Kazia Therapeutics Limited (NASDAQ: KZIA) priced a previously announced tranched registered public offering expected to raise approximately $40 million in gross proceeds. The offering includes 2,580,000 American Depositary Shares (ADSs), each representing 500 ordinary shares, or pre-funded warrants in lieu of ADSs for certain investors, plus Series A and Series B warrants. The combined price is $15.50 per ADS and accompanying warrants, or $15.4999 per pre-funded warrant and accompanying warrants. Series A Warrants cover up to 2,243,478 ADSs and are immediately exercisable at $17.825 per ADS, while Series B Warrants cover up to 2,064,000 ADSs and are immediately exercisable at $19.375 per ADS. Their exercise periods expire after data readouts for Stage IV triple-negative breast cancer, expected in the second half of 2027, and HR+/HER2- breast cancer, expected in the first half of 2028, respectively, or five years after issuance, whichever is earlier. Full exercise of both warrant series could provide approximately $80 million in additional gross proceeds. The offering is expected to close on or about Aug. 31, 2026, subject to customary conditions. Kazia plans to direct net proceeds primarily toward clinical development of paxalisib, including breast cancer and other oncology studies, as well as working capital and general corporate purposes.