Revenue surged 36.5% YoY to $20.9M in 2026Q2, but operating margin remained deeply negative at -349%, reflecting R&D costs that grew 70% since 2024Q1 while gross margins stayed near 100% due to milestone-based licensing income.
Kura Oncology, Inc. (KURA) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 77.22M | 67.48M | 53.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -7.27% | 25.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 4.07M | 57K | 0 | 849K | 0 | 0 | 194K | 0 | 10K | 30K | 31K | 20K | 23.91K | 22.73K | 22.34K | 23.44K | 20.51K | 19.16K | 0 |
| COGS % of Revenue | - | 0.08% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 73.15M | 67.42M | 53.88M | -849K | 0 | 0 | -194K | 0 | -10K | -30K | -31K | -20K | -23.91K | -22.73K | -22.34K | -23.44K | -20.51K | -19.16K | 0 |
| Gross Margin % | 94.73% | 99.92% | 100% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 25.13% | 6446.64% | - | - | 100% | - | 100% | 66.67% | 3.23% | -55% | 16.34% | -5.16% | -1.76% | 4.69% | -14.29% | -7.05% | - | - |
| Operating Expenses | 391.24M | 371.06M | 247.08M | 164.96M | 139.87M | 131.26M | 91.7M | 67.48M | 62.88M | 36.08M | 28.37M | 23.86M | 10.9M | 22.34K | 23.44K | 20.51K | 20.51K | 19.16K | -33.62K |
| OpEx % of Revenue | - | 549.86% | 458.55% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 134.93M | 119.98M | 77.11M | 50.57M | 47.05M | 46.54M | 31.31M | 19.65M | 16.1M | 9.65M | 7.96M | 6.09M | 3.85M | 22.34K | 23.44K | 20.51K | 20.51K | 19.16K | 0 |
| SG&A % of Revenue | - | 177.8% | 143.11% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 259.47M | 251.07M | 169.97M | 115.23M | 92.81M | 84.72M | 60.4M | 47.83M | 46.79M | 26.43M | 20.4M | 17.78M | 8.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 372.06% | 315.44% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -943K | 0 | 0 | -849K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | -33.62K |
| Operating Income | -318.09M | -303.63M | -193.19M | -165.8M | -139.87M | -131.26M | -91.9M | -67.48M | -62.88M | -36.08M | -28.37M | -23.86M | -11.8M | -22.34K | -23.44K | -20.51K | -41.02K | -38.32K | -33.62K |
| Operating Margin % | -411.9% | -449.94% | -358.55% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -57.16% | -16.52% | -18.55% | -6.56% | -42.83% | -36.19% | -7.31% | -74.3% | -27.18% | -18.86% | -102.21% | -52726.64% | 4.69% | -14.29% | 50% | -7.05% | -13.96% | - |
| EBITDA | -314.8M | -302.6M | -192.35M | -164.96M | -139.11M | -130.7M | -91.7M | -67.47M | -62.87M | -36.05M | -28.34M | -23.84M | -11.8M | -22.34K | -23.44K | -20.51K | -41.02K | -38.32K | -33.62K |
| EBITDA Margin % | -407.64% | -448.41% | -356.97% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -43.86% | -57.32% | -16.61% | -18.58% | -6.43% | -42.52% | -35.92% | -7.31% | -74.42% | -27.21% | -18.83% | -102.09% | -52713.21% | 4.69% | -14.29% | 50% | -7.05% | -13.96% | - |
| D&A (Non-Cash Add-back) | 3.29M | 1.03M | 848K | 849K | 759K | 558K | 194K | 10K | 10K | 30K | 31K | 20K | 3K | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -295.66M | -276.86M | -170.35M | -151.08M | -135.61M | -130.05M | -89.05M | -67.48M | -62.88M | -36.08M | -28.37M | -23.86M | -11.8M | -23.64K | -23.71K | -25.15K | -20.51K | -19.16K | 0 |
