Q3 FY2026
Filed Nov 10, 2026KOMZIFTI net product revenue rose 53% sequentially to $13.9 million; collaboration revenue fell year over year; cash declined to $492.1 million after a $55 million Oberland Capital closing
Commercial launch metrics improved sharply quarter over quarter, and the net loss was smaller than in the prior-year quarter. Collaboration revenue fell from $20.8 million to $8.9 million, the 2026 collaboration revenue guidance was updated to $40 million to $45 million, cash fell from $667.2 million at December 31, 2025 to $492.1 million, and stockholders' equity was $17,960 thousand at September 30, 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net product revenue, three months ended Sept 30, 2026GAAP | $13.9M | 53% increase from 2Q 2026 | – |
| Collaboration revenue, three months ended Sept 30, 2026GAAP | $8.9 million ($8,917 thousand in table) | – | – |
| Total revenue, three months ended Sept 30, 2026GAAP | $22.84M | – | – |
| Cost of product sales, three months ended Sept 30, 2026GAAP | $371K | – | – |
| Research and development, three months ended Sept 30, 2026GAAP | $66.9 million ($66,878 thousand in table) | – | – |
| Selling, general and administrative, three months ended Sept 30, 2026GAAP | $30.2 million ($30,248 thousand in table) | – | – |
| Total operating expenses, three months ended Sept 30, 2026GAAP | $97.50M | – | – |
| Other income, net, three months ended Sept 30, 2026GAAP | $4.44M | – | – |
| Income tax expense, three months ended Sept 30, 2026GAAP | none reported (table shows nil) | – | – |
| Net loss, three months ended Sept 30, 2026GAAP | $(70,215) thousand; $70.2 million in text | – | – |
| Net loss per share, basic and diluted, three months ended Sept 30, 2026GAAP | $(0.78) | – | – |
| Non-cash share-based compensation expense (included in net loss), three months ended Sept 30, 2026GAAP | $8.2M | – | – |
| Product revenue, net, nine months ended Sept 30, 2026GAAP | $28.81M | – | – |
| Collaboration revenue, nine months ended Sept 30, 2026GAAP | $33.17M | – | – |
| Total revenue, nine months ended Sept 30, 2026GAAP | $61.98M | – | – |
| Cost of product sales, nine months ended Sept 30, 2026GAAP | $876K | – | – |
| Research and development, nine months ended Sept 30, 2026GAAP | $194.0M | – | – |
| Selling, general and administrative, nine months ended Sept 30, 2026GAAP | $93.55M | – | – |
| Total operating expenses, nine months ended Sept 30, 2026GAAP | $288.5M | – | – |
| Other income, net, nine months ended Sept 30, 2026GAAP | $14.62M | – | – |
| Income tax expense, nine months ended Sept 30, 2026GAAP | $13K | – | – |
| Net loss, nine months ended Sept 30, 2026GAAP | −$211.9M | – | – |
| Net loss per share, basic and diluted, nine months ended Sept 30, 2026GAAP | $(2.38) | – | – |
| Cash, cash equivalents and short-term investments at Sept 30, 2026GAAP | $492.1 million ($492,096 thousand in table) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product revenue, net (KOMZIFTI)Company reports 53% sequential growth, approximately 150 new patient starts (up 30% from 2Q 2026) and more than 420 total prescriptions (up 65% from 2Q 2026). The filing gives no prior-year product revenue figure beyond 'none' for 3Q 2025. | $13.9 million in three months ended Sept 30, 2026 | 53% increase from 2Q 2026 | – |
| Collaboration revenue (Kyowa Kirin)Company states that 2026 collaboration revenue guidance reflects non-cash accounting recognition as Kura fulfills performance obligations under its Kyowa Kirin agreement and does not reflect the timing of cash receipts. Prior-year comparison: $20.8 million ($20,750 thousand). | $8.9 million in three months ended Sept 30, 2026 ($8,917 thousand in table) | – | – |
2026 (updated); 2027 and 2028 (maintained); collaboration revenue outlook
- Revenue$40 million to $45 million for 2026 (updated)
- Note2027 collaboration revenue: $90 million to $110 million (maintained)
- Note2028 collaboration revenue: $90 million to $110 million (maintained)
- NoteCompany states the guidance reflects non-cash accounting recognition and does not reflect the timing of cash receipts
Capital returns
- No share repurchases or dividends are reported in the filing.
