndax's revumenib are menin inhibitors targeting the same patient populations, including those with NPM1-mutant and KMT2A-rearranged AML.

Syndax's revumenib has advanced clinical development, having received Breakthrough Therapy Designation from the FDA and demonstrated positive clinical data. The potential for Syndax's drug to reach market ahead of ziftomenib or to demonstrate superior efficacy or safety profiles represents a significant competitive threat. If revumenib secures market approval first and captures substantial market share, it could severely diminish the commercial opportunity and revenue potential for Kura's ziftomenib in this niche but critical therapeutic area.

Kura Oncology's main products and their addressable markets are as follows:

• Ziftomenib: This investigational drug targets Acute Myeloid Leukemia (AML), specifically NPM1-mutant AML and KMT2A-rearranged AML. The estimated total addressable market for ziftomenib in AML treatment is approximately $1 billion. Additionally, the potential market opportunity in the U.S. alone for ziftomenib in the frontline setting, addressing up to 50% of the AML market (NPM1 and KMT2A mutations), could reach $3 billion annually. For relapsed/refractory (R/R) NPM1-mutant AML, which accounts for about 30% of all AML cases, the addressable market for a targeted agent such as ziftomenib is estimated to be $2–3 billion.
• KO-2806 (Darlifarnib): This drug is being developed for Renal Cell Carcinoma (RCC) and other solid tumors, including KRAS^G12C-mutant non-small cell lung cancer (NSCLC), colorectal cancer (CRC), and pancreatic ductal adenocarcinoma (PDAC). The peak U.S. market potential for KO-2806 in RCC alone is approximately $1.5 billion.
• Tipifarnib: This product is being investigated for HRAS mutant head and neck squamous cell carcinoma (HNSCC) and Peripheral T-Cell Lymphomas (PTCL). While revenue forecasts project Tipifarnib to generate $83 million globally in 2034 and $133 million in annual revenue by 2034 in the U.S., its general addressable market size is currently stated as unknown.

Kura Oncology (KURA) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the advancement and expansion of its lead drug candidate, ziftomenib, and the progression of its farnesyl transferase inhibitor (FTI) program.

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

1. Commercialization of Ziftomenib in Relapsed/Refractory NPM1-mutant Acute Myeloid Leukemia (AML): The most immediate and significant driver for Kura Oncology is the anticipated market launch of ziftomenib for adult patients with relapsed or refractory (R/R) NPM1-mutant AML. Kura, in collaboration with Kyowa Kirin, submitted a New Drug Application (NDA) for ziftomenib, which received FDA Priority Review with a Prescription Drug User Fee Act (PDUFA) target action date of November 30, 2025. Ziftomenib has also been granted Breakthrough Therapy, Fast Track, and Orphan Drug Designations, underscoring its potential to address a high unmet medical need in this specific AML subtype.

2. Expansion of Ziftomenib into Frontline AML Settings: Beyond the relapsed/refractory setting, Kura plans to expand ziftomenib's market opportunity by initiating two Phase 3 trials (KOMET-017-IC and KOMET-017-NIC) in the second half of 2025. These trials will investigate ziftomenib in newly diagnosed AML patients, using dual-primary endpoints to support potential U.S. accelerated and full approvals. This broader application in frontline AML would substantially increase the addressable patient population and, consequently, ziftomenib's revenue potential.

3. Advancement of the Farnesyl Transferase Inhibitor (FTI) Program (KO-2806 & Tipifarnib) in Solid Tumors: Kura is developing its FTI program, including KO-2806 and tipifarnib, for various large solid tumor indications such as head and neck squamous cell carcinoma (HNSCC), lung, colorectal, pancreatic, and renal cell carcinomas. Clinical data for combination therapies with KO-2806 and tipifarnib are anticipated in the second half of 2025 and 2026. Notably, a study of KO-2806 in combination with adagrasib for KRASG12C-mutated non-small cell lung cancer (NSCLC) began in August 2024, with preclinical data suggesting improved tumor regression and anti-tumor response. This program represents a pipeline-driven growth opportunity outside of AML.

4. Exploration of Ziftomenib in New Oncology Indications (e.g., Gastrointestinal Stromal Tumors (GIST)): Kura is actively exploring additional oncology indications for ziftomenib. The company has initiated a Phase 1 study of ziftomenib in combination with imatinib for gastrointestinal stromal tumors (GIST), identifying this as a potential additional billion-dollar opportunity. Successful development and approval in GIST or other new indications would diversify Kura's revenue streams.

5. Collaboration Revenue from Kyowa Kirin: Kura's global strategic collaboration agreement with Kyowa Kirin for the development and commercialization of ziftomenib provides a consistent source of collaboration revenue. Kura has already received significant milestone payments from Kyowa Kirin, including for the NDA submission and for the first patient dosing in the pivotal KOMET-017 trials. These payments contribute directly to Kura's revenue base and support its ongoing development and commercialization efforts.

Share Issuance

• In January 2024, Kura Oncology announced an oversubscribed private placement, agreeing to sell 1,376,813 shares of common stock and pre-funded warrants for approximately $150 million in gross proceeds.
• Kura Oncology priced an underwritten public offering in June 2023, selling 5,660,871 shares of common stock and pre-funded warrants to purchase 3,034,782 shares, expecting approximately $100 million in aggregate gross proceeds.
• In May 2020, Kura Oncology closed an underwritten public offering of 10,465,000 shares of its common stock, including the full exercise of the underwriters' option to purchase additional shares, resulting in gross proceeds of approximately $143.9 million.

Inbound Investments

• Kura Oncology entered a global strategic collaboration agreement with Kyowa Kirin in November 2024 to develop and commercialize ziftomenib, receiving an upfront payment of $330 million.
• As part of the Kyowa Kirin collaboration, Kura Oncology is eligible to receive up to $420 million in near-term milestone payments and additional development, regulatory, and commercial milestone payments totaling up to $1.161 billion.
• In October and November 2025, Kura received two $30 million milestone payments from Kyowa Kirin in connection with the first patient dosing in the pivotal KOMET-017 Phase 3 clinical trials.

Capital Expenditures

• In 2023, Kura Oncology reported net cash used in investing activities of $0.9 million, primarily due to purchases of property and equipment.
• The company's cash, cash equivalents, and short-term investments are expected to fund current operating expenses into 2027, and combined with anticipated collaboration funding from Kyowa Kirin, support the ziftomenib AML program through commercialization in the frontline combination setting.
• Research and development expenses, reflecting significant investment in its pipeline, were $170.0 million for 2024, an increase from $115.2 million in 2023.