| Net Interest Income | 16.37M | 25.26M | 21.23M | 13.17M | 4.03M | 792K | 2.22M | 4.09M | 2.2M | -137K | -78K | 40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 17.79M | 26.77M | 22.85M | 14.72M | 4.25M | 1.21M | 2.8M | 4.67M | 3.17M | 751K | 499K | 128K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.42M | 1.51M | 1.62M | 1.55M | 229K | 414K | 578K | 580K | 970K | 888K | 577K | 88K | 5.88K | 4.97K | 3.6K | 1.89K | 1.89K | 838 | 0 |
| Other Income/Expense | 21.4M | 25.26M | 21.23M | 13.17M | 4.03M | 792K | 2.27M | 4.44M | 2.64M | 943K | 807K | 972K | 879K | 16.86K | 17.37K | 19.84K | 18.62K | 18.32K | 0 |
| Pretax Income | -296.69M | -278.37M | -171.97M | -152.63M | -135.84M | -130.47M | -89.63M | -63.14M | -60.45M | -35.43M | -27.56M | -22.63M | -11.01M | -27.32K | -27.04K | -22.39K | -22.39K | -20K | -33.62K |
| Pretax Margin % | -384.19% | -412.51% | -319.15% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 84K | 297K | 2.02M | 0 | 0 | 0 | 0 | 0 | 0 | -30K | -31K | -20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.03% | -0.11% | -1.17% | 0% | 0% | 0% | 0% | 0% | 0% | 0.08% | 0.11% | 0.09% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -296.77M | -278.67M | -173.98M | -152.63M | -135.84M | -130.47M | -89.63M | -63.14M | -60.45M | -35.43M | -27.56M | -22.63M | -11.01M | -27.32K | -27.04K | -22.39K | -22.39K | -20K | -33.62K |
| Net Margin % | -384.3% | -412.95% | -322.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -50.52% | -60.17% | -13.99% | -12.36% | -4.12% | -45.57% | -41.95% | -4.46% | -70.59% | -28.57% | -21.81% | -105.44% | -40218.51% | -1.02% | -20.74% | 0% | -12% | 40.53% | - |
| Net Income (Continuing) | -296.77M | -278.67M | -173.98M | -152.63M | -135.84M | -130.47M | -89.63M | -63.14M | -60.45M | -35.43M | -27.56M | -22.63M | -11.01M | -27.32K | -27.04K | -22.39K | -22.39K | -20K | -33.62K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.34 | -3.18 | -2.02 | -2.08 | -2.03 | -1.97 | -1.69 | -1.51 | -1.72 | -1.52 | -1.47 | -2.28 | -2.69 | -0.01 | -0.01 | -0.00 | -0.00 | -0.00 | -0.01 |
| EPS Growth % | -49.11% | -57.43% | 2.88% | -2.46% | -3.05% | -16.57% | -11.92% | 12.21% | -13.16% | -3.4% | 35.53% | 15.24% | - | - | - | - | - | - | - |
| EPS (Basic) | - | -3.18 | -2.02 | -2.08 | -2.03 | -1.97 | -1.69 | -1.51 | -1.72 | -1.52 | -1.47 | -2.28 | -2.69 | -0.01 | -0.01 | -0.00 | -0.00 | -0.00 | -0.01 |
| Diluted Shares Outstanding | 88.86M | 87.68M | 86.16M | 73.23M | 66.99M | 66.35M | 53.08M | 41.95M | 35.19M | 23.24M | 18.7M | 9.93M | 4.09M | 5M | 5M | 5M | 5M | 5M | 5M |
| Basic Shares Outstanding | 88.86M | 87.68M | 86.16M | 73.23M | 66.99M | 66.35M | 53.08M | 41.95M | 35.19M | 23.24M | 18.7M | 9.93M | 4.09M | 5M | 5M | 5M | 5M | 5M | 5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KURA stock.
For fiscal year 2025, Kura Oncology, Inc. (KURA) reported total revenue of $67.5M.
