# Kazia Therapeutics (KZIA.US)

Canonical: https://gigainvestors.com/s/KZIA

Analysis as of: 2026-10-16T07:29:43.930Z. Financial observations: FY2014–FY2025.

Listing currency: USD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.40 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 10

- Operating margin variation: 2.44×

Chart: Operating margin; fiscal year observations.

- FY2016: -3.14×

- FY2017: -1.23×

- FY2018: -952.62×

- FY2019: -5,354.63×

- FY2020: -12.34×

- FY2021: -0.42×

- FY2022: -2,539.90×

- FY2023: -43,466.61×

- FY2024: -12.33×

- FY2025: -338.50×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -77.2%

- ROIC, second-lowest year: -221.5%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: -144.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2067.4%

- FY2017: -78.7%

- FY2018: -73.8%

- FY2019: -75.7%

- FY2020: -179.7%

- FY2021: -49.1%

- FY2022: -157.3%

- FY2023: -221.5%

- FY2024: 0.0%

- FY2025: 0.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -81M

- Net income, five-year total: AUD -101M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -24280.5 pp

- Working capital / revenue, change between three-year averages: -273946.9 pp

- Working capital / revenue, final three-year average: -277526.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: AUD -9.7M

- FY2022: AUD -23M

- FY2023: AUD -19M

- FY2024: AUD -10M

- FY2025: AUD -20M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -78.7% vs 0.0%

- Per-share earnings: -105.75 to -50.78 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 29.1%

- Ordinary dilution, 5-year annual growth: 38.5%

- Market cap gain: AUD 9.8M

- Cumulative retained earnings: AUD 36M

- Diluted shares, 10-year annual growth: 29.1%

- Diluted shares, 5-year annual growth: 38.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: AUD 54.97

- Per-share value, starting three-year median: AUD -105.75

- Per-share value, ending three-year median: AUD -50.78

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 27M

- Cumulative net income, 10 years: AUD -153M

- ROIC, first three-year median: -78.7%

- ROIC, last three-year median: 0.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD -127.64

- FY2017: AUD -105.75

- FY2018: AUD -54.70

- FY2019: AUD -75.13

- FY2020: AUD -58.04

- FY2021: AUD -31.89

- FY2022: AUD -94.42

- FY2023: AUD -55.53

- FY2024: AUD -50.78

- FY2025: AUD -18.89

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -122.5%

- Receivables to sales index (DSRI): 37.19×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: 2.1%

- FY2018: 9.3%

- FY2019: -16.8%

- FY2020: -15.9%

- FY2021: 1.2%

- FY2022: -6.3%

- FY2023: -18.9%

- FY2024: -79.7%

- FY2025: -122.5%

## Holders

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 47% since Jun 2026 · sales -98.2%

Story as of 2026-10-16T09:59:02.769Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -98.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 4.1M 

- FY2017: AUD 8.8M 

- FY2018: AUD 13K 

- FY2019: AUD 2K 

- FY2020: AUD 988K 

- FY2021: AUD 15M 

- FY2022: AUD 10K 

- FY2023: AUD 555.00 

- FY2024: AUD 2.3M 

- FY2025: AUD 42K 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are AUD 42000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); FY2025: revenue 42000; grossProfit 42000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); KZIA.US: Kazia Therapeutics Limited, together with its subsidiaries, operates as an oncology-focused biotechnology company in Israel. The company's lead development candidate is paxalisib, a small molecule, brain-penetrant inhibitor of the phosphoinositide-3-kinase (PI3K)/AKT/mammalian target of rapamycin (mTOR) pathway, which is in Phase II/III clinical trial for the treatment of glioblastoma; in Phase II trial to treat isocitrate dehydrogenase-mutant glioma, primary central nervous system (CNS) lymphoma, diffuse intrinsic pontine glioma, and brain metastases; and in pre-clinical studies to treat triple-negative breast cancer, as well as for the treatment of atypical rhabdoid/teratoid tumors. It also develops EVT801, a small-molecule selective inhibitor of vascular endothelial growth factor receptor 3 that is in Phase I clinical trial to treat advanced solid tumors and ovarian cancer. The company has collaborations with the Australian and New Zealand Children's Haematology/Oncology Group, Genentech Inc., Global Coalition for Adaptive Research, Vivesto AB, Simcere Pharmaceutical Group Ltd, Evotec SE, Sovargen Co., Ltd, and QIMR Berghofer Medical Research Institute. Kazia Therapeutics Limited was formerly known as Novogen Limited and changed its name to Kazia Therapeutics Limited in November 2017. Kazia Therapeutics Limited was incorporated in 1994 and is based in Sydney, Australia.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it lost 77.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); 10-year return on capital observations [[2016,-20.67436475409836],[2017,-0.7870887298903452],[2018,-0.7378257292445775],[2019,-0.7573714786865288],[2020,-1.797222001492259],[2021,-0.4907502066210514],[2022,-1.573125049000392],[2023,-2.2147513666472984],[2024,0],[2025,0]]; median -0.772230104288437. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); KZIA.US SharesStats.PercentInsiders = 15.418999999999999 percentage points; cache date 2026-10-05.

