Allarity Therapeutics

Allarity Therapeutics is a precision medicine company developing oncology therapeutics and drug-specific Drug Response Predictor (DRP) companion diagnostics. DRP is a proprietary diagnostic platform that analyzes RNA changes in tumor cells in response to various drugs. It is refined using gene expression data from 3,000+ patient tumors, and the platform has been validated in 35+ cancer clinical trials with more than 80% predictive accuracy.

The company has three drug candidates in its primary pipeline: 1) Dovitinib, a pan-tyrosine kinase inhibitor previously developed through Phase III in renal cancer, 2) Stenoparib, a PARP inhibitor in Phase II development for ovarian cancer, and 3) Ixempra, a microtubule inhibitor approved for the treatment of second-line stage 4 metastatic breast cancer. The company also has rights to two secondary drug targets. Each program has its drug-specific DRP companion diagnostics to select patients that are likely to benefit from the treatment. 

In December 2023, Allarity Therapeutics announced Thomas Jensen, co-founder and board member, as the interim CEO after the resignation of James Cullem from his positions as president and CEO.

Key customers and partnerships

The company partnered with CDMO giant Lonza in September 2021 to manufacture dovitinib. In January 2022, the company partnered with Oncoheroes Biosciences to develop Allarity's dovitinib and stenoparib drugs aimed at treating pediatric cancer patients. 

In August 2023 , the company and Detsamma Investments (trading as FivepHusion) collaborated to develop Deflexifol, a novel anti-cancer drug formulation for the treatment of solid tumors. 

Funding and financials

The company began trading on the Nasdaq Stock Exchange in December 2021 under the ticker symbol “ALLR.” In July 2023, the company announced a public offering of 2.4 million common shares and common warrants to purchase 2.4 million of common shares at an effective combined price of USD 4.5 per share, with expected gross proceeds to the company of USD 11 million. The funds were to be used to pay off liabilities, license fees, clinical trials, redeem stock, and cover working capital and corporate purposes. 

The company did not generate any revenue in the three months ended March 2023. However, it reported an increase in net loss by 9% YoY to USD 3.4 million. Its cash and cash equivalent as of March 2023 was at USD 295 million compared to USD 2,029 million in Q4 2022.