TuHURA Biosciences, Inc./NV Stock Compensation Disclosure
Note 13—Stock option plans
Stock options
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant. The assumptions employed in the calculation of the fair value of share-based compensation expense were calculated as follows for all periods presented:
|
|
|
2025 |
|
|
2024 |
|
||
Weighted average common stock value |
|
|
$ |
1.49 |
|
|
$ |
4.76 |
|
Risk free interest rate |
|
|
3.82% - 4.66% |
|
|
4.10% - 4.35% |
|
||
Expected dividend yield |
|
|
0% |
|
|
0% |
|
||
Expected term |
|
|
6.0 years |
|
|
6.0 years |
|
||
Expected stock volatility |
|
|
101.9% - 105.3% |
|
|
100.1% - 103.0% |
|
||
Below is a summary of stock option activity for the year ending December 31, 2025:
|
|
|
|
Weighted |
|
|
Weighted |
||
|
Number |
|
|
Average |
|
|
Average |
||
|
of options |
|
|
Exercise Price |
|
|
Contractual Life |
||
Outstanding at December 31, 2024 |
|
6,403,818 |
|
|
$ |
5.11 |
|
|
7.44 years |
Forfeited and cancelled |
|
(394,487 |
) |
|
$ |
3.79 |
|
|
|
Exercised |
|
(307,633 |
) |
|
$ |
2.11 |
|
|
|
Granted |
|
12,329,727 |
|
|
$ |
1.49 |
|
|
|
Outstanding at December 31, 2025 |
|
18,031,425 |
|
|
$ |
2.35 |
|
|
8.91 years |
Exercisable at December 31, 2025 |
|
3,257,047 |
|
|
$ |
4.94 |
|
|
5.39 years |
Options outstanding had an intrinsic value of $0 and $5,494,000 as of December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, there was $21,500,000 of unrecognized stock compensation, which will be recognized over the next three years.
Restricted Stock units
Restricted stock units (“RSU”) were assumed from the Merger issued to the former Kintara Chief Executive Officer and currently is a director of the Company, and 57 shares vested on August 1, 2025. The remaining shares assumed from the Merger, will vest on August 1, 2026, and such shares are not accounted for until they vest.
Stock compensation expense
Total stock-based compensation expense was allocated as follows:
|
|
|
2025 |
|
|
2024 |
|
||
General and administrative |
|
|
$ |
2,051,112 |
|
|
$ |
843,111 |
|
Research and development |
|
|
|
4,373,618 |
|
|
|
1,115,552 |
|
Total stock-based compensation expense |
|
|
$ |
6,424,730 |
|
|
$ |
1,958,663 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.