Kazia Therapeutics is an Australian clinical-stage oncology biotech focused on developing drugs to treat brain cancer. Kazia has no approved products and generates no revenue — it is entirely in the drug development stage. Kazia's lead asset is Paxalisib, an oral PI3K/Akt/mTOR pathway inhibitor licensed from Genentech in 2016. Paxalisib's key distinguishing feature is its ability to cross the blood-brain barrier, which Kazia argues makes it the only PI3K inhibitor in mainstream clinical development viable for treating brain tumors. Kazia is advancing Paxalisib across three areas: adult brain cancer (primarily glioblastoma), pediatric brain cancers (including DIPG, a childhood brain cancer with no approved treatments), and brain metastases from other cancers. Kazia also holds EVT801, a VEGFR3 inhibitor licensed from Evotec in 2021 that completed Phase I in 2024, though further development is on hold pending a partnership. Kazia's business model relies on equity issuances to fund operations. A notable feature is that most of Kazia's clinical trials are investigator-initiated and funded externally by academic medical centers and research consortia, allowing Kazia to run a broad clinical program while keeping its own cash burn relatively low. If Paxalisib reaches approval, Kazia would likely commercialize through licensing or partnerships rather than building its own sales force.