Kura Oncology, Inc. (KURA) reported a net loss of $278.7M for the fiscal year ending 2025.
Kura Oncology, Inc. (KURA) reported an operating income of $-303.6M, resulting in an operating profit margin of -449.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Kura Oncology, Inc. (KURA) generated $67.4M in gross profit for the year, representing a gross profit margin of 99.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dilutive capital raise risk
Metrics are mathematically derived from official filings.
Lumpy Collaboration Revenue Masks Clinical Progress
Kura's revenue surged to $20.9M in 2026Q2, up 36.5% YoY, but this reflects milestone recognition, not product sales. According to the income statement data, revenue remains non-recurring and tied to partnership events.
The revenue trajectory is erratic, with a spike to $53.9M in 2024Q4 followed by a decline to $14.1M in 2025Q1, indicating the lumpy nature of collaboration income. The recent sequential growth from $17.3M in 2025Q4 to $20.9M in 2026Q2 suggests new milestone triggers, but investors should not extrapolate this as sustainable. The underlying driver is clinical progress, not commercial demand, so revenue growth is inherently unpredictable.
Gross Margin Artifact Masks Structural Deficit
Gross margin hovered near 100% in recent quarters, but operating margin deepened to -349% in 2026Q2, per the financial statements. This divergence underscores that licensing revenue carries negligible COGS, while R&D and SG&A dominate the cost structure.
The near-100% gross margin is an accounting artifact of collaboration revenue, which has minimal direct costs. However, the operating margin of -349% in 2026Q2 (improving from -417% in 2025Q4) reflects the heavy fixed costs of clinical trials. This structural deficit is typical for a clinical-stage biotech and will persist until commercial launch or a major partnership changes the cost base.
R&D Scaling Outpaces Revenue Growth
R&D expenses rose from $36.3M in 2024Q1 to $61.9M in 2026Q2, a 70% increase, while revenue grew only 45% over the same period, based on reported figures. This indicates negative operating leverage as the company invests heavily in late-stage trials.
The company is deliberately increasing R&D spend to advance ziftomenib into pivotal trials, but this is not yet translating into revenue growth. SG&A also expanded from $17.9M to $31.8M, reflecting infrastructure build-out. The operating loss widened from $54.5M to $73.0M, suggesting that the company is in a heavy investment phase with no near-term path to profitability.
Net Losses Deepen Despite SBC Adjustments
Net loss reached -$68.3M in 2026Q2, with EPS of -$0.77, while stock-based compensation was $8.2M, per the income statement. Excluding SBC, cash burn remains substantial, indicating the reported losses are not solely non-cash.
The net loss is driven by operating losses, with SBC representing only about 12% of the loss. The tax rate appears minimal, as the company is loss-making. The quality of earnings is low, as revenue is non-operational and losses are funded by equity raises. Investors should focus on cash burn, which is roughly $60M per quarter, to assess runway.
R&D Dominates Cost Structure, SG&A Creeps Up
R&D expenses accounted for 66% of total operating costs in 2026Q2, with SG&A at 34%, according to the income statement. R&D grew 10% YoY, while SG&A grew 26%, indicating rising overhead costs.
The cost structure is heavily weighted toward R&D, which is expected for a clinical-stage biotech. However, SG&A growth outpacing R&D suggests increased administrative and commercial preparation costs. Management appears to be building capabilities for potential launch, but this adds to the burn rate without immediate revenue offset.
Cash Runway and Dilution Overhang
With $149M cash and a quarterly operating loss of ~$73M, Kura has less than two quarters of runway, based on the latest balance sheet and income statement. This suggests an imminent dilutive capital raise or partnership is needed.
The company's cash position is insufficient to fund operations beyond the next two quarters, given the current burn rate. This creates a high probability of equity dilution, which would pressure EPS and share price. While the clinical pipeline is promising, the financial fragility is a significant risk that could undermine shareholder value if trials face delays or setbacks.