Full Press Release Details
Therapeutics Limited
Yearly Report - 31 December 2025
directors present their report, together with the financial statements, on the Consolidated entity (referred to hereafter as the Consolidated
entity') consisting of Kazia Therapeutics Limited (referred to hereafter as the Consolidated entity' or parent
entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2025.
following persons were directors of Kazia Therapeutics Limited during the whole of the financial year and up to the date of this report,
unless otherwise stated:
the financial year the principal continuing activity of the Consolidated entity consisted of pharmaceutical research and development
with a view to commercialising the results of our research through license transactions or other means.
loss for the Consolidated entity after providing for income tax amounted to $12,552,490 (31 December 2024: $10,453,811).
attached financial statements detail the performance and financial position of the Consolidated entity for the half-year ended 31 December
31 December 2025, the Consolidated entity had total funds of $69,459,980 comprising cash in hand and at bank.
the period ended 31 December 2025 the Consolidated Entity incurred a loss after income tax of $12,552,490 (31 December 2024: $10,453,811),
was in a net current asset position of $45,612,689 (30 June 2025 net current liability: $9,119,727) and had net cash outflows from operating
activities of $9,540,623 (31 December 2024: $8,420,244) for the half-year ended 31 December 2025.
Directors note the following with regards to the ability of the Consolidated Entity to continue as a going concern:
the financial statements have been prepared on a going concern basis which assumes continuity of normal activities and the realisation
of assets and the settlement of liabilities in the ordinary course of business.
and development report
the reporting period (July 1, 2025 to December 31, 2025), the Consolidated entity advanced paxalisib beyond neuro-oncology into multiple
breast cancer translational and clinical settings, including a Company-sponsored Phase 1b study in metastatic triple-negative breast
cancer (TNBC), collaborative ex vivo studies in HER2-positive metastatic breast cancer, and expanded-access real-world use. On 10 July
2025, the Company reported preliminary results from the first patient in its Phase 1b paxalisib combination regimen (paxalisib + pembrolizumab
+ standard chemotherapy) after 21 days of dosing, including a >50% reduction in circulating tumor cells (CTCs) and a notable decrease
1 August 2025, the Company announced an approximately $2.0 million private placement at a premium to market, with proceeds intended to
support continued clinical development of the company's lead programs, including paxalisib and EVT801.
11 September 2025, the Company announced new findings from a collaborative research program led by Professor Sudha Rao at QIMR Berghofer,
reporting that paxalisib monotherapy demonstrated a statistically significant reduction in single CTCs and complete (100%) disruption
of CTC clusters (>3 cells) in ex vivo blood samples from stage IV HER2-positive metastatic breast cancer patients.
2 October 2025, the Company reported an expanded-access case in metastatic TNBC treated with a combination immunotherapy/chemotherapy
regimen plus paxalisib, in which imaging after three weeks of treatment demonstrated an 86% reduction in overall tumor burden.
October 2025, the Company also expanded its immuno-oncology pipeline through an exclusive collaboration and in-licensing agreement with
QIMR Berghofer for a first-in-class PD-L1 protein degrader program (lead optimized compound NDL2), intended to address resistance mechanisms
not reached by existing checkpoint inhibitors.
27 October 2025, the Company announced its intention to request a follow-up FDA Type C meeting to discuss overall survival findings in
newly diagnosed glioblastoma patients treated with paxalisib and to seek feedback on a potential regulatory pathway aligned with the
FDA Oncology Center of Excellence's Project FrontRunner initiative.
18 November 2025, the Company provided a clinical update describing an initial immune-complete response (iCR) in metastatic TNBC in an
expanded-access setting and a broader Q4 business update across breast cancer immuno-oncology and GBM regulatory strategy.
December 2025, the Company reported additional momentum across both R&D execution and corporate runway. On 2 December 2025, the Company
announced the pricing of an approximately $50.0 million private placement of equity securities, with expected net proceeds of approximately
$46.5 million after fees and expenses, intended to support continued clinical development programs. On 10 December 2025, the Company
announced new data from two presentations at the 2025 San Antonio Breast Cancer Symposium (SABCS), describing mechanistic and early clinical
evidence supporting paxalisib activity across HER2-positive metastatic breast cancer and TNBC.
changes in the state of affairs
noted in the 'Going concern' section of this Directors report, the Company entered into two securities purchase agreement
with certain established institutional investors for a private placement of equity securities (PIPE).
from this change, there were no other significant changes in the state of affairs of the Consolidated entity during the financial half-year.
subsequent to the end of the financial half-year
matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Consolidated
entity's operations, the results of those operations, or the Consolidated entity's state of affairs in future financial years.
independence declaration
copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after
this directors report.
report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
behalf of the Directors
| /s/ Steven Coffey | |
| Steven Coffey | |
| Director | |
| 16 March 2026 | |
| Sydney |
OF INDEPENDENCE BY GARETH FEW TO THE DIRECTORS OF KAZIA THERAPEUTICS LIMITED
lead auditor for the review of Kazia Therapeutics Limited for the half-year ended 31 December 2025, I declare that, to the best of my
knowledge and belief, there have been:
No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
No contraventions of any applicable code of professional conduct in relation to the review.
