Kazia Therapeutics ( NASDAQ: KZIA ) stock rose ~2% on Wednesday after the company provided update on Q1'23 cash flow report and said that it has sufficient cash to last till end of CY22.
Kazia added that with multiple studies expected to read-out in CY23, the next few quarters will be crucial for the company.
Period-end cash balance of A$5.3M ($3.4M) was supported by a A$3.7M equity injection and should be sufficient to extend the runway to end CY22 at current burn rates (A$6.1M in Q123), according to the company.
Kazia expects capital requirements to come down materially as the GBM study approaches completion in H2 CY23.
The company noted that its estimates and valuation remain unchanged at $146.6M or $9.79 per basic ADR.
R&D related expenses (A$4.3M) made up the majority of cash expenses during the period.
Cash used in operations for the quarter was A$6.1M.
Kazia noted that at current burn rates, it has sufficient cash to last to end CY22, although management's internal projections suggest the funds to last into Q1 CY23.
The company said its forecasts and valuation remain unchanged.
For further details see:
Kazia Therapeutics provides cash outlook