Kazia Therapeutics Limited Announces Oversubscribed Closing of Up to $120 Million Public Offering

Kazia Therapeutics Limited (NASDAQ: KZIA) announced the closing of its previously announced oversubscribed, tranched registered public offering, generating approximately $40 million in upfront gross proceeds. Both clinical milestone-linked warrant tranches were priced at premiums to the $15.50 offering price, with exercise prices of $17.825 per ADS, a 15% premium, tied to the Company's Stage IV triple-negative breast cancer (TNBC) data readout, and $19.375 per ADS, a 25% premium, tied to the Company's HR+/HER2- breast cancer data readout. If all milestone-linked warrants are exercised in full, the Offering would provide Kazia with approximately $80 million in additional gross proceeds, for total potential gross proceeds of approximately $120 million.

The Offering consisted of (i) 2,580,000 American Depositary Shares (ADSs), each representing five hundred (500) ordinary shares of the Company, no par value per share, or in lieu of ADSs to certain investors, pre-funded warrants to purchase ADSs, (ii) accompanying Series A Warrants to purchase up to 2,243,478 ADSs (or pre-funded warrants in lieu thereof), exercisable immediately at a purchase price of $17.825 per ADS, expiring upon the earlier of 30 days following the Company's Stage IV triple-negative breast cancer (TNBC) data readout, expected in the second half of 2027, or the five-year anniversary of issuance, and (iii) accompanying Series B Warrants to purchase up to 2,064,000 ADSs (or pre-funded warrants in lieu thereof), exercisable immediately at a purchase price of $19.375 per ADS, expiring upon the earlier of 30 days following the Company's HR+/HER2- data readout, expected in the first half of 2028, or the five-year anniversary of issuance.

All securities in the Offering were sold by Kazia. The combined public offering price was $15.50 per ADS together with its accompanying Series A and Series B Warrants, and $15.4999 (equal to the combined public offering price per ADS and accompanying warrants less $0.0001) for each pre-funded warrant together with its accompanying Series A and Series B Warrants. Gross proceeds to Kazia at closing were approximately $40 million, before deducting underwriting discounts, commissions, and offering expenses.

The Offering included participation from new and existing institutional investors, including ADAR1 Capital Management, Columbia Threadneedle Investments, Lynx1 Capital Management, Marshall Wace, and Pointillist Family Office. Leerink Partners and Guggenheim Securities acted as joint bookrunning managers, BTIG and Needham & Company acted as lead managers, and Laidlaw & Company (UK) Ltd. acted as co-manager for the Offering.

Kazia intends to use the net proceeds from the Offering primarily to fund clinical development of paxalisib, including ongoing and planned studies in triple-negative breast cancer, HR+/HER2- breast cancer, and pMMR colorectal cancer, as well as for working capital and general corporate purposes.

Kazia Therapeutics will host a corporate update conference call on Tuesday, September 1, 2026, at 8:00am ET. A link to the webcast of the conference call will be available on the Kazia website at https://www.kaziatx.com/investors/news-and-events/ir-calendar or click here. The conference call can also be accessed by dialing 1-877-407-4018 (U.S.) or 1-201-689-8471 (international), using Conference ID: 13762519.

Kazia Therapeutics (NASDAQ: KZIA) is an oncology-focused drug development company, based in Sydney, Australia. The Company's lead asset, paxalisib, is an investigational brain-penetrant inhibitor of the PI3K/Akt/mTOR pathway, which is being...