Kura Oncology (KURA) Q2 FY26 earnings call: guidance and Q&A

How much of the sequential increase in new patient starts reflects overall menin class penetration versus share gains? And what is the relationship between starts, refills, and revenue, including inventory/gross-to-net effects?

The growth reflects both taking share from competitors and growing the market. Repeat prescriptions (TRx growth of 60% QoQ) are increasing, and there were no significant inventory or stocking one-time events. The focus is on capturing every new patient.

“I think what that shows is we're both taking share from competitors, but also having the opportunity to grow the market.”

asked by Jason Zemansky · answered by Brian Powl

How do you expect KOMZIFTI's market leadership to evolve, and how much will combination use drive this?

The company expects to maintain and grow market leadership based on product differentiation and continued execution. Combination use, currently around 40% of new patient starts, is seen as a significant growth opportunity, especially with upcoming FLT3 combination data, positioning ziftomenib as a foundational therapy.

“We have approximately 40% use in combination. That's consistent with where we were last quarter where we had obviously lower volume. So we're seeing that usage in combination growing.”

asked by Li Wang Watsek · answered by Brian Powl

What is the Tier 2/preferred coverage for KOMZIFTI, and what proportion of prior authorizations are converted? Also, when do you expect to complete enrollment in the intensive chemo arm of KOMET-017?

Over 95% of lives are covered, with approximately 16 million lives having preferred status. Prior authorizations have not posed challenges. KOMET-017 enrollment is going extremely well, with over 200 sites expected to be active, and the first data update/readout in 2028 remains on track.

“We have over 95% of lives now covered, and we have approximately 16 million lives are actually covered with a preferred status where patients have to step through KOMZIFTI before receiving other menin inhibitors.”

asked by Asthika Goonewardene · answered by Brian Powl

Both Kura and Syndax claim majority share of new patient starts in NPM1 AML. How can both be true, and where is the confusion in the data?

Kura's claim of 115 new patient starts is for NPM1-mutant AML only. The competitor reported 250 new patient starts, with approximately 40% being NPM1 (around 100 patients), and also includes KMT2A patients. Kura's NPM1 new patient starts grew 35% QoQ, while the competitor's NPM1 starts declined 25% QoQ.

“They had 250 new patient starts for the quarter and said approximately 40% of them were NPM1. So by my math, that's 100 and a 25% decline in new patient starts quarter-over-quarter, whereas we're growing 35% quarter-over-quarter.”

asked by Salim Syed · answered by Troy Wilson

What is the rationale and market potential for evaluating ziftomenib in MEIS1 AML patients (non-NPM1/KMT2A)? And what is the strategy for funding the darlifarnib franchise and potential collaboration structures?

Ziftomenib showed activity in Phase Ia outside of NPM1/KMT2A. Up to 50% of AML patients may have high MEIS1 expression, suggesting a significant potential market beyond current indications. For darlifarnib, the goal is to establish a registrational path in solid tumors, with current funds supporting early development. The company is disciplined in capital allocation and sees darlifarnib as a second potential blockbuster asset, strategically timed with ziftomenib's frontline readout.

“Up to 50% of AML probably has at least some form of MEIS1 expression high, meaning that it would probably be responsive to menin inhibition. So this is huge.”

asked by Reni Benjamin · answered by Mollie Leoni