Initiating at Overweight – Komzifti Sets the Floor, While Darlifarnib Could Reset the Ceiling

We are initiating coverage on Kura Oncology (KURA) with an OW rating and a Dec-27 price target of $30. Our Overweight thesis centers on Kura Oncology's transition into a commercial-stage oncology company with Komzifti (ziftomenib) in relapsed/refractory (r/r) NPM1-mutant AML, with a clinical profile that expands potential use from monotherapy to a combination agent across the AML regimens already in use by physicians. A clean label with manageable safety, low differentiation syndrome, and importantly no ziftomenib-related QTc black-box warning is a clear differentiator among the menin class. Paired with once-daily oral dosing and a clean drug-drug interaction profile, we see clear potential for Kura to own a meaningful share of the r/r NPM1-mutant AML market and expand into the 1L NPM1-mutant population, which we estimate to have total unadjusted peak sales of ~$1.5B. Additionally, darlifarnib – a next-generation farnesyl transferase inhibitor – broadens Kura beyond a single menin inhi