TuHURA Biosciences, Inc., a pharmaceutical preparations company based in Tampa, Florida, with a market capitalization of approximately $189 million, has announced a change in its independent registered public accounting firm. The company's Audit Committee approved the dismissal of Marcum LLP and the appointment of Cherry Bekaert (EBR:BEKB) LLP as the new auditor.
The decision to change auditors comes after TuHURA Biosciences, formerly known as Kintara Therapeutics, Inc., completed a merger on October 18, 2024. Following the merger, the company underwent a rebranding and officially changed its name. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.92, though its overall financial health score indicates challenges ahead.
Marcum LLP, which had served as Kintara's independent registered public accounting firm prior to the merger, was dismissed on December 31, 2024. The Audit Committee's unanimous decision to dismiss Marcum was made on December 27, 2024. The reports from Marcum for the fiscal years ending June 30, 2024, and 2023, contained no adverse opinions or disclaimers, and there were no disagreements or reportable events between Kintara and Marcum during the relevant periods.
Cherry Bekaert LLP, the independent auditor for TuHURA Delaware before the merger, was appointed as the new auditor for the fiscal year ending December 31, 2024. The appointment was made on December 27, 2024, by the Audit Committee of the Company's board of directors.
TuHURA Biosciences has provided Marcum with a copy of the disclosures in this report and has filed a letter from Marcum to the SEC dated December 31, 2024, as Exhibit 16.1, confirming their agreement with the statements made by the company.
This announcement is based on information from a press release statement and is intended to provide investors with important updates regarding the company's financial oversight. The change in accounting firm is a significant step for TuHURA Biosciences as it continues to integrate its operations following the merger.
The company's stock has experienced significant volatility, with shares trading 43% below their 52-week high of $7.93. InvestingPro subscribers can access additional insights, including 7 more key investment tips and detailed financial metrics to better evaluate the company's prospects.
In other recent news, TuHURA Biosciences has been making strides in the biopharmaceutical sector. H.C. Wainwright has initiated coverage on the company, assigning a buy rating and a price target of $11.00. TuHURA Biosciences is set to acquire Kineta, aiming to advance the development of innovative cancer treatments. The company is also preparing for a Phase 3 trial of its immune agonist candidate, IFx-2.0, for advanced Merkel Cell Carcinoma.
TuHURA is also advancing discussions for the acquisition of KVA12123, an antibody drug from Kineta. The drug has shown promise in monotherapy trials and is nearing completion in combination trials with Merck (NS:PROR)'s anti-PD1 therapy.
In a significant development, Kintara Therapeutics and TuHURA Biosciences are progressing towards a merger, with Kintara shareholders approving the issuance of common stock related to the agreement. Kintara plans to conduct a 1-for-35 reverse stock split before the merger.
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