Allarity Terminates Dovitinib Agreement with Oncoheroes

TL;DR

**Allarity just dropped dovitinib, impacting its drug pipeline.**

AI Summary

Allarity Therapeutics, Inc. (ALLR) announced on January 26, 2024, the termination of its material definitive agreement with Oncoheroes Biosciences, Inc. regarding the development and commercialization of dovitinib. This termination means Allarity will no longer pursue dovitinib, which could impact its future drug pipeline and revenue potential. Investors should note this change as it removes a potential drug candidate from Allarity's portfolio.

Why It Matters

This termination removes a drug candidate, dovitinib, from Allarity's development pipeline, potentially affecting its long-term growth prospects and future revenue streams.

Risk Assessment

Risk Level: medium — Terminating a material agreement for a drug candidate introduces uncertainty about the company's future product development and financial performance.

Analyst Insight

Investors should monitor Allarity's future announcements for new drug development initiatives or partnerships to understand how they plan to compensate for the loss of dovitinib from their pipeline.

Key Players & Entities

• Allarity Therapeutics, Inc. (company) — registrant
• Oncoheroes Biosciences, Inc. (company) — party to the terminated agreement
• dovitinib (other) — drug candidate
• January 26, 2024 (date) — date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ALLR The Nasdaq Stock Mar

Filing Documents

• ea192600-8k_allarity.htm (8-K) — 34KB
• ea192600ex17-1_allarity.htm (EX-17.1) — 2KB
• 0001213900-24-009034.txt ( ) — 209KB
• allr-20240126.xsd (EX-101.SCH) — 3KB
• allr-20240126_lab.xml (EX-101.LAB) — 33KB
• allr-20240126_pre.xml (EX-101.PRE) — 22KB
• ea192600-8k_allarity_htm.xml (XML) — 4KB

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. Novartis Termination Notice As previously disclosed, Allarity Therapeutics Europe ApS (formerly known as Oncology Venture ApS), a company organized under the laws of Denmark, with headquarters at Venlighedsvej 1, DK-2970 Hoersholm, Denmark, and a wholly-owned subsidiary of Allarity Therapeutics, Inc., a Delaware corporation ("we," "our," or the "Company") entered into that certain License Agreement dated April 6, 2018 (the "Original Agreement") with Novartis Pharma AG, a company organized under the laws of Switzerland ("Novartis"), as amended by that certain First Amendment to License Agreement effective as of March 30, 2022 (the "First Amendment") and that certain Second Amendment to License Agreement dated as of September 27, 2022 (the "Second Amendment" and together with the Original Agreement and the First Amendment, the "Agreement"). The Agreement provided us with the right to dovitinib. We remain fully committed and primarily focused on our Phase 2 Ovarian Cancer trial involving Stenoparib, driven by the promising data from our ongoing Phase 2 clinical trial set forth in the press release from December 5, 2023. As we disclosed on December 5, 2023, we received encouraging results. Specifically, that of five evaluable patients included in the initial data analysis, one patient experienced a complete response and the other four demonstrated stable disease. As previously disclosed: One patient experienced a complete response (CR) by scan (to be confirmed by second scan) and by decreased levels of CA125 (a biomarker of AOC). One patient experienced stable disease with tumor shrinkage of 19%. One patient experienced stable disease for more than 24 weeks with tumor shrinkage of 11%. Two patients experienced stable disease with tumor shrinkage of 8%. On January 26, 2024, we received written notice from Novartis indicating their decision to terminate the Agreement based on material breach for lack o

02. Departure of Directors or Certain

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (a) Director Resignation On January 27, 2024, the Chairman of our Board of Directors (the "Board"), received email correspondence from Mr. James G. Cullem tendering his resignation (the "Resignation Email") as a member of our Board. We accepted Mr. Cullem's resignation upon receipt of the Resignation Email. At the time of his resignation, Mr. Cullem did not hold any position on any committee of the Board. In the Resignation Email, Mr. Cullem stated that he was resigning from his position as our director due to acts and omissions by our Chairman of the Board and the other directors that he considered directly injurious to us, our stockholders, and our creditors. As previously disclosed, on December 8, 2023, Mr. Cullem was terminated as our Chief Executive Officer for "cause" under his employment agreement. In addition, Mr. Cullem was also terminated from all other officer positions with us and all other positions with our subsidiaries. Mr. Cullem has indicated that his termination should be "without cause." Under Mr. Cullem's employment agreement, disputes are subject to mediation. We and our continuing members of the Board disagree with the claims made by Mr. Cullem in the Resignation Email and take exception to Mr. Cullem's characterizations of facts and his conclusions. A copy of the Resignation Email is attached hereto as Exhibit 17.1 to this Current Report on Form 8-K (this "Form 8-K"). All descriptions of the contents of the Resignation Email set forth in this Form 8-K are qualified in their entireties by reference to the full text of the Resignation Email. We have provided Mr. Cullem with a copy of the disclosures we are making in response to this Item 5.02 no later than the date of filing this Form 8-K with the U.S. Securities and Exchange Commission (the "Commission"). We will provide Mr. Culle

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit Number Exhibit Description 17.1 James G. Cullem Resignation Email, dated January 27, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned hereunto duly authorized. Allarity Therapeutics, Inc. Date: February 1, 2024 By: /s/ Thomas Jensen Thomas Jensen Chief Executive Officer 3

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View this 8-K filing on SEC EDGAR