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Kazia Therapeutics

NASDAQ: KZIA

Market Cap$9m

Last Close $0.6

Kazia Therapeutics is a late-stage clinical pharmaceutical company with lead asset paxalisib (a PI3K inhibitor that can cross the BBB, licensed from Genentech) in a pivotal study for GBM and in early-stage studies in childhood brain cancers, DIPG and AT/RT. The other asset is the Phase I drug EVT801, an inhibitor of VEGFR3.

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Investment summary

Kazia is developing the anti-cancer compound paxalisib (GDC-0084) for glioblastoma (GBM). Paxalisib is a PI3K inhibitor, a well understood class with activity across a wide range of tumour types and multiple previously approved drugs. Paxalisib, unlike other drugs of this class, can cross the blood brain barrier (BBB), opening the potential to treat cancers of the brain. Paxalisib has not progressed to stage 2 of the Phase III GBM AGILE study, however the data from this, expected in the second half of CY23, may still support registration. A Phase II trial (PNOC022), investigating the combination of ONC201 (a dopamine D2 receptor antagonist) and paxalisib in the treatment of diffuse midline glioma and diffuse intrinsic pontine glioma (DIPG), was recently expanded to two new sites.

Y/E Jun
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2021A 10.5 (3.1) (3.1) (0.25) N/A N/A
2022A 0.0 (14.6) (14.6) (1.08) N/A N/A
2023E 0.0 (18.6) (18.6) (1.23) N/A N/A
2024E 10.6 (16.8) (16.8) (1.11) N/A N/A
Industry outlook

GBM is the most common primary cancer of the brain with c 12,500–13,000 new cases reported in the United States per year. There are very limited treatment options for GBM and there is a very low survival rate. Paxalisib is currently being developed for use in the adjuvant setting after initial resection and radiation treatment. EVT801 will target the multibillion-dollar angiogenesis cancer market.

Last updated on 30/11/2022
Content on Kazia Therapeutics
Kazia Therapeutics – Q123 cash flows in line with our estimates
Healthcare | research ADR Flash note | 1 November 2022
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Kazia Therapeutics – PNOC022 trial expanded
Healthcare | research Flash note | 10 October 2022
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Kazia Therapeutics – Doubling down on clinical development
Healthcare | research ADR Update | 5 September 2022
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Share price graph
Balance sheet
Forecast net debt (US$m) 9.9
Forecast gearing ratio (%) 145
Price performance
%
1m
3m
12m
Actual (33.5) (62.5) (94.0)
Relative* (34.5) (61.8) (92.9)
52-week high/low US$10.0/US$0.6
*% relative to local index
Key management
Iain Ross Chairman
James Garner CEO
Karen Krumeich CFO
John Friend CMO

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