- Strategic financing agreement with affiliates of Oberland Capital: up to $300 million in potential funding, including up to $275 million in debt financing and $25 million in equity investments, subject to applicable conditions.
- Received $55 million at closing: $50 million in debt funding, before fees, and a $5 million equity investment. Additional funding is available through company-option and milestone-based tranches, and an additional tranche is available upon mutual agreement.
- Debt financing has a seven-year term; each term loan bears interest between 6.95% and 8.95%, with 50% of interest capitalized during the first three years after the applicable advance date. A single-digit royalty tied to U.S. KOMZIFTI net sales is provided, capped at 20% of aggregate principal of term loans advanced.
- Caspian Therapeutics, Inc., a separately financed company, completed a $50 million financing led by BVF Partners; Kura participated, per the filing.
What drove it
- Company attributes the KOMZIFTI revenue increase to commercial performance: net product revenue up 53% sequentially, new patient starts up 30%, and total prescriptions up 65%, per the filing.
- Company states KOMZIFTI maintained a majority share of new patient starts in the R/R NPM1-mutated AML menin inhibitor class.
- Company states collaboration revenue is recognized non-cash as performance obligations under the Kyowa Kirin agreement are fulfilled.
- Net loss decreased from $74.1 million to $70.2 million year over year (GAAP, three months), per the filing's own comparison.
- Company states Oberland Capital financing is expected to support KOMZIFTI investment, ziftomenib development, and darlifarnib registrational and combination studies.
- FDA alignment on the design of a planned ~40-patient single-arm darlifarnib monotherapy registrational study in HRAS-mutant salivary gland cancer, with study initiation targeted for 1H 2027.
Concerns
- Collaboration revenue fell from $20.8 million to $8.9 million year over year in the three-month period, and from $50,146 thousand to $33,168 thousand in the nine-month period.
- Cash, cash equivalents and short-term investments declined from $667.2 million at December 31, 2025 to $492.1 million at September 30, 2026.
- Stockholders' equity fell from $174,135 thousand to $17,960 thousand between December 31, 2025 and September 30, 2026.
- Accumulated deficit increased from $(1,174,088) thousand to $(1,385,963) thousand.
- Nine-month net loss widened from $(197,667) thousand to $(211,875) thousand, and nine-month SG&A rose from $80,843 thousand to $93,553 thousand.
- Debt financing carries interest of 6.95% to 8.95% and a royalty on U.S. KOMZIFTI net sales, capped at 20% of term loans advanced.
- Additional Oberland funding is conditional, and the filing's risk factors note that Kura may not be able to obtain additional financing if conditions are not satisfied.
- Product label, as printed in the filing: differentiation syndrome occurred in 29 (26%) of 112 patients with R/R NPM1-mutated AML; the boxed warning states it can be fatal, and fatal reactions occurred in 4 (4%) patients.
What to watch
- Sequential KOMZIFTI growth in net product revenue and new patient starts in the next quarter, consistent with the company's stated priority of consistent quarter-over-quarter growth.
- Timing of the $180 million in anticipated Kyowa Kirin milestone payments and the collaboration revenue trajectory, given the updated 2026 guidance of $40 million to $45 million.
- Drawdown timing of the Oberland Capital tranches and whether conditions for additional funding are met.
- Initiation of the darlifarnib HRAS-mutant salivary gland registrational study in 1H 2027, and enrollment completion in the FIT-001 renal cell study in 1H 2027.
- ASH 2026 presentations, including the two oral FLT3 combination presentations (KOMET-007 and KOMET-008).
- Initial topline results from Phase 3 KOMET-017, anticipated in 2028.
- Cash balance trajectory against the company's statement that resources support operations beyond KOMET-017 topline results in 2028.
Balance sheet and cash flow
- Cash, cash equivalents and short-term investments: $492,096 thousand at September 30, 2026, versus $667,240 thousand at December 31, 2025.
- Working capital: $385,966 thousand at September 30, 2026, versus $591,689 thousand at December 31, 2025.
- Total assets: $566,497 thousand at September 30, 2026, versus $738,363 thousand at December 31, 2025.
- Long-term liabilities: $399,807 thousand at September 30, 2026, versus $447,254 thousand at December 31, 2025.
- Accumulated deficit: $(1,385,963) thousand at September 30, 2026, versus $(1,174,088) thousand at December 31, 2025.