declaration is in respect of Kazia Therapeutics Limited and the entities it controlled during the period.
| /s/ Gareth Few | |
| Gareth Few | |
| Director | |
| BDO Audit Pty Ltd | |
| Sydney, 16 March 2026 |
Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International
Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited
by a scheme approved under Professional Standards Legislation.
| Statement of profit or loss and other comprehensive income | 6 | |
| Statement of financial position | 7 | |
| Statement of changes in equity | 8 | |
| Statement of cash flows | 9 | |
| Notes to the financial statements | 10 | |
| Directors' declaration | 19 | |
| Independent auditor's review report to the members of Kazia Therapeutics Limited | 20 |
financial statements cover Kazia Therapeutics Limited as a Consolidated entity consisting of Kazia Therapeutics Limited and the entities
it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Kazia Therapeutics
Limited's functional and presentation currency.
Therapeutics Limited is a public Consolidated entity limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business is:
International Towers
24, 300 Barangaroo Avenue
description of the nature of the Consolidated entity's operations and its principal activities are included in the directors report,
which is not part of the financial statements.
financial statements were authorised for issue, in accordance with a resolution of directors, on 16 March 2026.
| Consolidated | ||||||||||||
| Note | December 2025 $ | December 2024 $ | ||||||||||
| Revenue and other income | ||||||||||||
| Other income | 91,921 | 22,290 | ||||||||||
| Finance Income | 160,923 | 28,667 | ||||||||||
| Expenses | ||||||||||||
| Research and development expense | ( 4,992,238 | ) | ( 4,282,101 | ) | ||||||||
| General and administrative expense | 3 | ( 8,558,016 | ) | ( 5,108,573 | ) | |||||||
| Fair value gain/(loss) on financial liabilities | 744,920 | ( 1,999,648 | ) | |||||||||
| Gain on revaluation of contingent consideration | - | 750,008 | ||||||||||
| Loss before income tax benefit | ( 12,552,490 | ) | ( 10,589,357 | ) | ||||||||
| Income tax benefit | - | 135,546 | ||||||||||
| Loss after income tax benefit for the half-year attributable to the owners of Kazia Therapeutics Limited | ( 12,552,490 | ) | ( 10,453,811 | ) | ||||||||
| Other comprehensive (loss) / income | ||||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||||
| Net exchange difference on translation of financial statements of foreign controlled entities, net of tax | ( 859,893 | ) | 174,335 | |||||||||
| Other comprehensive (loss) / income for the half-year, net of tax | ( 859,893 | ) | 174,335 | |||||||||
| Total comprehensive loss for the half-year attributable to the owners of Kazia Therapeutics Limited | ( 13,412,383 | ) | ( 10,279,476 | ) | ||||||||
| Cents | Cents | |||||||||||
| Basic loss per share | 17 | ( 0.805 | ) | ( 2.459 | ) | |||||||
| Diluted loss per share | 17 | ( 0.805 | ) | ( 2.459 | ) |
above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
| Consolidated | ||||||||||||
| Note | December 2025 $ | June 2025 $ | ||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 4 | 69,459,980 | 4,344,691 | |||||||||
| Trade and other receivables | 5 | 315,539 | 97,911 | |||||||||
| Other assets | 6 | 210,498 | 490,558 | |||||||||
| Total current assets | 69,986,017 | 4,933,160 | ||||||||||
| Non-current assets | ||||||||||||
| Trade and other receivables | 5 | 40,000 | 40,000 | |||||||||
| Intangibles | 7 | 1,086,516 | 1,086,516 | |||||||||
| Total non-current assets | 1,126,516 | 1,126,516 | ||||||||||
| Total assets | 71,112,533 | 6,059,676 | ||||||||||
| Liabilities | ||||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 8 | 9,648,456 | 10,116,769 | |||||||||
| Other financial liabilities | 9 | 14,180,627 | 3,150,301 | |||||||||
| Borrowings | 10 | 98,807 | 395,640 | |||||||||
| Employee benefits provision | 11 | 445,438 | 390,177 | |||||||||
| Total current liabilities | 24,373,328 | 14,052,887 | ||||||||||
| Non-current liabilities | ||||||||||||
| Deferred tax liability | 12 | 271,629 | 271,629 | |||||||||
| Employee benefits provision | 11 | 537 | 36,609 | |||||||||
| Total non-current liabilities | 272,166 | 308,238 | ||||||||||
| Total liabilities | 24,645,494 | 14,361,125 | ||||||||||
| Net assets/(liabilities) | 46,467,039 | ( 8,301,449 | ) | |||||||||
| Equity | ||||||||||||
| Contributed equity | 13 | 186,592,055 | 123,045,889 | |||||||||
| Other contributed equity | 14 | 380,224 | 380,224 | |||||||||
| Reserves | 15 | 5,104,456 | 3,099,687 | |||||||||
| Accumulated losses | ( 145,609,696 | ) | ( 134,827,249 | ) | ||||||||
| Total equity/(deficiency) | 46,467,039 | ( 8,301,449 | ) |
above statement of financial position should be read in conjunction with the accompanying notes