### What the price says

The price is 279.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:43.930Z); Closing price 7.4 USD; reporting-to-trading FX 0.69182; FY2025 annual sales per share 0.03832529414663258; price multiple 279.0956772405704. FY2025 cash earnings/share -18.038438445015064. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $1.54 per share

- 2016-11: $1.66 per share

- 2016-12: $1.47 per share

- 2017-01: $1.56 per share

- 2017-02: $1.75 per share

- 2017-03: $1.34 per share

- 2017-04: $1.00 per share

- 2017-05: $0.85 per share

- 2017-06: $0.90 per share

- 2017-07: $3.29 per share

- 2017-08: $3.02 per share

- 2017-09: $3.00 per share

- 2017-10: $2.92 per share

- 2017-11: $3.02 per share

- 2017-12: $3.18 per share

- 2018-01: $5.30 per share

- 2018-02: $5.09 per share

- 2018-03: $5.61 per share

- 2018-04: $5.25 per share

- 2018-05: $4.97 per share

- 2018-06: $2.96 per share

- 2018-07: $3.90 per share

- 2018-08: $3.50 per share

- 2018-09: $3.18 per share

- 2018-10: $2.90 per share

- 2018-11: $2.72 per share

- 2018-12: $2.43 per share

- 2019-01: $3.38 per share

- 2019-02: $3.80 per share

- 2019-03: $3.34 per share

- 2019-04: $3.26 per share

- 2019-05: $3.18 per share

- 2019-06: $2.61 per share

- 2019-07: $2.77 per share

- 2019-08: $2.33 per share

- 2019-09: $3.75 per share

- 2019-10: $3.07 per share

- 2019-11: $4.59 per share

- 2019-12: $4.34 per share

- 2020-01: $4.21 per share

- 2020-02: $4.03 per share

- 2020-03: $2.90 per share

- 2020-04: $2.93 per share

- 2020-05: $3.07 per share

- 2020-06: $3.39 per share

- 2020-07: $3.94 per share

- 2020-08: $8.26 per share

- 2020-09: $6.75 per share

- 2020-10: $5.89 per share

- 2020-11: $9.99 per share

- 2020-12: $8.64 per share

- 2021-01: $9.67 per share

- 2021-02: $9.99 per share

- 2021-03: $12.40 per share

- 2021-04: $10.74 per share

- 2021-05: $9.51 per share

- 2021-06: $9.86 per share

- 2021-07: $9.03 per share

- 2021-08: $10.85 per share

- 2021-09: $11.32 per share

- 2021-10: $10.83 per share

- 2021-11: $10.03 per share

- 2021-12: $8.42 per share

- 2022-01: $6.70 per share

- 2022-02: $6.72 per share

- 2022-03: $7.71 per share

- 2022-04: $6.43 per share

- 2022-05: $5.79 per share

- 2022-06: $4.20 per share

- 2022-07: $3.63 per share

- 2022-08: $1.53 per share

- 2022-09: $1.10 per share

- 2022-10: $0.83 per share

- 2022-11: $0.60 per share

- 2022-12: $0.61 per share

- 2023-01: $1.03 per share

- 2023-02: $0.92 per share

- 2023-03: $1.03 per share

- 2023-04: $1.33 per share

- 2023-05: $1.19 per share

- 2023-06: $1.16 per share

- 2023-07: $1.01 per share

- 2023-08: $0.91 per share

- 2023-09: $1.00 per share

- 2023-10: $0.42 per share

- 2023-11: $0.56 per share

- 2023-12: $0.44 per share

- 2024-01: $0.30 per share

- 2024-02: $0.26 per share

- 2024-03: $0.31 per share

- 2024-04: $0.33 per share

- 2024-05: $0.26 per share

- 2024-06: $0.23 per share

- 2024-07: $0.37 per share

- 2024-08: $0.42 per share

- 2024-09: $0.43 per share

- 2024-10: $5.40 per share

- 2024-11: $5.17 per share

- 2024-12: $1.77 per share

- 2025-01: $1.58 per share

- 2025-02: $0.85 per share

- 2025-03: $0.78 per share

- 2025-04: $3.59 per share

- 2025-05: $3.80 per share

- 2025-06: $6.27 per share

- 2025-07: $8.38 per share

- 2025-08: $8.07 per share

- 2025-09: $7.21 per share

- 2025-10: $7.81 per share

- 2025-11: $10.55 per share

- 2025-12: $6.89 per share

- 2026-01: $5.86 per share

- 2026-02: $8.45 per share

- 2026-03: $7.44 per share

- 2026-04: $13.64 per share

- 2026-05: $12.78 per share

- 2026-06: $14.08 per share

- 2026-07: $12.62 per share

- 2026-08: $13.77 per share

- 2026-09: $9.60 per share

- 2026-10: $7.40 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.