- Stockholders' equity: $17,960 thousand at September 30, 2026, versus $174,135 thousand at December 31, 2025.
- Anticipated Kyowa Kirin collaboration milestone payments totaling $180 million are cited by the company as supporting its financial position.
- Company states that, based on its current operating plan, its financial resources are expected to support operations beyond anticipated initial topline results from Phase 3 KOMET-017 in 2028.
- No operating cash flow, investing cash flow, free cash flow or debt balance is printed in the filing.
Analysis
Kura reported third quarter 2026 results centered on the commercial launch of KOMZIFTI. Net product revenue was $13.9 million, a 53% increase from the second quarter of 2026 as stated by the company, with approximately 150 new patient starts (up 30% sequentially) and more than 420 total prescriptions (up 65% sequentially). The filing states no prior-year product revenue beyond the nil shown for 3Q 2025, so the quarter's launch growth is measured only against the second quarter. The company states that KOMZIFTI maintained a majority share of new patient starts in the R/R NPM1-mutated AML menin inhibitor class.
Total revenue was $22,839 thousand, made up of $13,922 thousand of product revenue and $8,917 thousand of collaboration revenue, compared with $20,750 thousand of total revenue in 3Q 2025. Collaboration revenue fell from $20,750 thousand to $8,917 thousand year over year. The company states that its 2026 collaboration revenue guidance reflects non-cash accounting recognition under the Kyowa Kirin agreement and does not reflect the timing of cash receipts.
Operating expenses were $97,497 thousand, compared with $100,747 thousand a year earlier. Research and development was $66,878 thousand (versus $67,908 thousand) and SG&A was $30,248 thousand (versus $32,839 thousand). Cost of product sales was $371 thousand, against no cost of product sales in the prior-year quarter. Net loss was $(70,215) thousand, or $(0.78) per share, compared with $(74,116) thousand, or $(0.85) per share, in 3Q 2025. The nine-month net loss widened to $(211,875) thousand from $(197,667) thousand, driven by higher nine-month SG&A ($93,553 thousand versus $80,843 thousand) and lower collaboration revenue; the filing does not attribute the increase to a single cause.
Balance sheet capacity fell over the year. Cash, cash equivalents and short-term investments were $492.1 million at September 30, 2026, down from $667.2 million at December 31, 2025, and stockholders' equity was $17,960 thousand, down from $174,135 thousand. The company closed a $55 million first tranche under the Oberland Capital agreement ($50 million of debt before fees and a $5 million equity investment), with up to $300 million total potential funding. The debt carries rates of 6.95% to 8.95%, with 50% of interest capitalized during the first three years. Management states that resources are expected to support operations beyond the 2028 KOMET-017 topline readout, and it cites anticipated Kyowa Kirin milestone payments of $180 million.
The key figures to weigh are the sharp sequential launch growth against the collaboration revenue decline, the reduction in cash and equity, and the conditional nature of the remaining Oberland tranches. The updated 2026 collaboration revenue guidance of $40 million to $45 million, with 2027 and 2028 maintained at $90 million to $110 million each, is the company's most recent guide and is printed without a prior-guidance comparison in this filing.
Management, verbatim
KOMZIFTI delivered strong commercial performance this quarter, with 53% sequential revenue growth, a 30% increase in new patients starts, and continued majority share of new patient starts,
Troy Wilson, Ph.D., J.D., President and Chief Executive Officer, Kura Oncology
Not in the filing
stated, not guessed- Prior-quarter (2Q 2026) absolute values for net product revenue, collaboration revenue, total revenue, and operating lines; only the 53% sequential change for net product revenue and the approximate new patient start and prescription changes are printed.
- Prior-year percentage changes for any line item (revenue, expenses, net loss, EPS).
- Prior-year value for net product revenue in the three-month period beyond the printed nil.
- Gross margin or cost of product sales as a percentage of product revenue.
- Cash flow statement items: operating cash flow, investing cash flow, financing cash flow, and free cash flow.
- Debt balance outstanding and Oberland Capital debt drawn beyond the $50 million closing funding.
- Quantified guidance for operating expenses, gross margin, or tax rate.
- Previous outlook provided in the request; vs_prior_guidance is therefore empty and the guidance update is described only as the company's own statement.
- Analyst consensus expectations and share-price reaction, which are not in the documents.
- Cash balance at June 30, 2026 for quarter-over-quarter comparison.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.