| Consolidated | Contributed equity $ | Other contributed equity $ | Share based payment reserve $ | Foreign currency translation reserve $ | Accumulated losses $ | Total deficit $ | ||||||||||||||||||
| Balance at 1 July 2024 | 101,637,758 | - | 4,224,946 | ( 750,191 | ) | ( 115,130,270 | ) | ( 10,017,757 | ) | |||||||||||||||
| Loss after income tax benefit for the half-year | - | - | - | - | ( 10,453,811 | ) | ( 10,453,811 | ) | ||||||||||||||||
| Other comprehensive income for the half-year, net of tax | - | - | - | 174,335 | - | 174,335 | ||||||||||||||||||
| Total comprehensive income for the half-year | - | - | - | 174,335 | ( 10,453,811 | ) | ( 10,279,476 | ) | ||||||||||||||||
| Issue of shares | 16,387,602 | - | - | - | - | 16,387,602 | ||||||||||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||||||||||
| Share issue costs | ( 187,965 | ) | - | - | - | - | ( 187,965 | ) | ||||||||||||||||
| Unissued equity | ( 380,224 | ) | 380,224 | - | - | - | - | |||||||||||||||||
| Employee share-based payment options - expired | - | - | ( 495,900 | ) | - | 495,900 | - | |||||||||||||||||
| Employee share-based payment options | - | - | 290,053 | - | - | 290,053 | ||||||||||||||||||
| Balance at 31 December 2024 | 117,457,171 | 380,224 | 4,019,099 | ( 575,856 | ) | ( 125,088,181 | ) | ( 3,807,543 | ) |
| Consolidated | Contributed equity $ | Other contributed equity $ | Share based payment reserve $ | Foreign currency translation reserve $ | Accumulated losses $ | Total equity $ | ||||||||||||||||||
| Balance at 1 July 2025 | 123,045,889 | 380,224 | 3,873,198 | ( 773,511 | ) | ( 134,827,249 | ) | ( 8,301,449 | ) | |||||||||||||||
| Loss after income tax expense for the half-year | - | - | - | - | ( 12,552,490 | ) | ( 12,552,490 | ) | ||||||||||||||||
| Other comprehensive loss for the half-year, net of tax | - | - | - | ( 859,893 | ) | ( 859,893 | ) | |||||||||||||||||
| Total comprehensive loss for the half-year | - | - | - | ( 859,893 | ) | ( 12,552,490 | ) | ( 13,412,383 | ) | |||||||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||||||||||
| Issue of shares | 65,248,181 | - | - | - | - | 65,248,181 | ||||||||||||||||||
| Share issue costs | ( 1,702,015 | ) | - | - | - | - | ( 1,702,015 | ) | ||||||||||||||||
| Employee share-based payment options - expired | - | - | ( 1,770,043 | ) | - | 1,770,043 | - | |||||||||||||||||
| Employee share-based payment options | - | - | 4,634,705 | - | - | 4,634,705 | ||||||||||||||||||
| Balance at 31 December 2025 | 186,592,055 | 380,224 | 6,737,860 | ( 1,633,404 | ) | ( 145,609,696 | ) | 46,467,039 |
above statement of changes in equity should be read in conjunction with the accompanying notes
| Consolidated | ||||||||||||
| Note | December 2025 $ | December 2024 $ | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Other Income | 91,921 | - | ||||||||||
| Payments to suppliers (inclusive of GST) | ( 9,793,467 | ) | ( 8,420,244 | ) | ||||||||
| ( 9,701,546 | ) | ( 8,420,244 | ) | |||||||||
| Interest received | 160,923 | - | ||||||||||
| Net cash used in operating activities | 18 | ( 9,540,623 | ) | ( 8,420,244 | ) | |||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from issue of shares (net of costs) | 13 | 53,735,958 | 8,561,589 | |||||||||
| Proceeds from issue of pre-funded warrants | 9 | 21,585,452 | 1,178,106 | |||||||||
| Net cash from financing activities | 75,321,410 | 9,739,695 | ||||||||||
| Net increase in cash and cash equivalents | 65,780,787 | 1,319,451 | ||||||||||
| Cash and cash equivalents at the beginning of the financial half-year | 4,344,691 | 1,657,478 | ||||||||||
| Effects of exchange rate changes on cash and cash equivalents | ( 665,498 | ) | 87,379 | |||||||||
| Cash and cash equivalents at the end of the financial half-year | 4 | 69,459,980 | 3,064,308 |
above statement of cash flows should be read in conjunction with the accompanying notes
1. Material accounting policy information
general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance
with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001, as appropriate for for-profit
oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial
general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly,
these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements
made by the Consolidated entity during the interim reporting period in accordance with the continuous disclosure requirements of the
Corporations Act 2001.
accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless
and initial measurement of financial assets
Consolidated entity's other financial liabilities comprise derivatives in respect of prefunded and ordinary warrants. Prefunded
and ordinary warrants are measured at fair value through profit or loss. All transactions costs in relation to the warrants are expensed
immediately. Changes to the fair value of the instruments post issue will be recognised in profit or loss.